Buyers seeking a condominium in Ann Arbor can turn to one of the city’s vintage communities to find a new option on the market.

The Village - long-known as Pittsfield Village - completed the conversion of its 422 units from cooperative to condominium in late 2009.

Now owners and buyers will see the market set the price for the homes - which are again called Pittsfield Village after the transition.

“Over the next 18 months to 24 months, the Village is going to create its own value,” said Hilary Ward, a Realtor with the Charles Reinhart Co. who has several listings in the community.

The condo conversion effectively lifted a value cap by ending the co-op structure and giving unit shareholders who converted - representing about 75 percent of the homes - independence from the shared mortgage.

Prices for the homes as coops hovered between $50,000 and $75,000 in recent years, falling toward the lower end of that range as the national financial crisis effectively shut down nearly every avenue to finance a co-op purchase.

“You had very limited options,” Ward said, and many buyers in 2008 had to pay about 50 percent of the purchase price due to the complicated ownership structure.

Now, Ward said, “the main difference is the ability to secure financing.”

The Village Location: Southeast Ann Arbor Units: 422 Style: Tri-levels with either one or two bedrooms Active listings: 22 List price range: $58,000 - $95,000 Sold in 2009: 16 Average price per square foot in 2009: $84

The Village was part of the city’s World War II-era building boom, constructed on 64 acres east of Platt Road between Washtenaw and Packard. The community surrounds Pittsfield Elementary School.

The property features one- and two-bedroom homes, each with basement and on-street parking. The units are clustered in small groups of about eight, and many are grouped close to the winding streets so the decks overlook part of the large backyard common areas.

It’s the kind of property that couldn’t be replicated today in the city due to land costs, said Realtor Claudella Jones, who also lives in the Village.

As the city built its commercial district along Washtenaw and Packard, the proximity to shopping and bus lines also adds value, she said.

“You can walk to shopping and walk to the park,” Jones said. “…These are excellent buys in Ann Arbor. Nobody can beat the location.”

But it’s also the community itself that makes it attractive, Jones said. The units have hardwood floors, high living room ceilings and lots of natural light - all of which appeal to today’s buyers. And the atmosphere encourages neighbors to get to know each other.

“There really is a sense of community there,” Ward said.

Despite that, the coop financing issues and the conversion, which took months to complete in 2009, stalled sales activity last year, Ward said. Some sellers pledged to pay the conversion costs for buyers, and some transactions closed after buyers rented the units until they could take possession as condo owners.

But now, as the properties can be listed for sale as condos, the market’s response to the Village will help set the value.

Some indications show prices may rise after climbing gradually by the end of 2009, Ward said.

Today, the highest-priced listing is $95,000. The lowest, a one-bedroom, is $59,000. Several of the current listings have seen small price reductions.

Because of the age of the property and the size of the units - they’re small, but Jones said the layout across three floors makes them seem more spacious - it’s hard to find comparable sales as benchmarks.

Ward said some other older condos - like Pattengill and Independence - come the closest, though their settings have less common area space.

Looking across the market, Colonial Square - also a former townhouse-style coop, located on Platt Road - has units for sale for less: the 2009 prices for 12 units selling ranged from $60,500 to $77,000. Today, units are listed from $45,000 to $54,000.

Just outside of the city, Cloverly Village in Pittsfield Township also has units listed for under $100,000. They are newer and larger - at about 1,300 square feet - but also in a more suburban location on Stone School Road.

Association fees in the Village - about $319 a month - are higher than some newer communities, but are less than the $389 in Colonial Square. Jones said the higher fees reflect extensive landscaping and also attentive maintenance.

Jones analyzed the community in late December, when 15 units were on the market and the average sale price per square foot had climbed from $70 to $92.

Even that $92 average denotes a sale price of about $76,000, making the Village among the most affordable condo communities in the city, Jones said.

As the spring market takes hold, Realtors are watching the condo market rebound. So far in 2010, the condo market is up about 6 percent over 2009.

Yet condo prices across the market fell in 2009, making the housing style among the most affordable options on the market.