While the city of Grand Rapids in Michigan is not quite as big in terms of population as many of the metropolises to both the north and the south, it is a good sized city nonetheless. A population just over 200,000 means that you can expect to find anything you might be interested in as far as Grand Rapids Mi real estate, from single family houses to condominium apartments. Let's take a look at some of the facets of the condo market in Grand Rapids, and see how they it compares to the market for Fishkill condos in New York and other places.
Availability
When you take a look at condo sales in other cities, the immediate issue becomes one of availability. Just think about the condo market in Toronto. People looking for a nice Toronto loft condo often find themselves on wait lists that stretch for months and even years, but that's not the case in Grand Rapids.
Here, you will find that the relatively few number of condo developments have led to condo sales which fit the market almost perfectly. The developments that are currently up in Grand Rapids are likely to be the only ones completed in the near future, but they have sold slowly and buildings will continue to have vacant units for some time into the future.
Styles
The combination of a smaller population and a depressed real estate market means that you won't find the same variety in style, either in buildings or in units, in Grand Rapids as you might find in a larger and more robust city. There are no Liberty Village Condos, developed over a few blocks and soaring into the sky, in Grand Rapids.
Instead, you can expect to find a lot of low and mid-rise condo dwellings, usually with less than 50 units in each. Brickway Residences is a good example of these smaller developments, while The Boardwalk suits the mid rise category perfectly.
Those looking for high end condo dwellings such as those at Square One condominiums to the north will also find a market not totally devoid of selection. The Fitzgerald and a few other developments are specifically designed for a discerning, upwardly mobile market.
Investment
In a lot of cities, the reason why condos tend to sell so well and at such high prices is due to speculation. Larger cities in particular have more people looking for affordable downtown housing; that's why London Ontario condominiums are being erected at such a frenzied pace. However, investors should likely stay away from the condo market in Grand Rapids.
Recent foreclosures on projects such as Icon on Bond have sent ripples of trepidation about the future of the condo market and downtown living in general in Grand Rapids. Most developers agree that the current market is geared more towards those looking for a home, and less towards those looking for an investment.
Prices
Of course, less investment means there are some nice condos available at prices that are quite stunning. Even high end condominiums in the downtown area are selling under the $150,000 mark, a number remarkable if you are used to any other condo market in a similar sized or larger city.
All in all, we would say that the condo market in Grand Rapids is mild at the moment. There are units available for those truly interested in a downtown living style, but as far as investment properties, it will take a while for condo prices to catch fire in this city.
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