According to a recent article published by Forbes, Grand Rapids is the #1 best market to buy real estate in at the moment, especially if you're looking at that real estate purchase as an investment. The main reasons that Grand Rapids tops this list of twenty hot and desirable real estate markets are population growth, employment growth, and the diversity of opportunities in the area. This should come as little surprise to area residents, who have been seeing the impact of outside investments in our city and businesses really start to reshape the city over the last year.
There have been dozens, if not more, major real estate developments planned. Some of these are new construction, while others seek to retrofit existing buildings by remodeling and upgrading them to make them more appealing to potential tenants. Much of this development has come in the form of mixed-use buildings, which include retail space on lower levels (often including restaurants and breweries), with office space rentals in the floors immediately over the retail space. The upper stories of many of the newly re-zoned or remodeled mixed use buildings generally house humans, either in owned condominium units or rental units that are currently in high demand.
There has also been investment in the development of several major industrial areas in the Greater Grand Rapids region. One of the most obvious is the Medical Mile on Michigan Avenue. What used to be nothing but run-down, single-story shops and buildings has become an area filled with large glass-walled buildings, housing medical schools, hospitals, medical suppliers, and even research facilities. Moving west and north of downtown, the Alpine Avenue area has changed from farmland and golf courses to a major retail center in the city, with businesses ranging from restaurants to big box stores just a stone's throw from one of the major highways.
South of town, the development of the Tangier Outlet Mall has brought revitalization and new jobs to the Byron Center area, and the area around the airport waits with bated breath for a massive planned development out there to begin. Industrial rental spaces, which used to be advertised all over the city, have become hard to come buy, and housing units in nearby areas are also far scarcer than they were two or three years ago. Prices have also increased, following this increase in demand.
Given the ongoing demand for affordable housing the Greater Grand Rapids real estate market, there really is no better time than now to consider investing in real estate as a long-term or short-term investment. Well-care-for rental units can provide long-term income for owners and their employees, and the value of a house can be greatly increased by buying a home in distress and investing the time, sweat equity, and money needed to make it modern and competitive.
No matter why you're considering buying on the West Michigan real estate market, you want to ensure you have a Grand Rapids realtor with real knowledge of the area and the various neighborhoods where you may purchase a home. Call the team at Pyxis Realty today to get the ball rolling on your first investment property purchase, and see what a difference educated, skilled realtor assistance can make!