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Housing market and trends

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I am surprised that West Blvd is not trending towards the light green area. I've been watching real estate in the area, and the median listing is definitely pushing $50K. Still banking on that area picking up steam from DS and OHC. Cudell continues to be the bad neighbor to the north though. The highway is literally the dividing line at W 98th. South is fairly stable. North is pretty rough

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3 hours ago, MuRrAy HiLL said:

I wonder why the PD doesn't use the latest neighborhood borders for these metrics:  http://planning.city.cleveland.oh.us/2010census/downloads/All_SPAs_2014.pdf

 

The article stated at the very end, "Note: These are the neighborhoods historically used for statistical purposes in Cleveland until 2014. The newer lines are not used here, to allow for longer-term comparisons." 

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Quote

Good news for home buyers: ‘Seller’s’ housing market becoming slightly more balanced

By Jordyn Grzelewski, The Plain Dealer

 

After a long run of substantial increases in home-sale prices and a shortage of available houses to keep up with demand, housing inventory, meaning those homes on the market, is beginning to creep upward and prices, while still increasing, may be growing at a slower pace.

https://www.cleveland.com/business/2019/02/good-news-for-home-buyers-sellers-housing-market-becoming-slightly-more-balanced.html

 

I can say first hand that alot of the extra inventory coming online are rental properties. Alot of people who moved during the housing crash and were forced to rent out their houses are now finally able to sell them with prices coming up again. Investors who bought houses during that same time to turn into rentals are also selling now, and from what I've seen, the vast majority of these are becoming owner occupied homes. As a case in point, from my own (preliminary) data, the number of rental units in South Euclid decreased by about 8.5% just in the last year alone. While rising home ownership rates can certainly be a positive (some of these were tenants buying the houses they had been renting (fantastic!)), there is a creeping rental crisis developing in greater Cleveland. Rising rents, stagnant wages, and a diminishing supply of rental units is already causing a rise in homelessness. The region needs to really ramp up new construction of new multifamily and infill single family - more so now with the jobs market taking off too.

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On 2/15/2019 at 4:01 PM, YO to the CLE said:

South is fairly stable. North is pretty rough

 

 I'd push back on this primarily because of my anecdotal experience of living there. West Boulevard and Cudell are overwhelmingly similar in terms of housing stability, crime, quality of life, etc. The areas of West Blvd (the street), W101, W100, W99, and the area around West Tech are considerably stronger areas than anything south of I-90. West Blvd (the street) and W101 are considered a different market than the rest of Cudell as well (per a handful of realtors with whom I've spoken), so that is potentially impacting median sale price by cutting out half of the highest performing tracts in the neighborhood.

Edited by jws

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12 minutes ago, surfohio said:

If I had some extra spare change I'd be investing in either Cudell or St. Clair-Superior ASAP. 

 

Anyone else think differently? 

 

I don't know enough about St. Clair-Superior but I do think the area of Lake Avenue between Detroit Avenue and Clifton Blvd is where I'd be investing. It's a short gap between a stable area and a growing area.

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"Save the planet. Move to the city." -- The Downtowner podcast

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A lack of housing inventory will do this. So might a growing population...

 

 


"Save the planet. Move to the city." -- The Downtowner podcast

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Almost nothing move-in ready remains in Cincinnati for under $110-120k, including 2-bed 1-bath homes.  So a doubling of prices for small homes in undesirable neighborhoods since about 2016.   

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35 minutes ago, Lucas_uLsac said:

 

Anyone know what's up with Canton???

 

Natural gas/fracking economy? 

 

EDIT: there has been a small economic uptick in the past year after several years of job losses. But I see how it's caused that much of a noticeable difference....

https://data.bls.gov/timeseries/SMU39159400000000001?amp%3bdata_tool=XGtable&output_view=data&include_graphs=true

Edited by KJP

"Save the planet. Move to the city." -- The Downtowner podcast

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19 hours ago, KJP said:

 

Natural gas/fracking economy? 

 

EDIT: there has been a small economic uptick in the past year after several years of job losses. But I see how it's caused that much of a noticeable difference....

https://data.bls.gov/timeseries/SMU39159400000000001?amp%3bdata_tool=XGtable&output_view=data&include_graphs=true

 

I guess that could be part of it. ONG is typically associated with boom and bust cycles. I thought that fracking was slowing down though in Eastern Ohio? 

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19 hours ago, Lucas_uLsac said:

 

I guess that could be part of it. ONG is typically associated with boom and bust cycles. I thought that fracking was slowing down though in Eastern Ohio? 

 

I thought so too, especially with low oil and gas prices. But I have no other explanation.


