Real Estate Information Archive

The city of Ann Arbor recently announced its decision to sell a parking lot downtown to a local property manager. As part of that agreement, Dennis Dahlmann has agreed to turn this parking lot into a mixed-use development no later than January 1, 2018, which means that more apartments are coming to downtown Ann Arbor very soon.

The deal is estimated to be worth around $5.25 million. The sale of the former YMCA property was approved unanimously by the city council in November. In making the decision, once council member was excited at the possibility of creating something “magnificent” on the site, and remarked that it would be an excellent development for the downtown area.

This parking lot is located near the Blake Transit Center, and is also situated along William Street and Fourth and Fifth Avenues. It consists of just under an acre of land that will house a structure that is at least five stories high when completed. The lower level will contain retail and restaurant space, office space on middle floors and apartments on the top floors.

Ann Arbor’s city council had previously set forth a number of stipulations for building on the site. One of the requirements was that the site plan had to be based upon available standards for energy efficiency. Proper parking facilities were also outlined, to include connecting with another underground parking garage that is nearby.

In addition, the city also made exact specifications as to the amount of open space that’s provided. The amount of open space must be at least 10% of the property. The city also mandated that the developer include a fountain that is approximately the same size as the one located in front of the Campus Inn.

City officials received five different offers, and considered all of them carefully before deciding to sell this lot to Dahlmann. In deciding which offer to take, council members looked at the benefits of each proposal separately in addition to considering the asking price.

Residents can expect ground breaking for this new construction to begin soon. Government officials are hopeful that the idea of more apartments coming to downtown Ann Arbor will help spur economic growth within the city.

Ann Arbor's historic Kerrytown District plays host to the 90-plus-year-old Ann Arbor Farmer's Market. This market is a year-round market featuring locally grown food, plants, hand-made crafts and freshly prepared food.

More than 160 vendors display and serve up an incredibly diverse assortment of producers and artisans. Ann Arbor’s local restaurants and stores have even started to shop the market themselves, forging mutually beneficial relationships and bringing fresh, local food to happy residents and visitors of this eclectic Michigan community.

Educational events, such as canning exhibitions and cooking demonstrations by local experts and an autumn harvest celebration for kids, provide food for thought and entertainment at the market.

The City of Ann Arbor's Parks and Recreation Department manages the market. A Public Market Advisory Commission, made up of market vendors, regular market customers and local community members, holds public meetings each month to discuss and debate market operations.

Address: 315 Detroit Street, Ann Arbor (directions)

Winter Hours: Sat. 8 a.m. - 3 p.m. January 4^th through April 26^th

Payment Options: Credit Cards, SNAP, WIC Vouchers

Web: a2gov.org/market; www.facebook.com/a2market; www.twitter.com/a2market

Contact: Sarah DeWitt 734.794.6255 - [email protected]

The Holiday Season is upon and there are lots of fun traditions to take in this time of year! Embrace the holiday spirit by checking out some of these festive events in and around the city of Ann Arbor:

Midnight Madness

Come join in the party on Main Street in downtown Ann Arbor! On Friday, Dec. 6th, a number of the stores along Main Street will stay open late for you to take advantage of myriad holiday sales. Also, enjoy special entertainment and hopefully run into both Santa Claus and Miss Washtenaw County, who will both roam the sidewalks between 7 p.m. - 9 p.m. For more information, visit the Main Street Area Association's website.

Chelsea Annual Light Parade

Enjoy the city of Chelsea's 9th annual Light Parade! In addition to the dozens of lighted floats and vehicles, this sparkling event features a number of marching bands and Jolly Old Saint Nicholas himself! The parade begins at 6 p.m. on Wednesday, Dec. 7th at Chelsea State Bank’s south parking lot and winds up at the Chelsea Teddy Bear Company, where you can revel in the free community afterglow party with refreshments.

To participate, fill out this application.

Holiday Hustle 5K Run

Burn some of those holiday calories off by participating in the Holiday Hustle Run charity event at 4:15 p.m. on Saturday, Dec. 7th, in downtown Dexter. Participants receive one raffle ticket for each canned or other non-perishable food items donated. The first 500 participants to register receive a choice of some jingling or flashing flare to wear during the run.

For more information, visit the website.

Saline Christmas Parade

The 38th Annual Saline Christmas Parade takes place on Saturday, Dec. 7th, from 5:30 p.m. to 7 p.m. in downtown Saline. The parade features Santa Claus with his chief elf riding on his sleigh, Mrs. Claus, baton twirlers, a hot-air balloon, myriad floats, bands, horses, goats and donkeys.

