You are currently browsing the daily archive for December 2, 2008.
We had an interesting start to our day. We had a sit down talk with William Seidman,
commentator for CNBC, former FDIC chairman, and Grand Rapids native son.
Well, we were sitting in the audience with about 200 other Grand Rapidians while Bill
told us how he believes we got into this financial crisis. He was scheduled to talk about
which candidate would be the best one for our financial times. With all that has
happened in the last few weeks, his advice was sage and to the point.
Check out their financial advisors.
Neither candidate is a businessman or financial expert, so they will be getting lots
of advice. Try to find out who is advising them and vote for the one whom you
considered to be well advised. He also said we are in uncharted waters with this
whole mess. It will take some original thinking to get us out. And we need to come
out of the “PANIC STAGE” we are in now.
We caught a few minutes of Bill’s Talk at the GVSU downtown campus that you can
see on this short video:
Grand Rapids Ada Real Estate ~ Five Star Real Estate
Copyright 2008 ~ All rights reserved
When we sit down with potential clients to list their home, there are so many issues
and hot buttons to discuss. Inevitably we come to the one where we really have to
agree to get the home sold quickly and for the most money.
P-R-I-C-E
Most homeowners want to start high and then come down - if they have to – to sell.
Of course, they are hoping their home is an exception, it will sell for more than the
market value of all the other homes in the area. We see this over and over again.
If you don’t price your home within the price bracket it will eventually sell for, you
are hurting your chances of selling it for top dollar. If you price your home correctly,
You are not giving away money!!
I repeat, YOU ARE NOT GIVING AWAY MONEY.
This phantom money that you think you might get if the one person comes along
who will do anything, pay anything to own your “special” home does not exist.
Let me repeat that -
The uneducated buyer with money falling out of their pockets, sprinkled in fairy dust,
so you can make the money you would like to out of your home sale —–
DOES NOT EXIST!!!
You are not letting go of money, you are letting go of the dream scenario where you
get the price that is 25-30% over market value. We have seen literally thousands of
home sales and it just isn’t going to happen.
What will happen, is your home will be posted on the MLS, online, many places where
buyers can look at it. Buyers then compare your price to others, and say, why would
I buy this house?? There are 10-15 others I can look at that are competitively priced
and look great.
Then…. they are gone.
They don’t come back and revisit your home as an option. Other homes are new on
the market to consider. Your home has been rejected as: too expensive, too
much work, not what they are looking for.
Buyer Activity on Listed Homes
The charts above illustrate the buyer trends we tell our sellers about. These
charts of buyer activity are on actual listings that are currently listed by us.
You can see that the first month is usually the only month that gets
high traffic.
Some of our sellers will listen, most don’t.
Sadly, two, six, eight months later, we are still trying to get them to agree to
the price they should be listed at, if they want their home to sell. Chasing this
downward price spiral is not the best way to get top dollar from your home.
When it first hits the market it has the most exposure and best chance of getting
the best price!
Have questions about pricing your Grand Rapids home?
Contact me directly at 1-888-240-1968 ext 0
Grand Rapids Ada Real Estate ~ Five Star Real Estate
Copyright 2008 All rights reserved
We are very fortunate to live in a community with a fabulous public school
system. One of its more popular assets is the Forest Hills Fine Arts Center.
This venue hosts Broadway Shows, a Gallery for local artists, High School
Musicals, Grand Rapids Symphony, Grand Rapids Ballet Events, and other
local school shows.
We are new volunteers at the Fine Arts Center and have learned a
lot about its background and what keeps it running.
- Forest Hills Fine Arts Center Ada MI
A list of over 300 volunteers are unpaid staff that help host all the shows.
Even though this wonderful building is part of the Forest Hills Public School
System, it is expected to operate at a profit. The only way to do this is
keep a small staff and have community volunteers man the events. This
keeps the cost of shows at a level where it is affordable and gives us a
wonderful building to host our local artistic events.
This is the Fine Arts Centers Fifth Season Subscription Series:
Clint Black Sept 21
Michael McDonald October 24
Three Dog Night November 7
Movin’ Out December 7
Golden Dragon Acrobats February 3
Phoebe Snow March 1
We just went to our first volunteer event a few weeks ago, Forest Hills
Central High School’s Bandtasia. Forest Hills Central’s marching
band puts on this show for the local community to strut their stuff. We
thoroughly enjoyed their performance.
