GRDadof3

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GRDadof3 last won the day on September 13 2013

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About GRDadof3

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    Metro Grand Rapids

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  1. Sparrows is opening a new coffee shop on Bridge Street. Can't recall if this was posted anywhere yet? http://dailycoffeenews.com/2017/05/25/sparrows-coffee-tea-newsstand-turns-a-page-with-new-roastery-cafe/
  2. The application says "into the adjacent building" so it sounds like the subway building will stay.
  3. Switch is building another East Coast campus to compliment Grand Rapids (redundancy), in Atlanta: http://www.datacenterknowledge.com/archives/2017/05/25/switch-plans-gigantic-atlanta-data-center-campus/
  4. EGR isn't being built out that much. It says that EGR has grown (estimated to have grown) by 9% or about 1000 people, since 2010. At 2.5 people per household, which is the average, there would be 400 new homes in EGR since 2010. I'd be surprised if there were 50 new homes since 2010. My guess is your second postulation is more accurate, the housing in EGR is turning over and baby boomers/empty nesters are being replaced by young families. Is the same thing happening in Grand Rapids? For a while, young families were moving out of the city, so even new housing units downtown weren't keeping up with family flight. If 1 family of 4 leaves, you need two apartments/condos essentially to replace them, population wise. But to Dave's point, not necessarily do you lose as much income tax (kids don't pay income tax obviously).
  5. Boom, exactly. By the way Dave, 196,445: http://www.mlive.com/news/index.ssf/2017/05/detroit_population_drops_again.html
  6. "There is no solution." I'm going to go out on a limb and guess you're a millennial.
  7. If you don't like my tone then don't readmy comments. If you have a better answer, idea or solution I assume you would've shared it already. My comments are actually meant to help people who want to be helped, and aren't directed at any specific person here or otherwise.
  8. That's why you don't see a lot of new home buyers who are in their 20's. Most are in their mid 30's. 20 somethings and early 30 somethings are looking at existing homes, although the market is really tight for those decent $150 - $200K homes. And a lot of those buyers think they're too cool for areas like Wyoming. Suck it up buttercups. We all made sacrifices and lived in places we didn't like. I built a "starter home" in Hudsonville back in the late 90's, a place where we really felt like a fish out of water. Sold it 3 years after moving in and made almost a 30% profit. I put up with jerky neighbors and then capitalized on it. I couldn't walk to a brewery or book store but who the f**k cares. Two wise home investments and I can now pretty much buy anywhere I want in GR (within reason, lol).
  9. Here's a property for ya in Ada/Forest Hills, approved for 6 or 7 homesites. Only needs 3000 cubic yards of "dump waste" removed before you can get building permits. (in the sellers disclosure docs) http://www.realtor.com/realestateandhomes-detail/556-Pettis-Ave-NE_Ada_MI_49301_M32584-52646
  10. I spelled out all the reasons in a post above. ^^^^ ) Lack of large chunks of available land adjacent to existing water and sewer ) Lack of developers willing to develop land. It takes years and a lot of cash to get a development approved (you can't generally get financing from a bank to do it). The risk is huge and the rewards are shrinking as development costs rise. ) In many larger markets, the (national) builder acts as the developer and can take relatively small margins on the lots and make it up on the homes. We only have a handful of builders here who act as their own developer (Eastbrook being one). Most builders here are small and don't have the capital to develop their own projects. Keep in mind Eastbrook is building about as many homes now as they were during the peak. I heard rumors that they're telling buyers that delivery of a new home is at least a year out if you buy today. That's insane. It's usually 6 - 7 months. ) Commercial lenders are more than willing to help get developments get going, once all the approvals are done and the engineering work is done. They're actually encouraging growth. But only to seasoned veterans who know what they're doing (and many of those guys are getting close to retirement age). ) If you ever wanted to get into a high risk field, land development is it. If you can pick up a 10 acre parcel for $300,000, get the entitlements (rezoned, approved, etc.), and if it's zoned R-1, you can maybe get 25 - 30 lots that will fetch $65,000 - $75,000. But half of your $2 Million revenue will go toward roads, tree removal, excavation and infrastructure, so $700,000 profit hypothetically speaking. And it will take you about 3 years to sell all those lots and get your $700,000 profit (you're usually the last to get paid in a development project), assuming the market stays strong. Oh and you have to pay for much of that in cash up front, lol. Also, Pulte has pretty much been replaced by Allen Edwin Homes in this market, as the #2 or #3 builder depending on sub-market. Then you have Jim Tibbe Homes and their sister company Interra Homes, and even Bosgraaf Homes has come back after being dormant for a number of years.
  11. There isn't a "bubble" like there was in the last runup of the real estate market. The major difference is that in the last one, a huge percentage (maybe half?) of mortgages being written never should have been written. It was funny money, 5/1 ARMS, 0% down, bridge loans, appraisals were being forged and exaggerated. As soon as the cat was out of the bag, it was halted and the market crashed. This appreciation in the market is actually based on sound economic principles, a lack of supply (scarcity principle). In most markets, new players would enter the market to help reach an equilibrium between supply and demand. The problem though is that the barriers to entry for residential development are huge. So then what? Does the government enter the picture as a housing developer, like China? I guess in some ways it has with the LIHTC program. And like the programs talked about previously in places like Boulder, Colorado. The smallest brand new home today pretty much starts at $220,000 - $250,000. That means a household income of probably $50,000 - $60,000 in order to purchase at today's rates. How does that stack up with our regional average of household income? I even saw a home in East Hills recently sell for $299,000 that was completely renovated. http://www.realtor.com/realestateandhomes-detail/1029-Hermitage-St-SE_Grand-Rapids_MI_49506_M32329-26025 I think with these kind of price increases, people will just start looking at other areas.
  12. Ahhh, October seems aggressive for the one on the river. They've only just begun framing that building.
  13. How apple orchards were/are treated is different from your typical corn/hay/alfalfa rotated farmland. One property in Alpine Twp was eligible for brownfield due to the cleanup needed. It was a retired apple orchard. Georgetown Twp only has a handful of developments going right now. Probably the lowest number in 10 or 15 years.
  14. Peter Krupp et al? They were the ones that wanted to turn that church on Fulton into a restaurant. And the new place in cheshire village and even the old Brian's Books on Fulton. Theyve got a lot of irons in the fire apparently.
  15. In other economic news, more job growth in the Grand Rapids area for April 2017: https://www.bls.gov/regions/midwest/mi_grandrapids_msa.htm This also landed in my inbox from the NYTimes: https://www.nytimes.com/2017/05/22/upshot/seattle-climbs-but-austin-sprawls-the-myth-of-the-return-to-cities.html?em_pos=small&emc=edit_up_20170522&nl=upshot&nl_art=0&nlid=77880896&ref=headline&te=1&_r=0 Cities are still sprawling. Only the largest cities in the US are seeing any kind of increased density in the city core.