Cleveland Housing News: Lead Paint Abatement Important, Especially For Children

It's become easier, as a Realtor®, to recognize homes that might need to get rid of lead paint. Normally our homes have been painted, layer upon layer, so the original lead paint job on a 1920 Era home is sealed safely away. But what if the paint in the room is peeling? Alternatively, if you have older double hung windows that get opened and shut every day as the temperatures rise and fall, the original paint jobs could be peeling against the friction of the opening and closing of these windows. Kids love to look out the window and the youngest ones love to eat whatever is not nailed down. Including paint chips. Another problem area can be a closest or storage area under the eaves in an attic. Sometimes these areas have clearly not been painted for decades. It's a good idea to put a few coats of paint on a closet or attic storage area just to be safe.

The Cuyahoga Co. Board of Health reports that they have received a $7 million grant from HUD to take care of already identified lead paint issues in NE Ohio. About 1300 Cuyahoga County children experienced lead poisoning in 2005. This grant will allow you to apply for monies to repair your home and you can read about the criteria to get the money here.

Sellers of homes in Ohio are required to fill out a Lead Paint Disclosure form to alert prospective buyers of any lead issues that may exist before they purchase. Buyers also have the right to a lead paint inspection prior to purchasing, in addition to a general home inspection. I have to admit, I have never had a buyer opt to get that inspection.

The City of Lakewood First Time Home Buyer Program utilizes a HUD inspection as part of their mortgage lending and purchase process. Peeling paint must be scraped/patched and repainted before their inspectors will sign off on the inspection. I had a home buyer purchasing a Lakewood home with this program and the house was neat as a pin and very well cared for. But there were porch railings and garage walls that were peeling. We had to get that corrected.

If you are buying a home and you will have young children inside the home when you move in, do you have newer windows? Do you have the older double hung rope/sash windows? Please be sure to look at the condition of the window sashes so you will know what you are dealing with when you move into your new home.

You can also go here to the HUD website and read more about keeping your home safe from lead paint poisoning issues. Peace Out-3C

A Short Sale Could Save You From Foreclosure

Short Sales are a valid alternative to getting completely mired in the foreclosure process. The important thing is to not ignore notices from your bank or lender; call their collections department immediately and see what kind of alternatives you have.

I love it when someone explains the process so well that I don't have to. One of my favorite bloggers is a Realtor® in Minnesota and she explains the short sale issue perfectly here. Read what Bonnie Erickson has to say; it might help you avoid getting into a real mortgage fix. Peace Out-3C

Forbes Includes Cleveland Real Estate on Their Affordability List

There was a very good article in Forbes this week. Matt Woolsey reports about the affordability of housing stock in certain areas of the Country; and more specifically, certain cities. His description of affordability makes sense. The short version is, the median price matches the medium income. He points out that even if you don't have any money saved this year, ....it would take just two years of gross salary to become a homeowner...."

That means two years of saving for a home, which is reasonable and matches what my mortgage 'peeps' tell me. He was referring to Indianapolis at the time, but here are the other cities he included on the list for affordable homes:

Cleveland, Ohio
Indianapolis, Indiana
Detroit, Michigan
Pittsburgh, Pennsylvania
Atlanta, Georgia (this one surprises me, their salaries must be high enough to fit the criterion)
Greensboro, North Carolina
Cincinnati, Ohio
St. Louis, Missouri
Dallas, Texas
Austin, Texas

Our median income is somewhere around $57k -- according to the article. Does anyone have stats to back this up or corroborate? It sounds high to me. They list the median sales price of homes here as $122,900. That does sound about right. While it is not the best time to list a home for sale right now, it sure is a good time to buy one in the Cleveland area.

Forbes on line has a slide show that also includes the median home prices for each community, along with photos.

The more I think about it, I thought our median income was below $30k, otherwise how would we have been voted one of the poorest cities? Sometimes (!!!) when you read an article you just can't take it on face value, I know, you all already know that!