We made a short video of some highlights, if you would like to take a look
at our excellent community arts resource- The Fine Arts Center:
Grand Rapids – Ada Real Estate – Five Star Real Estate
Copyright 2008 All rights reserved
photo of Forest Hills Fine Arts Center by Bonnie Westbrook
East Grand Rapids is a small city, population of 10,784 located just east of
Grand Rapids city limits. It has been a desired place to live in the Grand
Rapids area for many years. East Grand Rapids is primarily residential with
some commercial business areas. Many homeowners are attracted by
Reeds Lake which plays a prominent role in the community, its award
winning public school system, proximity to downtown Grand Rapids,
and its overall small town feeling.
East Grand Rapids is definitely a community that you can walk to school,
the ice cream store, or just around the tree lined blocks to visit the
picturesque lakes, Reeds Lake & Fisk Lake.
Homes range in all prices here in East Grand Rapids. There are small 3
bedroom bungalows and ranches that were built just before and after WWII,
there are mega-mansions built on the shores of Reeds Lake for wealthy
citizens, and all ranges in between.
RESIDENTIAL REAL ESTATE MARKET
EAST GRAND RAPIDS MI ~ November 2008
EAST GRAND RAPIDS Homes Listed at $850,000 +
EAST GRAND RAPIDS Active Listings:10
EAST GRAND RAPIDS Average Active Price: $1,743,800
EAST GRAND RAPIDS Sold Homes : 1
EAST GRAND RAPIDS Average Sold Price/SqFt: – $ 309.54
East Grand Rapids Homes Listed $450,000 to $ 850,000
East Grand Rapids Homes Active listings:32
East Grand Rapids Average Active Price: $ 608,003
East Grand Rapids SOLD Homes: 7
East Grand Rapids Average Sold Price: $ 522,143
East Grand Rapids Average Sold Price/SqFt: $ 152.57
EGR 450-850K $ per SqFt 11-08
EGR 300 -450K $ per SqFt Listings 11-08
Homes Listed $ 300,000 – $ 450,000
East Grand Rapids Homes Active Listings: 41
East Grand Rapids Average Active Price: $ 397,927
East Grand Rapids SOLD Homes: 17
East Grand Rapids Average Sold Homes Price: $ 354,441
East Grand Rapids Average Sold Price/SqFt: $ 135.91
EGR 200-300K Area Listings 11-08
Homes Listed $ 200,000 – $300,000
East Grand Rapids Active Listings: 25
East Grand Rapids Average Active Price: $ 264,604
East Grand Rapids SOLD homes: 34
East Grand Rapids Average Sold price: $231,003
East Grand Rapids Average Sold Price/SqFt: $ 123.61
Homes Listed $0- $200,000
East Grand Rapids Homes Active Listings: 39
East Grand Rapids Active Average Price: $ 164,454
East Grand Rapids SOLD Homes: 49
East Grand Rapids Sold Home Price: $156,774
East Grand Rapids Sold price/SqFt: $ 113.61
EGR 0-200K Area Listings 11-08
It is difficult to do a market synopsis for a housing area this broad.
East Grand Rapids homes in the lower values seem to be the most active,
especially under $200,000. This is still a very strong market in our
weakened economy but buyers are still looking for bargains. If you need
to sell your East Grand Rapids home, you will need to anticipate the new
buyers price threshold to sell your home in the current market, which seems
to be going down every month.
East Grand Rapids Market Report October 2008
East Grand Rapids Market Report Sept 2008
East Grand Rapids Market Report August 2008
If you have questons about your Grand Rapids or East Grand Rapids Home
in this market, please contact me directly.
Grand Rapids -Ada MI Real Estate ~ Copyright 2008
Five Star Real Estate LLC
Reeds Lake photo by Bonnie Westbrook
Ada Woods is an established development of homes in Ada, Michigan,
just west of Ada and south of Fulton Street (M46). Ada Woods started
out as an E.L. Ladd development, but towards the end of the project
many lots were sold to other builders and completed by individual owners.
The dates of building range from 1980′s to 2005. Most of the homes
have more square footage and more amenities than Adacroft Commons,
its adjacent neighborhood. As with Adacroft Commons, there is designated
common land in the development that remains heavily wooded and in a
natural state. This development is in the Forest Hills School System and
close to several private schools.
