Boy it has been a while since I have been on Active Rain!  I guess that isn't all bad since I have been too busy to post for quite some time.  It is on this afternoon prior to a long holiday weekend that I got the chance to breathe, update my profile on Active Rain, and take stock of the past year.  What a wild ride!

Blu House is chugging along, sales are good as we got a handle on short sales and taking advantage of the $8000 tax credit.  This year I am thankful for my Survival.  It was good old fashioned roll up your sleeves and do anything necessary to create activity in this business work ethic that helped me to survive the fallout of the last endeavor.  The next few weeks will be filled with business planning, budgeting and training for the upcoming 2010.  Our goal needs to be selling as much as possible before the tax credits expire, and figure out where our business will be in the second half of 2010. 

I am also thankful for the high energy, hard working, and professional people that I work with.  From top to bottom, I have no doubt that everyone at our company has the best interest of Blu House and our clients at heart.  Perfection comes through practice and we have gotten so much better and stronger in the past few weeks by practicing our trade of Real Estate.

Finally, I am thankful for the opportunities that await me.  With 10 plus years under my belt, I have learned many things, with one always standing out.  You must look for and be able recognize opportunity when it is there.  Simply sitting and waiting for the phone to ring will kill you in this market.  We all know that.  What a lot of agents need to learn is that when an opportunity is there, recognize it and seize it!  I know slow or busy, there will be opportunities for me to make money in Real Estate in 2010 and beyond.

Happy Thanksgiving everyone, and keep up the good fight!

Jason

Well, its all over the news today.  An Atlanta couple who were the recipients of a brand new 5500 square foot home in Atlanta area in 2005 are losing their home to foreclosure.  The result of a $450,000 home equity loan that was reportedly used for a construction business that has since failed.

www.ajc.com reports that 1800 volunteers helped build what was at the time the largest home for ABC's show and between the show and the builder, Beazer USA, they raised an additional $250,000 in scholarships, furnishings and included $100,000 for a home maintenance fund.

We recently had a similar problem here in Grand Rapids with a Habitat for Humanity recipient in foreclosure.  It is very hard for me to justify people who squander such a valuable gift away.  ABC claims they advise the recipient to consult with an advisor to work on finances.  Shouldn't somebody record a lien or restrictive covenant that wouldn't allow re-financing, cashout helocs, or re-sale within a certain number of years or at all?

Let me know what you think?

I read in last night's paper that Tall House Condo's has been called off.  The state of the art 9-11 story project on Ottawa Avenue was slated for over 90 condo units.

 I'm certain sluggish sales were part of the reason, but more than likely a bank financing the project changed the game.  I've heard a lot of rumblings lately about banks changing terms midstream on developers.

 Banks have asked for notes due in advance, increased equity in projects and mandatory rate and term re-finances at their discretions.  Safety first, but what good does it really do?  I don't understand how killing a project for the sake of safety can benefit the bank.  In TallHouse's case, they hadn't broken ground, so maybe no harm no foul.

 For those of you interested in urban living check out www.47lafayette.com a downtown condo project in Heritage Hill with prices from $124,900.  We received our first reservation yesterday, and plan on having all 8 units reserved or sold in a short while. 

Peace

 I've always said some houses you sell for love, and some you sell for money.  This is one of my favorite homes I've ever sold, now it is on the market for another buyer to fall in love with.  Kenowa Hills Schools, old world charm, tons of living space, a great amount of closet space and all the character you could ask for.  This home was built in 1930 by the mason who owned and lived in it. It's got  basement with bonus rooms that are concrete walled and have heavy steel doors that would make a great wine cellar! 

Listed for $159,900 this three bedroom two bath home has great spacial relationships throughout the home.  The living room has bonus space off one side, and a foyer that could be a den!  The previous and current owners have taken great care to preserve the original woodwork and hardware, thus perserving period effect of the home.

 This fantastic home sits on .7 acres on Kinney Avenue in Walker near but not too close to Remembrance road.  The buyer of this home will appreciate all this home has to offer.

Not really a headline, with all the opportunities in Downtown Grand Rapids for condos, but...

This is a very unique that you should not overlook for your buyers.  Melissa Allen who just recently joined Avalar Grand Rapids Real Estate and myself will be listing 47 Lafayette, a unique 8 unit condo building feautring 2 bedroom homes that start at $124,900.  Units are customizable, with upgraded kitchen packages.  Featuring a million dollar view, and nestled amongst some of Heritage Hill's most storied mansions.  Formerly know as Hillview Apartments, this retro modern 8 flat was built in the 60's and recently purchased by Plum Ventures to do a condo conversion. 

 I really feel this fills a niche for the downtown condo market.  With it's price point, location, quality of construction, and unique lifestyle, 47 Lafayette is a great place to live.  Contact me for a showing today, and stay tuned for more news on 47 Lafayette.

