FULL ARTICLE at GR Press
“Usually when the region is ranked, it’s compared to similar size regions. For the first time, the Grand Rapids-Wyoming qualified in the top category alongside metropolitan heavyweights such as Chicago, Boston and Seattle.
“‘If we had ranked No. 1 in our category, I wouldn’t have been surprised at all,’ said the CEO of The Right Place, the region’s economic development organization.”
This is an excerpt from this FULL ARTICLE at Mlive.com / Grand Rapids Press
Congrats Matt and Gracie on the closing of your new home, and the soon-to-be new Fulton Street location of Freshly Squeezed Print Shop! It has been a complicated journey to an incredibly promising future. Hopefully you’ll have a place to put this guy sooner than later!
For decades, Cosmopolitan Home Magazine has been covering prestigious homes. Trust me, I worked there for 6 years, this place is no joke. “Home of the Year” award is an honor that recognizes the best of the best in West Michigan from those who know.
Congrats to Mike Stevens, one of two partners who started Founders Brewing Company, and now proud owner of the Home of the Year! Mike and his partners fought their way from obscurity and near-extinction, through redefinition of the craft beer industry, to domination in today’s market. What a great story, and a deserving recipient.
Congratulations Kristi and Ernie! Always a great decision to move close to downtown. Great working with you!
You think you’re having a tough time looking for a place to buy in this market? Try renting one! Grand Rapids is currently at nearly 100% rental occupancy, the lowest rental vacancy rate in the US. Home prices have been back to pre-crash levels for about a year now, and the market is increasingly competitive if you are looking to purchase. No surprises here!
So, what’s the best route to go? You’re putting all of this effort in…should you rent or buy? Lets take a look at typical scenario in a great rental area, Eastown, a popular Grand Rapids neighborhood near downtown, where there is a high demand and quantity of both rentals and purchases.
The Eastown Comparison:
52 homes recently sold
(What’s currently for sale in Eastown? Glad you asked.)
Average sale price: $131,780
Average #BRs: 3.5
Avg SQFT: 1743
Average Rent for a 3-4 BR 1750 sqft home in Eastown: $1400/month.
Here’s how it looks, running this scenario through the Realtor.com calculator:
The Upgrade
Looks like buying in Eastown quickly pays for itself, comparing $1400/month rent to a purchase of a $132,000 home. But what if you’re already leasing a home in that price range, but you’re ready for an upgrade and/or increased square footage. You want a home with a nice bit of land, an entry-level home in East Grand Rapids, maybe a distinctive spot in East Hills, or something in an historic district. Your lender says you can afford a $230,000 purchase price. Here’s how that looks:
Try out your own scenairo! Here’s a tool from Realtor.com:
“Grand Rapids has enjoyed a major renaissance in the past decade, thanks to a flourishing arts scene, population surge, and booming craft brewing industry. USA Today crowned it “America’s Best Beer Town” in 2014, citing its dozen breweries as proof that Grand Rapids residents love to kick back with a brew. Of its many art museums and sculptures, La Grande Vitesse—a monolithic, coral-hued avant garde structure sculpted by Alexander Calder—has come to symbolize the town’s affinity for public art.”
According to a new article in MiBiz.com by Nick Manes:
“A new study shows that, despite the abundance of cranes in the sky constructing new apartment units around Grand Rapids, it’s not nearly enough.
“According to real estate research website Zillow, the Grand Rapids-Wyoming Metropolitan Statistical Area (MSA) has a 1.6 percent apartment vacancy rate, the lowest in the country. The national vacancy rate by comparison was 7 percent at the end of 2014. This is the lowest vacancy rate since 1993, according to the Zillow study.
“From the Eastown neighborhood, all the way through the central business district and out to the west side, developers have new construction projects — almost entirely apartments — going full force…”
