Grand Rapids Short Sales – Market Update

1 04 2010

Grand Rapids Short Sales getting some help from the Fed?

 The Obama Administration announced that they are going to be updating their housing rescue plan in an attempt to make it easier for troubled homeowners to sell their homes when they are worth less than their mortgages. Read more here. This certainly can’t hurt. The newest initiative creates a standardized process and adds incentives for so-called short sales.

Grand Rapids Short Sales make up a large part of our overall sales and there are many reasons that a home needs to be sold that way. Basically, if you have to sell your home due to some  sort of hardship but you owe more on it than it is actually worth, the only option is  to go the short sale route and your lender will have to agree to discount the loan balance on the house so that it can be sold. This is where a competent short sale negotiator is very important and is the reason we have hired a short sale negotiator specifically to work with the banks on your behalf.

The new initiative is supposed to create a standardized process and I think this is going to be a big help when working directly with the banks. We have already seen Bank of America switch to a new system called Equator. It is an electronic system and we hope this will make things a little easier. Bank of America, Countrywide and a few others were notoriously slow, mainly because of the sheer number of distressed property that they handle.

If you are in this situation, have to sell your home but are unsure of what to do next, please feel free to give me a call at 616-570-1871 and let us walk you through the process and help you get out from under. For more information on Grand Rapids short sales and the Grand Rapids market in general, visit my website at GRRealEstateInfo.com or contact me anytime. It doesn’t matter what style of home you own or what area of town. We sell real estate in Grand Rapids and the surrounding areas including short sales in Ada Twp, Cascade, East Grand Rapids and the West Michigan Lakeshore. Luxury homes have also been and we are able to negotiate on your behalf as well.





Hillmount Condos Blowout Prices – Grand Rapids Downtown Condos

26 03 2010

Hillmount Condos Slashing Prices on remaining developer owned units!

Hillmount condos, located at the corner of College Ave and Cherry St, have announced a great promotion to sell  their remaining developer owned units. Prices have been cut, buyer incentives offered and we really like to hear that. Hillmount condos are one of those downtown Grand Rapids condo developments that have sold well over the last year or so. Building amenities include a great roof top deck, well equipped fitness center and WiFi throughout the building. Many of the units here have been upgraded and the most of them are bright and open. These condos are located just a few minutes walk from the downtown core in Heritage Hill, close to St. Marys and Cooley Law School.

The three remaining units that the developer is offering are large, 1 bedroom condos priced as follows:

  • Unit 102-$79,900 INCLUDING FULL FINISH
  • Unit 103-$89,900 FINISHED MODEL
  • Unit 201-$99,900 VERY UPGRADED FINISHED MODEL

All three of these floor plans are the largest one bedroom floor plans in the building and also include FREE DUES FOR ONE YEAR with a $5,000 gift certificate to Klingmans or Best Buy. If you’re not familiar with Klingmans, they are an upscale furniture store here in town.

Click Here to view the available condos for sale at the Hillmount.

For more information on the downtown condo scene, how to sell your home in this tough market or buying a home or condo, visit my website at GRRealEstateInfo.com or contact me anytime.

Don’t forget the Homebuyer Tax Credit deadline is April 30th, 2010. You need to have a signed purchase agreement in place by the end of April.





$8000 Tax Credit Extension is Approved

6 11 2009

Grand Rapids Real Estate Market Update

$8000 first Time Home Buyer Tax Credit Extension The $8000 First Time Home Buyer Tax credit was approved and is now on the President’s desk for signatures. This current extension does have a few changes, for the better in my opinion. For first timers, the $8000 tax credit is extended until April 30th, 2010. The major addition is a $6500 Tax credit for existing home owners. Effective the day of the signing, this gives current homeowners, that have owned their current home for more than 5 years, a credit and incentive to move up or sell their home.This is nice for homeowners to help with their closing costs. Income limits have also been increased to $125,000 single or $225,000 married and you can claim this credit on any home up to $800,000 in price.

Many people have used this tax credit to help with their home purchase and it has helped the market recover, so this latest extension is welcome. Here is a list of Tax Credit Highlights.

For more information about the Grand Rapids real estate market, visit my website at GRRealEstateInfo.com or contact me any time.





Grand Rapids Home Prices Up 35% Over Last year

2 11 2009

Grand Rapids real Estate Market Stats for September More great news for the Grand Rapids Real Estate market! As reported by the Grand Rapids Association of Realtors, Grand Rapids area single family home sales continue to improve and are up a whopping 39.2% over the same time period last year. The actual numbers are 1075 homes sold versus 772 in September 2008. The average sales price is also up 2% compared with the year-to-date average of $107,285. Single family year-to-date sales volume is up to 8,657 (14.1%) compared to 7587 YTD in September 2008. Inventory lever rose slightly to 8.7 months.

22% of homes sold in the Grand Rapids area remain in the $100,000 to $140,000 range with less than 50% of residential single family home sales counting as short sales and foreclosures.

