Although downtown condo living in Grand Rapids did not turn out to be as big as we once thought it would be there is an existing market out there. As well, most people that did make the move downtown argue that it was well worth it. Finding buyers for downtown condos has gotten more difficult over the past year and the amount of condos on the market for sale right now is over 200 but what exactly does that mean? Part of it is probably simply because of the market. It is becoming increasingly difficult to obtain a loan and people are hanging onto the disposable cash as they wait for the market to turn. The other part is that developers overestimated the growth of Grand Rapids and built a few too many condos than there are buyers.
However, like I stated before, there is still a market for condos and those of us who do live downtown generally really enjoy the convenient and faster paced life style that living downtown brings. Downtown living continues to attract a vast variety of empty nesters, young professionals and more. The allure of living downtown coming from the time saving factors such as no yard work or long commutes as well as the plethora of new restaurants to dine in, theatrical performances at the Civic and the latest exhibit at the new Art Museum all within walking distance. Grand Rapids continues to grow even as the residential real estate market downtown slows down. And it will continue to get bigger and better in the future as revitalization of our city brings more innovative companies and eager investors. Living downtown is certain to bring buyers and renters for years to come. Now all we need is modern mass transit, a full service grocery store and pharmacy and we’ll be all set.
About Me
- Rachael Veldkamp
- Blu House Properties LLC 616.776.9055 rveldkamp@grar.com www.rachaelveldkamp.com
1 comment:
I believe accessibility is critical to the long term success of downtown both in ability to lure business and residents.
You hit the nail on the head with your reference to modern mass transit!
West Michigan is largely rediscovering its downtown -- as a result tolerances for costs associated with going downtown are much lower then say someone going to Downtown Chicago. People pay exorbitant prices to play in Chicago and there's a reason for that.
A big question, is how will downtown adapt? Quality transit such as streetcars and commuter trains that existed in West Michigan have vanished. These transit concepts have gone through vast modernization. Utilizing modern rail transit is a proven tool to help a downtown grow and prosper.
Either way you look at it, Downtown as a whole is a giant puzzle.
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