Peace Out - 3C

Cleveland Real Estate: The Skinny on Lakewood and Rocky River Home Sales

Six months of statistics are available for home sales in and around Cleveland so I'm going to be posting these off and on over the next week. Today it's Lakewood and Rocky River. These stats, as usual, cover homes sold by brokerages in NE Ohio. All stats cover January to the present.

Lakewood:

105 total homes sold. 66 were BR single family homes; the rest were condos. The lowest sale price was $55,000 and the highest was $223,000.

All 105 averaged 94 days on the market before selling. The average 'sold' dwelling had 3BRs, 1BA and a one car garage. Average asking price was $120,096. The average sale price was $115,574.

There are 168 Single Family Homes for sale currently in Lakewood.
There are 138 condominiums for sale.

12 homes are currently under contract and waiting for inspections and mortgages to be finalized; 36 homes are 'pending' or waiting to close.

Rocky River:

182 total homes sold since January.
137 were single family homes
45 were condominiums

They ranged in price from $127,000 to @262,000. The average ask price was @178,060 and the average sale price was $171,747. These homes were on the market an average of 88 days.

There are 4 'contingent' offers, meaning waiting for inspections and mortgage approvals.
There are 37 homes pending, or waiting to close.

Rocky River currently has 171 condos listed for sale ; 182 single family homes are listed for sale.

Still more available homes than there are buyers. Peace Out - 3C

Cleveland Housing News: Ohio's Homestead Exemption Tax Has Expanded

Governor Strickland and The Ohio General Assembly have expanded the Homestead Exemption Tax. You may not have been eligible before but may now meet the requirements.

Are you 65 ?

Are you disabled?

If you answer yes to either question, you may now qualify. Because the income limits have been eliminated.

It could reduce your property taxes up to $400 a year.

I mention this now because the deadline for applying for a Homestead Tax Exemption is October 1, 2007. Believe it or not, October is not that far away. You will ultimately be applying through your local county auditor. There is a directory of all county auditors and forms you can download at the Ohio Department of Taxation website.

If you already qualify, no worries, the new rules will automatically keep you in the program.

You can find out more information two ways -

On line at Ohio Department of Taxation or by calling them at 800-282-1780.

In Cuyahoga County, you can contact the Auditor's Office on line or by calling 216-443-7010

Peace Out - 3C

How would you feel about an 'air rights' cap over the Innerbelt that included housing?

It's hard to weigh in on this idea fully, but there are aspects to it that sound feasible and economically forward thinking. What am I talking about? Well you will have to read an article in the Plain Dealer by Steven Litt. A non profit group called Quadrangle Inc. is suggesting we follow the path taken in places like Boston and making sense out of concrete barrier areas established during the Federal money heyday. Barriers that have cut off neighborhoods from the rest of the world (i.e. highway exit ramps) in cities all over this Country. That part sounds good so far.

I get a bit nervous about two things. Have you ever read about Boston's Big Dig? That was so expensive it made everyone's blood go cold. Secondly, there is money for the Innerbelt Plan (Federal) but no money would exist for the Capping Plan (Federal).

It would be a ten block area that would connect CSU with CCC and St. Vincent's Charity Hospital. It would be called the 'University Circle West.' I can't believe they have a name for it already. It would create 23 acres of housing, retail and parks. Above ground parks like the High Line in NYC?

As usual there is discord not discourse. The peeps and non-profit groups supporting The Innerbelt Plan are saying that this will circumvent the existing plan for the Carnegie exit ramp and that it will delay the project, make it more expensive. Make it more expensive makes sense; the delay part, well, to me a plan should move ahead only when it's absolutely determined that it is the best one.

This quote from Hunter Morrison, a former area planner, is worth repeating because this is for sure what happened all over the Country: (this is right out of the PD article)

"Morrison said city planners in the 1950s intentionally ran the highway between downtown and the Woodland and Central neighborhoods to create a barrier. Capping the freeway in the future would heal an urban scar, he said. "

But, and a big but, they don't know who would fund this project.

