2144 South State Street
Ann Arbor, Michigan 48104
The Colonial Square Cooperative features units built in the 1960s as a part of the Department of Health and Human Services (HUD) initiative to develop affordable housing nationwide. This large community has 427 ranch and two-story style condominium units with 680-1236 square foot floor plans, 1-4 bedrooms, and 1- 1½ baths. Most of these units have basements, reserved parking, and a private patio or deck. The community also has unit-specific garden patches, an open common area, two children\’s playgrounds, and a community center.
Cooperative communities differ from other condominium-style neighborhoods because they are established as non-profit corporations whose purpose is to provide housing for their members. Individuals who wish to live in a co-op buy a “share” of the corporation which enables them to sign a proprietary lease and live within the co-op. Each member of the Colonial Square Co-op corporation is a shareholder, meaning they own a fraction of the whole community. They are enabled with the right to vote on decisions affecting the co-op and to vote for a Board of Directors to represent them.
Members living in one of the Colonial Square Co-op units pay a monthly occupancy charge. This charge pays for your city of Ann Arbor Property taxes, water, sewer, and many external and internal maintenance costs associated with living in the community.
|Avg. Listing Price||$114,150.00|
|Avg. Listing Price per sq.ft.||$125.19|
|Avg. Days on Market||52.25|
|Avg. Sold Price||$119,143.33|
|Avg. Sold Price per sq.ft.||$119.47|
|Avg. Sold Days on Market||58.8|
Located approximately 4 miles south-east of Ann Arbor, at the intersection of Platt Rd. and Lorraine St., the Colonial Square Co-op units are conveniently located within a short commute to The University of Michigan’s Central Campus and downtown Ann Arbor. They are also located just north of the Interstate 23 and 94 intersection which makes them a perfect location for those commuting into the greater metro-Detroit area. Both Mitchell Elementary School and Scarlett Middle School are within walking distance. With the many amenities provided by the community and the quick commutes into Ann Arbor and out to Metro Detroit, this neighborhood has a lot to offer in one of the most affordable price ranges in the Ann Arbor area!