People talking about Grand Rapids

[GRDadof3]

34 minutes ago, walker said:

Must be all those high ranks on lists are beginning to influence people:

Jim Carrey moves to GR

It turned out to be a satire site, but it surprised me how many people were excited about this. Really? WTF would you care if Jim Carrey lived here? Imagine the juvenile popparazzi chasing him around all day and the constant "Jim Carrey was out at Outback Steakhouse today" on WOODTV every week. Like they do with Ginger Zee who doesn't even live here anymore but was on WOODTV for a short time. 

[WMrapids]

There was a similar story about Rihanna moving to Novi. Even had the same "sick of living the LA lifestyle" quote.

[ant33]

Never heard imof this website, but we made the list of top destinations to visit this summer in the US.. 

http://us.blastingnews.com/world/2016/04/the-top-10-places-to-visit-in-the-usa-this-summer-part-1-00882569.html

[ctpgr34]

Another list, you'll have to scroll to the bottom to find MI......https://www.thrillist.com/travel/nation/ranking-the-united-states-of-america-from-best-to-worst

 

[GR_Urbanist]

4 hours ago, ctpgr34 said:

Another list, you'll have to scroll to the bottom to find MI......https://www.thrillist.com/travel/nation/ranking-the-united-states-of-america-from-best-to-worst

 

Yet again it's 95% talking about Detroit, with a perfunctory acknowledgement of the UP and virtually nothing else.

It seems like people that write about this state can be so lazy.

[GRDadof3]

5 hours ago, GR_Urbanist said:

Yet again it's 95% talking about Detroit, with a perfunctory acknowledgement of the UP and virtually nothing else.

It seems like people that write about this state can be so lazy.

This article about traveling to Grand Rapids uses pictures of Ann Arbor. 

https://thenewswheel.com/navigating-us-getting-around-in-grand-rapids-michigan/

[GR_Urbanist]

32 minutes ago, GRDadof3 said:

This article about traveling to Grand Rapids uses pictures of Ann Arbor. 

https://thenewswheel.com/navigating-us-getting-around-in-grand-rapids-michigan/

That's so bad it's hilarious!

[GRDadof3]

13 hours ago, GR_Urbanist said:

That's so bad it's hilarious!

They're not even GOOD pictures of Ann Arbor. Jayzus.

[destijl]

http://www.bloomberg.com/news/articles/2016-07-19/the-case-for-working-in-silicon-valley-and-living-in-the-rust-belt

Another article on the relatively low cost of real estate in Grand Rapids.

 

[joeDowntown]

4 hours ago, destijl said:

http://www.bloomberg.com/news/articles/2016-07-19/the-case-for-working-in-silicon-valley-and-living-in-the-rust-belt

Another article on the relatively low cost of real estate in Grand Rapids.

 

Interesting article and amazing what $750k will buy you in San Francisco (a hell hole). I did like the part where they say the house is located "one hour south of Grand Rapids, Mich". Umm, isn't that Kalamazoo?

Joe

[Sparty97]

4 hours ago, destijl said:

http://www.bloomberg.com/news/articles/2016-07-19/the-case-for-working-in-silicon-valley-and-living-in-the-rust-belt

Another article on the relatively low cost of real estate in Grand Rapids.

 

An hour South of Grand Rapids??  That's halfway to Chicago... :-) 

[destijl]

The way I read the article, the housing example was property in Grand Rapids, but the tech employee in the story moved to the place one hour south..

[joeDowntown]

2 minutes ago, destijl said:

The way I read the article, the housing example was property in Grand Rapids, but the tech employee in the story moved to the place one hour south..

You might be right. hard to tell!

Joe

[RegalTDP]

2 hours ago, joeDowntown said:

Interesting article and amazing what $750k will buy you in San Francisco (a hell hole). I did like the part where they say the house is located "one hour south of Grand Rapids, Mich". Umm, isn't that Kalamazoo?

Joe

Oh man, tell me about it.  I live in Glendale now, and if that 5 bedroom they used as an example was located here you'd be lucky to get it for 1.5 million, and no way would it be 3.5 acres.  Meanwhile, you can still get a 5 bedroom on a spacious lot in Kentwood for under $300,000.

