$8000 Tax Credit Extension is Approved

Grand Rapids Real Estate Market Update

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.

Downtown Grand Rapids Condos That are FHA Approved

 

 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 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 a 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 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 downtown 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.

Realty Executives Comes To West Michigan

The Platinum Realty Group is now affiliated with Realty Executives.

I am excited to announce that the Platnum Realty Group is now affiliated with Realty Executives. This is a great opportunity for everyone involved including our Realtors, their families, clients and business partners. The Platinum Realty Group has always been a family oriented broker that has always put customer service above all else. Affiliating with one of the fastest growing national real estate companies, with offices in 18 countries, opens up many doors and will only benefit our clients.

Realty Executives Platinum Group will now be able  to provide cutting edge marketing tools with which their agents can use to market their client’s homes. This increased national and international exposure can only help us sell these properties and open up doors to buyers relocating to the Grand Rapids area. For more information on the local Grand Rapids market or to request a Relocation Package, visit my website at GRRealEstateInfo.com or contact me any time.

$8000 Tax Credit Ending Soon – Grand Rapids Real Estate Update

$8000 Federal Tax Credit is Ending Soon

If you are thinking of purchasing a Grand Rapids home or condo and want to use the First Time Homebuyer’s $8000 Tax credit, time is running out. To qualify, you can’t have owned a home in the last 3 years and you must purchase a home before December 1st 2009. This is a real credit and does not have to be repaid. Many clients have taken advantage of it this year.

In order to close on a home by the end of November, your should be looking right now. My website provides all of the listed homes on the MLS Database and the search is free. Feel free to use it and if you have any questions, let me know. Once you find your home or condo, you will need to have an accepted offer before the end of October, just to be on the safe side.

If you don’t know where to start and would like to talk to a lender, give Scot Veneklase a call at Exchange Financial. Scot can be reached at 616-957-3480.

Click Here for a 2009 Tax Credit Q & A

Hillmount Condo For Sale – Downtown Grand Rapids Condo Update

 

Excellent opportunity at Hillmount Condos – FHA Approved

 Work Downtown and Live Downtown at the Hillmount Condos. This upgraded, large 1 bedroom – 1 bath corner unit has undergone extensive remodeling and is as good as new. Walls have been removed to open up the kitchen and it really works well in this downtown Grand Rapids Condo. The kitchen/dining/living area flow together to create a wonderful space to live and entertain. Some of the upgraded features include Maple Cabinets, Hardwood Floors, Stainless Steel Appliances, Bathroom Tile and a huge bedroom with dual closets.

Hillmount Condos are located at the corner of Cherry St and College at 505 Cherry St SE. These condos feature one of the coolest rooftop decks in town, a well equipped fitness room, wireless internet and is located 15 minutes from all of the excitement of downtown. Hillmount is also close to St Marys Hospital and has off street parking and secure entry. Take advantage of historically low interest rates and the $8000 Federal Tax to own this condo today. Use the $8000 towards your downpayment.

 Hillmount condos were originally apartments and were constructed in 1959. These condos were carefully restored by into cool Art-Deco/Moderne style downtown Grand Rapids residences. The building itself is solidly built with very little-to zero noise transfer between walls and floors. Air conditioning is provided by a window A/C unit or an interior A/C unit. This particular unit was originally finished last year and only very briefly lived in. It’s better than new.

If you are looking for Heritage Hill real estate, homes or condos, visit me at GRRealEstateInfo.com or contact me any time. Click here to view the Online Flyer.

El Dorado Condo Listings – Downtown Grand Rapids Condo Update

 

New Listings at El Dorado Condos

 Now here is a great opportunity to own a condo in the Heritage Hill Historic District. I will be listing the four remaining condos in the El Dorado Condominium development located at 512 Lyon St NE. There are two – 2 bedroom condos and two – 1 bedroom condos for sale. These condos will be offered as-is, or white box condition and we are putting together several purchasing options.

All four condos will be offered separately however, all four condos can be purchased together as a package.  This is a fantastic opportunity to own a downtown Grand Rapids condo within walking distance to the Grand Rapids Medical Mile.

El Dorado Condos are Chicago-style Flats converted from an historic building that was built in 1910. This uniquely U-shaped, 13 unit condo features original hardwood floors, enclosed porches and a wide open floor plan. The floor plan is very nice and lends itself to entertaining quite well. The 2 bedroom condos have large bedrooms and over 1000 square feet of living space and the one bedroom condos have 625 square feet. The buildings have secure entryways and if you work in the Medical Mile or attend school here, these would be a good location to live.

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

310 Eola St SE – Grand Rapids Short Sale

310 Eola St SE – Affordable Alger Heights Home For Sale, $90,000

Another great listing offered for sale in Alger Heights at 310 Eola St SE. This cute 1 1/2 story has three bedrooms, two full baths and and a newly remodeled full basement. This charming home is very clean and has hardwood floors, a newer roof and furnace. The full basement was recently remodeled with new laminate floors, a full bath was added as well as a laundry room. A few more finishing touches and your creativity, is all that is required.

Since this home is offered as a short sale, any offers are subject to the bank’s approval. We have a Certified Debt Negotiator working directly with the lender on our behalf and communication has been started with the bank. This is something that we offer to all of our homeowners that may be in danger of drastically falling behind in payments and going into a foreclosure. Selling your home as a short sale is far better than having a foreclosure on your credit report.

This is home would make for a great starter in Alger Heights. Located close to 28th st and US-131, if you are a First Time Home Buyer, you could be eligible to take advantage of the $8000 First Time Homebuyer Tax Credit that is being offered by the government. This is truly a credit and does not have to be paid back.

