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.

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2009 Parade of Downtown Living – Downtown Grand Rapids Condo Update

8 06 2009

 

Grand Rapids Parade of Condos 2009 - June 12-14

Parade of Downtown Grand Rapids Condos If you are in the market for a downtown Grand Rapids condo and you have an afternoon to spare, the Parade of Downtown Living  is a perfect opportunity to familiarize yourself with the various buildings and locations. Open houses will be held at the Riverhouse, Hillmount, Park Row, Fitzgerald, Boardwalk and Union Square.

Admission is $10.00 for all three days. You can purchase a wristband at any of the condos on the tour and ride the shuttle buses to and from each. Parking is free and is located at the following lots:

  • City Lot Area 7 is south of Michigan and north of Pearl
  • Northwest lot is behind Boardwalk Condominiums
  • Northeast lot is located at the Park Row Condominiums on Union St

All buses will be marked Parade of Downtown Living and run every 20 minutes or so.

 

 

 Volounteers are on board each bus to point out the various city landmarks. If you would like to volounteer and get a free weekend pass, call 616-459-3133.

For more information on the downtown condo market, visit my website at GRRealEstateInfo.com or contact me any time.





Which Condo Has The Buzz? – Downtown Grand Rapids Condos

12 04 2009

 

Which Condos Are Getting The Looks and Which Condos Are Invisible?

Union Square Condos The downtown Grand Rapids condo scene is moving right along these days and with good reason. There is a lot going on in Grand Rapidsand with summer right around the corner, people are getting out more, enjoying the sunny weather, strolling through town and checking out some of the condos. One of the bonuses in having a strong online presence is being able to track the different trends in the Grand Rapids real estate market. It’s actually quite interesting. My website ranks at the top of the search engines for many keywords so I get to see first hand what potential buyers are interested in looking at and what areas of town are attracting the most attention.

My stats tell me that downtown condos are quite attractive to relocating Riverhouse Condosbuyers, those looking for a second home, young professionals and students. People are curious to see what’s available. Of the various condos, the ones that get the most interest are Union Square condosPlaza Towers condos, Cityview condos and 65 Monroe condos. Up next I would say that Boardwalk condos, 47 Lafayette condos, Brickway Residences and the Riverhouse condosalso get a lot of interest. In fact the Riverhouse condos have just introduced several new condos with substantially reduced prices. There are several great condos there for under $200,000 now and in my opinion, these are a very good deal!!! Let me know if you want to take a tour.

Union Square condos are on the NW side of town and not quite in the downtown core, but the building is very interesting and there are a lot of floor plans to choose from. I wasn’t really crazy about these at first but now that prices are dropping, they really should be on your list. The building itself is quite interesting and has some nice features including a great roof top deck with pool and hot tub and a well appointed fitness center. I know several of the owners and everyone I talk to is extremely happy to be living there. Check out my new listing at Union Square here.

Park Row Condos Cityview condos and 65 Monroe get some love from the online community and it is well deserved. These condos are in one of Grand Rapids Tax Free Renaissance Zones where you live tax free until 2017. No city or state income taxes and no property taxes until 2017. Surprisingly there are a couple of other condos right on that same strip that never get any inquiries. The Monroe Condos and Front Row Condos are lovely Grand Rapids Lofts and are also in the Renaissance Zone. Front Row in particular are gorgeous downtown Grand Rapids lofts with all of the bells and whistles like European Tile and Bamboo Floors, huge ceilings with large windows and exposed brick.

Right accross the street are Peck condos. These are cute affordable lofts and downtown grand rapids condosfor some reason don’t get the attention they deserve. Another overlooked condo is Fulton Flats. Very affordable new condo conversion with 3 out of 14 units sold. These are spacious condos with a good location and a good value. For the longest time, Park Row condos didn’t get much activity but they have changed to a new listing agent who is doing a very good job marketing them. These condos will do well as the location is fantastic and perfect for someone working in the Medical Mile.

If you would like to take a tour of any of these condos, feel free to contact me any time.





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.





Boardwalk Condos FHA Approved – Downtown Grand Rapids Condo Update

9 01 2009

 

Boardwalk Condos are now FHA Approved!

Boardwalk Condos Boardwalk Condos are located at 940 Monroe Ave NW and are now FHA approved up to 3%. This means that qualified buyers can now obtain an FHA Mortgage with a 3% downpayment. This was just changed in December ’08 and will certainly help sales at Boardwalk Condos. Before this, an interested buyer would have to have at least 10% down and that is hard for most people in this price range in this market. 3% is alot more manageable.

FHA (Federal Housing Administration) is an agency of the federal government that insures private loans which are issued for new and existing housing. FHA was created by congress in 1934 and became a part of HUD (Housing and Urban Development) in 1965.

Boardwalk condos are about 1 mile north of the downtown Grand Rapids Boardwalk Condo Amenitiescore. The building is a solid, old brick construction that overlooks the Grand River, just north of the Fish Ladder. Boardwalk Condos offer their owners many great amenities that you won’t find in other downtown condos. JD Reardons (restaurant and bar), Game room, Theatre room, Endurance Fitness Centers, a beauty salon and two courtyards. One courtyard has a pool and hot tub and the other has a green area with grills, park benches and trails. During the summer months, the Boardwalk keeps Kayaks available for use down by the river.

The condos themselves are a cool, urban loft style with exposed brick, exposed wooden beams and ductwork. Out of 200+ condos, approximately 40 remain. These are studio, 1, 2 and 3 bedrooms and each condo has secure, covered parking with prices from $80k for a studio to over $400k for one of the larger 3 bedroom units.

One of the perks of buying a new condo at the Boardwalk is the low interest rate. The building falls under a Community Reinvestment Credit which gets you an interest rate that is 1.5% lower than the current rate. As of today (January 9th,2009) that would get you a 3.8% rate locked in for 15 or 30 years from National City Bank. That is huge!!!

For more information on these or any other homes or condos in the Grand Rapids area, visit my website to search for Grand Rapids homes or condos and contact me any time.

Click Here to preview the available Boardwalk Condos.





Nice Selection of Affordable Downtown Condos

7 01 2009

 

Affordable Downtown Grand Rapids Condos – Today’s Showings

Downtown Grand Rapids Condos It really is a great time to buy a downtown condo, or any home in West Michigan for that matter. Grand Rapids’ condo prices have been adjusting downwards and interest rates are at record lows. You can lock in a rate in the low 5% range on a condo and with inventory still high, you have a nice selection of condos in any price range with which to compare.

I recommend using a buyer’s agentwhen looking to purchase any property. A knowledgeable buyer’s agent can potentially save you thousands of dollars but more importantly, they can share with you their input and insight to the various downtown condos in Grand Rapids.

This afternoon I am showing one of my clients some really great condos in downtown area. These are affordable, well priced condos in the $160,000 and under range. We will be seeing Avenue 23, 47 Lafayette, Boardwalk condos, Waters Towers condos, the Hillmount, Cherry St Lofts and Park Row condos. I’m looking forward to it.

Click Here to Preview Today’s Showings.

If you have any questions or would like to take a tour of some downtown condos, email or call me direct at 616-570-1871.





Downtown Grand Rapids Condo Photos

11 12 2008

 

A friend of mine showed me this slick little program and I thought I would throw together a quick slideshow of pictures from the various downtown condos. Hope you like it.

I’ll have to get out on a nice sunny day and update some of the pics.

Let me know what you think!