You can go to Quadrangle Inc. website and see a map of the District and find a bit more about them. The name quadrangle and it's association for college life is not lost on me. This has not been on my radar before has it been on yours? Let's hope we can find out more about this.

Cleveland Housing News: Multi-family (Doubles) Stats For Zipcode 44111

There are currently 63 two family homes for sale in zipcode 44111. 64 if you count a new one listed on Bellaire for $240k (built in 2006).
The average Ask Price is $93,712. The average square footage is decent, 2,033 sf, or about 1,000 a unit per home.

Since January 2007, here are sales stats for two family homes in zip code 44111:

• 27 Doubles Sold
• Average Ask Price was $82,300
• Average Sale Price was $78,488
• Average number of days these sold doubles were on the market is 91
• average square footage was 2,049

There are foreclosure homes represented here, that is the sobering news. The better news if there is any, is there are not hundreds of them on the market right now (which is true for single family homes in this zip code, see post from earlier this week). Peace Out- 3C

Cleveland Economic and Housing News: Advance NE Ohio Asks: Are You Optimistic?

I added my two cents, but more importantly, they want input and that means you. Advance NE Ohio wants to know three reasons why you are optimistic about our future. If you provide your thoughts there just might be a great dialogue. Peace Out - 3C

Cleveland Real Estate: Zip Code 44111 Housing Stats

We are halfway through the year 2007, which is hard to believe no? Cleveland real estate in zip code 44111 is selling, but there are some shocking stats.

These figures - as always - cover homes listed on the real estate computer listing site, NORMLS, for homes sold through brokerages who list there:

Zip Code 44111: 114 Single Family Homes sold since January 2007

Here are the averages for those homes: 1,327 square feet; 3 bedrooms, 1 bath and a two car garage. Okay so far. The average asking price was $69,547. The average sale price was $66,837. That comes out to about $52 a square foot. The average number of days on the market for these homes was 84.

The other stark news is that the first 35 homes out of these 114 sold for under 50k -- and the first 46 homes were bank owned. Yes, there is a correlation. It's also sad because it affects the market values.

And btw, there are still 370 single family homes on the market in this zip code -- and that is only for the homes with 3 or more bedrooms. This puts a stark reality to the foreclosure issue. And sometimes reality bites. Peace Out - 3C

Downtown Cleveland Housing: Euclid Avenue Corridor Update

First let me say how happy I am to utilize a PR newswire report since they moved so many of their workers to Cleveland a few months back! Now the news:

1. Paul Volpe and City Architecture have been given the bid for the Streetscaping for the Euclid Avenue Corridor project. The first leg of this project will start in September of this year. It is, according to plans, to be a walkable neighborhood and will tie in to and be in partnership with the Zaremba Development of the Avenue District.

2. The Avenue District construction is already underway - 78 units at are you ready? Good price points! For 1200 square feet the price is expected to be around $235,000. For the usual $300k and up, you will actually get good square footage for your buck: how does a $370k 2100 sq foot town home sound? The prices can go even higher of course but it sounds like good variety in the floor plans and styles.

One of the descriptions of the Streetscaping Plan intrigued me a lot; they called for 'outdoor living rooms' called 'area rugs' by using different colors and textures.....and there will be benches and public art and more. Btw, the Streetscaping project costs some bucks...approximately $7 mil.

Have to admit it sounds like it could really provide a sense of place for Euclid Avenue.

(above is a photo I took on E. 9th Street-multiply that 100 times and there is a 'wow' factor in my head about the EA Streetscaping) Peace Out - 3C

Cleveland Real Estate News: New Town Home/Condo Projects

New Cleveland Condominium Projects: Where are the price points going to be? Only some of them are below $300k. And you guys know my mantra, we need lower price points.

