This article says that Ohio is going to be a new hot, housing market.

 

http://news.yahoo.com/s/ap/20060525/ap_on_bi_go_ec_fi/home_sales;_ylt=AiSGa2xw28d2shgrG86mXPVu24cA;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

 

New signs of cooling housing market By MARTIN CRUTSINGER, AP Economics Writer

Thu May 25, 2:10 PM ET

 

 

WASHINGTON - Sales of existing homes fell in April, and the price posted the smallest increase in 4 1/2 years, new signals that the nation's once red-hot housing market has cooled.

 

The National Association of Realtors said Thursday that sales of previously owned single-family homes and condominiums dropped by 2 percent last month to a seasonally adjusted sales pace of 6.76 million units...

Word on the street is that some of these folks were in Vegas......Coincidence - I think not!  :clap: I'll call it the "stark effect"

 

 

 

This isnt the first time Ive heard Ohio is a hot market. Housing prices are ridiculously low in this state so I figured I would look into buying an investment property to rent out while the gettings good. For the past 3 weeks Ive been researching the Toledo area and to my surprise Ive found out that California investors quietly are buying up everything. I was told by a realtor that California investors a cashing in thier expensive houses to buy investment properties in the area, they had beat me to it. The average growth in the midwest is 0.8% and 5.2% nationwide in Toledo its 15.6%!

 

Heres a link, look under Apartment Coop sales.

 

http://money.cnn.com/2006/05/15/real_estate/NAR_firstQ2005_home_prices/index.htm

 

The inevitable housing crash will benefit Ohio because at least our housing prices are growing slow and steady while the coast and the west housing prices will eventually crash.

 

 

 

^  I read the same thing, and a lot of the "investors" were more like average citizens that couldn't afford anything in CA, so they are looking at these slower markets.  To them, the prices are ridiculously low in Ohio.

 

It just made me uneasy thinking that a large stock of rental property in Ohio cities could be controlled by out of state people or armchair investors from CA.  What if they are slumlords and treat the area as a way to make quick rental money and run the buildings in the ground.  They already think of it as 'Flyover' and unimportant. They might have the same attitude about the housing stock.  Is someone in CA that buys a rowhouse in OTR (site unseen)to quickly fix up and rent out... going to give a shit that it's an architectural gem?

 

It kind of reminds me of that girl that lived in San Fran during the huge boom years and owned Franklin Castle in Ohio City.  She would fly all of her friends in to host parties there and was not taking proper care of the building which is a treasured landmark in Cleveland.  To her it was like a toy for her to play with.

 

Does any one else get this feeling?

Two Ohio metros  in the top 10 buyers markets. Lots of data in this puppy.....

 

Cooling Housing Market Highlights Best Markets for Buyers, Sellers

San Jose, San Francisco and Seattle top Zillow ranking of sellers' markets; Providence, Cleveland, Philadelphia top buyers' list

Published: Sept 19, 2014 8:00 a.m. ET

 

- The U.S. Zillow Home Value Index rose to $175,600 in August, up 6.6 percent year-over-year, the slowest annual pace in the last 12 months.

- U.S. home values are expected to rise another 3.1 percent through August 2015.

- Inventory of all for-sale homes nationwide rose 20.6 percent year-over-year and 2.1 percent month-over-month in August.

 

SEATTLE, Sept. 19, 2014 /PRNewswire/ -- U.S. home values rose more slowly in August than they have in a year, and the cooling market offered a clear view of local markets that favor either buyers or sellers.

 

The nation's hottest markets, on the West Coast, continued to favor sellers with quick sales and high asking prices. But some still-recovering markets remained a bargain for buyers as more homes went up for sale.

 

U.S. home values rose in August, up 0.1 percent from July and 6.6 percent from August 2013, to a Zillow® Home Value Indexi of $175,600, according to the August Zillow Real Estate Market Reportsii. The pace of home value appreciation is expected to slow to 3.1 percent through August 2015, according to the Zillow Home Value Forecast.

 

READ MORE AT:

http://www.marketwatch.com/story/cooling-housing-market-highlights-best-markets-for-buyers-sellers-2014-09-19

^ Is that really a good thing though... I think of folks looking to unload when I hear "buyers market."