Rundown fixer uppers in SoCal are $300K.  $450K might get you a one-story 50s-era tract house.  And all for the pleasure of driving 5 mph on an LA freeway for an hour twice a day.  This is why people drink.

I don't have a job that will allow me to telecommute, but believe me, a move back to MI may be in my future soon... 

Edited July 19, 2016 by RegalTDP

[GRDadof3]

21 hours ago, destijl said:

http://www.bloomberg.com/news/articles/2016-07-19/the-case-for-working-in-silicon-valley-and-living-in-the-rust-belt

Another article on the relatively low cost of real estate in Grand Rapids.

 

I don't think these articles do us any good in this market. The last thing we need is more investors with no plan to root themselves here, just driving up prices for the average joe and jane. I know that's not what they article is suggesting, but people read these articles looking for markets around the country to invest in. 

[luma]

1 hour ago, GRDadof3 said:

I don't think these articles do us any good in this market. The last thing we need is more investors with no plan to root themselves here, just driving up prices for the average joe and jane. I know that's not what they article is suggesting, but people read these articles looking for markets around the country to invest in. 

I feel like the article was more about "not-SF" than it was "buy GR".  Modern tech companies are pretty far-flung to begin with as it allows them to pull from a wider talent pool.  Companies that insist on butts-in-seats are going to be left behind in the recruiting process not only for the 8-5 requirement but also due to the narrow field of potential candidates.

I happen to know the couple they interviewed personally and the article isn't kidding - he is able to make SF wages acting as a fully-integrated member of their team while living in a place where they can put that money to maximum use (and without the traffic!)

[GR_Urbanist]

While this individual lives a bit out of GR, dont think for a moment that the housing prices and fighting for homes in GR by transplants isnt heating up.

We bought our home in E. Hills half a decade ago for under 120K. I honestly thought the location was iffy then. Now looking at listings, a home a stones throw away went for over 200K. I also just got word that a HH house (on Madison(?)) is listing for 2 MILLION! Every home near us that has gone up for sale have sold in less than 2 weeks after the open house for over the asking. Our home 5 years ago was a 2nd listing after some renovations had to be done in order to make it more attractive.

Seeing how many people in my area are from far-flung places from Oregon to Massachusetts, and the sheer number of different license plates from all over the nation + Canada lining the street outside of Brewery Vivant on any given evening, I think GR hasn't seen anything yet. They are coming.

[x99]

4 hours ago, GR_Urbanist said:

We bought our home in E. Hills half a decade ago for under 120K. I honestly thought the location was iffy then. Now looking at listings, a home a stones throw away went for over 200K. I also just got word that a HH house (on Madison(?)) is listing for 2 MILLION! Every home near us that has gone up for sale have sold in less than 2 weeks after the open house for over the asking. Our home 5 years ago was a 2nd listing after some renovations had to be done in order to make it more attractive.

Some (or a lot) of this is what you call "bubble."  The reality is that West Michigan has copious amounts of available land, and it's only a 15 minute drive to downtown from everywhere.  That is not the situation in most markets with high prices for old housing stock.  There is absolutely no good reason to pay $200,000 for some 1500 square foot renovator lipstick job with bad insulation, poor schools, and creaky floors when you can buy a brand new 2000 square foot house for $220k.  Is it really worth it to pay $200k for something just because you can walk to Donkey?  I have my doubts about how long that equation is going to last...  We'll see.  But hey, maybe San Fran telecommuters will all catch the wave.... at least until the first snowfall.  

Oh, and that $2 million listing is just silly.  You can buy a beautiful mansion on a private lot in a very high end gated subdivision for far less.  That place looks pretty run-down from the photos online, and the Press article wasn't exactly flattering.  You can buy similar or nicer houses in HH for $400k to $500k, and in far better locations.  So they must think the value is in the vacant lots.  Call me crazy, but I don't see any sane person paying what amounts to millions for a bunch of dirt you can't do much with.  Orion paid all of $100k or so for each of their patches of dirt in Eastown on Wealthy.  You would have to be out of your mind or have a seething hatred for hard earned cash to pay millions for the same thing in HH only a few years later.  