Anyway, the PD's Henry Gomez wrote an article and there is a great pdf file of proposed projects - every now and then the PD gets it right, this is a useful reference for anyone who might want to purchase a condo. Some of the projects sound really good, like the condos on Columbus Avenue -- after all, they are near RTA so perfect location. I do not know anything about the price points yet and this article did not have that information either. They may still be deciding. I might have to call and lobby for good prices!

Gomez talks about the 15 year tax abatement keeping the $300k and up price points going strong. What do you think? Wouldn't a 15 year tax abatement on a town house that was $200k be even more attractive? How about $179k like the ones at Tremont's Starkweather Place? Stay tuned for more information on that one soon. Great exterior design, really true to the character of Tremont.

Peace Out - 3C

Cleveland Real Estate: New Condo Project in the Flats

A new Cleveland (Flats) real estate development that will feature 264 condo units on three acres of land bought in 1999 from Sherwin Williams. Apparently the plans are not available for viewing yet but the goal is for each unit to have a view of the River with some units 'higher up' also having Lake views. This info comes from Crains Cleveland.

The design is being done by Paul Volpe of City Architecture. City Architecture has designed some gorgeous and tasteful projects. The Pierre's Ice Cream building, The Boulevard Town Homes in Cleveland Heights, Centrum Theatre in Cleve. Heights, many cool streetscaping projects including Prospect Avenue. And Millcreek, which is a planned community within the City limits, bordering Garfield Heights.

This makes the third planned residential development for the Flats (including Stonebridge). Tom Newman, the Executive Director of Flats Oxbow is quoted in the article - the Association hasn't seen the plans yet and the plans were apparently not at the City Council hearing on this project...that tells me it is in the very early stages. Here is other property for sale currently on both banks of the Flats.

Peace Out - 3C

Cleveland Housing News: The Statler Arms: An Elegant Apartment Building With a Rich History

I have a terrific client -the one I mentioned here, we met in person yesterday instead of just being email pen pals and began our search for his apartment. This led to an interesting hour at the Statler Arms Apartments. I got there early and proceeded to walk the building. It was converted from an office building to apartments and in 2002 the first residents moved in. Because it used to be a hotel (more on that later in this post), this residence has unique features. The first floor/lobby still looks and functions in a way a hotel might operate: a concierge desk at the door is now the 24 hour front desk. There is a newsstand, a Spa, a clothing boutique and a restaurant all on the first floor.

I started out with a decent double shot expresso from Juji's at the Statler, with open air style seating that has the perk of not being affected when it rains! Their menu includes everything from comfort food (fish and chips) to the Middle Eastern fare I love like kabobs and shawarma. It is also open for breakfast, which must be a definite perk for folks living there. The link above is from a Plugged In Cleveland review.

Dave the proprietor of the newsstand was very interesting and friendly. I told him I had a client looking for a place to live so he could walk to work. It turns out Dave's commute is about one minute...he lives in the Statler as well!

There is a fitness center on the premises, you have in suite washer dryer hook ups for your convenience and really interesting city views...one of the units we looked at had views into the bowl that is Jacobs Field. I imagine with binoculars you could watch the progress of the game, and certainly enjoy the fireworks. The Selah Salon and Spa looks very luxurious, offering what you would imagine a spa to offer, everything from massages to waxing to nails and hair. And the prices are amazing. You can get a two bedroom apartment with lots of storage, views, light-filled rooms and everything I mentioned above for $1,000. One bedrooms are less money per month and are equally spacious. I talked to one of the residents, he has lived there for 3 years and says he loves it, walks to work and considers the place comfortable and 'practical.'

The Statler started out of course, as a hotel. The first Statler was built in Buffalo; our Cleveland hotel opened in 1912. There is a terrific web site created by one of Ellsworth Statler's descendants; I recommend it for anyone interested in Cleveland and/or business history. He mentions for example, Statler's original advertising motto: "...A room and a bath for a dollar and a half..."

