August 17, 20231 yr Can you share a link? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 17, 20231 yr 1 hour ago, KJP said: Can you share a link? Â https://www.fundthatflip.com/deals/156772 Â If that doesn't work, the address is 15516 Cloverside Ave. Remember: It's the Year of the Snake
September 7, 20231 yr Interesting list here. Â Cleveland, Chicago, and Detroit all have a relatively high percentage of homes sold at a loss (relatively low delta from a year ago), but the average home has a robust capital gain and the typical losses are quite small. Makes me think that's just a result of being housing markets with a lot of distressed homes, whereas clearly something different is going on in cities like San Francisco and Phoenix. Â https://www.redfin.com/news/homeowners-selling-at-a-loss-2023/ Edited September 7, 20231 yr by LlamaLawyer
December 14, 20231 yr Wasn’t sure where to put this, but I really enjoyed this video and thought it was pretty interesting.  https://youtu.be/iRdwXQb7CfM?si=Kv39OmU-DRJjnMxc
December 26, 20231 yr https://www.redfin.com/OH/Cleveland/140-Public-Sq-44114/unit-303/home/70716736  Granted it has a significant HOA, but am I nuts or is that incredibly cheap? And a drop from $467,000 to $153,000 in 8 years?  What am I missing?
December 26, 20231 yr 12 hours ago, TBideon said: https://www.redfin.com/OH/Cleveland/140-Public-Sq-44114/unit-303/home/70716736  Granted it has a significant HOA, but am I nuts or is that incredibly cheap? And a drop from $467,000 to $153,000 in 8 years?  What am I missing? #602 (2br/2ba) in the same building is asking $199K. It must be that the building is facing a major assessment - new roof, new heating/ac, lead pipe replacement, new elevators?  Remember: It's the Year of the Snake
December 26, 20231 yr ^ Yeah. We looked at a couple of corner units in that building a few years ago. They were both very well appointed. In fact, one of them was really high-end custom throughout and pretty magnificent. However, we got info from a realtor friend that an assessment of at least $100k was coming. As far as I know, that assessment still hasn’t hit and I can’t imagine has got any smaller. My hovercraft is full of eels
December 26, 20231 yr This building is a weird one. I believe there are 21 units in it, with some expensive penthouses. Even if the special is a million, you figure the cheaper/smaller units won't possibly pay more than $40 thousand.  That still would make for a pretty good deal, all things considering.   Edited December 26, 20231 yr by TBideon
December 27, 20231 yr On 12/26/2023 at 12:06 PM, roman totale XVII said: ^ Yeah. We looked at a couple of corner units in that building a few years ago. They were both very well appointed. In fact, one of them was really high-end custom throughout and pretty magnificent. However, we got info from a realtor friend that an assessment of at least $100k was coming. As far as I know, that assessment still hasn’t hit and I can’t imagine has got any smaller. Yeah I had a friend looking at these and he told me the same thing, I thought it was for exterior repairs, could be wrong though.Â
May 24, 20241 yr Yo @MayDay  This house's exterior was used for the TV show, Hot in Cleveland, now on the market, interior in link. 12984 Lake Ave, Lakewood $950,000 ·  5beds · 3.5baths  https://apps.realtor.com/mUAZ/848hj3i2  Except the interiors make me think of the Wonkavision scene in Willy Wonka.... "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 26, 20241 yr free honey hut for we buy houses signs - 😂   https://www.instagram.com/p/C53MZpNLzHy/?igsh=MTVqNGhveG14bXJ1ag== Â
May 28, 20241 yr  Greater Cleveland housing market among USA’s tightest By Ken Prendergast / May 28, 2024  Spring time is the busiest time of the year for home shopping. That’s when most prospective buyers are out looking for new places to live and, under normal circumstances, it’s when most homeowners list their properties for sale. But these are not normal times in the housing market, especially in Greater Cleveland.  MORE: https://neo-trans.blog/2024/05/28/greater-cleveland-housing-market-among-usas-tightest/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 28, 20241 yr @KJP, do you have any data on the trends in house flipping? In the area around my house in Cleveland Heights there have been countless homes that were either vacant or rented five years ago but have since been renovated and sold (or are currently being sold). There are many, many homes that sold for about $100K one to four years ago (presumably to a house flipper) and now have renovated interiors and are for sale for $300-$400K. Â Do you know what the inventory of flippable homes* in the region looks like? Certainly five years ago we had an absolute glut of borderline livable houses that needed many repairs and improvements (but not necessarily a complete renovation) to be move-in ready. How many homes like that are left? Is the decline in for-sale inventory a result of dwindling home-flipping opportunities? Â *by "flippable" I mean homes that need some moderate amount of work to be nice. I'm not talking about the homes you can get for the price of a VCR in Hough that are potentially not salvagable.
