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Cleveland: Downtown: The Avenue District

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Hmm, not only are they selling condos next door, but now they own the Avenue Tower. I wonder if we will see the apartments sold off again as condos as originally intended, if the new build sells well. 

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1 hour ago, PoshSteve said:

Hmm, not only are they selling condos next door, but now they own the Avenue Tower. I wonder if we will see the apartments sold off again as condos as originally intended, if the new build sells well. 

I’m guessing that’d be their next step if the new phase sells out. They’ll need updating and cleaned up after 10 years of being rentals. Probably providing good income currently. 

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3 hours ago, PoshSteve said:

Hmm, not only are they selling condos next door, but now they own the Avenue Tower. I wonder if we will see the apartments sold off again as condos as originally intended, if the new build sells well. 

They are going to stay as apartments. Not converting back to condos

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My only concern, we want to buy downtown, but not a fan of this location at all or the height of the building.  Much rather buy a unit in the tower.  Really hope it’s built.

Edited by Ruken
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This is such an obscure location to use as a presumed test market. I would never buy here. Euclid, East 9th corridor, Warehouse D maybe, but not here. It’s a bad test market imo.

 

This is normally an overflow buyer area, or should be. But this is an abnormal market.

Edited by marty15
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8 hours ago, marty15 said:

This is such an obscure location to use as a presumed test market. I would never buy here. Euclid, East 9th corridor, Warehouse D maybe, but not here. It’s a bad test market imo.

 

This is normally an overflow buyer area, or should be. But this is an abnormal market.


I actually enjoyed this location when at Reserve (other than, you know, K&D). Still close to everything—tons of food options at PHS and CSU. Multiple trolleys and buses to take you home when it’s cold out. But also easy access to roads without having to deal with the chaos that is E 9 et al during game nights. All the greatness of downtown with minimal suburban commuter nonsense mucking up your life. 
 

edit: mucking, not mocking. Typing on the redline is always difficult. 

Edited by Clevecane
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8 hours ago, marty15 said:

This is such an obscure location to use as a presumed test market. I would never buy here. Euclid, East 9th corridor, Warehouse D maybe, but not here. It’s a bad test market imo.

 

This is normally an overflow buyer area, or should be. But this is an abnormal market.

All the more reason if it is successful, then more condos en route.

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16 hours ago, marty15 said:

This is such an obscure location to use as a presumed test market. I would never buy here. Euclid, East 9th corridor, Warehouse D maybe, but not here. It’s a bad test market imo.

 

This is normally an overflow buyer area, or should be. But this is an abnormal market.

I view this area as being great for young families and/or empty-nesters, having the advantages of being within the city core, but lacking some of its associated disadvantages. It's not the best location for those who want to be right in the thick of it; it's a bit removed. You have to also assume that as development continues, the property values will continue to increase, so while it may not be for everyone, it can fill a niche.

Edited by Frmr CLEder
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And again, look at the speed and price points at which the Knez townhomes are selling. I would argue that they are in a slightly worse location than the Geis condos. 

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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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7 hours ago, KJP said:

And again, look at the speed and price points at which the Knez townhomes are selling. I would argue that they are in a slightly worse location than the Geis condos. 

I mean you’re right they are selling.  I guess it’s solid evidence that anything closer to the middle of everything should have even higher demand.

 

 

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21 hours ago, Ruken said:

My only concern, we want to buy downtown, but not a fan of this location at all or the height of the building.  Much rather buy a unit in the tower.  Really hope it’s built.

 

You're thinking about TODAY.  Buying a home is a marathon, not a sprint.  Think about this, no area in downtown would be though of as residential in 1979, 1989 or 1995.  Then in the later part of the 90s, the Warehouse District sprang out of nowhere.    Yes, if this was a tower, it would be amazing, but to write off the development may be an unwise choice.  This small development could be a gold mine.

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True. The neighborhood around this site could be very different in 10 years, based on the office and residential development planned and underway.

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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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I doubt the Crazy Horse is a selling point for the Knez townhomes either. But they're selling.

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"Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." -- Tommy Douglas, Scottish-born Canadian Baptist minister and the seventh Premier of Saskatchewan

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Just now, Potamus said:

Let's hope so.  I'm not sure the proximity to the Crazy Horse is exactly a selling point for these kind of condos...

 

I disagree.  As I've said before on this forum, people are quick to point out supposed "negatives" you never think outside the box.

 

It's a mixed use neighborhood, the crazy horse has nothing to do with the property itself.  Or what the future value of the individual units will be worth upon completion or 10 years later.

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