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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


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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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! 

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Vision Realty just closed on the strange concrete block building between Wade and Bauer for $750,000.  This building occupies enough space for seven single-family homes, so they paid slightly over $100k per "lot".  If they are able to build 18-foot or 20-foot attached row houses instead of 20-foot houses with 60" alleys, they will be able to build several more houses. 

 

 

 

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Sorry I was at work yesterday and couldn't screw around making a graphic.  Here is what Vision now owns...the red is the former Feast of Love concrete block building that they purchased for $750,000.  Blue is a pair of overgrown lots purchased for $93,000.  Green is a single lot on Central Ave. purchased for $20,000.  The Bauer Ave. lots and Central Ave. lots were transferred from a different Vision LLC which is why the purchase price appears as $0. 

 

westend.thumb.jpg.ac5ba3a457e7e8ad3bbabef5d26c776b.jpg

 

 

visionrealty.thumb.jpg.0e78de7fa9d11cabc4f4ca172eb90e0d.jpg

 

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Revelation Baptist Church still owns the parking lot along John St. between Wade and Bauer.  On the opposite site of the block, two holdouts remain.  Odd Lots, LLC hasn't budged on selling the NW corner of Central Ave. & Wade.  A certain Lloyd Tate hasn't sold the SW corner of Central Ave. & Bauer.  I have heard through the grapevine that this guy might be ill and unable to represent himself legally. 

 

The Jahovah's Witnesses haven't sold anything, and neither has the foreign family that owns a bunch of the block between Bauer and Liberty, including the various automobile garages. 

 

The other characters who own more than one lot are Central Development, LLC and Wade St. Holdings, LLC, which each own a pair of properties.  

 

 

 

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The crooked pastors will pocket all of the money. 

On 3/1/2019 at 9:12 PM, 1400 Sycamore said:

Actually 12 parcels I believe.

 

They might be able to build 12 attached row homes in that space.  Cincinnati zoning permits attached row homes as narrow as 18 feet.  In this case that would mean 9 along Bauer and 3 facing Wade. 

 

 

 

 

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I don't have much faith in this developer.  Website last updated in 2017.   No activity as of late.   The same company has had a rag tag crew interior demoing Bloom one block over.   Not much progress with that building either though all in all.

 

http://heberlelofts.com/

 

http://zadadevelopmentgroup.com/portfolio/dayton-street-historic-district/

Edited by oakiehigh

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Lots of low-level speculative activity in the West End of late.  A real estate professional told me that West End property values doubled in 2019 - however that's akin to the old tallest midget one-liner.

 

Nevertheless, many property owners are attempting to get real money for their derelict West End properties.  Nothing really cheap is left.  So if you want something, get ready to pay for it. 

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Edited by jmecklenborg

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A very small vacant lot at 1816 Baymiller St. just sold for $15,000.  That's the highest price paid for a vacant lot in the West End in 100+ years, with the exception of those immediately next to the stadium.  

https://wedge.hcauditor.org/view/re/1320002014500/2018/summary

 

This lot measures only 15x100.  It sold for $100 in 2013 and $2,500 in 2016.  

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1 minute ago, oakiehigh said:

KHAN RAMEEZ, the Indian Cricketer?!?!?! 🤣

 

It's amazing who owns random stuff in Cincinnati.  You scroll through the auditor's listings and you see all sorts of foreign names and you're like...how did this person come to buy this specific item in Cincinnati, of all places.  

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2 minutes ago, oakiehigh said:

KHAN RAMEEZ, the Indian Cricketer?!?!?! 🤣

 

I had a guy from Belgium try to buy the lots I used to own near the soccer stadium.  The guy had $149,000 sitting in his U.S. checking account, somehow.  

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25 minutes ago, jmecklenborg said:

You scroll through the auditor's listings and you see all sorts of foreign names and you're like...how did this person come to buy this specific item in Cincinnati, of all places.  

 

 

CLKc0LPUAAAxikS.png

  • Confused 1

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Some quick phone pics of a remodel in the 900 block of Dayton St. yesterday.    Sparing no expense with all that copper, but it sure will look good when finished.