 

It's great for long-term growth, maybe but no one says Soho's a "buyers market" for a reason (a bit of a stretch, but you get the point).

 

^ Is that really a good thing though... I think of folks looking to unload when I hear "buyers market."

 

It's great for long-term growth, maybe but no one says Soho's a "buyers market" for a reason (a bit of a stretch, but you get the point).

 

 

It's a good thing when low price = good value. That's my take-away from the list of cities. Providence gets you a low-cost home in a decent-sized city that's a quick train ride from high-cost Boston. Same deal for Philadelphia near high-priced New York. Ditto for Milwaukee from Chicago. Why Chicago is in the list, I don't know. Perhaps they're saying Chicago is still a good value for the price. And Cleveland and Cincinnati have big-city amenities for small-town prices (hence my tag line at the bottom of each of my postings!).

They explain it as though houses in the buyers markets on average stay on the market longer, and price reductions are needed for a sale.  Pretty much what a buyers market has always meant.  Therefore, it's a symbol of excess inventory.  But yes, being someone that loves living in the Cleveland metro, I enjoy the low cost of living, and think at some point it will catch on with outsiders...at which time, prices should start to inch up.

 

As for the east cost towns like Scranton, Allentown, Hartford etc, which have been buyers markets for sometime, there more benefit being in close proximity, or along the I 95 corridor.  I know several people that commute from PA into the cities daily.

^ Is that really a good thing though... I think of folks looking to unload when I hear "buyers market."

 

It's great for long-term growth, maybe but no one says Soho's a "buyers market" for a reason (a bit of a stretch, but you get the point).

 

Agree.  Buyer's market may mean good deals on housing, but that really just means that there's a glut of supply, lower demand, or both.  Those aren't necessarily positive indicators of a housing market.   

Unfortunately another Ohio metro was among those at the other end of the scale -- the metro between Cleveland and Pittsburgh!

 

Employment Gains Spur Housing Growth in Pittsburgh, Cleveland

Author: Krista Franks Brock September 22, 2014 0

 

As the housing market continues to mend, analysts find the young-adult sector of the market is lagging. Some feel the lack of young first-time buyers is the main component holding the housing market back. However, this may not be the case everywhere.

 

A burgeoning young, knowledge-based workforce is contributing to housing and overall economic growth in Pittsburgh and Cleveland, according to the latest Home Value Forecast from Pro Teck Valuation Services.

Pittsburgh and Cleveland rank third and eighth on a list of metros with the highest percentage of employed individuals aged 25 to 24 with graduate or professional degrees, according to a recent report from Cleveland State University's Center for Population Dynamics.

 

READ MORE AT:

http://dsnews.com/news/09-22-2014/employment-gains-fueling-housing-growth-pittsburgh-cleveland

Know More ‏@knowmorewp  3h3 hours ago

Map: The salary you need to buy a home in 27 U.S. cities http://wapo.st/193fmwQ 

 

Interesting.  I didn't realize Sacramento was so much less expensive than the rest of California.  I'm surprised Seattle has gotten almost as expensive (to buy) as NYC, and San Francisco is half again as expensive as the next most expensive city, San Diego.

Interesting that NYC is so far below SF but I suppose if you to go Long Island, New York State and Jersey things get less expensive much faster than they do when you go outside of SF proper.

Chicago's much lower than I would have guessed relative to other cities.

Chicago's much lower than I would have guessed relative to other cities.

One of the reasons I picked Chicago best bang for your buck :)

Well, Ohio did become a hot housing market, particularly Cleveland for Investors looking for deals on foreclosed properties! The bad is the properties were forclosed on and the devastating effect that has on the local economy. The good is investors wouldn't purchase them if they thought they held no value.

Philly is the best bang for your buck, IMHO. Cheap for the EC and filled with cool row housing.

 

A funky city that is a quick train ride to NYC.

I'm not sure how this constitutes of a "hot Ohio housing market".  What I read from this is real estate and property is essentially not very valuable in Ohio leading to low purchase prices.  That does not mean it isn't hot, however it dosen't tell the whole story.  I think a better metric to look at to decipher a "hot housing market" would be average days homes sit on the market compared to the delta between asking price and sale price. 

