Looking back in time and West MI is no differant from any area of America, urban sprawl boomed in the 1950s as people moved out of urban centers throughout the area and into newly developed neighborhoods filled exclusively with houses. As suburbs developed, commercial hubs – from shopping malls to office complexes – grew to meet the needs of suburban residents, just look at 28th St, Fulton Ave and so many areas around us.
But over time, the move away from city centers reversed itself, as people move back to urban areas for closer proximity to work, shopping and cultural amenities they enjoy on a regular basis. Urban home values are now outpacing suburban homes, worth more than 3 percent on average, according to a recent 2016 report by real estate information company Zillow. In 2013, the average urban home was worth more than 1 percent less than the average suburban home, Zillow noted.
Recent college graduates and empty nesters alike are returning to homes or condos within the city limits of urban areas. The change has not only reunited commercial and residential property in the same neighborhood, but they now are more reliant on each other than ever.
But the tightening bond between residential and commercial space isn’t exclusive to major cities, it's happening right here in West MI. The New developments are incorporating a variety of property uses throughout their plans, including homes, retail space and even offices for residents to easily access. As The Grand Valley Metropolitian area is clearly going through such growth and revilazation, buyers and sellers are seeing all kinds of other challeges and benifits from this merging intersection of residential and commercial changes.
When selecting a Realtor, choose a professional who is in tune with the market, the unban growth, the understanding of live, work and the areas that are exploding in both segements of residential and commercial development. Make sure you know as a buyer, whats currently on the drawing boards of the area of interest, townships and future development that may impact your buying decision.
Selling real estate is a love and passin for my wife and I and our team has great insight on the area, growth and the best place to plant your seeds of life. Both Residential and Commercial. Seek out the support you need to mke the best decisions.
Coldwell Banker Schmidt