Farrands, Lansing, MI Homes for Sale

Farrands, Lansing, MI Homes for Sale July 16, 2024
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Introduction to Farrands Neighborhood

Farrands is a charming neighborhood in Lansing, MI, known for its family-friendly atmosphere and convenient location. This community offers a suburban feel with easy access to urban amenities. With tree-lined streets and well-maintained homes, Farrands is a desirable place to live for families and individuals alike. The neighborhood's proximity to downtown Lansing, major highways, and public transportation makes it an excellent choice for commuters.

Neighborhood Highlights

Farrands is just a short drive from key attractions like the Lansing Mall, Delta Township District Library, and several beautiful parks, including Hawk Island Park and River Trail Park. These amenities provide residents with ample opportunities for shopping, recreation, and leisure activities. The neighborhood also boasts a variety of dining options, from local favorites to well-known chains, ensuring that there is something for everyone.

Current Real Estate Market Trends

As of mid-2024, the real estate market in Lansing, including Farrands, has seen significant growth. The median home price in Lansing is approximately $154,592, reflecting an 8.4% increase over the past year. Farrands follows a similar trend, with home prices ranging from $140,000 to $210,000, making it a competitive market for buyers.

Recent Sales Data

Recent sales in Farrands highlight the dynamic nature of the market. For instance, a 3-bedroom, 2-bathroom home on Daft Street recently sold for $215,000, which was 13% over its list price. Another notable sale includes a 2-bedroom, 1-bathroom home on Oak Street, which sold for $155,000, 11% over its list price. These examples indicate that homes in Farrands are in high demand, often selling above the asking price.

Market Trends and Predictions

The trend of increasing home prices is expected to continue as more buyers are drawn to the area's appealing features and amenities. The average days on market for homes in Farrands is around 30 to 60 days, showing a brisk pace of sales. Prospective buyers should be prepared for a competitive market, with many properties receiving multiple offers.

Investment Potential

Farrands offers excellent investment potential due to its strong real estate market and desirable location. Home values are expected to appreciate further, providing a good return on investment for homeowners. Additionally, the neighborhood's high demand makes it an attractive option for rental properties, offering steady rental income opportunities.

Typical Home Prices and Sizes

Homes in Farrands, Lansing, MI typically range from $140,000 to $210,000. These homes offer a variety of sizes, generally between 1,000 and 2,000 square feet. Many of the properties feature 2 to 4 bedrooms and 1 to 2 bathrooms, making them suitable for both small and large families.

Examples of Recent Sales

For example, a 2-bedroom, 1-bathroom home on Oak Street sold for $155,000, offering 960 square feet of living space. Another property, a 3-bedroom, 2-bathroom home on Fairmont Street, sold for $210,000, boasting 1,181 square feet. These examples illustrate the range of prices and sizes available in the neighborhood.

Home Features and Amenities

Many homes in Farrands come with modern amenities such as updated kitchens, hardwood floors, and spacious backyards. It's common to find homes with finished basements, attached garages, and energy-efficient appliances. These features add to the overall value and appeal of the properties in this neighborhood.

Architectural Styles and Construction

Farrands is known for its diverse architectural styles, including Colonial, Ranch, and Cape Cod designs. Most homes in this area were built between the 1950s and 1980s, which means they offer a mix of historical charm and modern updates.

Colonial Homes

Colonial-style homes in Farrands typically feature two stories, brick or wood exteriors, and symmetrical facades. These homes often have traditional layouts with formal living and dining rooms, as well as spacious bedrooms.

Ranch Homes

Ranch-style homes are popular for their single-story layouts, making them ideal for families with young children or older adults. These homes usually have open floor plans, large windows, and attached garages.

Cape Cod Homes

Cape Cod-style homes in Farrands are known for their steeply pitched roofs, dormer windows, and central chimneys. These cozy homes often feature hardwood floors, built-in cabinetry, and charming architectural details.

Construction Quality

The construction quality in Farrands is generally high, with many homes featuring sturdy brick or wood frames, well-maintained roofs, and updated electrical and plumbing systems. Homeowners in this area take pride in maintaining their properties, ensuring that homes retain their value and appeal over time.

Property Tax Information

Property taxes in Farrands, Lansing, MI are quite reasonable, averaging around $2,500 annually. This can vary based on the assessed value of the home and specific location within Farrands. The Ingham County Treasurer's office provides detailed tax information and assessments for properties in the area.

Understanding Property Taxes

Property taxes are calculated based on the millage rate and the assessed value of the property. For example, a home valued at $150,000 with a millage rate of 16.5 mills would have an annual property tax of approximately $2,475. These funds contribute to local services such as schools, road maintenance, and emergency services.

Tax Benefits

Homeowners in Farrands may be eligible for various tax benefits, including the Principal Residence Exemption (PRE), which can reduce property taxes for primary residences. Additionally, there are opportunities for tax deductions related to home improvements and energy efficiency upgrades.

