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Lack of Interest in Listings of Cheap Houses Does Not Affect Condo

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By : John Cutts    99 or more times read
Even with abundant supplies of affordable homes under listings of cheap houses accounting for a large percentage of the Grand Rapids, Michigan residential market, majority of home buyers are still reluctant to venture into property ownership. Most residents prefer to rent dwellings in these difficult times, while others look at condominium units as safer bets than regular housing.

Grand Rapids home foreclosures, newly built houses and existing dwellings remain in the market for a long time without buyers, but sellers of some condo buildings are luckier than these residential property owners as one of the condo properties in the area was sold out recently after its last unit was purchased within five years of being on offer.

Hillmount condominium, a building converted from an apartment structure, was recently sold out, with its last unit going for $75,000 according to CWD Real Estate. This puts the structure at a better position than majority of Michigan home foreclosures that have been waiting for buyers to pull them out of the sellers' market.

The current state of the industry has resulted in properties under listings of cheap houses and foreclosure listings remaining longer in the market than ever before. Because of this trend, the recent sale of the condo unit is considered big news in the city. This makes Hillmount the first large scale condominium project to be sold out among the handful started during the housing boom years.

According to CWD, the sales success of the condo project was partly due to the tax credit initiative launched by the federal government and the price points offered at the starting level of below $100,000. Housing market analysts are hoping that buyer interest will eventually spill over other properties in the city's home listing.

Further proof that condominiums are considered more favorable options by buyers can be seen at River House where 155 out of 206 units have already closed sales. Around 70 units of the skyscraper have been sold in the past year. Developers of condominium projects are confident that they will achieve further sales before the year ends.

Meanwhile, sellers of properties under listings of cheap houses and other types of regular residential dwellings might have to wait for the market to get better before they can look forward to any buyer activity.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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