Ann Arbor Undressed : January 2007

 Ann Arbor's positive attitude will prevail in Ann Arbor, since Prizer's decision to close in 2007. This is a brief excerpt from the Daily Review.

 State commits $1 million to aid Pfizer workers
The Michigan Economic Development Corporation today committed $1 million to
assist workers displaced by Pfizer Inc.'s decision to leave Ann Arbor.
More than 100 community leaders and officials met this morning in a "summit"
to discuss the impact of Pfizer's departure from the Ann Arbor community and
what can be done moving forward.
The group formed seven committees that will begin meeting Wednesday.
"We see this as a big opportunity," Ann Arbor Mayor John Hieftje said.
"We're long past feeling sorry for ourselves."
Pfizer revealed last week that it plans to abandon its 2-million-square-foot
research-and-development facility on Plymouth Road, cutting more than 2,100
jobs in Ann Arbor.
The seven teams formed to address various aspects of Pfizer's exit are being
called "Pfizer Strategic Working Action Teams" (SWAT). They are:

·Talent team, chaired by Ken Nisbet, executive director of the University of

Michigan tech transfer office, and Trenda Rusher of Michigan Works! and
ETCS.

·Community team (municipal impact focus), chaired by Ann Arbor City Council

member Joan Lowenstein

·Community team (quality of life focus), chaired by University of Michigan

director of community relations Jim Kosteva.

·Business attraction team, chaired by Eastern Michigan University business

school dean David Mielke.

·Business development team, chaired by University of Michigan Vice President

for Research Steve Forrest and Menlo Innovations President Rich Sheridan.

·Policy and funding team, chaired by Ardesta CEO Rick Snyder and former

newspaper publisher Phil Power.

·Site team, chaired by Ann Arbor city administrator Roger Fraser.

By Nathan Bomey, nbomey@mbizreview.com

Pfizer leaving Ann Arbor is a sober reminder of the market in Ann Arbor. To read an article about the future of Pfizer published on mlive.com read here.

Pfizer's Ann Arbor campus is 2 million square feet of laboratory, production and office space spread across 25 buildings and set on 177 acres, a prime location situated in northeast Ann Arbor. According to city records, the market value of its property - calculated by doubling its state equalized value - is more than $300 million.

If the economy was strong it is suggested it could be a regional shopping area. But, that is just not the case at this time. With over 76 million invested the last few years to add on it is highly unlikely that they will be able to make out like bandits in the sale. Let's hope the Governor of MI, and Mayor of Ann Arbor and the Pres of U.M. can come up with some formidable solutions to save jobs, keep the highly skilled professionals and encourage the entreprenural spirit. I sure will be glad when we have spell check, Matt and Caleb

 

 

 

Here is some really good information about Ann Arbor and the current conditons of homes in Ann Arbor.

Click HERE to see Ann Arbor and the surrounding area's data.

With Pfizer announcing it was closing it's doors on Monday, the city is in shock !! Pfizer is the second largest employer in Ann Arbor next to the University of Michigan and that is non profit. Over 3100 jobs will be lost and N.E. Ann Arbor will be the hardest hit. The fallout is yet to be determined. Even as I type this, this is a closed meeting tonight with City officials to figure out what to do to keep the highly skilled people in Ann Arbor. What in the world do you do with 3 million square feet ?

I just got back from Nashville, actually Brentwood, Franklin and Hendersonville. It is still a sellers market there. While I was gone, Pfizer decided to close its doors in Ann Arbor. WOW, tons of emails from agents in my office.

No one knows quite what to think............or hope for...........we are already 5000 homes and condos' over our normal inventory. With Pfizer closing the doors, over 3100 people will be laid off. While I was in TN there was nothing on the evening news.But, I was able to log on and read the news. As you have read in recent posts. Ann Arbor is 24 miles surrounded by reality. Even though we are in a Buyers Market like the rest of the state of MI, Ann Arbor has still been fairly insulated. Now this?????????

So I start to think about maybe starting over in Nashville, it is a sellers market, been in the business 13 years and I know more but do I really want to start over ?? I read a blog today from a C21 agent, he was pondering if we really need the big franchise names behind us anymore. I responded and told him I'm not sure.