For more information, visit the website.

Santa is leaving the toy-making and Christmas-list reading to the elves in order to visit with the wee little ones who come to do their 2013 holiday shopping at Briarwood Mall. Jolly Old Saint Nick made his first appearance at the mall on Friday, Nov. 8th, and will be inviting kiddies to sit on his lap through Tuesday, Dec. 24th, during the following time periods:

• 10:00 AM – 8:00 PM, Monday - Saturday
• Noon – 6:00 PM, Sunday

Briarwood Mall

Briarwood Mall is located at 100 Briarwood Circle in Ann Arbor and features a number of popular retailers, some of which include Athleta, Soma, Vera Bradley, Brighton Collectibles, Michael Kors, L’Occitane, LUSH, White house Black Market and Yankee Candle.

While you have the children at the mall, be sure to stop into Elephant Ears, a locally owned shop that specializes in children's clothing and toys located near Von Maur, so you can surreptitiously find out what they would love to discover under the tree this Christmas. In addition to making this holiday season truly memorable, take the kids skating at Briarwood Winter Wonderland.

In October, Briarwood put the finishing touches on an extensive renovation project, which included remodeling of the entrances, new seating and charging stations, new way-finding signage, and a new play area, family restroom and guest services section in the Von Maur wing.

Thanksgiving Day is coming up faster than you can say, "More turkey, please!" But before you pull the turkey out of the oven and sit down for a delicious feast, come out to the 8th Annual Turkey Trot in Ann Arbor.

This fun holiday run will be a 5K distance, with the the starting point on the corner of East Liberty Street & South 5th Avenue. The race will be broken into two segments, with the first run dedicated to the little runners, ages 10 and younger, and the main event starting soon afterward. The Tot Trot will start at 8:00 AM, while the adult run will begin at 8:45 AM.

You are sure to have a fun time and get into the holiday spirit! There will be hot chocolate stations throughout the course, over 50 pies given away in a random drawing and there will be a contest for the Uglyiest Sweater. Be sure to bring your camera because Tom Turkey and Santa will be out and about and available for pictures with the kids!

Online registration for the Turkey Trot is available through 6:00 PM on Monday, November 25th. If you don't make the online registration deadline, you can still mail in your registration or go down to Running Fit in Downtown Ann Arbor on Wednesday, November 27th between 1:00 PM and 7:00 PM to register in person. Packet pick up will also be at Running Fit at this time as well.

The 8th Annual Turkey Trot is bound to be a fun holiday celebration for the whole family! Have a great Thanksgiving!

Autumn is here and that brings along with it the crisp mornings, mildly warm days, apple cider and family festivities!  This is the time of year that you can head out to Wiard’s Orchards and Country Fair for a fun, old-fashioned trip to the farm and pick up some pumpkins, cider, produce and also enjoy a long list of all kinds of other fun activities.

Before mentioning the fun events at the orchards, a bit of history about the farm is in order.  According to their website, Wiard’s was first established by George Wiard in 1837.  The original site of this cider mill and apple orchard was on Wiard Road, near what is now Willow Run Airport.  During World War II, a new bomber plant at Willow Run required Wiard’s to move to their current location.

The Cider Mill is has long been a cornerstone of Wiard’s and is still fully operational today.  They are still producing their delicious apple cider every fall, which all started from a recipe concocted by George Wiard in 1837.  Along with the Cider Mill, the Country Store and Farm Bakery are cooking up fantastic fresh pies, caramel apples, cider mill donuts and other pastries.  You can also find some specialty jams, jellies and salsas, as well as gifts for the kids.

If you’re looking for more than just a few delicious snacks and want to stay awhile on the farm, then purchase your ticket for Country Fair.  Here you’ll gain admission to much more of the outdoor entertainment! Everything from hayrides, kids’ playground, a corn maze, an animal petting farm, miniature golf, pony rides, in addition to many other exciting things to do!

For the kids that are 10 years and older, get ready to be spooked at the Night Terrors haunted attractions.  Every Friday and Saturday in September and October, you can head out to Wiard’s for some chilling adventures through 6 different haunted sites.  You can walk through the Ultimate Haunted Barn, or explore The Asylum.  Find your way through The Labrynth, take in the Alien Caged Clowns, explore The Mind Shaft, or take a ride on the Hayride of The Lost.  These haunted attractions are not meant for the little ones, so plan accordingly.

