Exciting news for downtown Ann Arbor as the iconic ex-Ritz Camera building is sold on South Street! 

Now a Detroit ophthalmologist is the new owner of the building. It’s a rare sale transaction involving commercial property within steps of the University of Michigan central campus, where rental rates remain among the highest in the city.

Dr. Reza Rahmani, owner of Metro Detroit’s Rahmani Eye Institute PC, bought the building at 318 S. State St. at auction in late November after bidding $1,305,000.

The two-story, 5,500-square-foot building was part of the national Ritz Camera bankruptcy, which closed over 300 stores in the spring.

The building was constructed in 1934 and originally served as the home of McLean’s Groceries. The brick building was surrounded by a number of other structures that served as the homes of major downtown businesses, such as Jacobson’s.

The building’s assessed value is $306,500, according to city records, with $273,200 in estimated land value. The new owner hopes that he can lease both floors of the building!

Downtown Ann Arbor has so much to offer businesses as well as those looking to purchase a residential property to be closer to school or their work. Click here to see more on downtown living options. 

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All the convenience of being downtown, but feeling like you are out in the country in a beautiful parklike setting.

Wickliffe Place Condo’s features a great location in the northern part of downtown Ann Arbor. They are within walking distance of Kerrytown, Farmers Market, University of Michigans campuses and University of Michigan Football games. Oh and lets not forget Zingermans Deli!  See Zingerman’s video and meet owner.

The development consists of 14 private 2 story units with basements and attached 2.5 car garages constructed into a small wooded hillside surrounded by mature planting. Floorplans for the units average 1500 square feet and they come in 2 bedroom, 2.5 bathroom or 3 bedroom 2.5 bathroom varieties. The great environment of Wickliffe Place means it is a great place to raise children – attending Ann Arbor schools.   Tour inside schools.

Monthly Association fees are around $350 covering city water/sewer, exterior paint, snow removal, building insurance. Pets are allowed. Residents pay city of Ann Arbor taxes.

This is definitely one of the nicest communities which benefits from offering a high quality of life for residents by having the best of both worlds – open plan and spacious suburban feel, but being right in downtown.  Be sure to see video and visit Farmers market in Kerrytown.

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The Armory is an imposing building in downtown Ann Arbor, among the Historic Old Fourth Ward Neighborhood, with restrictions on building changes.  The Armory address is 223 Ann St Ann Arbor, MI 48104: corner of E. Ann and Fifth Ave.

The Armory condos form what is probably one of the most unique condo complexes in the area. The grand and ornate building was constructed back in 1930 and still looks as prominent today as it must have done when first built! Located one block from Kerrytown, Zingerman’s, Farmers Market and around the corner from the University of Michigan.

The Armory Condos consists of 13 units which have been remodeled inside to suit modern tastes, and they offer a charming and stylish option to Ann Arbor condo seekers. There are a selection of unit types to chose from. Three story or ranch, between 1500 and 1750 square feet, available as 2 bedroom units.

The Armory remodel has been sympathetically done to the building, allowing its distinguishing features to shine through which are complimented by professional landscaping.

In terms of amenities there is a secure entrance, deeded parking space available for each unit, closeby to all of downtown (around the corner from the Police Station, CIty Hall and  Hands on Museum!), Children attend Ann Arbor schools. Tour inside Washtenaw schools.  Residents pay Ann Arbor taxes, an exercise facility (YMCA is a few blocks away) as well as private storage.  All that and association fees are only between $183 and $207 monthly with city water and sewer. Click here to see the association master deed and amendment.

Walk to Main Street for shopping, restaurants, bars and entertainment.  This must be one of the best places to live in downtown Ann Arbor!  If you live there, we invite your comments.
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Click here to find a condo currently for rent or for sale in the Armory or any other condo!

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Yet more exciting news from the University of Michigan!

The 11-story 225,000-square-foot “Wolverine” office tower, at 3003 S. State St. at Eisenhower, was bought by U-M in 1992 and will undergo a $6.3 million renovation!