Do buyers really care who they work with if they have the skills and the web presence and establish themselves as a professional ? Sellers I think probably care more............they probably want a big name like RE/MAX or Keller Williams, or C21  behind them, but do buyers ??

I'd be interested in what the active rain bloggers think ?

Saline is located in southern Michigan's east-west, metropolitan corridor.  Saline was chosen as one of the most attractive, small cities in America by Money Magazine for many years.

This growing community is home to 8034 residents and more than two dozen businesses. Some of these businesses include Ford Motor Company, American Soy Products, Inc. and Liebherr-America, Inc. Saline's strategic location, excellent school system and strong tax base make it an attractive place to live and work.

Saline is a quick, ten-minute drive from Ann Arbor. Ann Arbor is home to the University of Michigan which offers cultural amenities, medical and business schools and America's largest collegiate stadium. In 2005 Saline was chosen as a " Cool City" beating out Ann Arbor.

Old Indian trails converged on valuable salt springs near present-day Saline. Surveyor Orange Risdon, mapping an overland route from Detroit to Chicago, arrived via the Great Sauk Trail in 1825 and loved the area so much he made his home there and founded the city. 

Long a center for local farmers, Saline was drawn into the orgit of the automobile industry in the 20th century. The Great Sauk Trail became Michigan Avenue. The city has a strong identity, anchored by a vital downtown.

In the 90's, Saline grew by 20%, in 2000 the population ws 8,034. What was once a small town, because of the excellent schools, has grown to the building of a new high school due to open in 2004 with a student high school population of 2100. 

Subdivisions stretch east from Ann Arbor-Saline Rd to US 23.  New subdivisions surround Saline on all sides but are the most dense in northeast Pittsfield Township. With its easy access to I94 into Detroit, it has become a popular place to live and raise a family with a small town feel but beautiful new developments and great access into Detroit. 

Saline is strategically located in southern Michigan's booming east-west metropolitan corridor. Combining the best aspects of small town life with the progressive attitude of a growing city, Saline's pro-business outlook is unrivaled.

Proud of its past and optimistic about its future, the City of Saline has sustained a long period of prosperity through controlled growth. With a current population of 8,034, the City has established an exemplary history of achievement, providing a variety of local employment opportunities for its citizens, an excellent school system for its children, and a strong tax base.

In addition to these, Saline has an impressive array of top-notch community services involving an active Chamber of Commerce.

The City of Saline maintains a strong affection with its Sister City of Brecon, Wales through the Saline-Brecon Friendship Guild. Each summer a contingency of citizens from Brecon Wales comes to Saline and we celebrate with the Celtic Festival.

Enrollment in the Saline Area Schools is about 5,169 for the 2008-2009 schools years. Saline is also home to a nondenominational Christian School, Washtenaw Christian Academy. 

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.

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I recently read an article by Ralph Roberts who is covering the Inman conference in New York. He says a midst the conference no one is talking about the "elephant in the room". That elephant being the amount of foreclosures and mortgage fraud in our industry and how it is eroding our industry. In S.E. MI mortgage fraud is at a all time high. However, we are trying to do something about it.

Recently LandAmerica Transnation sponsored a free seminar for realtors and lenders in the Ann Arbor area. The room was packed, a FBI agent spoke that was in Michigan just to combat it. Liberty Title, in Ann Arbor also sponsored a broker/manager seminar on the same subject. Both were excellent seminars, full of information and what to be aware. Last January, at RE/MAX Platinum con ed class, the instructor from Metropolitan Title included a long section on it.

 So I think, at least in Michigan we are being pro-active about it. Awareness is the first step. As a realtor, having the guts to say "NO" to a client that want to use a shady lender is the 2nd. In a slow market it takes guts to tell your client, you refuse to work with the lender they have chosen because you know full well there are realtors out there that will write that purchase agreement and "do the deal".

Cash back at closing, is the time to have your ears perk up. Also when the lender wants you to raise the price of the house for the lender to show more equity to give the buyers more in closing costs. Before, you make comments, I'm NOT saying this isn't legitimate in some cases.

