Editor’s note: Due to data entry errors, the Home Sales Map printed last month was entirely incorrect. The correct version is available online at annarborobserver.com/july-2024-home-sales. We sincerely regret the error.
Five houses sold for under $200K: You read that right—and one distressed 867-square-footer at 2110 Champagne Dr. in Bryant-Pattengill went for just $100,000. Another three in August went for less than $300,000. Observer real estate consultant Sue Maguire notes that a number were hamstrung by their concrete slab foundations, which make adding bathrooms very difficult. While most need a great deal of work—or demolition followed by a rebuild—4327 Packard might have been a steal: The 1,474-square-foot, 4-bedroom, 1-bath foreclosed bungalow sold at auction for $144,677. Zillow, Redfin, and Realtor.com all estimate its value at more than $300,000.
No bidding wars here: The owners at 1941 Geddes, a 4-bedroom, 2-bath, 2,446-square-foot Colonial built in 1885, listed it for $1.1 million in May. After four price cuts it went for $861,000 in August. New buildings aren’t necessarily faring better: In April, Toll Brothers sold a 4-bedroom, 4.5-bath, 3,254-square-foot house at 584 Concord Pines Dr. for $1.13 million; the buyers put it back on the market just two months later for $1 million and settled for $950,000 in August. And a 4-bedroom, 4-bath, 2,869-square-foot condo at 3072 N. Spurway Dr. in North Oaks went on the market for $799,000 in June and sold six weeks later for $749,000.
This Old House of the Month: In keeping with our affordability theme, we present 118 W. Summit St., a 2-bedroom, 1-bath Cape Cod built in 1901 that sold for $396,000. It’s not lavish or well-appointed, but that’s the point—someone was able to buy a small piece of history in a terrific location for $150,000 less than the city’s median price. The listing described it as “perfect for first-time buyers, small families, or those looking to downsize,” and that appears to be the case here; the new owner is twenty-seven and, according to public records, previously lived with his parents in Scio Twp.