Grand Rapids Short Sales – Market Update

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.

430 Gladstone Ave SE – Grand Rapids Real Estate

430 Gladstone Ave SE – Great New Listing in East Grand Rapids

Don’t miss this lovely 2 story in East Grand Rapids schools. Gorgeous hardwood floors throughout with large bedrooms, central air and central vacuum. A spacious kitchen comes with stainless steel appliances and a built-in desk. A very large and recently repainted living room features a gas fireplace and a cute sitting area over-looking the quiet wooded street. This home would make an awesome starter or investment property. Great location close to shopping, schools and the Gaslight Village. This home is a Short Sale, which means that any offers are subject to the bank’s approval. This is a tremendous opportunity to own a nice home close to schools and Reeds Lake.

Purchasing a Grand Rapids short sale is just like making a regular home purchase, except you are dealing with a bank. What really is required is plenty of patience. Some banks are swamped. For example, Bank of America has over 7,000,000 cases (distressed properties) to deal with, so it can be a struggle to get these closed. If you are hoping to get a deal before the $8000 tax credit deadline of December 1st, then a short sale is not for you. If you have any questions about this home or to view more interior pictures, visit my website at GRRealEstateInfo.com or contact me anytime.

Click Here to view the online flyer!

Grand Rapids House Values – Grand Rapids Real Estate

 

Showing Some Lovely Homes Today – It’s a Buyer’s Market

 The Grand Rapids Real Estate Market is still a buyer’s market. I am showing a client some absolutely stunning homes and I wanted to take this opportunity to point out how much values have dropped. Particularly in the Grand Rapids Luxury Home Market. Prices have dropped 20 – 30 % in some places and that translates into some incredible bargains. I get allot of inquiries from buyers that are using my Grand Rapids Real Estate website and my blogs, to search for homes. One of the most popular pages is the Luxury home page and Grand Rapids Waterfront page. The reason being that these high end homes have seen the largest price drops.

We’ll be looking mostly in the Forest Hills school system, which happens to be one of the areas premier schools. You can get homes with some acreage, over 4000 square feet, some will have waterfront access and/or views. The interiors will be decked out with granite, gorgeous floors using bamboo or european tile, green technology and you can purchase some of these under $500,000 now. And there are many of them out there to be had by the shrewd and patient home buyer.

For more information about the current market, contact me any time.

Bagley Townhouses – East Grand Rapids Condos

Bagley Townhouses – East Grand Rapids Condos

Bagley Townhouses are a new construction condo development in East Grand Rapids. Located in Gaslight Village at 733 Bagley Ave SE, these will be truly luxurious condos with a fantastic location. Bagley condos will be a two building development with 8 units in each one. The upper level will have 2 bedroom/2 bath ranch condos with approximately 1600 square feet. The lower level offer slightly smaller 2 bedroom/2 bath condos with 1300 square feet but the lower level will also have a basement that can be finished to add another bedroom and bathroom.

Some of the finishes will include terraces, granite counters, bamboo, generous cabinets, private garages and 10 – 12 foot ceilings, just to name a few. Your own creativity is the limit.

Gaslight Village is such a cool location to live. This pretty lakeside community in East Grand Rapids offers excellent shopping in the tiny boutiques and specialty shops including Florentine Ceramics, Leigh’s Fur Salon and Hoffman Jewelers. Gaslight Village is named for the flickering street lamps and features Rose’s (fine Italian cuisine), the Gaslight Inn and East End Pastries. Visit Mulligan’s Pub if you like a cozy, friendly atmosphere.

John Collins Park is located on 2.7 acres along the eastern shore of Reeds Lake and offers a boat launch with lake access. This is a favorite picnic spot for families during the summer months.

One of the main attractions of East Grand Rapids is Reeds Lake, a true centerpiece for the community. With a land area of 283 Acres, a 52ft depth and walking trails 4.2 miles around, this all-sports lake offers great fishing and boating. Enjoy quiet mornings walking along the shore or an afternoon of water skiing with family and friends. Reeds Lake and the surrounding parks, woods and trails draw people from miles around to enjoy the outdoor landscape.

Pricing: from ~$380’s –2 Bedrooms from 1300 sq/ft with a possible 3rd bedroom with a finished basement
Association Fee: ~$175/mo
Includes: Yard Care, Trash Pickup, Water, Sewer, Cable/Satellite  and Insurance
Features: Hardwood Floors, Concrete Counters, Stainless Appliances, Private Garages, Patio/Deck, Pets Allowed

If you have any questions about these, or any other condos in East Grand Rapids, please visit my website at GRRealEstateInfo.com or contact me any time.

An Interesting Day In Grand Rapids Real Estate

 

 There is something for everyone in this market. Today, I showed two different homes to two separate clients. The first home was located on Reeds Lake in East Grand Rapids. A beautiful, rambling lakefront ranch on almost 3 acres with 5 bedrooms, 4 baths and over 5000 square feet. This is a gorgeous home with Sub Zero appliances, granite counters, marble tile, gigantic rooms and one of the coolest bars I have ever seen. It was an old, gnarly bar that looked like it was salvaged out of some tavern somewhere and restored to it’s former scarred, gleaming glory. The lot itself is wooded and the house is quite a bit back from the road offering plenty of privacy. Sticker price, over $1.5 Million dollars.

Later this afternoon I met up with a new buyer looking for a fixer-upper in Grand Rapids. He was using my website to search for homes and I had been monitoring new and repriced listings daily (as I do with all of my clients) and sending the ones that had potential. He called me up and we met at the home in the Division and Burton area of town. This home offers 4 bedrooms, 2 baths, a full basement, 1500 square feet and a 3 stall detached garage. It’s going to definitely need some work but the asking price on this foreclosure is just over $10,000 dollars.

That’s $10,000 dollars! For a rather large house. I was amazed. I expected something pretty trashed and while it was very dirty, it is a solid home and looks to be just badly neglected. This type of home is going to make a great investment after it’s cleaned up. It’s going to need major work on the kitchen and bathroom but it has great potential for someone who is handy and willing to use some elbow grease.

All in all, a fun day in the Grand Rapids Real Estate Market. If you have any questions or would like to get notified of new or repriced homes or condos, please visit my website or contact me anytime.

Click Here to Preview Grand Rapids Luxury Homes.

Click Here to Preview Grand Rapids Homes Under $30,000.