You Snooze You Lose – Downtown Grand Rapids Condo Update

2 02 2009

 

 

Timing Is Everything

Timing Is Everything

 Even in this market you have to move fast when opportunity presents itself. I had posted a couple of days ago about some great deals that had just been listed. A Cityview condo foreclosure and a Monroe Terrace condo foreclosure. The Cityview condo I just knew was going to go fast and when I found out about it the morning it was listed, I notified my buyers and contacts of this great deal. I went to show it the next day and was probably going to write an offer on it today or tomorrow, but it turns out they had accepted a cash offer last Friday. Whoever got this one, scored. It did need some work to be sure, but there was nothing a good hose down, some paint and carpet couldn’t cure.

The Monroe Terrace condo at 600 Monroe Ave NW, I had been watching since it got listed. It had several price reductions and finally sold this weekend as well.

What this shows is that even in this market, these condos will sell if priced correctly and it’s a good idea to have everything ready before you start looking. With a foreclosure property, you will typically need proof of financing in the form of a pre-qualification letter from a lender and an earnest money deposit of $1000.00. I would get these ready ahead of time because it isn’t fun to find a great deal only to lose it because you couldn’t write an offer straight away.

If you have any questions about Grand Rapids real estate in general or Grand Rapids condos in particular, please visit my website or contact me any time.





Downtown Grand Rapids Condo Foreclosures

30 01 2009

 

 UPDATE: BOTH OF THESE FORECLOSURES HAVE BEEN SOLD! That didn’t take long and I am not surprised.

I have been paying more attention to the Grand Rapids short sale and Grand Rapids Foreclosure markets of late. Particularly in the short sale market as my broker, the Platinum Realty Group, has formed a relationship with a local law firm to negotiate with the banks on our clients behalf. We also have an experienced Debt Mitigation Professional in the office.

There are several downtown condo foreclosures currently on the market. There are a couple at Union Square although I believe one of them is pending. There is one condo at Monroe Terrace and one condo at Cityview condos.

Click Here to preview downtown Grand Rapids Condo Foreclosures.

Renaissance Zone Condos

Renaissance Zone Condos

 Monroe Terrace is located at 600 Monroe NW. These are loft style condos in a Grand Rapids tax free Renaissance Zone. Monroe Terrace are nice lofts featuring exposed brick, hardwood, tile and cool layouts. The foreclosure listing here is going to definitely need a little work but someone willing to use a little elbow grease could have themselves a nice loft condo downtown. The drawback on this one is that there is a billboard on the outside of the building that covers some of the windows. Not the best place in the world for a billboard. Creativity would be required here.

Cityview Condos enjoy a terrific location at 60 Monroe Center NW, the

Monroe Center Condos

Monroe Center Condos

corner of Ionia and Monroe Center in the Select Bank building. These are pretty spectacular condos with tall ceilings, large windows, granite, tile, hardwood/bamboo, rooftop deck etc. The great attraction to these condos is the location and the fact that they are in an extended tax free zone (until 2017). I showed the foreclosure listing here. It needs to be thoroughly cleaned, fresh paint, appliances, carpet, but aside from that, it is a corner unit and has some nice finishes like hardwood, ceramic tile and granite counter tops. In my opinion, this is a good deal but you will need to do some work and spend some money.

If you have any questions about the Grand Rapids real estate market, please visit my website or contact me any time. To take a tour of any of these downtown condo foreclosures, call me direct at 616-570-1871.





Monroe Terrace Condos – Downtown Grand Rapids Condos

24 12 2008

 

Monroe Terrace Condos – Downtown Grand Rapids Lofts with Grand River Views

Monroe Terrace Condos Monroe Terrace Condos are located just north of the “downtown core” at 600 Monroe NW. These condos are interesting loft style condos with unique floor plans. One of the attractions of Monroe Terrace Condos is that they are located right across the street from the Grand River, 6th St Park and the Grand Rapids Fish Ladder.

The building itself is a rich, dark red brick and hosts 28-loft style condos plus commercial space including the Cambridge House. Cambridge House is a popular local pub with an extensive beer and wine menu. It has a cozy English Pub atmosphere with large dark wood booths, fine liquor and a lengthy cigar menu. There is a food menu with Philly Steaks and Hoagies, soups, salads and more.

Monroe Terrace Condos feature 2 story loft units with 1 and 2 Grand Rapids Loftsbedrooms. A one bedroom would be priced in the low $200’s and will have around ~900 square feet of living space. There is lots of hardwood, tile, exposed brick and exposed ductwork and they have a distinctive feel to them. The larger units will have slightly over 1600 square feet and will seem allot larger inside because of the 2 floors. When you are standing downstairs in the living area looking up, it is a great look with the thick wooden beams and large windows. Upstairs in the 2 bedroom condos feature a loft space, full bath and large bedroom.

Monroe Terrace condos are also located in one of Grand Rapids’ Tax-Free Renaissance Zones. Not the extended zone, so starting in 2009, City and State Income Taxes and Property Taxes will begin to phase in at 25% per year so that by 2012 you will be paying your full taxes.

*Prices from $200’s - 1 and 2 Bedrooms available 
*From ~900 Sq/ft
*Association fee: $250/mo (900 sq/ft)
*Coverage: Trash Pickup, Yard Care, Water, Sewer, Snow Removal, Insurance and Heat
*Features Incl: Secure entrance. Hardwood Floors, Exposed Brick, Loft Style, Washer/Dryer Hook-Ups, Large Windows, Covered Parking and Tax-Free Living until 2012.

For more information on these or any other condos, please visit my website at GRRealEstateInfo.com or contact me any time. 

Click Here to preview the available condos at Monroe Terrace. If you have any questions or would like to take a private tour, let me know.