A study released in September indicated that Grand Rapids was second in the nation for job growth from 2010 to 2013 and pinpointed the metro area as a magnet for the manufacturing and health care industry. Real estate investors have made the connection between the growth of the income and an improved real estate market. They have decided that Western Michigan is a smart place for them to find great real estate properties. The growth of the region has revived the faltering reputation that once caused Newsweek to call Grand Rapids a dying city.
A real estate officer explained that the city’s reputation and attraction for investors is not the secret that it once was. He elaborated that the market has improved and that interest rates are still low; investors are drawn to the city in increasing quantities as the reputation for solid investment opportunities becomes more well-known.
Interest from out-of-state investors began in 2006 and 2007, just before the real-estate market collapsed. However, the real estate officer explained that recent figures of those coming to the state even top those previous highs. While some are new investors searching for fresh markets, others are returning to purchase second and third properties in the area. With the publicity and national attention focused on the area, people are considering the city as one of the prime targets for real estate in the Midwest.
Real estate investors are considering both residential and commercial property as investment opportunities. A real-estate attorney might be able to help clients when they draw up the legal documents needed to purchase the properties.
Source: MiBiz, “West Michigan attracts more outside real estate investors”, Elijah Brumback, November 10, 2013