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Ann Arbor Spark

September 30, 2014

Ann Arbor's blossoming condo market

And on the flipside of the affordable housing issue… we have this. Hmmm. Any chance our fair city could find a way to create greater (not less) economic diversity?  Because in case you hadn't noticed a few buildings have gone up in downtown Ann Arbor. And guess what? People are moving into them and paying big bucks to do so. Funny how the market works, huh? Demand meet limited supply.
Excerpt:
"Many of the current and earlier developments specifically cater to U-M students, offering additional near-campus living options aside from blocks of grubby old houses. Other projects have targeted high-earning professionals and empty-nesters and are filling up faster than local observers anticipated.
Fueling the boom has been an eagerness among lenders to finance high-end student housing projects, the willingness of parents to pay upwards of $1,400 a month for a child’s college bedroom, and what appears to be pent-up demand in general for amenity-filled Ann Arbor apartments."
Read the rest here.
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