Ohio City, Tremont Homes Sold in March 2007

This is for all of zip code 44113. The single family homes that sold were town homes (single family because they are owned in full by the owners, and are not condominium complexes). One was in Clarence Court and four were in Bergen Village.

There were Five single family town homes sold between the prices of $218,233 and $$465,873. The average length of time they were on the market was 187 days. The average Ask Price was $348,360 and the average Sale Price was $375,173 (new construction, so with add-ons or upgrades, the prices can go up). The five town homes averaged 2 Brs, 2 Baths and a 2 car garage.

There were two condominiums sold in March between the prices of $107,000 (for one in Grove Court, near the West Side Market) and $547,500 (in Stonebridge). They were on the market for 91 days or three months.

To put things in a bit of perspective: there are 70 condos for sale in zip code 44113 and 92 single family homes.

Peace Out - 3C

Lakewood, Rocky River Homes/Condos Sold March 2007

It's Saturday and the end of March, so it's time for housing sales information. Here is what sold in these two communities this month:

Lakewood: 33 Single Family Homes sold between the prices of $50,000 and $855,000. The average number of days these listings were on the market was 94, or just over three months. The average Ask Price was $ $176,484 and the average Sale Price was $155,721. Average amenities? 3 Br's, 2 Baths and a 2 car garage.

10 Condominiums sold between the prices of $39,500 and $300,000. The average number of days these condos were on the market was 142 (condos take a bit longer to sell in general, especially in a city like Lakewood where there are a lot of condo complexes). The average Ask Price was $143,410 and the average Sale Price was $132,990. Average amenities? 2 Br's, 2Baths and parking/garage for one car.

Rocky River: 17 Single Family Homes sold between the prices of $137,000 and $400,000. The average number of days these homes were on the market was 96 or again, just over three months. The average Ask Price was $246,182 and the average Sale Price was $231,764. Amenities? 4 Br's, 2 Baths and a 2 car garage.

5 Condominiums sold between the prices of $55,260 and $232,000. They were on the market about 130 days. The average Ask Price was $ $134,860 and the average Sale Price was $123,152. Amenities? 2 Br's, 2 Baths and parking for one car.

Here are a few more statistics to keep in mind. It is definitely still a buyers market. What's listed for sale now?

Rocky River: 116 Single Family Homes and 109 Condominiums
Lakewood: 288 Single Family Homes and 117 Condominiums

Peace Out - 3C

Want To Sell Your Home? This is Good Advice

I already have a link to her blog but, this post is so good, I'm not even going to add anything myself, just say, if you want to list your home this Spring, read this list of things not to do...it's great advice from Maureen in Michigan.

Peace Out - 3C

Ohio Floating Bonds to Assist Refinancing Of Homes and Helping to Prevent Foreclosures

This was worth a separate post to me. The State of Ohio is getting ready to float bonds that will allow them to get into the refinancing arena...helping people NOT foreclose and lose their homes. This is an interview conducted by MSNBC television.

Now I have tried to get the link to take you directly to the video. Instead, I can take you here - then scroll down to videos on the right and 'Foreclosures In Ohio' is the first one. There is more than one way to skin a cat LOL

This is worth watching if you are

a) worried about your own mortgage issues
b) interested in our State Economy

I don't have an opinion yet. More research to follow Peace Out - 3C

Ohio's 2006 Foreclosure Rates Jump 24% in One Year

The stats are "in" for 2006 on foreclosures and they are not going to make you happy. Depending on whether or not you use the measure of the Mortgage Bankers Assn. (which says we are first in foreclosures for 2006) or RealtyTrac (which says Ohio is 8th), the rise in precentages is mind blowing. The number of new cases rose 24% in one year. Policy Matters released their figures this week and in Cuyahoga County alone, there were 13,610 new foreclosures.

I was alerted to this in an article on Cleveland.com, written by Plain Dealer reporter Thomas Ott. I blogged before about the NeighborWorks program, and this article talks about a case involving Adjustable Rate (ARM) mortgages. A few years ago, while interest rates were about 5.5% on the National Level, people were getting ARMs for 10-14% interest rates.

Cuyahoga County Commissioners Dimora, Hagan and Jones issued a report (in pdf here) based on calls, meetings, public meetings and discussions. It's worth a read.

Folks, all I can say is, please contact one of these programs before it gets to the critical stage! It only takes about three months of missed payments for things to spiral out of control. And I have to say again, if the only way you can buy a home is to pay 13% interest rates when the going rate is 6.06)% (as of today), please wait until you can qualify for a much lower rate. The County Program is called 'Don't Borrow Trouble,' and if you have any inkling that you might have difficulty making your payments in the future, even for a few months, please call them at: 216-436-2000. There is also a United Way hot line and you can reach it by simply dialing 211.