Concerning "hot Ohio housing markets," this fairly recent business news deserve a mention:   

 

http://www.bizjournals.com/cincinnati/news/2015/01/14/growth-in-cincinnati-home-prices-dwarfs-other.html

Philly is the best bang for your buck, IMHO. Cheap for the EC and filled with cool row housing.

 

A funky city that is a quick train ride to NYC.

 

I've found a few historic small towns that are affordable and a quick train ride to NYC -- Poughkeepsie/New Paltz, Middletown, High Bridge, Danbury and New Haven. I've been looking at small Northeastern towns with colleges and trains to New York... Ditto for greater Boston and greater Toronto.

 

I'm not sure how this constitutes of a "hot Ohio housing market".  What I read from this is real estate and property is essentially not very valuable in Ohio leading to low purchase prices.  That does not mean it isn't hot, however it dosen't tell the whole story.  I think a better metric to look at to decipher a "hot housing market" would be average days homes sit on the market compared to the delta between asking price and sale price. 

 

Didn't want to start a new thread. This was the closest topic-wise to the subject of the map.

Philly is the best bang for your buck, IMHO. Cheap for the EC and filled with cool row housing.

 

A funky city that is a quick train ride to NYC.

 

I like Chicago better as a city versus Philly, but I think of what Philadelphia has around it compared to Gary, Indiana for Chicago.  Milwaukee is close, but it's not New York, DC, or even Baltimore.

Chicago is too new for me. I prefer Philly's history and its near-south side and areas east-southeast of Independence Hall is one of the best urban settings in America.

Another national trend that impacts Ohio....

 

The Reasons Americans Move Are Changing  - @StanHumphries @zillow - http://t.co/KyeVInL9ie http://t.co/tP8eXAlgVr

Chicago is too new for me. I prefer Philly's history and its near-south side and areas east-southeast of Independence Hall is one of the best urban settings in America.

Agreed.  Philly much more natural and big city in my opinion.  Not that Chicago isnt a big city though.  Just has to "try harder", similar to Cleveland.  I think your referring to Society Hill which is one of my favorite urban settings in America.  There was just so much there to work with that was never demolished which created a great hood.  Lots of old school neighborhood spots to hang out at too.

Oh I consider Chicago big city. That's not the issue. I want some serious history, at least by American standards. And yes, Society Hill is my view of a perfect neighborhood, much like Beacon Hill in Boston, or Georgetown in DC (was actually an Indian town Tohoga that predated the arrival of Europeans in the 1630s) and Alexandria, VA. I also love Annapolis, MD and Newport, RI even though they are small cities today (they were once two of the colonies' largest cities). But when you have a built environment that predates the USA, I can feel the roots. It also helps to remind me that cities usually outlive their countries, but only East Coast cities are old enough in North America to offer that lesson. Many Europeans identify at least as much to their cities for that very reason.

 

So getting back to Ohio housing markets, there are only a few big-city neighborhoods in Ohio that have been there long enough and are well-preserved to feel "genuine" -- Ohio City, Tremont, a few streets in Little Italy, German Village (east of High) and Over-The-Rhine.

So getting back to Ohio housing markets, there are only a few big-city neighborhoods in Ohio that have been there long enough and are well-preserved to feel "genuine" -- Ohio City, Tremont, a few streets in Little Italy, German Village (east of High) and Over-The-Rhine.

 

There are far more big city "genuine" neighborhoods in Ohio by that criteria if you're including Tremont and Little Italy (which both feel small-town-ish as part of their charm).

 

There are far more big city "genuine" neighborhoods in Ohio by that criteria if you're including Tremont and Little Italy (which both feel small-town-ish as part of their charm).

 

Give me a few, please.

Oregon District

South Park

Grafton Hill

Highland Square

Victorian Village/Short North/Italian Village

Olde Town East

Old North Columbus

Shaker Square

Gordon Square

University Circle

Walnut Hills/East Walnut Hills

Pendleton

West End

Mt. Auburn

Clifton

Uptown Cincinnati

Mt. Adams

Evanston/Avondale

Northside

 

All are just as "big city genuine" (many on that list moreso) than Tremont and Little Italy.

