Innovative Real Estate Program Helps Grand Rapids Senior Citizens Sell 75 Homes During Recession
Back in 2008, Holland Home was one of the first retirement communities in the nation to create a guaranteed real estate program for senior citizens who wanted to move into one of its communities but were hampered by an unfavorable housing market. Earlier this month, Holland Home celebrated the 75th home sold through this initiative.
Chris Nicely, who is the vice president of marketing for Holland Home, co-created and manages the Home Buy-Out Program. Although Holland Home represents a mission-driven, non-profit business, it has excelled in the business of acquiring and selling houses in a recession – all with the purpose of serving seniors. “Seventy-seven percent of the time, we find a buyer for the homes in our program.
This is the best case scenario for incoming residents, yielding the highest possible selling price for their previous homes. Holland Home has bought and sold the remaining twenty-three percent, but the associated costs have been sixteen percent lower than our pro forma predicted,” said Nicely. The real estate housing market has shown improvement, especially at the local level.
Last November, the Wall Street Journal reported a rise in home prices of 23.7% in the metro Grand Rapids market, the largest increase in any area of the country. Also, Holland Home has an exclusive relationship with Greenridge Realty, a leading independent residential real estate broker and one of the top 100 largest in the nation. During the real estate sales process, Nicely negotiates sternly, knowing the ultimate goal is of serving residents and perpetuating the organization. For senior citizens who qualify, the Home Buy-Out Program provides an aggressive six month approach that competitively prices homes, regularly monitors, and adjusts both pricing and strategy in a predetermined fashion. In the Home Buy-Out Program, if a property does not sell within six months, Holland Home will buy the property for 91% of its final appraised value.
Founded in 1892, Holland Home of Grand Rapids is Michigan’s largest nonprofit provider of senior services and was the first Continuing Care Retirement Community (CCRC) in the state. Holland Home offers the full continuum of care and is the 39th largest, nonprofit CCRC in the nation. Under the Holland Home brand are three residential campuses: Breton Woods, Fulton and Raybrook. Community services include HomeCare of Holland Home, Faith Hospice in the community, Faith Hospice at Trillium Woods, Rehab Dimensions, and In-Home Helpers.
Chris Nicely shares that Holland Home employs over 1,250 people and serves more than 3,300 daily. Holland Home's mission is to serve with love and compassion, commit to excellence, and follow Christ’s teachings and examples in all that we do.