East Street, Lansing, MI Homes for Sale

East Street, Lansing, MI Homes for Sale July 12, 2024
14
Listed
41
Avg. DOM
$111.02
Avg. $ / Sq.Ft.
$109,500
Med. List Price
14 Properties
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Overview of East Street, Lansing, MI: A Hidden Gem in Real Estate

Welcome to East Street in Lansing, MI—a quaint area nestled within the bustling city landscape. East Street has grown from a modest residential area to a sought-after locale for homeowners seeking a blend of urban and suburban lifestyles. The neighborhood boasts a diverse range of properties, from charming Victorian homes built in the early 1900s to more modern constructions that cater to contemporary tastes.

As you stroll down East Street, you'll notice the well-preserved facades of homes that tell the tale of Lansing's rich architectural history. These homes typically range in size from 1,200 to over 2,500 square feet, offering ample space for families, couples, and singles alike. With median property prices hovering around $200,000, the area presents an affordable option for those looking to invest in a home with character and convenience.

Current Market Trends on East Street

Recent Real Estate Trends

Over the past year, East Street has seen a steady appreciation in property values, reflecting broader trends across Lansing. The average sales price of homes has increased by approximately 5%, indicative of the area's growing desirability. This uptick is supported by a vibrant local economy and the influx of new residents drawn by the neighborhood’s charm and strategic location.

Comparison with Lansing's Real Estate Market

Compared to Lansing's overall market, East Street stands out for its stable property values and lower-than-average turnover rates. Homes on East Street tend to stay on the market for around 30 days—significantly shorter than the city-wide average of 45 days. This demand is fueled by the neighborhood's unique blend of historical appeal and modern amenities, making it a standout option for potential homebuyers.

Detailed Profile of Homes Available on East Street

East Street is home to an eclectic mix of architectural styles that mirror the evolution of Lansing itself. The majority of homes here exhibit a charming blend of Craftsman and Colonial designs, with a few examples of Mid-Century Modern that have emerged over the decades. Homes on East Street range in age from classic structures built in the early 20th century to newer constructions completed in the last decade.

These homes typically offer between three to five bedrooms and two to four bathrooms, making them ideal for a range of living situations. On average, properties here boast about 1,800 square feet of living space, though larger homes can offer up to 3,000 square feet, accommodating more expansive family needs. Most homes also feature updated kitchens, energy-efficient windows, and hardwood floors, reflecting common upgrades that enhance both functionality and aesthetic appeal.

Price Analysis: What Buyers Can Expect to Spend

Breakdown of Price Ranges

On East Street, prospective homebuyers can expect a variety of price points suitable for different budgets. Entry-level homes start around $150,000, primarily featuring smaller, older models that may require some updates. Mid-range homes are priced between $200,000 and $250,000, offering more modern amenities and larger spaces. At the higher end, prices can climb to $300,000 and above for extensively renovated or newly built properties.

Examples of Recently Sold Properties

Recently, a fully renovated 1920s Colonial home on East Street sold for $275,000. It featured original woodwork, a modern kitchen with granite countertops, and a spacious backyard with a deck. Another example includes a 1990s-built Craftsman-style home with four bedrooms and three bathrooms that sold for $240,000, highlighting the demand for ready-to-move-in homes in this historic area.

The Living Experience: Amenities and Lifestyle

Living on East Street offers a unique blend of suburban tranquility and urban accessibility. The neighborhood boasts several small parks, perfect for leisurely afternoons or active mornings. Local cafes and boutiques line the nearby commercial district, providing residents with a taste of Lansing’s local culture. Furthermore, East Street is renowned for its tight-knit community feel, which is celebrated during annual street fairs and seasonal markets that bring neighbors together.

The convenience of East Street is unmatched, with multiple bus lines running through the area, ensuring that residents can easily commute to downtown Lansing or other neighboring communities within minutes. The average commute time for East Street residents to Lansing's city center is approximately 15 minutes, making it an ideal location for professionals working in the urban core or families looking for quick access to city amenities.

Educational Opportunities: Schools Serving East Street

Overview of Local Schools

Families residing on East Street have access to a range of educational opportunities. The area is served by the Lansing School District, which includes several highly rated schools such as Lansing Eastern High School and Pattengill Academy. These schools are known for their robust academic programs and strong community involvement.

Distance and Transportation Options

The schools serving the East Street area are conveniently located within a short driving distance, typically less than 10 minutes by car. For families preferring public transportation, several bus routes provide access to these schools, ensuring students can reach their educational institutions safely and conveniently.

Insights into Property Sizes and Lot Features

Properties on East Street typically offer generous lot sizes, ranging from 0.15 to over 0.30 acres, providing ample outdoor space for gardening, entertainment, and family activities. The homes, mostly built between the early 1900s and the late 1990s, often feature spacious backyards, private driveways, and in some cases, detached garages which add to the suburban appeal of the area.

Many of these homes have been updated to include modern amenities such as fenced yards for privacy, patio spaces for outdoor dining, and well-maintained landscaping that enhances the neighborhood's aesthetic appeal. Zoning regulations in the area allow for a certain degree of flexibility, enabling homeowners to add extensions or construct additional structures, subject to city approval.

Home Upgrades and Renovation Trends

Common Upgrades and Renovations

Homeowners on East Street are investing in renovations that not only increase their comfort but also boost property values. Common upgrades include kitchen remodels with modern appliances and granite countertops, bathroom upgrades with eco-friendly fixtures, and the addition of energy-efficient windows and insulation systems. These improvements reflect a trend towards sustainability and energy efficiency, appealing to environmentally conscious buyers.

Return on Investment for Various Types of Renovations

Investing in home improvements on East Street has shown considerable returns. For instance, kitchen and bathroom remodels typically yield a return of about 60-80% of the investment, depending on the quality and scale of the work. More extensive renovations, such as adding an extra bedroom or updating heating and cooling systems, can further enhance a home’s market value and attractiveness to potential buyers, especially those looking for move-in-ready properties.

Investment Potential: East Street as a Real Estate Opportunity

East Street offers substantial growth potential for real estate investors and homebuyers alike. With an average annual appreciation rate of about 3-5% over the past five years, investing in this area stands as a solid opportunity. The neighborhood's charm, combined with its proximity to essential amenities and the downtown area, enhances its appeal to renters and buyers, driving a consistent demand.

The rental market on East Street is robust, with average rental prices ranging from $1,000 for smaller homes to $1,800 for larger, more updated properties. This makes it an attractive area for investors looking to generate passive income through property rentals. Furthermore, upcoming infrastructure projects aimed at improving local transportation and public spaces are expected to boost property values further in the coming years.

Key Takeaways for Prospective Buyers and Investors

East Street in Lansing, MI, represents a unique blend of historical charm and modern convenience, making it a highly desirable location for a variety of buyers and investors. With homes ranging from historic to modern builds, the community offers diverse living options. The neighborhood’s stability in property values, coupled with its community atmosphere and local amenities, positions it as a wise choice for those looking to buy or invest. Whether you're a first-time homebuyer or a seasoned investor, East Street provides a promising real estate opportunity with its strategic location and vibrant community life.