Northeast Ohio Housing Market Trends in 2007

The computer listing service on the web those of us in the business utilize (NORMLS) gave us statistics on homes and condos sold in all of Northeast Ohio since 2007 began. This means Bratenahl, Medina, Avon Lake, Cleveland, Parma, the whole ball of wax. Here is some data:

• Homes and Condos sold, on average, after three months on the market.
• 5,474 new homes were listed for sale - up 67% from the number listed a month earlier
• 692 condos were listed
• 1,253 homes sold - 42% of the housing on the market sold
• 165 condos sold - 27.4% of the condos on the market sold
• 2007: Average Sale Price for single family homes in NE Ohio was $154,125 (same time frame in 2006: Average Sale Price was $160,699)
• 2007: Average Sale Price for condos was $138,914. (same time frame in 2006: Average Sale Price was $155,190)

So yes, the average home and condo sale price is down from the beginning of 2006. Peace Out - 3C

Cuyahoga County Condo Sales: Shaker Heights Condos Sold

Today was inspection day on a home sale in Shaker Heights. My clients are moving here from another State to accept jobs at Case Western Reserve and that alone makes me happy - it's great when people relocate to the Cleveland area. Anyway, the inspection took a few hours, as usual. The inspector does two things that are really important when you buy a home. 1. Look for any major issues and 2. help with his/her expertise on how to maintain your furnace and other mechanicals. My clients are first time home buyers so it's always good to learn how to keep things running well to keep from having repair costs in the future. ASHI (American Society of Home Inspectors) inspectors have a lot of knowledge under their belts - this inspector was no exception.

Anyway, tooling around Shaker is always fun, it's a gorgeous City. So I decided it's time to continue the condominium market trends discussion with results in Shaker Heights condominium sales for 2006 - comparing them to 2005 sales. Here is what I came up with: condo sales held steady both years. Here are the results:

2005: 65 condo sales and they were on the market an average of 97 days, or just over three months. Sales ranged from $117,144 for an efficiency condo to $699,167 for a 3 BR, 2 1/2 Bath condo on South Park Blvd. The average Ask Price was $121,926 and the Average Sale Price was $117,144.

2006 to Present: 66 condo sales from $19,900 to $596,900. Most of these condos were also on the market for just over three months (an average of 93 days) The Average Ask Price was $ $152,890 and the Average Sale Price was $145,328.

For both years, the average sale was for 2BR/2Bath condos with 1 car garages. I've talked with Realtors® from other states and they said their condominium sales were doing well - I'm inclined to agree with them as far as these Shaker Heights results are concerned. For information on current condominiums on the market, check out my website. (There are 82 condos available right now in Shaker). (Photo courtesy of Shaker City website. Peace Out - 3C

Cleveland Residency Laws Part Two

Got back onto Cleveland.com's forum as people discussed the residency laws. One 'thread' talks about people not living in Cleveland then not doing their jobs well (i.e., police). I find that one hard to believe, it's a tough job. Would someone really not do their best as a policeman because they don't live in the same community?

I thought the idea was to put City workers in the City so they could become involved in every aspect of their communites, a win-win situation for them and the rest of us residents. I don't really believe the residency law is about public safety workers not caring about us. Anyway, you can decide for yourself, and read all the other comments on the Forum.
Peace Out - 3C

Judge Rules Against Cleveland's Residency Laws

Crain's Cleveland website edition has an article written by Jay Miller regarding a Common Pleas Court decision today that supports Ohio Legislation blocking Cleveland's right to require people reside where they work. Another article from Cleveland.com

The Judge brings up the point that the City of Cleveland can still offer strong incentives for people to live in Cleveland and work in Cleveland. The City of Cleveland vows to continue the fight.

Personally, I think Cleveland already offers a lot of what I need to live here: walkable neighborhoods, affordable taxes, schools with a broad spectrum of classes and great teachers, and a beautiful housing stock with character, built in the days when pride in construction was the norm.
Peace Out - 3C

Give the City Your Feedback on Three Proposed Convention Center Sites For Downtown Cleveland

Spent some time studying the comparative analysis of three proposals for possible Convention Center sites in Cleveland. Rather than reinventing the wheel so to speak, go to the City of Cleveland Convention Center website pages outlining the three plans. In great detail I might add, including straightforward renderings & plans, and outlines of issues to be addressed in order to move forward.

The best part? You can email the Planning Department with your opinions. We all deserve to be a part of this process so let your voice be heard! I like the Mall West Block Site (rendering pictured here) because the location lends itself to a facility that large without taking up Lakefront/Public Square space that could be used for multiple purposes instead of one huge facility. For a map showing where the three 'Centers' want to be located, click here. What do you think?

They say there are no coincidences, so I am sending a vote of appreciation to Mayor Jackson's staff. The City website has become so much more informative since the Mayor took up residence at City Hall.

I would love to hear your comments on the three plans, what impresses you, what doesn't appeal to you. But most importantly, if you review it you can email your feedback to the Cleveland City Planning Department Allow your voice to be heard! Peace Out - 3C

Don't Throw It Away, Freecycle

A big shout out today to a blogging buddy of mine from Connecticut, Linda Davis. She posted on her Ledyard Connecticut blog about Freecycle. It was a new concept to me, I'm sure some of you already know about it. Freecycling means you don't throw it away, you give it away. There is a Freecycle Cleveland group on line. I love Plugged In Cleveland and advertise my listings there. They also have a Freecycle section. Learn all about Freecycle on their official website. When I go to their finder page I find groups in places all over Ohio, the closest ones being in Ashtabula, Akron, Brunswick and Independence.

There are many Yahoo! Groups for Freecycling. Here's one from Lakewood. Seems worth checking out. This is so good it almost makes me want to start de-cluttering! Peace Out-3C

Steelyard Commons Walmart to Participate In Job Opportunity Zone

The latest word is that the Steelyard Commons Walmart decided they want to play nice (actually very nice) and not take their allowable tax abatements for the new Steelyard Commons store. Instead, they are looking to set up a Job and Opportunities Zone in Tremont, setting aside grant money and advertising money to help local businesses in Tremont thrive, grow or start up. For more information, see my Active Rain post here.

Update: here is an audio podcast of Mayor Frank Jackson explaining the significance of Walmart opting out of the tax abatement (ten year) available to them. The podcast is courtesy of Cleveland.com.
Peace Out - 3C