This property is very easy to show. If you have any questions, or would like a tour, please contact me or call me direct at 616-570-1871. Visit my website at GRRealEstateInfo.com to view our other featured properties for sale in Grand Rapids and the surrounding areas.

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

UPDATE – 11/4/2009: The senate has approved of an extension to the $8000 Tax Credit. More about it here.

UPDATE – 2/16/2009: Here is a pdf document from NAR (National Association of Realtors) documenting the changes to the First Time Home Buyer Tax Credit. CLICK HERE.

So what was a $7500 “First Time” home buyer tax credit, then it was reported to be a $15,000 home buyer tax credit, was changed at the last minute to an $8000 home buyer tax credit.

So basically, this is what we ended up with:

• It has increased from $7500 to $8000 but it is capped at 10% of the purchase price.
• It is no longer a loan, it is a true credit to home buyers but the buyer must remain in the home for 3 years.
• It is STILL only for “first time” home buyers, which is defined as someone that hasn’t owned real estate in the last 3 years.
• It is applicable for anyone that buys or has bought 1/1/2009 and 12/1/2009, extending the date from 7/1/2009.
• Full credit is available to those making $75,000 or less or $150,000 for joint filers.

It would have been much better for them to make this tax credit available to everyone, not just those that have owned real estate in the last 3 years, but still it is a good incentive and together with the low interest rates and falling prices, it is a good time to purchase a home or condo.

For information on buying or selling real estate in Grand Rapids and the surrounding areas, please visit my website at GRRealEstateInfo.com or contact me any time.

$15,000 Home Buyer Tax Credit

UPDATE ON $15000 HOMEBUYER TAX CREDIT: Well no sooner do I post about this excellent incentive for homebuyers than I come to find out that the $15000 Home Buyer Tax Credit is not going to happen. What a shame. They are going to keep it at $8000 and make it for first time home buyers only. I’ll definitely be keeping an eye on this and posting updates here.

I have to say this though. This $15000 tax credit for home buyers would have been an actual stimulus. I’ve had several of my clients calling/emailing me inquiring about this. People want to do something but are sitting on the fence. This home buyer tax credit incentive had the potential to get folks to jump off the fence and start buying some Grand Rapids real estate! Shame on the government. The country is in need of actual stimulus programs, not special interest, pet projects aka: pork.

The latest “Stimulus” bill now underway has a $15,000 tax credit for home buyers. ($15,000 or 10% of the sale price). This enhances the recent $7500 First Time Home Buyer Tax Credit in a few different ways and if passed, will make a big difference to homebuyers in Grand Rapids. Yesterday, Feb 10th, the Senate passed this bill however it hasn’t been finalized yet. The next step is for joint members of the Senate and the House to try to arrive at a compromise between their respective bills. Once that has been sorted out, they will vote on it and send it to the President for his signature. The general consensus is that some sort of tax credit will be incorporated into the bill but we will have to wait for the final version to be sure just what it is.

Major changes to the home buyer tax credit are as follows:

• Maximum tax credit increased from $7500 to $15,000 or 10% of the sale price.
• Everyone is now eligible for the tax credit where before, you had to have been a first time home buyer and that was defined as someone that had not purchased a home in the last three years.
• You are no longer required to pay this back.

Keep in mind that it has not been approved yet and it is the government we are talking about here, so expect something to change. :). Here is the amendment  from Sen Jackson’s website.

If you have any questions about the Grand Rapids Real Estate market or would like to research your next move, visit my website to search for homes or contact me any time.

Union Square Condos – Downtown Grand Rapids Condos

 

Union Square Condos – Tax Free Renaissance Zone Condos

 Union Square Condos are located  at 600 Broadway NW in one of those old buildings that just exudes character and coolness. Union Square was once Grand Rapids’ primary high school and has been recently rehabbed into a cool downtown Grand Rapids condo development. The developer somehow managed to preserve alot of the old features like the old gymnasium hardwood floors (where you can still see the old basketball paint), the old slate chalkboards and those large classic school clocks that we all remember can still be found in some of the condos.

Union Square condos have many unique floor plans with interesting use of space. These downtown condos have large windows, 12 to 16 ft ceilings, 12 inch oak window sills and original trophy cases are some of the features that can be found. Common areas included in the association fees are a really cool pool/hot tub area on the roof, over-looking the freeways. In fact, if you are from the Grand Rapids’ area, you have probably seen Union Square at the junction of US 131 and I-196. There is a well equipped fitness center and parking garages as well as a relaxing common room with some games and flat screens.

 One of the benefits to the owners of a Union Square condo is the tax break. Union Square are in one of downtown Grand Rapids’ Renaissance Zones which means that city and state income taxes are waives as well as property taxes. That can mean a good savings to qualified buyers and if you are a first time buyer that qualifies, there is a $7500 tax credit if you purchase before June 2009. The tax free benefits begin to phase out this year, meaning that you are responsible for 25% of your taxes this year. 25% is added each year until you are back to paying all of your taxes.

Click Here my latest Union Square Condo Listing!

Union Square condos offer 1, 2 and 3 bedroom condos with 2 story penthouse condos available. Some of the condos under the pool area have the option of adding a private deck with pool access. Most of the condos have nice packages of appliances, flooring and counters.

*Prices from $125k - 1, 2 and 3 Bedrooms including penthouse condos available 
*From ~550 Sq/ft
*Association fee: depends on unit
*Coverage: Trash Pickup, Yard Care, Water, Sewer, Snow Removal, Insurance, Heat
*Features Incl: Secure entrance. Exposed Brick, Loft Style, In Unit Washer/Dryer Hookups, Fitness Center, Patio/Deck, Roof Top Deck, Pool, Hot Tub and Tax Free Living. 

For more information on these or to search for homes or condos online, visit my website at GRRealEstateInfo.com or contact me any time.

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