Fox 17 Lead Story May 12, 2021: Open houses generating more interest in Grand Rapids

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Grand River Realty Broker Pete Bruinsma was interviewed on Fox 17 news this week after his Instagram photo generated mixed feelings, displaying lines out the front door of a Saturday open house on a sunny afternoon along Riverside Park. While Mr. Bruinsma never mentioned a housing boom or lack thereof, the interview touched on a few points of interest:

  • Sustained and increased demand is fueling the market with unparalleled competition.
  • Markets in which prices are doubling and tripling are the outliers. For example, Colorado resort towns are experiencing a boom due to some absolutely stunning market shifts fueled by the super rich.
  • Grand Rapids prices are rising quickly, but this is not connected to the “insane” figures coming from outlying “exceptions.”
  • Median prices for single family homes in Grand Rapids have increased by 12.5% in the past 12 months from $189,000 to $212,000. This is explainable, and not part of a “bubble” like 2008’s lending-fueled Great Recession.
  • The median sales price for the same period the preceding year was close to 8% (from about $176,000 to $189,000).

Why does this housing market favor sellers so heavily?

  • Millennials are the largest living generation and are currently more ready than ever to make big, long-term financial decisions.
  • 2020’s COVID restrictions disallowed many buyers from entering homes, with Real Estate activity nearly halted temporarily. Even long open house lines outside of a home make many onlookers uncomfortable, after Michigan has achieved a 50% vaccination rate.
  • New home starts are behind pace in such a demand-rich environment, due in part to supply chain and labor shortages making it very hard for new construction.
  • Grand Rapids is a desirable place to live, with home prices often still priced below the cost of leasing.

OK, HERE’S THE VIDEO:

Fox 17 Post

Home prices recovered from 2008’s crash and have been increasing since 2009. People’s memories of the trauma stemming from the foreclosure flood and sustained shadow inventory, are all too fresh. Here’s an article Mr Bruinsma wrote in 2015 when many people were worried about sustained housing appreciation.

Median single family home prices on the rise in the City of Grand Rapids are currently on a sustained rise:

Link to Fox 17’s blog post about the open house photo:

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Just Listed: $120k 2BR Condo near downtown Grand Rapids

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901 North Ave NE #7 Grand Rapids Michigan | $120,000
Two Bedroom Condo in Belknap Lookout, Near Downtown and Medical Mile, 787 sqft.
This tastefully-modernized condo offers more than you would ever expect at such an affordable price! Located at the top of the hill above the Belknap area & downtown Grand Rapids, this second-story condo has quite the view over a large manicured back yard and wooded area beyond. All just a few streets away from Highland Park and the Medical Mile. The interior is in great shape with nice oak cabinets, a fireplace in the living room and convenient stackable washer/dryer in the updated bathroom, all with two good sized bedrooms. The back porch has a grilling and lounge area, winter views of downtown and the rest of year is surrounded by beautiful trees. Monthly dues include your water bill, landscaping, exterior insurance and future maintenance of the building which is entirely handled for you. Move in and relax! Possession at close.

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Heritage Hill Historic 6656 sqft Peck Mansion for Sale! $699,900

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345 Washington St SE | Grand Rapids MI | Heritage Hill Historic District | $699,900

The Peck Mansion is for sale! This 6656 square foot Queen Anne Victorian home on a 1/3 acre lot once boasted the largest ballroom and living room in town. The home has significant architectural features (see attached), with a rich history of notable owners and a dramatic murder trial.

Use is flexible with this 3-6 family home. Abounding Heritage Hill charm would make this a flagship addition to a distinguished investment portfolio, or a grand primary residence with prime entertainment capabilities and additional supporting income. Enter into a grand foyer with towering staircase and ornate wood floor. Continue throughout through cavernous twists and turns, built ins, nooks, and a heap of 1880s charm.

Expect evidence of loving upkeep as well as plenty of room for improvement. This Treasure has been through much change over the years including multiple units in the basement and a Carriage House outside, all offering exciting potential for customization and new positive changes. Roof tear-off + replacement happened 9 years ago, boiler was replaced 3 years ago.

Dream your future today in a home that tells many stories!

