“The biggest story in American real estate in 2013 hasn’t gotten the attention it deserves, so let’s shout this out: Homeowners’ net-equity holdings soared by $2.2 trillion between the third quarter of 2012 and the third quarter of this year, according to new data collected by the Federal Reserve.
“This is a record rebound for a 12-month period.
“And it’s crucially important in personal-financial terms for hundreds of thousands of owners who’ve been underwater on their mortgages for years.”
Some 400,000 people will pay a visit to downtown Grand Rapids over the next month. It’s hard to avoid Art Prize Fever, especially with the “Ninkasi, Goddess of Beer” installation (by Kolenda) at the new Founders Tap Room! I don’t have any more 2013 spoilers for you, but here are some links to a few national and local ArtPrize articles, as well as a few of my favorite photos from 2012.
“Ninkasi, Goddess of Beer”
at Founders Brewing, 2013
Art Prize Articles
The Rapidian: Some of the Best ArtPrize Coverage, Written by Citizen Journalists
MLIVE: Art Prize by the Numbers
Grand Rapids Press: Archive
Time Magazine: Five Festive Events You Won’t Want to Miss in 2013
GQ: So You Think You Can Paint
Wall Street Journal: Critical Mass
New York Times: West of Chelsea: A Local ArtPrize?
BBC: Oil Painting Wins $250,000 Prize
MLIVE: Is Music Art?
Examiner: Synopsis
Washington Post: Travel
Markdahle: Tips for Visiting ArtPrize
Here are some photos I took in 2012
Here’s an excerpt from a great article about West Michigan’s economic recovery published last week in Rapid Growth GR.
Here’s the follow-up article about wages, which suggests an across-the-board wage increase to invest in our local economy.
“Household income is up, nearly 10% in the last year alone. We’re almost caught up to the national average in household income. But apparently that’s not good enough for local pundits.
“Home sales in the Grand Rapids area are at a record high. Homes (listings) on the local real estate market are at an all time low, at about 2.9 months of inventory (ask your Realtor what that means). We’ll give you a hint: homes priced competitively are being snatched up at a breakneck pace. Homebuilders are seeing a pace of construction they haven’t seen in about 6 or 7 years. But apparently still not good enough.
“Apartments in the Grand Rapids metro area are, according to many sources, going on waiting lists. Downtown developer 616 Development has reported that they have close to 800 people on a waiting list for the 50 or so apartments they have under development. Suburban apartment complexes are reporting similar situations. Still not good enough.”
More here.
According to an article in the Grand Rapids Press, “the ‘fast and furious’ pace of real estate sales in the first six months of 2013 is showing some signs of stabilizing.
“While new listings were up 4.4 percent for the first half of the year, home sales were up 29 percent, according to GRAR figures. A total of 5,151 home sales were closed in the first six months compared to 4,087 sales in 2012.
The average home sold for $161,182 in June, an increase of almost 17 percent over last year’s average June sale price of $138,472.
‘It’s getting much more attractive for people to go out and list their property,’ [Terry] Westbrook said.”
Farmers Insurance Study Ranks Grand Rapids MI Second Most Secure Large City in US
Full article at ClaimsJournal.com
excerpt:
“In this year’s large city category of the ‘Most Secure Places to Live in the U.S.’ study, Farmers Insurance Group has rated Bethesda, Md., Grand Rapids, Mich., and Pittsburgh, Pa., as the most secure large metropolitan areas (population of 500,000 or greater).
“Farmers annually ranks hundreds of U.S. communities based on safety and security. The study of large metropolitan areas, compiled by researchers at Sperling’s BestPlaces, took into consideration a number of criteria, including economic stability, crime statistics, extreme weather, risk of natural disasters, housing depreciation, foreclosures, air quality, environmental hazards, life expectancy, motor vehicle fatalities, and employment numbers.
“Grand Rapids made the Farmers Insurance top 20 for the first time, while this is the sixth consecutive year that Pittsburgh has appeared in the annual Farmers rankings.”