[jas49503]

I think that you are underestimating the desire of many folks to live where they can walk to things. I can afford to live just about anywhere but there is no way I am ever moving to Ada/Cascade/Rockford/etc.  I don't want more than a two mile commute and have convenient dining choices consisting of Applebees and outback steakhouse make me want to vomit.  and while you can move into a existing home for less, it will be finished to a far lower standard than what can be purchased in GR.  the replacement value of my house is about twice what it is worth, even after the recent boom.  I doubt that any builder is going to spend a million dollars on a home and sell it to you  for 500k, even in a gated subdivision in Ada.  

 

also btw, that house on Madison is way overpriced. it is worth probably 1200k on the high end. I suspect that it will go for much less.  

[GRDadof3]

13 hours ago, x99 said:

Some (or a lot) of this is what you call "bubble."  The reality is that West Michigan has copious amounts of available land, and it's only a 15 minute drive to downtown from everywhere.  That is not the situation in most markets with high prices for old housing stock.  There is absolutely no good reason to pay $200,000 for some 1500 square foot renovator lipstick job with bad insulation, poor schools, and creaky floors when you can buy a brand new 2000 square foot house for $220k.  Is it really worth it to pay $200k for something just because you can walk to Donkey?  I have my doubts about how long that equation is going to last...  We'll see.  But hey, maybe San Fran telecommuters will all catch the wave.... at least until the first snowfall.  

Oh, and that $2 million listing is just silly.  You can buy a beautiful mansion on a private lot in a very high end gated subdivision for far less.  That place looks pretty run-down from the photos online, and the Press article wasn't exactly flattering.  You can buy similar or nicer houses in HH for $400k to $500k, and in far better locations.  So they must think the value is in the vacant lots.  Call me crazy, but I don't see any sane person paying what amounts to millions for a bunch of dirt you can't do much with.  Orion paid all of $100k or so for each of their patches of dirt in Eastown on Wealthy.  You would have to be out of your mind or have a seething hatred for hard earned cash to pay millions for the same thing in HH only a few years later.  

I saw that listing too and thought it was way overpriced, but I have been surprised by some recent sales that went for way more than I thought they should have. There's an old english tudor on the outskirts of Garfield Park in a "transitional" area that got multiple offers and sold for more than asking ($350K I believe) last year. 

By the way, you can't get a (decent) new 2000 sf home for $220K anymore in the burbs. They're more like $350 - $450K. 

 

 

11 hours ago, jas49503 said:

I think that you are underestimating the desire of many folks to live where they can walk to things. I can afford to live just about anywhere but there is no way I am ever moving to Ada/Cascade/Rockford/etc.  I don't want more than a two mile commute and have convenient dining choices consisting of Applebees and outback steakhouse make me want to vomit.  and while you can move into a existing home for less, it will be finished to a far lower standard than what can be purchased in GR.  the replacement value of my house is about twice what it is worth, even after the recent boom.  I doubt that any builder is going to spend a million dollars on a home and sell it to you  for 500k, even in a gated subdivision in Ada.  

 

also btw, that house on Madison is way overpriced. it is worth probably 1200k on the high end. I suspect that it will go for much less.  

The "replacement value" of which you speak doesn't really mean anything. It's like saying the appraisal value of a rare vase is way more than anyone would pay me for it. Who cares? 

To each his own, but if you spend 10 years in a home that's over 70 years old, you're going to dump $tens of thousands into that home just to keep it upright. And you're going to go from one fixer upper project to another. That's fine if you like to do that stuff and have plenty of cash sitting around and don't really like to go on vacations or away for the weekend.   Plus the kitchens are usually terribly designed and tiny, the closets are tiny, the bedrooms are tiny, the bathrooms are tiny. They were built for a completely different lifestyle than people live today. 

[GRDadof3]

20 hours ago, temporary.name said:

They do me good, I own a house. Why shouldn't GR homeowners enjoy an increase in their home's market value?

I didn't say that homeowners shouldn't see an increase in their home's market value.  But when it's being driven artificially by investors who don't live here, they can easily dump those homes if the market begins to slow down and cause a marked decrease in your home's value. You don't want that, right? 

Plus, if homes go up in value too fast, then first time homebuyers won't be able to get into the market, which slows down the move up purchase market and the whole system gets gummed up. 

[x99]

1 hour ago, GRDadof3 said:

By the way, you can't get a (decent) new 2000 sf home for $220K anymore in the burbs. They're more like $350 - $450K. 