The $8000 Tax Credit is one of the main reasons for the increased sale of homes  in the Grand Rapids area. The current Tax credit is set to expire on November 30th, 2009. This means that for home buyers to claim the $8000 credit, they would have to close on November 30th and no later.

Some good news to come out of DC is that there is a bill in play that will extend the First Time Home Buyer Tax credit into next year, April 30th, 2010. The $8000 credit will then reduce by $2000 each quarter until it expires at the end of 2010.

For more information on the Grand Rapids real estate market and to search for homes, visit my website at GRRealEstateInfo.com or contact me any time.





$8000 Tax Credit Extension – Grand Rapids Real Estate Market Update

31 10 2009

The Senate is working on extending the $8000 Tax Credit to April 2010. Many buyers took advantage of this credit this year and many are rushing to make it under the current November 30th deadline. This has been a very nice benefit for first time home buyers and buyers who have not owned a home in the last 3 years. Eligible homebuyers will get the full $8000 dollars if they close before April 2010. The amount of the credit will then decrease by $2000 each quarter until it expires at the end of the year (2010).

In this bill, they are also looking into increasing the income limit. We’ll just have to wait and see the final outcome, we all know how these things seem  to change very rapidly in DC. For more information or to search for homes, visit my website at GRRealEstateInfo.com or contact me anytime.





Downtown Grand Rapids Condos That are FHA Approved

13 10 2009

 

Grand Rapids Condos Downtown Grand Rapids offers some incredible condos from cool, affordable urban studios at the Hillmount or the Boardwalk condos, to luxurious penthouses and lofts at Riverhouse condos or the Fitzgerald Condos. One of the problems we have been experiencing with buyers wanting to purchase a downtown Grand Rapids condo has been financing. Many of the condos, especially the “boutique” condos like Peck, Front Row, Cityview or 65 Monroe require a conventional mortgage with ten to twenty percent down. It can be difficult to come up with that amount of cash  on hand.

Having said that, there are some condos that are FHA approved. This is important to many buyers, especially first time condo buyers looking to capitalize on the $8000 Tax credit. With an FHA loan, you need only pay a 3.5% downpayment on the loan. Much better than 10% or 20%!

Boardwalk Condos Boardwalk condos are FHA approved! Just before last Christmas they were approved. Boardwalk is a great building with many amenities including a pool hot tub area, game room, theatre room, fitness center, roof top deck, salon and JD Reardon’s bar. These condos are loft style with exposed brick, exposed duct work, river views and tall ceilings. Many floor plans are available from studio, 1, 2 and 3 bedrooms and there are two courtyards, one with the pool and the other with a peaceful, wooded area where the outdoor grills are located.

The Hillmount condos are FHA approved! The Hillmount condos offer aHillmount Condos little different feel to the Boardwalk. The building itself is an older, solid brick buillding and it does offer a few amenities such as wireless (wifi) internet, fitness center and an awesome rooftop deck with grill. Many of these condos offer lovely hardwood floors and updated kitchens with stainless steel appliances. This is a great building located at the corner of College and cherry, minutes from the downtown core. Pets are allowed.

Union Square condos Union Square condos are FHA approved! Union Square is one of the coolest buildings in town. You have probably seen it while driving on the expressway at the junction of I-96 and US-131 highways. The building is the Union Square High School and there is a big mix of condos here from affordable 1, 2 and 3 bedrooms which also includes some incredible penthouse units. Amenites include a very nice fitness center and the  roof top deck, pool and hot tub. These condos are loft style similar to Boardwalk but with more floor plans and larger windows. Some of the old school features like chalk boards and lockers have been blended in with the modern condo features.

Fulton Street Flats are FHA approved! This is a new addition to the downtownFulton Street Flats condo scene and has just been approved. These are affordable 1 and 2 bedroom condos with some nice standard features accross the street from Davenport University and minutes to the downtown core. Some features include large balconies, hardwood floors and granite counters. I like the location here and for the money, you get a good sized condo with reasonable association fees, parking and laundry rooms in each unit.

For more information on any of these Grand Rapids downtown condos, visit my website or contact me any time.





ArtPrize Top Ten

6 10 2009

The ArtPrize Top Ten Has Been Selected

Grand Rapids Real Estate

The first ever ArtPrize contest is winding down and the top ten have been selected. This competition was a phenomenal success and generated all kinds of buzz while bringing many people downtown. I brought the kids downtown Grand Rapids to see some of the art and we were genuinely amazed at the creativity and originality of the various artists. Make sure to cast your vote for your favorite piece, there are still two days left to do so. There have been an amazing 300,000+ votes cast already and the grand prize is a whopping $250,000.

ArtPrize is just one of the great things about Grand Rapids, Michigan! If you are considering a move here, visit my website at GRRealEstateInfo.com where you can search for homes and condos online, request a comprehensive relocation package or find out the value of your home. If you have any questions about the Grand Rapids housing market, feel free to contact me anytime.