Ada Woods Real Estate Market Report
November 2008
5 Sold, 1 Pending, 5 For Sale, 7 Expired
Ada Woods Active Listings: 5
Ada Woods Average Active Price – $ 333,920
Ada Woods Average Active Price/SqFt – $131.28
Ada Woods Average Days on Market – 131
Ada Woods SOLD Listings: 5
Ada Woods Average Sold Price -$ 340,480
Ada Woods Average Sold Price/SqFt – $124.15
Ada Woods Average Sold Days on Market – 110
Ada Woods Expired Listings: 7
Ada Woods Average Expired Price – $ 295,329
Ada Woods Average Expired Price/SqFt – $ 133.37
Ada Woods Average Expired Days on Market – 155
The average home sale for 2008 in Ada Township is $ 304,411.
171 homes have sold so far in 2008.
Ada Woods is a popular home market in the Ada area. Part of the appeal
is the proximity of Ada Elementary, Forest Hills 5/6 School, Ada Christian
Schools, St Roberts School and close to the village of Ada and Fulton Street.
MARKET SYNOPSIS: As you can see by the numbers, average sold price has
lowered, and the average asking price has risen. The expired number is up
which tells me that some sellers have given up trying to get their asking price.
If you don’t have your Ada Woods home priced about $ 125.00 a sq ft, you
will be waiting for a stronger sellers market to sell your home.
Ada Woods Market Report June 2008
Ada Woods Market Report July 2008
Ada Woods Market Report August 2008
Ada Woods Market Report Sept 2008
Ada Woods Market Report Oct 2008
If you have any questions about Grand Rapids or Ada Homes,
please contact me directly.
Grand Rapids Ada MI Real Estate – Five Star Real Estate
Copyright 2008 All Rights Reserved
Fall Color photo in Ada Mi photo by Bonnie Westbrook
Adatowne is a popular entry level home market in the Ada area of
the Greater Grand Rapids metropolitan area.
Part of the appeal is the proximity of Ada Elementary, Forest Hills
Central Middle and High Schools, Ada Christian Schools, St Roberts
School and being close to the village of Ada. Adatowne is an
established subdivision, started in the early 1970′s by E.L. Ladd
Builders of Ada. I have held many open houses in these new plats
and sold many of the homes as new construction – to be built.
If you doubt the power of your home as an investment, a basic
ranch (about 1000 sq ft) sold for $ 19,900 in 1975.
Adatowne Residential Neighborhood in Ada, Michigan
November 2008 Real Estate Market Report
8 Sold, 1 Pending, 5 For Sale
Adatowne Active Listings: 5
Adatowne Average Active price – $149,120
Adatowne Active average price/SqFt – $113.36
Adatowne Active average days on market - 67
Adatowne Sold Listings: 8
Adatowne Average Sold Price – $ 136,975
Adatowne Average sold price/SqFt – $ 116.68
Adatowne Average Sold days on market – 96
171 homes have sold in Ada Township in 2008,
Average price is $304,411.
MARKET SYNOPSIS: Not much has changed in Adatowne since last month.
We have one more home on the market,which has reduced the average price.
With the new trend of consumers downsizing, the real estate market should remain
strong and viable for Adatowne homes, as long as they are in great condition
and priced at $116 a sq ft.
If you would like more information about Ada or Grand Rapids Homes,
please feel free to contact me directly.
Adatowne Market Report June 2008
Adatowne Market Report July 2008
Adatowne Market Report Aug 2008
Adatowne Market Report Sept 2008
Adatowne Market Report Oct 2008
Grand Rapids Ada MI Real Estate - Five Star Real Estate
Copyright 2008 All rights reserved
Photo of Ada MI fall foliage by Bonnie Westbrook
Tamarron Estates is an upscale suburban development with large
wooded lots, walking access to Thornapple Elementary School and
the Thornapple River Backwaters. It is located just off of
Thornapple River Drive and Cascade Road in Cascade Township.
The house styles vary from large, comfortable ranches, traditional
two stories, to contemporary homes. Many of the homes were built
in the late 1970′s to the mid 1980′s, though there is a new street
that has much newer homes on acreage settings. Some houses close
to and surrounding this development are in the upper price brackets
in the Grand Rapids real estate market.
