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Union Square

joeDowntown

By joeDowntown
in Grand Rapids Coffee House

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KittyKaren_32 Crossroads

KittyKaren_32

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What is the percentage of not owner occupied units? Last time I checked 50 units were not owner occupied! I was told if the answer is more than 10 percent, buyers should be cautious. I was also told if there are more than 20 to 30 percent renters, that's a very bad sign because mortgage lenders will either refuse to make loans in that complex or they will charge higher interest rates. I heard too many renters can hurt future condo sales. It makes much sense to me that a key reason to avoid condo complexes with more than a few renters is absentee owners often don't care about maintenance of the property. I was told the result can be declining quality of maintenance and complexes with anti-renter rules are considered very desirable and often bring premium resale prices.

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Budgie Frisket Burg

Budgie Frisket

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I'm thinking of buying at Union or 240 Ionia and I'm trying to do this as a investment and I'm trying to figure out if Union is a good place for me. I heard alot of negatives about this place. I have money down at 240 Ionia and I don't think I can wait! I do tons of research, sorry if I offended anyone just wanna ask the right questions.
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Budgie Frisket Burg

Budgie Frisket

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It's not scary at all, that was a domestic situation and has nothing really to do with the west side or Union Square. Pick your mates better is the advise to not get stabbed by an ex!!

The west side, like most parts of grand rapids is a great place to live, with that in mind its not utopia, you always need to be aware of your surroundings.

U2 is a great place to be with amazing neighbors and a great sense of community!

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OliverMadison Unincorporated Area

OliverMadison

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What is the percentage of not owner occupied units? Last time I checked 50 units were not owner occupied! I was told if the answer is more than 10 percent, buyers should be cautious. I was also told if there are more than 20 to 30 percent renters, that's a very bad sign because mortgage lenders will either refuse to make loans in that complex or they will charge higher interest rates. I heard too many renters can hurt future condo sales. It makes much sense to me that a key reason to avoid condo complexes with more than a few renters is absentee owners often don't care about maintenance of the property. I was told the result can be declining quality of maintenance and complexes with anti-renter rules are considered very desirable and often bring premium resale prices.
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KittyKaren_32 Crossroads

KittyKaren_32

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As a U2 resident owner I am very curious to know where you are getting your figures from? If 50 are not owner occupied that would be almost 30% of the total units and I seriously doubt it is that high. Many of us know who owns and who leases. There are also some issues with state/local governments getting certain benefit certificates properly registered and recorded and that could also be delaying the posting and recording of "homestead" property recordings. There are also still 8 units still unsold by the developer, and also empty units that have never been lived in that are NOT rented that are for sale. There are many factors that residents are aware of that you possibly might not be.
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Budgie Frisket Burg

Budgie Frisket

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A condominium has privately-owned interiors and commonly-owned public areas (in this case the hallways, deck, exterior, roof). Why would it make any difference if a unit is rented to a tenant?

Given the pricing involved, you're not going to see the sort of renters that can barely scrape together $400/month.

FWIW Jon Rooks lives in a unit there.

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GRDadof3 Ecumenopolis

GRDadof3

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Where on the website gives that information? I can't locate it and am curious? Do you have any questions for owner residents that you would like answered to help in your decision making process? Have you been able to tour the 8 available units that are left?
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