Other relevant posts:
Professor Kathleen Engel discusses predatory lending
What to Look Out For: Avoid Predatory Lending

March 28th Follow Up: PD Reporter Ott has a very interesting follow up article you can read on Cleveland.com. It deals with a law proposed in Ohio to require lenders who foreclose on homes to file their deeds - maybe I am naive, I didn't know this was not required! I know Title technically does not transfer to new owners until the title is filed at the Court house...at least for us 'regular' people. This is a great article dealing with the thorny issue Cleveland has had to deal with, tracking down owners of long abandoned buildings, collecting taxes, etc.

Peace Out - 3C

Buckeye Savers Bonds: Help Build Parts of I-71 or I-90?

Watching the news on WKYC tonight I was intrigued at the story about a new plan set up by the State of Ohio. Buckeye Savers Bonds can be bought for as little as $5000. Treasurer Richard Cordray has information on his website. It includes replacement of bridges (I-90) in Lake County - a total of 24 highway improvement programs. (note: the previous link is pdf) The WKYC story said 100 million dollars worth of bonds was needed; the website says the entire highway program costs $190 million.

Supposedly, they are estimating these Series K Bonds will reap 'buyers' with a 3 1/2 to 4 percent interest on their investment...and that interest is tax free, both State and Federal. What do you think?

How about also floating bonds to fund the 3C Corridor Program? Peace Out - 3C

April 1, 2007: Here is an update to this post, also from The Plain Dealer under their Business Diary section from March 27th:

Highway bonds are triple tax-free

"Individual investors next week will have an opportunity to buy state bonds that are exempt from federal, state and local income taxes. Through the Buckeye Savers program, the state is issuing $190 million in Series K highway capital improvement bonds. The state set the minimum purchase - $5,000 - low enough to be affordable to individual investors, said Holly Hollingsworth, spokeswoman for Ohio Treasurer Richard Cordray. Investors can place orders now through brokers. The sale will be April 3. The bonds will be backed by the state of Ohio and highway receipts. Among the Cuyahoga County projects the bonds will pay for: an upgrade of U.S. 322/Mayfield Road and the installation of an "intelligent transportation system" on parts of Interstates 90 and 71. The system will help provide road weather information to drivers. "

Do's And Don'ts: Are Granite Counter Tops So 'Yesterday?'

So I discovered msn.com's real estate section today for the first time. Maybe I'm a tad late to the party on this one. Anyway, they had an article about trends that work and don't work if you are planning on putting your house on the market. I'm re - printing them here verbatim and of course adding my comments in red because I can't help myself lol:

1. Avoid installing bowl-shape, above-the-counter bathroom sinks. They look pretty but have proved to be harder to maintain and keep clean. This is a no-brainer. I could tell by looking at them this would happen! I agree with this one.

2. Use engineered stone compound for kitchen countertops. The material is less expensive than granite and is expected to be the trend this year. Hmm. My buyer clients are still asking for granite - maybe Cleveland is behind the curve on this. I DO however agree, they don't hold up as well as engineered countertops.

3.Don't install too many glass cabinet doors in your kitchen. They look better in magazines than they do in real life, where homeowners must keep their cabinets in perfect order or suffer embarrassment. Yes. One or two for 'accent' but the rest of your cabinets are containers of your life you may not want buyers to see! Or relatives over for dinner, for that matter.

4. Consider replacing a wooden or chain-link fence with a wrought-iron one. Wrought-iron fences portray a look of luxury. Maybe they look luxurious but unless your dog is a mastiff or Burmese mountain dog, they can get through the bars. My experience is that people want fences. And they want them for pets as much as they do kids. Or privacy. Ohio City is a great place for wrought iron. But in general, I don't find it as practical except maybe as a front decorative fence. Just my two cents.

5. When repainting trim for shutters, doors and window frames, go with bold and deep colors. And don't get rid of the trim around interior window openings -- it only looks cheap. People actually take out this trim?

6.If replacing floors, avoid bamboo. This flooring was popular when it debuted, but now users are saying it is easily dented and scratched. It is also more likely to warp due to weather and humidity. I don't think this was ever a big trend in Cleveland.

7.If you're adding new construction, don't employ concrete blocks in exterior walls. They are not attractive and are more likely to leak moisture if not properly installed.

8. If you're redoing a kitchen or bathroom, consider using glass tiles instead of ceramic ones. They're gaining popularity again because of reflective qualities. This is not a bad idea; already popular in places like downtown condominium complexes. But consider your budget and remember that good taste in colors and styles chosen is probably much more important than if they are glass or ceramic.

Personally, I like this list of five projects on Money Magazine's website written by Arianne Cohen. Things like new shower doors, painting kitchen cabinets to freshen them up, these are inexpensive and probably produce as good results as glass tiles instead of ceramic. Just my humble opinion! Peace Out - 3C