Tamarron Residential Real Estate
December 2008 Market Report
5 Sold, 7 For Sale, 7 Expired
Tamarron Active Listings: 7
Tamarron Average Active Price – $ 500,329
Tamarron Average Active Price/SqFt – $ 137.25
Tamarron Average Active Days on Market – 138
Tamarron SOLD Listings: 5
Tamarron Average Sold Price - $ 339,480
Tamarron Average Active Price/SqFt – $ 98.11
Tamarron Average Sold Days on Market – 63
Tamarron Expired Listings: 7
Tamarron Average Expired Price – $ 265,629
Tamarron Average Expired Price/SqFt – $ 112.74
Tamarron Average Expired Days on Market – 124
234 homes have sold in Cascade Township in 2008
Average home selling price is $306,712
At the current selling rate, we have an Absorption rate of 16.8 months,
which means if no new listings come on the market, it will take 16.8 months
to clear the current supply of homes.
MARKET SYNOPSIS: Tamarron homes are selling but not at the prices that
some sellers would like to see. Today’s market is accepting homes under
$100.00 a sq ft. This is a price reduction for this area. As you can see,
most sellers think their homes will sell at $ 137 a sq ft. This isn’t happening.
Even the expired listings aren’t selling at $ 112.00 a sq ft. If you have to
sell your Tamarron Estates home now, be sure you are price competitively with
other properties on the market. Condition plays a large factor in these older
homes. If you haven’t updated, you aren’t going to get top dollar for your
home, the market place is telling you that you need to be at $ 100 a sq ft or
less to see your home sell.
Cascade Township has seen tremendous growth in the last fifty
years, though the growth rate has slowed considerably since 2000.
The majority (82%) live in a single family home, and the median
value is $220,00. Household incomes in Cascade Township are the
highest among surrounding Grand Rapids areas at $ 87,290. Most
people in Cascade Township prefer to live here because of the quality
housing, safe areas, and quality schools.
Tamarron Estates Market Report June 2008
Tamarron Estates Market Report July 2008
Tamarron Estates Market Report August 2008
Forest Hills Market Report Sept 2008
Tamarron Estates Market Report Oct 2008
Tamarron Estates Market Report Nov 2008
If you have questions about the value of your Cascade or Forest Hills
Home, please contact me directly.
Grand Rapids -Ada Real Estate Copyright 2008 All rights reserved
Photo of Tamarron North Entrance by Bonnie Westbrook
Caravelle Village is an established subdivision built in the late 1960′s
and 1970′s just south of Burton Street, east of Kraft Avenue and west
of Cascade Road in Cascade Township. These Grand Rapids Homes
have the traditional mix of two stories, tri-levels and ranches. A desirable
place to live with median priced homes, Forest Hills Schools, and close to
28th shopping and restaurants. Originally built by a variety of builders, the
homes here are quality construction in a safe neighborhood and close to
the historic village of Cascade and 28th Street shopping.
Caravelle Village Residential Real Estate
October 2008 Market Report
4 For Sale, 7 SOLD, 3 Expired
Caravelle Village Active Listings:
Caravelle Village Average Active Price – $ 188,675
Caravelle Village Average Active Price/Sq Ft – $ 131.17
Caravelle Village Average Days on the Market – 131
Caravelle Village SOLD Listings:
Caravelle Village Average Sold Price – $ 183,071
Caravelle Village Average Sold price/SqFt – $ 128.21
Caravelle Village Average Sold Days on the Market – 62
Caravelle Village Expired Listings: 3
Caravelle Village Average Expired Price – $194,867
Caravelle Village Average Expired Price/SqFt – $128.00
Caravelle Village Average Expired Days on the market – 115
At the current rate of sales, we have a 6 month supply of homes in
Caravelle Village, if no new homes come on the market.
MARKET SYNOPSIS: Not much new activity for Caravelle Village this month.
The average listed price is coming down, but the average expired price has
risen. ( Note:Most sellers don’t realize the CRUCIAL difference the correct listed
price makes in selling your home. If you are priced over the market, your
home will have a reduced chance of selling at your asking price. Your home
will not be considered a viable commodity until the price is at the average
selling price per square foot for your area. That is the market place today.)
This is a popular area for home buyers, but your home must be in top notch
condition and priced to sell in todays market.
234 Cascade Township homes have sold in 2008
The 2008 average Cascade Township home price is $306,712
Caravelle Village Market Report June 2008
Caravelle Village Market Report July 2008
Caravelle Village Market Report August 2008
Forest Hills Schools Market Report Sept 2008
Caravelle Village Market Report Oct 2008
Grand Rapids -Ada Real Estate – Five Star Real Estate
Copyright 2008 All rights reserved
photo of Cascade Town Hall Gardens by Bonnie Westbrook
Greentree Estates is a small subdivision in Ada Township south of
Conservation Avenue and just east of Honeycreek Avenue. The homes
located here are large, executive style homes, usually with acreage sites.