May 28, 20241 yr 37 minutes ago, KJP said:  Greater Cleveland housing market among USA’s tightest By Ken Prendergast / May 28, 2024  Spring time is the busiest time of the year for home shopping. That’s when most prospective buyers are out looking for new places to live and, under normal circumstances, it’s when most homeowners list their properties for sale. But these are not normal times in the housing market, especially in Greater Cleveland.  MORE: https://neo-trans.blog/2024/05/28/greater-cleveland-housing-market-among-usas-tightest/  I can attest to this personally. When I was looking to move here from New York last summer, I looked at about a half dozen homes and all but one had major deficiencies, whether condition or location. There was literally nothing left to look at in area where I wanted to buy, so I settled for the last home I looked at, even tho it was sorely in need of updates.
May 28, 20241 yr @LlamaLawyer Unfortunately I do not. It wasn't the main thrust of the article I just wrote, but does deserve more coverage with a possible follow-up article. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
May 28, 20241 yr Good article. I too have been house hunting and inventory is indeed tight. And yes, I've seen several disgraceful flip jobs.  I also noticed that perhaps local developers are not bringing enough product to the market. I'm sure there are various reasons for this but I still see tons of undeveloped or underutilized lots throughout what are supposedly "hot" areas. Not sure if developer bandwidth is a problem but I suspect that is a reason. I also have noticed that some projects are just not getting off the ground or are stalled/abandoned (see Harbor Whitman and Bridge/47th townhomes in Ohio City).
May 28, 20241 yr  Interesting and relevant video here. Basically supply of existing homes is really tight but the new home market is a lot looser.
May 29, 20241 yr On 5/28/2024 at 11:33 AM, LlamaLawyer said: @KJP, do you have any data on the trends in house flipping? In the area around my house in Cleveland Heights there have been countless homes that were either vacant or rented five years ago but have since been renovated and sold (or are currently being sold). 1. Following the foreclosure crisis, a lot of deteriorating homes were torn down, leaving a lot of empty lots in the urban areas, including the inner ring suburbs. Why aren't we building new homes on those lots? (It's not just Cleveland -- Cleveland Heights alone must have 100s of vacant lots.) My understanding is that one problem is that even a very basic home costs $200k to build, and most of these vacant lots are in neighborhoods where the comps don't come close to $200k. Does anyone have any better information?  2. I saw this interesting article on housing in Denmark. https://www.businessinsider.com/denmark-mortgage-rates-lock-in-effect-home-buying-selling-easier-2024-5 How could it work here?  Â
May 29, 20241 yr 55 minutes ago, Foraker said: 1. Following the foreclosure crisis, a lot of deteriorating homes were torn down, leaving a lot of empty lots in the urban areas, including the inner ring suburbs. Why aren't we building new homes on those lots? (It's not just Cleveland -- Cleveland Heights alone must have 100s of vacant lots.) My understanding is that one problem is that even a very basic home costs $200k to build, and most of these vacant lots are in neighborhoods where the comps don't come close to $200k. Does anyone have any better information?  I don't have numbers, but just visually, I don't think Cleveland Heights, Shaker Heights, University Heights, South Euclid, or Beachwood have very many vacant lots in desirable areas. There are *a few* for sure. And I can think of several that recently were built on or are currently being built on.  And of the lots that are currently vacant and not being built on, I can only think of three or four off the top of my head that the neighbors haven't appropriated into some little community park or garden.  So, in sum, maybe I'm wrong, but I think close to 100% of the vacant single-family lots on the east side are in Cleveland proper, not a suburb.