Local Schools and Education

Farrands is served by several highly-rated schools, making it an attractive location for families. The neighborhood falls within the Lansing School District, which includes a range of public and private educational institutions.

Top-Rated Schools

Notable schools in the area include:

  • Okemos Public Montessori-Central: Rated 9/10, serving PreK-4 with around 305 students.
  • Willow Ridge Elementary: Rated 9/10, serving grades 1-6 with approximately 548 students.
  • Bennett Woods Elementary: Rated 8/10, serving PreK-4 with about 443 students.
  • Glencairn School: Rated 7/10, serving PreK-5 with roughly 275 students.
  • Post Oak Magnet School: Rated 7/10, serving PreK-8 with around 331 students.

Educational Opportunities

The proximity to Michigan State University offers additional educational opportunities for residents, including community programs and cultural events. Lansing Community College is also nearby, providing a range of courses and degree programs.

Extracurricular Activities

Schools in Farrands offer various extracurricular activities, from sports teams to music and arts programs. These activities play a vital role in student development and community engagement, fostering a well-rounded educational experience.

Nearby Amenities and Attractions

Farrands residents enjoy a variety of nearby amenities and attractions. The neighborhood is close to the Lansing Mall, which features a range of retail stores, restaurants, and entertainment options. Additionally, the Delta Township District Library provides a wealth of resources and community programs.

Recreational Facilities

Outdoor enthusiasts will appreciate the proximity to several parks, including Hawk Island Park and River Trail Park. These parks offer walking trails, picnic areas, playgrounds, and opportunities for water activities like kayaking and fishing.

Shopping and Dining

The Lansing Mall is a major shopping destination with stores like JCPenney, Macy's, and various specialty shops. For dining, residents can choose from local favorites such as the Soup Spoon Café and the Fleetwood Diner, as well as popular chains like Olive Garden and Panera Bread.

Community and Lifestyle

Farrands is known for its friendly and active community. The neighborhood hosts various events throughout the year, fostering a sense of belonging among residents. Block parties, holiday celebrations, and community yard sales are common in Farrands.

Neighborhood Events

Residents participate in events like the annual Farrands Fall Festival and summer barbecues, which provide opportunities for neighbors to connect and enjoy themselves. These events are often held at local parks or community centers, making them accessible to everyone in the neighborhood.

Community Organizations

There are several community organizations in Farrands that focus on neighborhood improvement, safety, and social activities. Groups like the Farrands Neighborhood Association work to maintain the area’s charm and address residents' concerns.

Family-Friendly Environment

With its excellent schools, safe streets, and abundant recreational facilities, Farrands is a great place for families. The community's commitment to maintaining a welcoming and inclusive environment makes it an ideal location for people of all ages.

Transportation and Accessibility

Farrands offers excellent transportation options and accessibility. Major highways like I-96 and I-496 are easily accessible, providing quick routes to downtown Lansing and surrounding areas. Public transportation is also available, with several CATA bus routes serving the neighborhood, making commuting convenient for residents.

Proximity to Key Locations

Farrands is conveniently located near major employers such as General Motors and Sparrow Health System, making it an ideal location for professionals. The neighborhood is also just a short drive from Michigan State University, providing easy access to educational opportunities and cultural events.

Walkability and Biking

Many parts of Farrands are walkable, with sidewalks and bike lanes making it safe for pedestrians and cyclists. Local amenities like parks, schools, and shopping centers are often within walking or biking distance, enhancing the overall convenience for residents.

Recent Home Sales and Market Activity

The real estate market in Farrands is active, with homes typically selling quickly and often above the asking price. For example, a recent sale on Daft Street saw a 3-bedroom, 2-bathroom home sell for $215,000, 13% over its list price. Another property on Oak Street, a 2-bedroom, 1-bathroom home, sold for $155,000, 11% over the list price.

Market Trends

The average days on market for homes in Farrands is between 30 to 60 days, reflecting a strong demand. With the median home price in Lansing at $154,592, Farrands' prices range from $140,000 to $210,000, aligning with the city's overall market trends. Prospective buyers should be prepared for a competitive market, with multiple offers being common.

Investment Opportunities

Farrands presents great investment opportunities due to its desirable location and strong market activity. Home values are expected to continue appreciating, providing good returns for homeowners. Additionally, the high demand makes it an attractive option for rental properties, offering steady rental income potential.

In summary, Farrands is a vibrant neighborhood in Lansing, MI, offering a mix of charming homes, excellent schools, and convenient amenities. With property prices ranging from $140,000 to $210,000 and an average annual property tax of around $2,500, it presents a great value for potential homeowners. The area is well-connected, with easy access to major highways and public transportation, making it ideal for commuters. Recent home sales and market trends indicate a strong and competitive market, making Farrands a wise investment choice.