Most of the houses were built in the 1970′s to 1980′s. These homes are
prized for their privacy setting in a heavily wooded, natural area, (you can’t
always see your neighbor’s house) and the presitigious Forest Hills Public
School System. This area of Ada Township has rolling hills, covered with
native hardwoods, and is very picturesque. Seidman Park is just across the
street with it’s nature trails and cross country ski trails.
Greentree Farms
Residential Real Estate Report June 2008
6 For Sale, 2 SOLD, 3 Expired
Greentree Farms Active Listings: 6
Greentree Farms average active list price – $ 454,467
Greentree Farms average active list cost /sq ft – $ 158.52
Greentree Farms average active days on the market – 94
Greentree Farms SOLD Listings: 2
Greentree Farms average SOLD price:$ 427,500
Greentree Farms average SOLD cost/sq ft – $ 123.60
Greentree Farms average days on the market – 72
Greentree Farms Expired Listings: 3
Greentree Farms average expired price – $461,333
Greentree Farms average cost/sq ft – $ 163.88
Greentree Farms average days on the market – 208
At the current rate of sales, we have a 33 month supply of homes
in Greentree Farms.
MARKET SYNOPSIS: The middle upper end market has been hit hard
in our area. Many people in this market are downsizing and can’t find
buyers for their homes. Pricing is KEY to the sale of your home. This
report really typifies what happens. Sellers are told the market conditions.
but their home is special. Someone will come along, fall in love with it and
pay their asking price, or pretty close to it. As you can see, not much activity
here all summer. Selling prices have come down but not enough for buyers.
The selling price was $ 123 a sq ft for the summer market, the winter market
is usually less robust and fewer buyers can command lower prices. If you are
waiting for a sellers market to come back, it might be 2 years before this
current trend turns around, or maybe not….??
Greentree Farms Market Report June 2008
Greentree Farms Market Report Oct 2008
If you would like further information about Ada Township Homes,
please me directly.
Grand Rapids Ada Real Estate – Five Star Real Estate
Copyright 2008 All rights reserved
Ada Covered Bridge photo by Bonnie Westbrook
Hidden Hills is an established neighborhood of homes off Cascade Road
and 30th Street in Cascade Township, Michigan, a suburb of Grand Rapids.
Home construction started here in the 1960′s housing boom in the Forest
Hills School District and has continued through to today. There are new
homes still being built in this neighborhood.
Mid-size homes with quality construction are the rule, this suburban sub-
division area has been a desirable place to live in the Grand Rapids home
market for many years.
Hidden Hills, Cascade Township
Residential Real Estate Market Report
~ November 2008 ~
10 For Sale, 12 SOLD, 5 Expired
Hidden Hills Active Listings
Hidden Hills Average Active Price: $ 270,030
Hidden Hills Average Active Price Per Sq Ft: $ 113.96
Hiiden Hills Active Average Days on Market: 109
Hidden Hills Sold Homes
Hidden Hills Average SOLD Price: $ 269,242
Hidden Hills Average SOLD Price Per Sq Ft: $ 116.90
Hidden Hills Average SOLD Days on the Market: 94
Hidden Hills Expired Homes
Hidden Hills Average Expired Price: $ 298,940
Hidden Hills Average Expired Price Per Sq Ft: $126.29
Hidden Hills Average Expired Days on the Market: 126
At the current rate of sales, we have a 10 month supply of homes
in the Hidden Hills market.
MARKET SYNOPSIS: Hidden Hills home prices still seem to be slipping
downwards in price, not appreciably, but they still have a downward trend.
Time on the market has increased and will probably continue to do so for the
winter months. No new homes have come on the market and many of the
over priced homes in Hidden Hills have decided to not sell in this market.
Forest Hills School District Average Sold Home Prices last 5 years:
2008 – $ 279,709
2007 – $ 269,445
2006 – $ 300,691
2005 – $ 282,173
2004 – $ 268,072
Hidden Hills Market Report July 2008
Hidden Hills Market Report June 2008
Hidden Hills Market Report Oct 2008
If you would like further information about Cascade Homes or
Forest Hills homes, please contact me directly.
Grand Rapids – Ada Real Estate – Five Star Real Estate – Copyright 2008 All rights reserved
photo of Fall Crab Apple Tree by Bonnie Westbrook