May 30, 20241 yr 6 hours ago, LlamaLawyer said: I don't have numbers, but just visually, I don't think Cleveland Heights, Shaker Heights, University Heights, South Euclid, or Beachwood have very many vacant lots in desirable areas. . . .  So, in sum, maybe I'm wrong, but I think close to 100% of the vacant single-family lots on the east side are in Cleveland proper, not a suburb. Cleveland Heights has more vacant lots than you think, although your qualifier "in desirable areas" may be right. Drive around the Beechwood/Altamont/Desota area, or north of Mayfield on the side streets off Noble. I saw an updated map recently but cannot find a copy on the city website.  Remember the city tried to interest developers in building on several groups of houses in various areas of the city, without much success. One contract was awarded to Start Right, and my understanding is that they have built and sold one house so far. Infill housing must be really hard. https://www.clevelandheights.gov/1337/Neighborhood-Redevelopment   Edited May 30, 20241 yr by Foraker
June 3, 20241 yr On 5/28/2024 at 11:33 AM, LlamaLawyer said: @KJP, do you have any data on the trends in house flipping? In the area around my house in Cleveland Heights there have been countless homes that were either vacant or rented five years ago but have since been renovated and sold (or are currently being sold). There are many, many homes that sold for about $100K one to four years ago (presumably to a house flipper) and now have renovated interiors and are for sale for $300-$400K.  Do you know what the inventory of flippable homes* in the region looks like? Certainly five years ago we had an absolute glut of borderline livable houses that needed many repairs and improvements (but not necessarily a complete renovation) to be move-in ready. How many homes like that are left? Is the decline in for-sale inventory a result of dwindling home-flipping opportunities?  *by "flippable" I mean homes that need some moderate amount of work to be nice. I'm not talking about the homes you can get for the price of a VCR in Hough that are potentially not salvagable.  we've been looking, first time buyers, and I have to say I'm really put off by the number of half-a$$ed flips we've come across. I wish there was a way to filter them out of search results.Â
June 3, 20241 yr 11 hours ago, Jax said:  we've been looking, first time buyers, and I have to say I'm really put off by the number of half-a$$ed flips we've come across. I wish there was a way to filter them out of search results. This is clearly a problem and is compounded by the fact that most home buyers, especially young ones, don't have the expertise to uncover issues and are often just won over by shiny stainless steel appliances. As a rule nobody in our extended family buys a home without first having my brother walk through it and you'd be surprised how many times relatives have nixed buying a property they were really interested in after my brother pointed out all the problems, many of which they would not have even been looking for.
June 4, 20241 yr 12 hours ago, Htsguy said: This is clearly a problem and is compounded by the fact that most home buyers, especially young ones, don't have the expertise to uncover issues and are often just won over by shiny stainless steel appliances. As a rule nobody in our extended family buys a home without first having my brother walk through it and you'd be surprised how many times relatives have nixed buying a property they were really interested in after my brother pointed out all the problems, many of which they would not have even been looking for.  does your brother do it professionally? this is one of my biggest anxieties about it all (finding a good reliable inspector)
June 4, 20241 yr The one problem also is, given incredibly low inventory amd how competetive the matket is, it's almost impossible to purchase a home without removing the inspection contingency. Â
June 4, 20241 yr 8 hours ago, Jax said:  does your brother do it professionally? this is one of my biggest anxieties about it all (finding a good reliable inspector) Nope. Just highly knowledgeable and a do it yourself type (unlike me) given the types of jobs he has had over the years including as an electrician when he was very young. Like I said, he is a valuable resource in our extended family, especially now given the truth of what @Jenny posted above about it often being necessary to remove the common inspection contingency clause these days when initiating a home purchase agreement.
June 4, 20241 yr Yeah, I will not ever purchase a home without an inspection contingency. If it means I'm a renter for life, oh well lol
June 4, 20241 yr Crains says two apartments are in trouble. The Grant, on Euclid, has been turned over to its lender; and the Luckman on E12th is subject to foreclosure.  https://www.crainscleveland.com/real-estate/fiscal-woes-hit-luckman-and-grant-apartments-downtown Remember: It's the Year of the Snake
June 4, 20241 yr 5 minutes ago, Jax said: Yeah, I will not ever purchase a home without an inspection contingency. If it means I'm a renter for life, oh well lol I had a really bad experience with, believe it or not, new construction later in life. It really soured me (and cost me a lot of money) on home ownership, new or old (I have owned both) and I now see myself as a renter until the grim reaper comes a calling. If I have problems with a rental property or landlord (hopefully not) I can just easily move on.
