Tag Archive for: michigan

Grand Rapids MI Debuts at Number 2: Farmers Insurance Most Secure Big Cities

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.”

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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
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163 New Listings – Kent County Land Bank

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.

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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/

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Grand Rapids Home Values Up 16 Percent After Healthy Spring Market

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.

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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.

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All statistics courtesy of Grand Rapids Association of Realtors

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Riverfront housing planned at Ryder Truck site in Grand Rapids

FULL ARTICLE HERE AT MLIVE.COM

An Ohio developer plans in January 2014 to start building riverfront housing on a former Ryder Truck property at the end of 10th Street NW.

Grand Rapids Planning Commission has approved a site plan by The Woda Group for a residential complex on the west side of the Grand River at 936 Front Ave. NW. The GrandView Place would be the city’s first housing redevelopment between U.S. 131 and the river, aside from the Riverhouse condominiums downtown.

The housing would include up to 93 housing units, 80 of them offered at subsidized rents…

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West Michigan Real Estate Market Continues Noticeable Recovery

By Pete Bruinsma

Great news for people in West Michigan, the real estate market is finally recovering!

According to research on sold homes within the Grand Rapids Association of Realtors data range, February is when this year’s Spring market really kicked in, showing a 40% increase in sales volume in the region as compared to the year before.

Current reports show that the strengthening of West Michigan market will continue. Not only are total number of homes increasing, but value is also increasing. This is a good sign for people worried about foreclosures dragging down prices, bad news for those looking to capitalize on home flips and property investments.

GRAR stats from May 2011 show that 1100 homes were sold in West Michigan, as compared to 1400 in May 2012. Total sales volume in May of 2011 was $123 Million as compared to $180 Million this year.  That’s a 20% increase in number of homes sold, and a 32% increase in value.

June continues to be a hectic month for Realtors in the area, and listings continue to sell.

The numbers above are a good indicator that West Michigan is selling fewer “fire sale” listings, and more on normal terms. So how do these numbers translate to property value? CNN Money predicts that the average home in West Michigan will appreciate by 3.6% in the next year. People in West Mighigan, get ready for your homes to start appreciating again!

All Rights Reserved, © Pete Bruinsma 2012

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Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half

 

 

 

 

 

 

 

 

 

 

 

 

Link to National Association of Realtors Press Release Here.

According to the NAR, “Pending Sales” of residential property have rose in the midwest by 3.3% in the past month, and are 9.5% higher than one year ago at this time.

According to a separate study entitled “Existing Home Sales Continue to Climb in November,” it has been found that “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”

Studies by Laurence Yun, Chief Economist of the NAR.

 

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I Could’ve Saved $38,000!

In 1998, I purchased my very first home with an interest rate just over 7% and I was thrilled. It is a 2-unit, I still have it as an investment, and I refinanced just this past week to an non-owner-occupant rate of 4.5%. Being a numbers guy, I calculated that with no re-fis, I would have paid $96,353 in interest until now. If I’d had an original rate like I received this week, my to-date interest would have been $58,377.  That’s a difference of $38 Grand!

When I think about it, it is astounding how great the buying climate is today for buyers. You’ve heard that home prices are at a long-time low, but money is also very cheap. This is a wicked combination! I’m focusing on interest rates only for this post. Here is a chart of interest rates, from when I personally started purchasing until now:

Bringing it Home

What does this mean for you, a buyer in today’s market? Here’s an example:

You qualify now for a $100,000 mortgage. All factors the same, we warp you back to 1998 with 7.1% interest rates. You are now qualified for a $77,000 purchase.

Lets modernize this. Say you qualify in Fall 2011 for a $100,000 mortgage at 4% interest. You wait awhile and interest rates go back up to 5.85%, a rate we saw a couple of years ago. You are now qualified for a purchase price of just over $85,000 with the same down payment and loan terms.

Lets flip it around:

You purchase a $100,000 home and put $3,000 down. Here’s how much interest you pay over the life of the 30 year loan:

7.1% (like 1998): $137,674
4.0% (like right now): $69,713
5.85% (like…the future): $109,007


$100k will get you this home in West Michigan, or one of many others:

A $100,000 West Michigan home, MLS# 11038124.

 

 

Buyers, I have news for you: Now is the time!

Time to make a choice!

(a) Now
(b) Later

Pete Bruinsma is an Associate Broker at Grand Rapids Realty in West Michigan. © www.PeteBruinsma.com

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Vice President of 5 Banks Paid 10 Dollars Per Hour.

Jaw drop lately? 60 Minutes explains one reason for delays behind economic recovery.

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