Personally, I'm sick of all these people wanting "0" down loans and getting them. I agree with Ralph Roberts, getting a person in a house at any cost is going to come back and haunt us, if it hasn't already. I bought a condo in TN last year for my boys, I did a 80/10/10 loan. Thank God ! I need to sell one year later and although the Nashville area is still in a seller market and it sold in a short amount of time,but if I had done at 80/20 loan, I would be walking into closing next month with money. Frankly in my opinion, realtors have driven this myth of " 0" will get you in this home as a marketing technique, knowing most won't qualify of they will find a shady realtor out there and make it happen.

Yes, Ralph Roberts I agree with your article that their is an Elephant In The Closet, but I do believe the word is getting out and the industry is becoming more aware. At least we're trying to in Ann Arbor. To read Ralph Roberts article in entirety go here.

We have raised our five children in Saline, MI. We have seen the little country, farming community that I had never heard of when I lived in Ann Arbor, turn into a thriving community.

Saline, Mi is located about 5 miles S of Ann Arbor. It has seen tremendous growth the last 15 years, with subdivisions growing throughout Lodi, Pittsfield, Saline Township and the City of Saline feeding into the Saline Area Schools. It is a fabulous school district with great music programs, sports programs and AP classes.

 This is a picture of downtown Saline in the Summer, where you can get a cup of coffee or just browse in the cute little shops.

Welcome to Saline on the entrance into the city.

Saline was named a cool city by MSN in 2005. Read more here

Here is the year 2006 year in review for Saline High School Sports News.

You can check out all the different schools here. The music program is one of the BEST all around. Over 85% of the student body participates in the music program. That is almost unheard of ! Click to read more.

All in all a very friendly, family orientated community. I'm sure I'll post more later. But, let me know if you have specific information, as a former Chamber of Commerce for 6 years, I'm sure I can point you in the right direction. I still have one daughter in high school, cheering on the hornets.

Last night several of us REMAX agents went to our favorite little restaurant in Bridgewater Michigan called Bridgewater Bank. It is located about 5 miles out of Saline, Michigan on a corner without a stop light in the town.In fact if your not careful you will pass through town and not even realize you were there. The easiest way to go is to go down Austin Rd out of Saline and pass lots of farms and then you're in Bridgewater.

The fish fry on Friday nights is unbelievable........all you can eat for 7.50. I remember the first time Mike, my husband and I ate there. Everyone turned and stared when we walked in and now we are part of  the regulars.

Susan the owner keeps the place hopping, serves a really good drink and the food is awesome. On Monday nights I'm told it is the same 7.50 deal and it is saurkraut and pork. Ann Arbor is a fantastic place to eat, so many restaurants but their is nothing quite like Bridgewater Bank and Tavern to relax with friends on a Friday night. So if you're ever out this way or traveling to the MIS races this summer or going to Irish Hills stop in "the bank" on a Friday night. Last night Susan gave us all T shirts that say " Where is the %&*) is Bridewater, MI ? I think we're going to wear them on Friday's to RE/MAX !!

It has taken years to get through our legal system, but it has finally made it!  Brand new legislation now allows homeowners to deduct mortgage insurance premiums from taxable income. The law is effective for the 2007 tax year.   A couple of things to know:

• It is only for new purchases starting 1/1/2007.
• Homeowners combined income cannot be more than $100,000.
• It will be re-examined at the end of the year to decide what changes need to be made.
• More details to follow if they will allow new refinances to also take the deduction.

Now is the time to encourage buyers to accept PMI if the interest rate on a 2nd mortgage is extremely high.  Go with the PMI and take the deduction!

I have been sent a notification on this from every lender I know. I guess with all the 80/20 loans it finally made sense to do this. The question is can it be done of refi's ? What are the active rain lenders thinking ? It appears to me that if it can it will help alot of people with 2nd mortgages which will come due soon.

November and December were great months for sales of homes in Ann Arbor and surrounding area. In fact, December was my 2nd best month all year. January is already starting out great. The inventory is down for existing home sales, many builders are selling lots that a few years ago they would have not let go of and they have really slowed down on the spec homes. This should help pull off some existing homes inventory.

However, the 3rd quarter reports say we are still in a strong buyers market, with a few isolated area's in Ann Arbor stable and supply is meeting demand. Overall Ann Arbor has 12 months of inventory on the market.

There were 245 closings in Washtenaw County in November. Year to Date, that is a nearly 12.5% decrease in the number of closings compared to the same time frame in 2005.