June 4, 20241 yr 12 hours ago, Jax said:  does your brother do it professionally? this is one of my biggest anxieties about it all (finding a good reliable inspector) Are you Cleveland-based? I have a good one here he's been in the market for 15+ years.  If interested DM me I'll share his contact. Â
September 24, 2024Sep 24 https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20240924-1474554/1474554_cshomeprice-release-0924.pdf  Cleveland housing market looks really good this summer.
January 12Jan 12 cloak factory condos —    Rare downtown condo package offers historic charm in vibrant location: House of the Week  Updated: Jan. 10, 2025 By Joey Morona, cleveland.com   CLEVELAND, Ohio -- Cleveland is a growing apartment market. Rent Cafe says Cleveland is the second most sought-after city for renters on its site and reports the region will add 7,000 new apartments units by 2028.  That makes Howard Hanna broker Kristin Rogers’ downtown listing at the Cloak Factory an interesting residental and investment opportunity. Located at 635 W. Lakeside Ave. in the bustling Warehouse District, the collection includes five condominiums in the building: three two-bedroom units and two one-bedroom units, with four of the five residences already leased. The properties are priced as a package at $899,900.   more: https://www.cleveland.com/entertainment/2025/01/rare-downtown-condo-package-offers-historic-charm-in-vibrant-location-house-of-the-week.html  This package of five condominiums in the Cloak Factory at 635 W. Lakeside Ave. includes three, 2-bedroom condos and two, one-bedroom residences, with four out of the five residences already leased. The collection is listed for $899,900 by Kristin Rogers at Howard Hanna. (Stephanie Penick Photography)Stephanie Penick Photography Â
March 11Mar 11 tour the avenue downtown —   https://www.instagram.com/reel/DHB9Hn8JU5c/?igsh=MTQ4dnBvMXU5bDQzbw==
March 19Mar 19 Â Cleveland, LISC unveil housing investment fund By Ken Prendergast / March 19, 2025 Â Cleveland Mayor Justin Bibb, Cleveland City Council and the Cleveland office of Local Initiatives Support Corporation (LISC Cleveland) announced details today of a major new initiative to address the affordable housing crisis facing Cleveland residents. Â MORE: https://neo-trans.blog/2025/03/19/cleveland-lisc-unveil-housing-investment-fund/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 17Apr 17  Cleveland leads nation in home price growth By Ken Prendergast / April 17, 2025  Greater Cleveland led the nation in home price appreciation in March, but the metro area’s median prices are still far below the national benchmark. In fact, according to a new report, the Cleveland market has the lowest median sales price among the 40 largest US markets. But that might not be the case for much longer.  MORE: https://neo-trans.blog/2025/04/17/cleveland-leads-nation-in-home-price-growth/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
April 17Apr 17 1 hour ago, KJP said:Cleveland leads nation in home price growth By Ken Prendergast / April 17, 2025  Greater Cleveland led the nation in home price appreciation in March, but the metro area’s median prices are still far below the national benchmark. In fact, according to a new report, the Cleveland market has the lowest median sales price among the 40 largest US markets. But that might not be the case for much longer.  MORE: https://neo-trans.blog/2025/04/17/cleveland-leads-nation-in-home-price-growth/ Not surprising with lack of inventory plus being one of the cheapest metro areas. Hopefully this trend helps spur development.
April 18Apr 18 4 hours ago, KJP said:  Cleveland leads nation in home price growth By Ken Prendergast / April 17, 2025  Greater Cleveland led the nation in home price appreciation in March, but the metro area’s median prices are still far below the national benchmark. In fact, according to a new report, the Cleveland market has the lowest median sales price among the 40 largest US markets. But that might not be the case for much longer.  MORE: https://neo-trans.blog/2025/04/17/cleveland-leads-nation-in-home-price-growth/ Does this mean investors are buying up a plethora housing and manipulating the market when they re-sell?  Or does this mean our population is naturally increasing ?  Or is this a combination of both ?Â
April 18Apr 18 1 hour ago, ClevelandNative said: Does this mean investors are buying up a plethora housing and manipulating the market when they re-sell?  Or does this mean our population is naturally increasing ?  Or is this a combination of both ?  I guess we'll find out -- if there's still a Census bureau or even a USA left in 5 years. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
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