With so much going on at Wiard’s Orchards and Country Fair this time of year, this is a great place to visit several times before autumn turns into winter.  Find directions on their website and we hope to see you there!

Interesting To Do Projects for Ann Arbor Real Estate

Retro Bowling Alley in your recreation room?  Or how about a Sweet Kids Playhouse.  Check out these two ideas for some project inspiration.  

Have fun with you next project and let us know if you need contractor recommendations or get homes for Sale in Ann Arbor by click here.

For decades, Home ownership in the United States has been partially subsidized by the tax savings associated with owning a home. Many homeowners qualify for certain tax deductions and tax credits that make home ownership more affordable.  In order to utilize certain deductions, a homeowner must itemize their tax deductions. But almost everyone is eligible to benefit from one or more of the tax benefits of home ownership. Here are a few to consider as of the date of this article:

1. Property Taxes Deduction: In many areas, property taxes can be one of the most significant costs of homeownership. Therefore, the ability to deduct residential property taxes from taxable income is an incredible savings. A property tax deduction is essentially a tax-deductible tax, so that the homeowner does not pay income tax on money that was used to pay property taxes. This particular deduction may only be used for the period of time the homeowner actually owns the home. Back taxes paid as part of the purchase arrangement may not be deducted. But anything going to the Seller on the settlement statement for property taxes the seller paid in advance can be deducted. Homeowners can only deduct the amount of property tax actually paid to their local municipality for the tax year. However, if the property taxes are held in escrow for paying taxes at a later time, the deduction cannot be taken until such time as the money is paid out of the escrow account to the taxing authority. Many local assessments for improvements or other city/county fees that one may find on their property tax bill are not deductible. Also, if any (typically partial) refund of the property tax occurs, the amount of the deduction is generally reduced by the amount of the refund.


2. Mortgage Interest Deduction: For many homeowners, the mortgage interest tax deduction is the most valuable tax deduction, and can be used to deduct interest paid on a mortgage of up to one million ($1,000,000.00). When a homeowner receives their first Form 1098 from their lender, they should know that its potential value is vast and to consult with a tax professional as to how best to take advantage of this benefit. This deduction is especially useful for most new homeowners, as the initial mortgage payments for new homeowners are primarily comprised of interest for the first several years, making for a larger deduction (until more of the payment is comprised of principal when there is less interest paid and less interest to deduct). Prepaid mortgage interest paid at closing may also add to the amount of this deduction.


3. Mortgage Insurance Premiums Deduction: Many home buyers whose initial down payment is less than 20% of the purchase price are required to pay private mortgage insurance or "PMI." This insurance can be a significant expense. Homeowners may generally deduct the premiums paid for such mortgage insurance for the current tax year on a primary residence and a non-rental second or vacation home. However, eligibility for this deduction is phased out based on income levels (check with your tax professional).


4. Points Deduction: If an owner paid discount points or "points" (or sometimes "loan discounts") to reduce the interest rate on borrowed funds as part of the purchase or refinance of a home, the cost of these points can be deductible in the year they were paid or over the life of the mortgage, depending on the type of loan and the unique qualities of the taxpayer.


5. Energy Credits: Some homeowners can receive a tax credit (either federal, state or local) for a portion of the cost of materials used for energy efficient upgrades to their residence (including doors, windows, furnaces and air conditioners, roofing materials, insulation, solar panels, water heaters, geo thermal heat pumps, fuel cells, wind turbines, and other energy efficient upgrades).


6. Home Office Deduction: Many home owners, who use a portion of their home for office purposes, may be able to claim a tax deduction for the pro-rata portion of costs related to the office space (e.g. repairs, mortgage, insurance, utilities, and depreciation). To utilize this deduction, the home office must be used exclusively and regularly as a place of business, a place to meet clients/patients for business purposes, a place of storage (e.g. for inventory or records used in the business), or a place where a majority of business work is done.


7. Gain on Sale Exclusion: Individuals can exclude up to $250,000 of gain from a primary residence from taxable income, and married couples can exclude up to $500,000 of gain. To qualify, the seller(s) must have lived in the home as a primary residence for two of the prior five years before the sale.


