I’ve been accused of being an optomist. That is a label I gladly wear. I do temper my optomism with facts. I believe that 2012 will be a good real estate year. Interest rates remain historically low, prices are rising, slowly to be sure, but rising nonetheless. The local job market is improving. And the Grand Rapids area is consistently showing up on top ten places, whether for places to live, to invest in, or for best sculpture parks.
The business tax structure is changing to encourage start ups and expansions. The downtown growth continues to amaze me. It seems a new restaurant or bar is opening up every week. The Eastown rebirth continues, as witnessed by all the pedestrian traffic. The Fulton Street Farmers Market has begun the renovation. ArtPrize keeps getting bigger and better. I could go on and on about the exciting things happening in the community but there are better voices for that than mine. It is why there is a buzz, a sense of happening in Grand Rapids that draws young people here, not just people looking for a great place to raise a family.
Home sales should continue to increase. 75% of metro areas in the United States had a drop in home prices. Grand Rapids went up 23.7%. That said, foreclosures and short sales kept the prices down in 2010. But still, that was the case across the US and we beat the trend. It makes sense to see growth with increased employment, very affordable housing, historically low interest rates, and people wanting to live here.
I wish you and yours a wonderful 2012!
Steve Katerberg
