All Forum Posts by: Mark Krier

Are there currently tenants in all 3 units? I'm interested in purchasing this. Please email me your contact info at [email protected].

The market here in Grand Rapids, Michigan is crazy. Inventory has been trending down the last few years like with many real estate markets around the country (3 months a couple years ago, 2 months last year, now closing in on 30 days of inventory this year!). Prices are starting to reflect this extreme shortage in inventory this year in particular as pricing is really starting to jump.  In Grand Rapids I think it's a combination of the general strength in the real estate markets around the country, as well as the growing popularity of Grand Rapids. Forbes and all sorts of publications have been giving it top 20 rankings (economic growth, best place to raise a family, etc.).  The rental market here is really strong too. Trulia ranked us #1 in lowest vacancy rates in their last rankings. One thing I've been noticing alot recently and have been thinking alot about is that while the median home market for listings here is crazy (20+ offers on a $170k sfr on day 1 of listing), the luxury listings are surprisingly soft ($1M homes sit on the market for months).  I'm not sure exactly what it means (although I have several guesses), it's just something unexpected I've been noticing. I obviously understand that the median market homes ($170k here) are always going to be WAY hotter than ultra-luxury homes ($1M+ here), but it's just to been to a higher extent than I would expect.