Full listing and more info on GRAR: https://www.grar.com/property/mls/21003404

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For sale in Highland Park: 759 Eastern Avenue NE

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For sale in Highland Park: 759 Eastern Avenue NE
$175,000 | 3 Bedroom 2 Bath 2 Stall Garage | 1450 sqft
Visit this lovely craftsman just off of Highland Park! Eastern Ave at this location has only neighborhood traffic as it dead-ends just north of Lydia. The home shows nicely with many appealing elements while allowing room for some improvements that could bolster future equity. Enter from the inviting front porch to a large living room with wood staircase and formal dining room with plentiful windows and original trim. The kitchen was renovated 15 years ago, the roof and furnace about the same. Original pine wide plank floors exist throughout home under thick laminate. You’ll find a couple of bright pieces of vintage linoleum upstairs under carpet. The lot is nice sized and includes a 2-stall garage. Eastern park to be completed soon. Any offers to be held until Sun@5pm
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victorian-hh-common use

Michigan Historic Tax Credits are Back

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Senate Bill 0054 has Just Passed!
Michigan Senate 32-5
Michigan House 81-24

With a proposal that has been in the works since January 2019, Michigan historic preservation tax credits toward individual income tax are back. This is great for Grand Rapids, which has a thriving historic district within its city core. Countless buildings have been saved though similar credits in the past.

This popular program and economic development engine has consistently proven to be a sound investment for Michigan, returning $9.58 for every $1 put into the program, but was eliminated with other incentives in 2011.

This will make investment into historic properties easier and less restrictive, with both federal and Michigan tax credit resources now available. One major significance with the state credit is that while federal credits assist with mostly large-scale projects that must be income-producing, Michigan State credits offer less limitation on who can take advantage of the incentives.

According to the bill, qualified taxpayers may apply for a 25% income tax credit for qualified repairs. Those qualified include owner-occupants of homes in historic districts, as well as owners of commercial and residential investment property.

Technical info and link to the bill:
https://mirsnews.com/bills/details/38519

Grand River Realty continues to stay informed on incentives and promotions available to our clients. Contact an agent today for more information.

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State Historic Tax Credits a Possibility for 2021

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With a proposal that has been in the works since January 2019, it now looks like Michigan historic preservation tax credits toward individual income tax are back on the table. This would be great for Grand Rapids! The Senate Economic & Small Business Development Committee has scheduled a hearing on Senate Bill 54 for Noon on November 12th.

What to do:
(1) Send a letter of support to the committee: OfcSCC@senate.michigan.gov
Please include your name, organization represented (if any), Senate Economic Development and Small Business Committee, SUPPORT SB 54, your address. No letter or additional detail required.
(2) Email your senator (search Reps by your address)

If passed by the Committee, SB 54 will move quickly to the Senate Floor, possibly even the same day. Therefore, contacting your Senator TODAY is extremely important.

Bill Sponsors
The Bill

In person attendance at the hearing is extremely limited because of COVID precautions. However, the meetings are livestreamed at https://misenate.viebit.com/index.php?folder=ALL.

Help get this bill passed before the session ends 12/31.

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Paul Lind, We Will Miss You.

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Paul Lind, 1955-2020

We are so sorry to have to say goodbye to our agent Paul Lind, a good friend and Realtor. He was a well-respected and wonderful human being with a big heart. We also knew him as good softball player and coach, a dedicated fan of excellent independent music. A person who brought other people together and liked to create enjoyment for others. Miss you Paul!
Obituary

From the Greater Regional Alliance of Realtors (GRAR):
We are also saddened to share the news that Paul Lind w/Grand River Realty passed away on October 1 at the age of 65.

Paul’s Broker and friend Pete Bruinsma, shared this message: “So sorry to have to say goodbye to agent Paul Lind, a good friend and 15+ year Realtor. He was a well-respected and wonderful human being with a good heart. We also knew him as good softball player and coach, a dedicated fan of excellent independent music. A person who brought other people together and liked to create enjoyment for others. Miss you Paul!”
  • Paul’s friends in Grand Rapids are organizing an informal memorial gathering. Anyone interested in attending may email Pete Bruinsma for more details.
  • In lieu of flowers, the family welcomes donations in Paul’s memory to WYCE (an eclectic radio station with a focus on local musicians, programmed by volunteers, that was especially near and dear to Paul’s heart) – https://grcmc.org/wyce/support.

 

From Paul’s Softball Team, “Dangerous at Any Age”:

A celebration of the life and times of our friend Paul Lind hosted by the “Dangerous at Any Age” softball team, of which Paul was the chief organizer and manager.
It is with great sadness that we share the news that our friend Paul Lind passed away on October 1. According to his brother, Paul didn’t want a service. However, the softball team needs to pause for a moment to celebrate his life with some feasting, merriment and music that he would have enjoyed. Please spread the word to others you know who knew Paul.
It’s fair to say that our team, Dangerous at any Age and its predecessors would not have continued in various forms without Paul’s organizing and prodding. The team members and our social events were very important to him. Rest In Peace, Skipper. h