Large Metro Areas (500,000 or more residents)
| 1. | Bethesda–Gaithersburg–Frederick, Md. |
| 2. | Grand Rapids–Wyoming, Mich. |
| 3. | Pittsburgh, Pa. |
| 4. | Austin–Round Rock, Texas |
| 5. | Cambridge–Newton–Framingham, Mass. |
| 6. | Omaha, Neb.–Council Bluffs, Iowa |
| 7. | San Jose–Sunnyvale–Santa Clara, Calif. |
| 8. | San Francisco–San Mateo–Redwood City, Calif. |
| 9. | Portland–Beaverton, Ore.–Vancouver, Wash. |
| 10. | Dallas–Plano–Irving, Texas |
| 11. | Boise City–Nampa, Idaho |
| 12. | Madison, Wis. |
| 13. | Minneapolis–St. Paul–Bloomington, Minn. |
| 14. | Raleigh–Cary, N.C. |
| 15. | Portland–South Portland–Biddeford, Maine |
| 16. | Essex County, Mass. |
| 17. | El Paso, Texas |
| 18. | Honolulu, Hawaii |
| 19. | Santa Ana–Anaheim–Irvine, Calif. |
| 20. | Des Moines–West Des Moines, Iowa |
Feel like you just can’t find the right house for sale in this market?
163 new rehabs could be hitting the market later this year.
FULL ARTICLE: “[Kent County] Land Bank Has a Decision to Make”
EXCERPT from the Grand Rapids Business Journal:
“Grand Rapids City Commissioner James White voted with the majority last week to transfer and sell 163 tax-foreclosed properties in the city to the Kent County Land Bank Authority because the action would provide plenty of work for small construction companies and remodelers.
“Now it’s up to the KLCBA board members to put those firms to work.
“The land bank board will meet Wednesday to decide whether to enter into a purchase and development agreement with the city. If board members agree to buy all the properties — of which the vast majority are residential — the organization will have to pay the city $1.182 million for the parcels by July 19 and redevelop or sell all 163 within 18 months.
“KCLBA Executive Director Dave Allen told commissioners last week that could be done and he felt most would be sold by the end of the year.”
More info on Kent County Land Bank: http://kclba.org/
With the Spring Market well underway in Grand Rapids, its time to look back and see if the ecomonists favorable yet conservative predictions from 2012 have come true. After the big and constant decline over the past few years, I’m happy to say that Real Estate is trending upward, probably faster than we were expecting.
Comparing January-April 2012-2013, the numbers are looking great. Here are a few facts that point to a recovering market:
Heritage Hill & surrounding historic district, Grand Rapids:
In 2012, 42 homes in the surveyed downtown area were sold from the beginning of the year through April, as compared to 43 homes sold during that same period in 2013. The average sale price was $189,000 in 2012, and $215,000 in 2013. That is a healthy increase of around 14% from last year to this year.
Other neighborhoods of note:
Grand Rapids Downtown Historic District: up 14%
Grand Rapids Northeast: up 11%
Walker: up 15%
Northwest Neighborhoods: up 17-27%
Northeast Side: up 5-38%
East Grand Rapids: up 20%
Southeast Areas: up 2-23%
Wyoming: up 15-23%
Grandville: up 9%
Kentwood Neighborhoods: up 9-13
West Side: up 8%
Grand Rapids Township: up 26%
Cascade: up 25%
Overall, the Greater Grand Rapids area has had a similar number of listings and sales in Spring 2013 as compared to Spring 2012, but the average sale price this year is $132,688 as compared to least year’s Spring average of $114, 626. That’s an almost 16% increase across the Greater Grand Rapids area.
Right now, consumer confidence is up and foreclosure listings are down. Over the next 2-3 years, the banks will be selling the rest of their Shadow Inventory, which are the foreclosures that remain from the dark period we just experienced. Still, there are far fewer foreclosure listings now than there have been in recent years, and the confidence of home sellers continues to grow along with sale prices.
With inventory this low and lots of buyers out there, the market seems to favor the seller. Still, there are some foreclosure listings in the mix, which jostle the recent memory of a heavily-weighted buyers market. Right now, it is a great time to engage in this Real Estate market, whether you plan buy or to sell. Buyers are faced with historically low interest rates coupled with low prices. Sellers are experiencing the most success since prior to 2008. These are good times.
—
All statistics courtesy of Grand Rapids Association of Realtors
Full Article Link HERE
According to Forbes Magazine, Grand Rapids is one of the best places in the US in which to find employment.
Recently, Forbes also named Grand Rapids the #1 Best City for Raising a Family.
Thanks to you, in 2012, I was able to help 28 clients purchase or sell, in price ranges from $30,000 to $230,000, in countless locations. 19 of those clients were referred to me by past real estate clients of mine. I sold 8 out of 9 of my listings at an average of 97.7% of list price and less than 30 days on the market.
I’ve been a broker for three years now, an agent for nine, and a property investor for fifteen years, and I handle each transaction personally from start to finish.
I thank each and every one of you who has taken the time to refer me to a friend. I would not be in business without you.