Thursday, March 3, 2011

Ashley Terrace Condos on the Market Soon...

Located in the heart of downtown Ann Arbor, the beautiful Ashley Terrace Condominiums has approximately 29 units that are about to hit the market. Based on the number of calls I’ve already received, I expect gorgeous these units, currently owned by Bank of America, to sell for the same ballpark that Joseph Freed offered them, in the mid 200s.

"We're getting a lot of calls as far as rentals of condos," said Larry Shaevsky, property manager of Broder & Sachse. He plans on continuing rentals for the time being, but eventually will sell the units. Downtown Ann Arbor Condominium inventory is very tight right now, so we’ll be watching for these condos to hit the market.

The property , formerly owned by Joseph Freed, recently got entangled in a tricky foreclosure proceeding with Bank of America, but with a settlement finally being finalized, BoA now has possession of the property. These units will be managed by Broder & Sachse, a Birmingham real-estate company that also owns neighboring property One North Main, just a block away.

Ashley Terrace has 99 condos, 10,000 square feet of street-level retail space and 16,500 square feet of offices, with underground parking.

1 comment:

  1. I've noticed the same thing here. The rental market is fantastic. The city on average is over 95% occupancy and rates are rising. This balloon is going to pop and sales volume will hopefully start to right for my city and yours!