Luxury homes in Grand Rapids
For the sake of this blog post, I am considering luxury homes to be homes with more than 5,000 square feet. Although this is not a large portion of the market (homes over $500,000 made up only 1.6% of the market so far in 2013), it is still something not just fun to look at for the other 98.4% of homebuyers, but also a place to keep a finger on the pulse of trends in the housing market. So, what are things that we are seeing in the luxury market? Location. School district is a big factor in determining a great location. Forest Hills and East Grand Rapids were the dominant school districts, although Rockford, Northview and Byron Center also made their presence known. We see this in the market overall as well: homes in these school districts generally sell for more per square foot than homes in other districts. They are desirable places to live! (Although not exclusively – there are so many great things about the Grand Rapids area!!) Another item related to location is proximity to water. In the luxury homes sold in East Grand Rapids almost all of them were on either Fisk Lake or Reeds Lake and 25% of all luxury homes sold were on water. Of those that were not on a lake, the seller would create their own water in the form of a pool, some outdoor pools and some indoor pools that can be enjoyed all year round. I don’t think lake frontage and school district is a big surprise to anyone reading this article. What are some of the other fun features that are worthy of drooling over? Big name architects, tennis courts, elaborate wet bar in the basement, guest houses, 6 stall garage, ponds, zone heating, carriage house for the live-in nanny, gourmet kitchens, butler pantry for a staging area when catering an event, home theatre for movies, wine cellars, and one even had it’s own expansive ballroom. On average they have 5.4 bedrooms and 6.15 baths. Not everyone is going to be in a luxury house, but there are certainly touches of luxury that you can bring to your own home: granite counter tops in the kitchen, glass tile shower, landscaping in the backyard. Often it’s these touches that add slightly to the expense of the upgrade, but add greatly to the look and feel of your home!