Since U-M have owned it, various offices – most of them financial services – have moved in.

In recent times the University has planned to renovate the building and make better use of its space by consolodating offices and departments and moving some staff from other locations. This applies for private tenants too! In fact, the consolidation will free up space for an additional 50 employees from the MHealthy offices, now on South Industrial, to move into the building.

As part of the renovation, the Optical imaging group will be moved out of the basement, where the space will be converted to use as a wellness room that includes yoga classes and showers.

Wolverine Tower was built in 1973 as development took hold in the Briarwood Mall area. Also built that year was Eisenhower Plaza, also known as the 777 building. The two towers form the landmark offices in the area.

Recently the 777 building had its own renovation project worth millions of dollars and a new, 108,000-square-foot addition.

The work on the Wolverine tower should be completed by fall 2011. – Definitely exciting times for Ann Arbor and U-M!

NEED MORE INFORMATION ON OFF-CAMPUS HOUSING AT THE UNIVERSITY OF MICHIGAN IN ANN ARBOR? CONTACT US!

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Ashley Terrace Ann Arbor Condominiums for Sale – click link. CND – Medium View

111 N. Ashley St Ann Arbor, MI 48104-1308

See the video below which shows you how luxurious and convenient the units are:

Click any of the units below to see the floorplans and details for that specific Ashley Terrace unit:

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Constructed back in 1966, this older building of 60 ranch style condos is ideally situated for all that Ann Arbor has to offer. Including sundeck, secure building with on-site maintenance, park views, next to Huron River and steps to University of Michigan Medical Center like Nielsen Square.

Association fees are reasonable at around $200-$300 per month and units are a functional 866 square feet and come in 1 through 3 bedroom configurations.

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The development is nicely stocked with amenities, including an outdoor swimming pool – great for those hot summer days when what you feel like doing is jumping in a pool! There is also carport parking, a community meeting room, laundry facilities on every level as well as good security. The community is zone for Ann Arbor Schools for the kids (in this case; Northside Elementary, Clague Middle, and the new Skyline High) and falls under Ann Arbor for taxes.  Tour inside Washtenaw Schools.

Don’t forget that some of the benefits of a high rise are the views! Enjoy spectacular views of Riverside Park and the North Campus area!

Click here to see the community’s master deed and amendments 1, 2, 3, 4, 5, 6.

Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.

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Across the nation, the mood is optimistic. The economy is coming out of its slumber and all industries are picking up, particularly in being ready for the Holiday Season.

More exciting is news that the construction industry is set to increase over the next year to 18 months or so.

In fact, Realty Times reports that nationally in the case of McGraw-Hill’s Construction Outlook report which predicts in their 2010 forecasts an increase in the level of construction starts in 2010 is expected to climb 11% to $466.2 billion. This is great news, for all contractors big and small.

They predict that in Single family housing, for 2010 will advance 32% in dollars, corresponding to a 30% increase in the number of units to 560,000. Multifamily housing will improve 16% in dollars and 14% in units.

While on the subject of new construction, there is an interesting development which Realty Times have also reported on. The prospect of single family homes having fire sprinkler systems.

Members of the International Code Council’s Residential Building Code Committee (RBCC) have made it clear that fire sprinklers are destined to become a standard feature in all new homes. This interesting development states that the fire sprinkler requirement was added to the International Residential Code (IRC) last year, and it is scheduled to become effective January 1, 2011. With 48 states adhering to the IRC, it will be interesting to watch how this is implemented, particularly as there are two strong sides to the argument. Those for the regulation tout safety, those against tout implementation of the regulation and the system as potential hazards.

We will watch this develop closely.

However with an oncoming increase in construction and a real estate market that is looking healthier and healthier every day, now is the time to buy!

Click here to search Ann Arbor Real Estate using our complimentary Ann Arbor Real Estate MLS Search service. Alternatively please contact Kathy Toth and the team if you need more specific assistance in your Ann Arbor Real Estate needs.

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