Where to live in Ann Arbor? (Lawton: real estate, apartments, renters)

[jballantine]

Hello, my fiance and I will be moving to the Ann Arbor area this June (2010) from Seattle, WA. We will both be in graduate programs at the University of Michigan, and will be living in the area for at least 4 years- possibly longer.
What areas or neighborhoods can you suggest? I think we'll be looking for homes around $350,000 or so. Ideally we would like to find a place that will have a good resale value if we do end up relocating. On the flipside, we also have a good chance of staying in Ann Arbor and will need to find a home in a good school district (heavy emphasis on education here).

Thank you!

[Chandelle]

2358 Spring Ridge Ct, Ann Arbor, MI, 48103 - MLS #3000307 - Single Family Home real estate - REALTOR.com® (http://www.realtor.com/realestateandhomes-detail/2358-Spring-Ridge-Ct_Ann-Arbor_MI_48103_1115183768 - broken link)

I would look in the PIONEER High School area (48103) Elementary schools Dicken or Lawton. Slauson is a great middle school.

Lands Down sub is a beautiful one. You could also try The Uplands Sub!

[michiganbob]

You may want to reconsider buying in Michigan right now (especially at the high end of the scale) if there is a chance you will leave in less than 7 to 10 years. Reason? Michigan (in case you haven't heard) is losing population and will likely to continue to do so in the near future. Fewer people, but the same number of houses/apartments. Which means it will likely be a buyers market for years to come, IMHP. Good for you if you are buying now, but bad if you want to get out in a few years. For example, say you do buy a $350,000 house and it holds it's value for four years (not likely, but for the sake of discussion let's go with that). When you go to sell you will pay a Realtor 6% to sell it. That's a loss of $21,000. Are you willing/able to take that kind of loss to get out of Michigan? It's your call, but this is not Seattle.

Second, the place you live while going to school will likely have different needs (such as location to UofM) than when you graduate, get a job and have children. Finding a house that will work well in both areas is likely to be trickier than starting small (say under $200,000) and moving up once you decide to stay. IF you can stay. That way, if you do have to leave and take a hit on the sale, it will be a smaller hit.

I think a lot of folks would recommend renting a house for the first year of school, getting to know the area, and then deciding if you really want to buy. Most of us would love to have you here and wish more folks were moving in, but the reality is that they are not. The truth right now is more WOULD leave if they could sell their homes at all, much less a loss of "only" $20,000 or $30,000.

Just my opinion, would love to hear what others have to say on the subject.

[Giesela]

I don't think anyone on these boards lives in Ann Arbor. So you will probably need to go to other boards and forums for advice.
I'm sure there are real estate forums you can get better advice on whether to buy although I assume that A2's market is fine and will continue to be fine. It will be quite a bit different than big city big water PNW so you might want to rent to be sure you like it.
While Michigan as a whole is not doing well A2 is one place that always seems to thrive.
Real estate is overbuilt in most places in the country, Michigan was/is no different. People are not leaving in significant numbers and while many whine that they would leave if they could sell their houses that's just talk because most have family in MI.

[randomguymike]

Originally Posted by Giesela

While Michigan as a whole is not doing well A2 is one place that always seems to thrive.

Tell that to my place I bought in AA for $150 four and a half years ago and would jump at an offer of $100 for now just so I don't have to worry about continuing to find renters year-after-year. AA real estate is just as bad as the rest of the state. When Borders finishes going belly up, it'll be like a mini-Pfizer hit to the city too.

[michiganbob]

Originally Posted by randomguymike

Tell that to my place I bought in AA for $150 four and a half years ago and would jump at an offer of $100 for now just so I don't have to worry about continuing to find renters year-after-year. AA real estate is just as bad as the rest of the state. When Borders finishes going belly up, it'll be like a mini-Pfizer hit to the city too.

How many people does Borders employ and how close are they to going under?

[Chandelle]

Originally Posted by Giesela

I don't think anyone on these boards lives in Ann Arbor. So you will probably need to go to other boards and forums for advice.
I'm sure there are real estate forums you can get better advice on whether to buy although I assume that A2's market is fine and will continue to be fine. It will be quite a bit different than big city big water PNW so you might want to rent to be sure you like it.
While Michigan as a whole is not doing well A2 is one place that always seems to thrive.
Real estate is overbuilt in most places in the country, Michigan was/is no different. People are not leaving in significant numbers and while many whine that they would leave if they could sell their houses that's just talk because most have family in MI.

I have lived in ANN ARBOR my entire life and love Ann Arbor.