Check out this great listing near Ada, MI 

Forest Hills Schools 

MLS # G603730

Price: $349,900

 2445 Honey Creek Ave. NE

Ada, MI 49301

This 'old' farmhouse with its wrap around porch and all the conveniences of new construction is what Grandma would have really wanted. It has extra windows for sunlight, custom hardwood built-ins, white bead board kitchen cabinets, and a large sized mud room and bath. Upstairs there is a master bedroom suite, along with two other bedrooms and bath. The laundry room is on the second floor near the bedrooms! The basement is waiting for you to tell us how to finish-ALLOWANCE available! Close to Egypt Valley, Seidman Park, Cannonsburg Ski Area and many other parks and wildlife areas.

Great opportunity in a buyer's market awaits in Byron Center

Incredibly beautiful design in the mold of Frank Lloyd Wright. Not just your ordinary home, contemporary in style. Very open floor plan with 10 foot ceilings on the main floor that make this home an entertainment gem. Beautiful and tasteful woodwork. Very large windows and lots of them for generous natural light. The Living Room features a gas fireplace with tile surround and the laminate floors flow through the Dining Area, Kitchen and Living Room. Gorgeous Cherry Cabinetry in the Kitchen and a very unique snackbar with a solid cement top. Top quality Stainless Steel appliances to remain. A large deck is directly off the Kitchen/Dining room area through beautiful French Doors. Very handy mud room with lockers, bench, and drawers for the ultimate in organization is right off the garage along with the Laundry room and a separate 1/2 Bath. Very well thought out. All four bedrooms are located upstairs. The Master Suite features a private bath with walk in, tiled shower with dual heads and his/hers walk in closets. The walkout basement is waiting for you to finish. Upscale neighborhood, underground sprinkling.

3111 Byron Depot Ct SW  Byron Center

MLS #G595061

View this and search all other area listings at www.avalargr.com

Check out this great listing in Byrong Center.

MLS#: G596261

9455 Ravine Ridge

Incredible executive style 4 bedroom, 4+ bath Multi-Level walkout on 10 acres in one of Caledonia's finest communities. This home has everything you could ask for including central air, central vac, gourmet kitchen, inground pool surrounded by multi-level decks and decorative patios as well as a pool house, professional landscaping with lighting and outdoor speakers. In addition there is also a basketball court, baseball field, putting green, 3 season porch, indoor hot tub, sauna, theatre room, and a separate garage set up as a work out facility. The home has had many updates including roof, furnace and A/C in 2003 and a new fireplace insert that burns corn, wood pellets, cherry pits, etc in order to help keep heating bills down.

Thought I would chime in on the state of the mortgage business in the area.  As many of you have heard, National City is the latest ( and I'm sure not last) to drop a bomb on the West Michigan economy.  They are no longer wholesaling home equity lines.  This follows the news from American Home Mortgage and Heartwell Mortgage closing up shop due to the downturn in loan activity. 

It is quite surprising to me that respected names like National City, Heartwell, and AHM are the ones to announce problems.  I always thought it would be the known bottom feeders in the industry that would be the first to go.  Does anyone remember CommonPoint?

What this boils down to is necessary market correction.  The dot.com industry went through this in the late 90's to early '00s and the wheat separated from the chaffe.  Good lenders like National City are becoming more conservative, (and quite frankly may be positioning themselves for a buyout) in their lending practices.  A much needed move in my opinion.  Easy money has been floating out there for several years and lenders are wising up to it. 

The salad days of easy, record pace home sales and quick refis are over.  The market will now be driven by life factors for many years to come.  What are life factors?  Births, deaths, marriages, divorces.  Add now to that a record pace of foreclosures and bankruptcy, and there will be buyers and sellers in every market. 

Now may be a good time to start watching for good income properties.  The biggest slingshot effect that I see are rental rates going up.  Why is that?  Simple.  As lenders tighten their requirements for approval on loans and do away with the no money down, sign and drive programs, marginal credit borrowers will be forced to rent instead of buy.  With it still a buyer's market for investment properties, and the potential for rates to rise, cash flow situations will improve. 

Investment buyers should prepare themselves however, since the zero down investment property loans are also becoming a thing of the past.  10% down payment will probably become the norm.  Portfolio owners should consider talking with a commercial lender to use any equity in current investment properties to bundle everything in to a commercial loan. 

The link provided below is a map of the entire state of Michigan and the counties it contains. 

This picture is provided by the Grand Rapids Association of Realtors for public tax information by county.

It is helpful when searching West Michigan for Real Estate to know where the counties are if you are unfamiliar.

You can search many different Real Estate Websites by geographical area, but county inormation is important for tax data and socio economic data.