I actually pulled that $220k from a current listing in Grand Rapids.  Granted, that won't come with high end finishes or landscaping, but it will come with a new roof, new plumbing, new wiring, new appliances, proper insulation, windows that don't leak, multiple bathrooms, floors that don't bounce, a dry, usable basement, and a warranty.  Tab up the cost to fix all of that on an old house selling for $200,000 (just ask me how I know...), and the cost of fancier trim pales in comparison.  Have some friends who just moved into a brand new house with granite, 3 stall attached, great schools, fairly nice trim and the whole thing still came in well under $300k.  In that sense, the Grand Rapids area is a bargain.  

1 hour ago, GRDadof3 said:

To each his own, but if you spend 10 years in a home that's over 70 years old, you're going to dump $tens of thousands into that home just to keep it upright. And you're going to go from one fixer upper project to another. That's fine if you like to do that stuff and have plenty of cash sitting around and don't really like to go on vacations or 

Yup.  The old used houses selling for similar prices are usually not bargains, and its sadly the same story as a decade ago.  When that $15,000 painting bill lands right after the $15,000 roofing bill which lands right after the $8000 boiler bill, all of which piles on top of the $300 a month heat bills, and the mortgage that was already a stretch, a lot of people are just flat out screwed.  They never think of this ahead of time because they have no clue.  Just "it has so much character!!!!" 

These articles are causing mass problems, though.  Every Tom, Dick, and Harry suddenly thinks he's a rental property pro all over again.  90% of the stuff selling right now still loses money the day after closing.  It's just another s---storm of foreclosures waiting in the wings as soon as rent drop because they overbuilt, and with projects coming online in multiple 80-100 unit chunks at a time, it won't be hard to find ourselves with far too many units really, really fast.  I love the positive press, but if it promotes "irrational exuberance" it's a dangerous thing.  You don't want to grease the skids so much you go sliding off the edge of the cliff.  

[organsnyder]

That brand new house won't be new in ten years. Appliances will fail (usually right after the warranty expires), construction defects will be uncovered, window seals will fail (and the real terms of those "lifetime" warranties will be discovered right when the owners learn how unrepairable those windows are), vinyl siding will get damaged (and the replacement piece won't match the existing, since it wasn't exposed to the same UV rays), HVAC systems will fail...

[GRDadof3]

1 hour ago, organsnyder said:

That brand new house won't be new in ten years. Appliances will fail (usually right after the warranty expires), construction defects will be uncovered, window seals will fail (and the real terms of those "lifetime" warranties will be discovered right when the owners learn how unrepairable those windows are), vinyl siding will get damaged (and the replacement piece won't match the existing, since it wasn't exposed to the same UV rays), HVAC systems will fail...

You can replace a piece of vinyl siding and it will look fine in a year. 

HVAC systems don't typically fail in 10 years. Plus the amount of money you save in energy bills will buy you 10 new hvac systems. 

Not all new homes come with construction "defects," whatever that means.

Appliances don't really matter in this discussion because you can have brand new appliances in a 100 year old home. Except the refrigerator door won't open all the way because the kitchen was poorly planned.

 

[jas49503]

If your house is more than about 15 years old you end up having the same number of problems (roughly) at the same cost, as a house built 100 years ago.  The heating bills are impossible to get away from but given how much it would cost to construct a comparable home, I still consider it a bargain. 

 

Replacement cost oat is very relevant to this as well. Not so much what your house is worth if you were to sell it, but what it would cost to build a comparable house with respect to size, finishings, etc. these things are directly related to the cost and value of a home which aren't always the same. 

 

For example, my library is floor to ceiling (10.5') walnut paneling. To replicate it would probably be 10% of the cost of the house.  You

cant take This benefit out of the cost discussion. Otherwise we would all love in pole barns out in Lowell. 

 

 

Also, I don't know what old homes you've been in but in my 110 year old home I have walk in closets and attached bathrooms  for all the bedrooms on my second floor, a kitchen which is probably 15'x20' with an island, double ovens, sub zero fridge, fireplace, etc. it was already there when I moved in. Sure a crappy house from a hundred years ago won't have any amenities, but a nice one will be comparable to anything built recently. Not to mention, structurally, built to a much higher standard.