The hotel eventually became an office building. WMMS operated out of there in the 70s. My friend Connie tells me her Communicator's Club meetings used to be held there. And our famous native Clevelander Joel Grey once conducted an orchestra at the Statler.

I love my job, it's fascinating to keep learning about the rich history of Cleveland. Peace Out - 3C

Cleveland Housing News: Renting Or Purchasing, My 2007 Clients Have Their Heads on Straight

I don't just find people homes to buy, I also help them find rental housing. I talked about my client relocating from the Great Plains and wanting the vibrancy of the City and the character of her architecture. It finally hit me today. Young or my age (ahem lol), all my relocation clients are leaning in the same direction.

Here is what they have wanted, collectively: to be close to Downtown, in a neighborhood that provides amenities that fight off boredom: shops, galleries, restaurants, public transportation, and a view of Cleveland's natural beauty.

Some have wanted specific things: loft-like living with lots of windows. Some of the newer developments, like Stonebridge for example, can be a challenge in this respect. Many of the bedrooms in their floor plans are interior with no windows. The Federal Knitting Mills Apartment Complex is like that too. The Knitting Mills has a few floor plans with bedroom windows, you just have to be lucky and have one available when you are ready to rent.

What I love about the Cleveland housing market is affordability. You can spend $1500/month and upwards, but you can also spend less than $900/month and get a loft-like 2Br apartment with great character, garage parking, in suite laundry availability and sometimes a fitness center.

My buyers have been focused on City living as well. In fact, I am in the process of sending out letters to homeowners in Ohio City because I have a client who only wants to live there, and we can't find the right home for her as of yet. It's that pesky $300k and up price point that gets in the way.

Here is what I am finding:

1. fiscally responsible buyers and would be tenants (let's call them clients it's easier lol)

2. clients who want to be near to their jobs; public transportation or walking are first choices; if that fails, then ten minutes or less to work. Is this smart thinking or what?

3. I have had six clients this year who are in their first jobs (some just starting) who eagerly embrace the City and parking their cars unless absolutely necessary.

4. Four of of the six are from out of town. I have one new client so technically that makes five out of seven, although we have not yet 'hit the streets' together, so far we are doing our work via email.

What excites me about this is the hope that it is a lasting trend. It definitely feels like a shift in thinking. Just like the Ohio Hub is starting to make so much sense in terms of our not so distant future, RTA and close-in living are defining needs now. It almost makes me giddy to think about it! Peace Out - 3C

Is East Fourth Street The Pulse of Cleveland Again?

I had a gentleman walk into my office a week or so ago. He moved here from Kansas City and worked in a western suburb. He'd only been here a few days, but could already tell he really wanted to live in Cleveland. He wants to rent so we set out to explore a few things; our first efforts did not work out and this week I found myself down on East Fourth Street looking for rental possibilities. I trekked over there when the Corner Alley bowling/martini bar opened because it sounded exciting (it was). It was even more exciting to see it and everything else all decked out for summer, neon-blazing and streets closed to cars (not in the way Euclid Avenue is lol...it's a pedestrian delight on East Fourth). It really felt, for the first time, like a NYC street in Cleveland.

Now today even better news! A terrific article in the PD written by Bill Lubinger who was positively glowing about the vibrancy of the Street --a shout out to Bill because this was a positive article on Cleveland City! It is definitely worth a read.

Two points over and above the synergy part of the story (new restaurants, etc) struck me the most. The first is a comment by Michael Symon of Lola (and others) fame who hit it on the head: he wants Lola to succeed on East Fourth but not "....at the expense of Ohio City and Tremont...." He knows that one street isn't going to carry the load (just like LeBron couldn't be expected to do all the work last week, but I digress).

Back to the apartments. I knew they existed; Bill Lubinger tells me there are 160 apartments now, above the entertainment/retail establishments and that more are coming. I know I found myself down there on Monday because of the affordability of one of the buildings. The point is that mixed use development is what is really going to create the synergy we need in all areas of Cleveland, be it Chinatown, the Euclid Avenue Corridor, The 'west of Ohio City' portions of Lorain Road that extend all the way to Fairview.