"Save the planet. Move to the city." -- The Downtowner podcast

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19 minutes ago, StapHanger said:

I wouldn't lose the forest for the trees here- that list says the median list price in Canton was only $142K. 

 

This is Canton we're talking about. The fact that there's a pulse at all here is pretty astounding. 

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19 hours ago, KJP said:

 

Those McMansions and tract homes are holding up as much as suburbanites who bought in the late 90s and 2000s.  Seems younger buyers want more managable sized homes in neighborhoods that are "tight knit" and have lots of amenities.  Close to business core, good transportation, good/improving schools, good basic shopping

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What a coincidence! I've just started a cash-for-condos company (ahem, Prendergast Real Estate LLC) to flip outdated condos the Cleveland area. I'm working on one Lakewood project, about to start another Lakewood project next month, and I have two more potential projects (in Rocky River and yet another in Lakewood). I don't flip any properties where the roof, basement or yard are the sole responsibilities of the homeowner. I'm just trying to keep it simple, inexpensive and relatively quick. And even with those exclusions, I'm finding a lot business in a short period of time. The market is good and a lot of older people are moving in to assisted living/nursing homes. They or their POAs need cash quickly, don't want the delays of realtor/inspections and their condos are invariably in need of updating. So this article speaks to some of things I'm discovering as I dip my toes into this growing market that's likely to stay strong for a long time as the Boomers age and move into retirement homes.....

 

 

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"Save the planet. Move to the city." -- The Downtowner podcast

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Need more inventory!! Especially middle-market inventory....

 

 


"Save the planet. Move to the city." -- The Downtowner podcast

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18 hours ago, KJP said:

What a coincidence! I've just started a cash-for-condos company (ahem, Prendergast Real Estate LLC) to flip outdated condos the Cleveland area. I'm working on one Lakewood project, about to start another Lakewood project next month, and I have two more potential projects (in Rocky River and yet another in Lakewood). I don't flip any properties where the roof, basement or yard are the sole responsibilities of the homeowner. I'm just trying to keep it simple, inexpensive and relatively quick. And even with those exclusions, I'm finding a lot business in a short period of time. The market is good and a lot of older people are moving in to assisted living/nursing homes. They or their POAs need cash quickly, don't want the delays of realtor/inspections and their condos are invariably in need of updating. So this article speaks to some of things I'm discovering as I dip my toes into this growing market that's likely to stay strong for a long time as the Boomers age and move into retirement homes.....

 

 

Good luck.  Remember, if you're flipping, do not get emotionally attached to any property.  Think of them as cash, get in and get out.    Remember they wont all sell, you may have to rent before sale.

Each house is a marathon, not a sprint.

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3 hours ago, MyTwoSense said:

Good luck.  Remember, if you're flipping, do not get emotionally attached to any property.  Think of them as cash, get in and get out.    Remember they wont all sell, you may have to rent before sale.

Each house is a marathon, not a sprint.

 

My wife is pretty good at telling me to not spend for the gold-plated extras. Most of the buildings in which I buy condos do not allow them to be rented except to direct relatives (parents or children). And I may not have to put these on the market anyway. I'm working with a realtor friend of mine as part of my endeavor.


"Save the planet. Move to the city." -- The Downtowner podcast

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3 hours ago, KJP said:

 I'm working with a realtor friend of mine as part of my endeavor.

 

A developer friend of mine says that is the BEST way to get started - partner with somebody experienced.

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There's nothing wrong with optimism, as long as you don't get your hopes up.

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29 minutes ago, Dougal said:

 

A developer friend of mine says that is the BEST way to get started - partner with somebody experienced.

 

The best way is to lose a bunch of money on your first "deal".  That way you actually learn the stuff viscerally. 

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1 hour ago, Dougal said:

 

A developer friend of mine says that is the BEST way to get started - partner with somebody experienced.

 

He's helping me find contractors as well as clients. But I found one contractor through a friend of my wife's. He's VERY affordable and does quality work. He's Russian and hasn't discovered how much he's under-charging me.  Anyway, to stay on topic, I figured it was a good time to try this considering how good the real estate market in Lakewood and the West Shore suburbs is right now.

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"Save the planet. Move to the city." -- The Downtowner podcast

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10 hours ago, KJP said:

 

He's helping me find contractors as well as clients. But I found one contractor through a friend of my wife's. He's VERY affordable and does quality work. He's Russian and hasn't discovered how much he's under-charging me.  Anyway, to stay on topic, I figured it was a good time to try this considering how good the real estate market in Lakewood and the West Shore suburbs is right now.

 

You're already a cut throat developer! 👍🏽

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