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Guest thomasbw

Cincinnati: West End: Development and News

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Yeah a lot of these hillside lots were previously inhabited and only are empty due to the lack of bedrock and soil erosion / landslide type issues.

 

A lot of the original hillside homes were wood or otherwise shoddy construction.  Few people with the means to do so built a nice house on an unstable hillside in the 1800s.

 

A rule-of-thumb for speculative homebuilders is not to pay more than 10% of a finished home price for the lot.  So $70k for a $700k house, for example.  In the case of these hillside lots, if your aim is to make money as a spec homebuilder, you would subtract geotechnical work from the offer on the lot.  In many cases that work exceeds 10% of the home price, before the lot. 

 

But those things don't stop wealthy people from building custom homes on the hillsides that cost much more to build than they can be sold for.  That happens all the time.  It also happens all the time with extravagant renovations of existing homes. 

 

 

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Cincinnati nonprofit building $10M facility in West End

 

Tender Mercies Inc., a Cincinnati nonprofit that provides permanent housing and services to homeless adults with severe mental illness, is building a more than $10 million facility in the West End.

 

The organization started construction in August on 821 Flats, a more than 40,600-square-foot building that will have 57 affordable homes. The project is being co-developed with Over-the-Rhine Community Housing. The 821 Flats will include three one-bedroom apartments and 54 efficiency units with modern laundry facilities, common kitchen and dining space, security and support staff, and on-site health services and case management.

 

More below:

https://www.bizjournals.com/cincinnati/news/2018/10/16/cincinnati-nonprofit-building-10m-facility-in-west.html

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2 hours ago, SleepyLeroy said:

^ Since Friday it dropped to 45% of that! 😆

 

 

Actually I typed it incorrectly when I posted on Friday.  It was listed at $45k originally. I was at work and not giving urban ohio my undivided attention! 

  • Haha 1

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