Foreclosures Bringing In Buyers

May 20th, 2008 | Tags: Foreclosures

Foreclosures seem to be bringing in buyers and if that is truly happening the real estate will get up on its feet again and stem the negative tide. James Eerdmans is a realtor and has been in the business of buying, fixing and reselling houses. But a house he bought in the foreclosure market in 2002 for $146,000 has ‘morphed’ or gone downhill. But he persisted in his work and now includes a 9,000 square feet house standing on 16 acres with a guesthouse measuring 1,200 square feet. The price tag is $2.8 million. It is one of the units in the Spring Parade of Homes (no.65) that is scheduled for Wednesday. This has been going on since the last ten years but this time it will start off two hours earlier to allow for more viewing time.

There are 80 properties including condos on display with the price stretching from $150,000 to millions. The houses are dotted around Grand Rapids and Grand Haven. Last year there had been 133 entries. This year the number is less. But the builders are keyed up with hope although the number has gone down. One has been sold already. There is a feeling that the economy is recovering because perhaps the rock bottom has been reached. The marketing technique is promotional and establishes the relevant contact for a potential take off in a buying and selling spree.

One of the showpieces is an English type cottage for an asking price of $349,900. The cabinets had all been customized and crafted at the site. Eerdman’s unit is also a beauty. He had pulled down a 1988 building to its basics and then worked with architects and builders to give it a new look with exotic woodwork, lead glass interior windows and a large master bathroom. The metal spiral staircase leading to the turret has been replaced by a winding wooden one. There are three garages, one workout room, music room and swimming pool with a full bath. In the basement there is a theatre room and customized bar having copper footrests. A computer handles the working of the entire house – security, lighting arrangement, temperature control as well as audio. Eerdman is pushing through a massive marketing programme as a lot of funds have been tied up in this investment.

There are incentives galore for those participating in the Spring Parade organized by The Home & Building Association of Greater Grand Rapids.