Icon on Bond Condos facing Foreclosure

 According to Chris Knape at Mlive, Icon on Bond condos are facing foreclosure. Basically that’s too bad, but I can’t say that I am surprised. Sales were slow to nearly nonexistent there and while yes, the market has been bad, you can’t completely blame it on the Grand Rapids Market. Icon on Bond condos came on the market at a bad time, but they also didn’t help matters by pricing themselves too high. It’s really a shame as they are well built condos and a lot of thought was given to the floor plans and finishes. I had a tour there a while back during construction and was shown the techniques that were being used to keep the sound to a minimum. I was impressed at the steps they were taking.

So it was too bad when they finally hit the market at the prices they were asking. As far as downtown Grand Rapids condos selling, you have Boardwalk condos which are nearly sold out and you have Union Square condos which sold out. We have the Hillmount condos which are almost sold out and the Fitzgerald condos which are doing well. According to the sales team at Riverhouse condos, sales are picking up there too. In fact I am bringing a new client through the Riverhouse this week and am very busy selling selling Grand Rapids condos and homes. So to are several colleagues in town.

 Icon on Bond condos are located at 538 Bond Ave NW, just north of I-96 off of Monroe. It’s the tan colored building with the large “Leasing” sign hanging off of it. They have been leasing for the last little while. Only 4 condos have sold there and 50 units have been leased. Prices for lease range from $1100 to $1700 per month. These condos are in a Tax Free Renaissance Zone where City and State Income taxes are waived as well as Property taxes until 2012. The building is nine stories and holds 118 condos. The bank that loaned money to build the project claims that they are owed over $40 Million dollars.

For more information on downtown condos and to search for homes online, visit my website or contact me any time.