8. selling Costs Deduction: If the seller’s gain from the sale of a home does not qualify for the exclusion in #7 above, or the gain exceeds the maximum amount of the exclusion in #7, the costs associated with selling the home may also be available to reduce the tax burden of the seller. For example, the following costs may be deductible: title insurance, advertising and marketing expenses, broker fees, or repairs (if made within 90 days of the sale and with the intent to facilitate a sale).


9. Home Improvement Loan Interest Deduction: Interest on loans for home improvements may be deductible, provided the loan was used for a "capital improvement," such as building a deck, installing a new water heater system, or building a garage or otherwise expanding the size of the home. Many s1maller items, such as wallpaper, paint, carpet, etc. are not considered "capital improvements."


10. Construction Loan Interest Deduction: Interest on a loan used to construct a new principal residence or vacation home for personal use may be deductible for the first 24 months of the loan.


11. Loan Forgiveness Exclusion: As of the date of this article, the Mortgage Debt Forgiveness Relief Act of 2007 was extended to allow debt that is forgiven by lenders in short sale situations to be excluded from taxable income, rather than being taxed as debt forgiveness income.


12.  IRA Penalty Exemption: The ten (10) percent penalty for the early withdrawal of IRA funds can be avoided if the withdrawal of such funds is used toward the purchase of a home within 120 days of the withdrawal. This benefit is limited to a withdrawal of up to $10,000 in IRA funds for each spouse, and only if each spouse did not own a home within the two years prior to the new home purchase.

These tax benefits represent some of the biggest tax benefits of homeownership. Other tax benefits also exist. And the above analysis is an informational summary only and is not to be used, and is not intended to be used, as tax advice. When it comes to tax matters, a tax professional, Certified Public Accountant, or tax attorney should be consulted for the particular circumstances of each taxpayer, to ensure that no tax benefit opportunities are missed and to ensure compliance with law. 

HOMESTEAD TAX CREDITS - The state of Michigan has a homestead tax credit for owner occupied residences.  This amounts to approximately a 33% discount on your annual local and state property taxes.  There are deadlines for filing this paperwork however in order to get your tax savings.  There is also options to get more than one homestead credit though in most cases it is limited to just one per person/household.  CALL us to discuss your situation as they there are complex rules and regulations which vary by individual case.  

Interested in new listing updates?  Just click on the link above "Get Listing Updates" to receive new listings the day they come out automatically.  You can also contact us by using one of the options found after clicking on our home button above or call our office direct line at 734-996-0000 and ask for Tom Stachler.

NVIDIA, a Santa Clara, California-based global technology company, announced in August that it was opening of a sparkling new technology center in Avis Farms, Michigan, just south of Ann Arbor.

Although it doesn't have the name recognition of other giant tech companies, like Microsoft or Google, NVIDIA's software assists in the designing of myriad components and products that are integral parts of many of the electronic devices most of us use in our everyday lives.

The company its software products provide applications and functions to such disparate, wide-ranging items as smartphones, motion picture special effects and vehicle electronics. It is this latter tool that provided the impetus for NVIDIA to bring its state-of-the-art tech center to the Ann Arbor area.

“I’m pleased to see more technology-focused companies look to the state of Michigan as a resourceful Home and partner, Michael Finney, president and CEO of the Michigan Economic Development Corporation, said on NVIDIA's corporate blog. "NVIDIA’s commitment to the state of Michigan is an encouraging sign for future growth and jobs in the technology and automotive industries.”

At the Ann Arbor Tech Center, its approximately 20 onsite employees will work with many of the nearby automotive manufacturers, such as Chrysler, Ford, GM and Volkswagen, to develop “infotainment” systems, in-vehicle applications and other such software aimed specifically at the industry. In fact, in-dash digital instrument clusters powered by NVIDIA products and components are already being used in several car makes and models, including, but not limited to, Bentley, Lamborghini, Rolls-Royce and Tesla.

According to NVIDIA marketing director Danny Shapiro, additional supercomputing and graphics development work will probably take place at the center.

The three brain wizards who together founded NVIDIA in 1993 are

• Jen-Hsun Huang (company's CEO as of 2013) - Former Director of CoreWare with LSI Logic and microprocessor designer with Advanced Micro Devices (AMD)
• Chris Malachowsky - Former electrical engineer with Sun Microsystems
• Curtis Priem - Former Sun Microsystems' senior engineer and graphics chip designer

According to a 2002 article in Forbes, Huang, Malachowsky and Priem secured the necessary capital funding for this venture from Sequoia Capital.