I was on E. 185th in the Historic Shopping District there last weekend and it made me feel alive to be there and see all the people at the coffee shop, stores, etc, enjoying their neighborhood and supporting the businesses. The Warehouse District already proves that housing adds to the after hours life of an area. Anyway, thanks again to Bill Lubinger - It's a great time of year to check out East Fourth Street and put a smile on your face. Happy Summer everyone ! Peace Out-3C

New Plans for Detroit Shoreway's The Detroit Superior Lofts

Those of us in real estate have been hearing about the proposed Detroit-Superior Lofts for a while now. There are two articles about the plans and it's always a bit amusing to see the differences in the stories. Isn't news always like that? It seems the project is still a 'go' and it is still being developed by TEG Properties of Cleveland. Both articles agree on that. They also agree that the non-profit group A Place For Us is no longer in the picture for that site. (The site btw, is at the corner of W. 28th and Detroit)

Crain's Cleveland is where I first read about it today. Stan Bullard wrote an article about the 50 unit project. It was once also going to cater to more senior residents (in additon to the gay population) and it was to be a four story building. According to Bullard, it is now a seven story affair. He also says the prices for the units will start upward of $140k.

The Plain Dealer article written by Henry Gomez goes into a bit more detail about why A Place For Us pulled out of that location, feeling more confident in a different developer and deciding on a Lakewood Gold Coast site for their involvement. A rep from TEG is quoted here as saying it should be completed (the project) sometime next summer.

Both articles say the cost of the project is around $15 million. The PD article says the units will start at $150k. Well, I guess that is 'upward of $140k.' One good thing, it's a much lower price point than the usual $300k new construction we have been seeing. Peace Out - 3C

Manufactured Homes Go Green and Upscale?

Housingzone.com did an interesting piece on pre-fab housing. For those of us who take a snooty approach to pre-fab (and yes, I like the old historic homes better aesthetically), the article points out some reasons why the market for pre-fab is increasing.

1. Fresh designs. To me that means more than just the look of the exterior. Think about how people use extra bedrooms for offices, dens, game rooms. Think about how a Great Room or Family Room off the kitchen has turned into a practical and desirable floor plan for families or those who love to entertain. The small parlour/living room combination has been transplanted with this style. Pre-fab homes are offering ways to meet these new needs and apparently the public is buying it.

2. Designs that appeal to more upscale consumers. The old standard of a manufactured home only being a low to moderate income home design of lower quality does not hold true anymore. As one builder said in this article "....[perceptions] that are rooted in past decades when the industry kept costs low at the expense of good design...." are gone.

3. Environmental and energy concerns. Environmentally friendly construction materials and green housing standards are being met now with many pre-fab builders. As a side note, you can look at homes made of steel instead of wood framing, which is a big plus in areas that experience a lot of nature's wrath. Steel also gives you more square footage to play with inside the home since there are less 'interior room' structural supports needed.

They claim their biggest market is baby boomers, not that this is surprising since there are so many of us lol. Anyway, to read the entire article, go here. Peace Out - 3C

Press Conference to Announce Ways to Help Revitalize Neighborhoods

Cleveland Action to Support Housing (CASH) is announcing a press conference for May 24th - they are a non-profit, with support from development corporations like Brooklyn Brighton and Clark Metro, The City of Cleveland, The Cleveland Housing Network and a slew of area banks.

We know that the vacant housing issue in Cleveland is a big deal, with the City trying to change the process of prior owner notification so that vacant homes can be sold/improved. So many of us are sad that so many boarded up homes needing some TLC are scattered throughout our neighborhoods.

The CASH press conference on May 24th is focusing on the vacant house/rehabilitation issues.

Here is a pdf link to read. Let's go to the press conference and find out for ourselves. Peace Out - 3C