So if with Tall House not being built what is the status of the downtown condo market?
With so many buildings proposed with price ranges over the $200,000 price point it was only a matter of time before one would not be built. Grand Rapids is growing and will continue to become stronger as more jobs come into downtown. This will also lead to a need of downtown living spaces. But what kind of living spaces are in need is yet to be played out.
My thoughts based on the people that are calling me on a weekly basis looking for downtown condos is that the need is for affordable units. This means that an individual can afford on one income and not feel like the need to give up going to a show at the Van Andel Arena or going out for a drink with friends on a Friday night.
So what is out there that is affordable and can meet the need of that buyer.
In the city core you have:
- Fox Lofts
- Peck Building
North of the City Core:
- Union Square
- Avenue 23
- 47 Lafayette
I see all of these projects taking hold and doing very well this year. Not to mention, I believe that the need for these condos in this price range will only increase over time which will allow the people buying these condo to be able to gain value over time.