D1.jpg

D2.jpg

D4.jpg

Edited by oakiehigh
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On 9/10/2019 at 1:56 PM, SleepyLeroy said:

 

 

Just a follow up that an LLC in this tiny building in NYC is the owner of the Heberle School in the west end. I hope that they havent given up and are letting it rot away. https://www.google.com/maps/place/539+Cary+Ave,+Staten+Island,+NY+10310/@40.6323061,-74.1198382,3a,44.8y,354.46h,84.26t/data=!3m7!1e1!3m5!1sXNv0zo7Qq0p_N2vVwTkaLA!2e0!6s%2F%2Fgeo1.ggpht.com%2Fcbk%3Fpanoid%3DXNv0zo7Qq0p_N2vVwTkaLA%26output%3Dthumbnail%26cb_client%3Dsearch.TACTILE.gps%26thumb%3D2%26w%3D86%26h%3D86%26yaw%3D0.1339118%26pitch%3D0%26thumbfov%3D100!7i16384!8i8192!4m5!3m4!1s0x89c24e7443de6aa7:0x84f5be3ccb5f4c4e!8m2!3d40.632554!4d-74.1198439

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They're also proposing TIF districts in 15 other locations. This isn't specific to the West End. Mt. Auburn was just notified of this this last week. They're trying to do it before the reevaluation of property (which happens every 3 years, next year).

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So are TIF districts sort of enabling districts in the city to get a boost so to speak? For instance the West end and Mt. Auburn are very much on the edge of becoming hot because of the proximity to OTR. 

 

Pleasant Ridge because of its proximity to Oakley. 

 

But what about Price Hill? Are certain areas screwed because they aren't adjacent to hot areas? 

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TIF districts generally use a portion of increased property values to fund public infrastructure. To my understanding, if the property values in an area don't increase, no funds go into the TIF, so it doesn't receive any funding. The city can still fund projects in a neighborhood or area without a TIF district, but the TIF funds have to be spent within the district. It provides a dedicated source of funds for public projects.

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33 minutes ago, troeros said:

So are TIF districts sort of enabling districts in the city to get a boost so to speak? For instance the West end and Mt. Auburn are very much on the edge of becoming hot because of the proximity to OTR. 

 

Pleasant Ridge because of its proximity to Oakley. 

 

But what about Price Hill? Are certain areas screwed because they aren't adjacent to hot areas? 

 

In OTR and downtown, entities like 3CDC are able to leverage income from TIF's to finance parking garage construction, streetscape improvements and other infrastructure. If you have an entity like that driving development, it will create some momentum. Some of the proposed TIF areas are already developing so they will likely benefit the most. Places like North and South Fairmont will struggle unless projects like Lick Run start driving developer investment.


“All truly great thoughts are conceived while walking.”
-Friedrich Nietzsche

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55 minutes ago, troeros said:

So are TIF districts sort of enabling districts in the city to get a boost so to speak? For instance the West end and Mt. Auburn are very much on the edge of becoming hot because of the proximity to OTR. 

 

Pleasant Ridge because of its proximity to Oakley. 

 

But what about Price Hill? Are certain areas screwed because they aren't adjacent to hot areas? 

 

All three Price Hills already have TIF districts.

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Generally agreed - there are still pockets of Mt. Auburn that are pretty cheap, but it has gotten more expensive int he last 3 years. 

 

They are also proposing TIF districts in South Cumminsville, Roselawn, Spring Grove Village, Mt. Airy, North Fairmound, and South Fairmount which I don't expect to see large gains in. I could definitely be wrong. But having them in place positions them to make improvements in the future when values do start to rise.

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28 minutes ago, jmecklenborg said:

Mt. Auburn, the West End, etc., are already "expensive", despite very little new construction.  The price differences in these two neighborhoods between 2017 and 2019 are profound.  

 

Is this basically the "OTR ripple effect" causing the spike, or does the FCC West end stadium play a role as well?

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2 minutes ago, troeros said:

 

Is this basically the "OTR ripple effect" causing the spike, or does the FCC West end stadium play a role as well?

 

It's everywhere.  Prices have doubled pretty much everywhere in the city since 2016.  I was under contract to buy a 2-family in Norwood in early 2016 for $63,000.  That deal fell through but I'd bet that same building could get $110-130k now.  

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