True they are that, but I don't feel "legit old neighborhood" in them. Most are too new (post Civil War).

But Tremont and Little Italy are generally post-Civil War neighborhoods.  The majority on my list are pre-Civil War.  I don't know how you can get more "legit old neighborhood" than that.  I didn't even mention the earlier intact neighborhoods of other cities (Columbia-Tusculum in Cincinnati, for example, was "legit" in the late 1700's).  I don't have a problem if you prefer some neighborhoods over others but I just find it strange you'd put Tremont or Little Italy on an "old school neighborhood" list when there are tons of other "old school neighborhoods" around the state including in Cleveland itself.

How much was actually built before the Civil War? Besides, only a few streets in Tremont and Ohio City give me that European feel. It's not the fault of any Ohio neighborhood. Point is, most of Ohio's cities or neighborhoods therein don't make me think "big city"/"European". I probably need to know more about the history to feel its "ghosts." So I don't feel deep roots AND any big-city vibe in them. I do feel a big-city vibe in University Circle, but not deep roots. I do feel deep roots in Newport, RI, but not a big-city vibe. The two don't exist for me in very many Ohio neighborhoods. But that's just me.

I'm even more confused but I'll just leave that alone (particularly since European feel ≠ big city feel).  I'll just chalk it up to your localized preference.

I'm sure we all react differently to various neighborhoods for a mix of objective and imagined reasons.

 

EDITED (I think I initially misunderstood a post above)

First, here's some examples from Ohio City. These narrow streets (alleys with residential addresses) and a pre-Civil War setting intrigue me. The downside is there is no mixed use here. But it's in a big city with big-city rail transit and other big-city amenities.

 

1751 W29th Place

 

 

Only slightly more mixed use, with restaurants behind the Streetview and mix housing styles, but none are pre-Civil War. I like the narrow alley that has the housing facing it.

 

3015 Mabel Court

 

 

I lied about Tremont. The streets are too wide and could use more mixed use (small grocers, etc). A couple of exceptions:

 

2293 Thurman Ave

 

 

Street is a little too wide for me, but it's not bad. It has terrific mixed use, but the only Civil War-era structures are those on the far right. I know because I toured them mid-renovation for an article I wrote for Sun. The church is designed to look like it's from the Old Country but it's not old. They did a nice job replicating "old" though.

 

758 Starkweather Ave

 

 

Little Italy is too new, but at least one part of it looks much older than it's actual age -- the stretch of Paul Avenue between Murray Hill and Random roads. The street is too wide, but you gotta love the mature tree growing up next to an active street lane. The mixed use (the bodega at left, church-turned-art gallery at right, single and multi-family housing beyond etc), the rapid transit along Random Road with a new station a few minutes walk from here, the iron fences and stone abutments, all make this low-scale, big-city setting. I could live here and be happy, but it's newness is a strike against it.

 

12099 Paul Avenue

 

 

So I'm still looking for housing perfection in Ohio and elsewhere. I've found a few possibilities but can't afford them because they are on East Coast. BTW, in case you didn't notice, I'm a perfectionist and tough to please. :)

Philly is the best bang for your buck, IMHO. Cheap for the EC and filled with cool row housing.

 

A funky city that is a quick train ride to NYC.

 

I've found a few historic small towns that are affordable and a quick train ride to NYC -- Poughkeepsie/New Paltz, Middletown, High Bridge, Danbury and New Haven. I've been looking at small Northeastern towns with colleges and trains to New York... Ditto for greater Boston and greater Toronto.

 

 

 

Even see Lambertville NJ? Along the Delaware River, not far from Princeton...a real undiscovered gem imho.

I've visited Lambertville and wrote a long message about how much I liked it and the other well-preserved towns of the Delaware River valley, but lost the message before I could post it. Un-freakin'-believable.

I've visited Lambertville and wrote a long message about how much I liked it and the other well-preserved towns of the Delaware River valley, but lost the message before I could post it. Un-freakin'-believable.

 

Damn. See, that's why nobody knows about it....because of you haha.

 

Lambertville reminds me of an Ohio canal town. So much history, and at the same time, resurgent. The aura of a place with many ghost stories.

I mean that today I wrote a long response about Lambertville and other Delaware River towns between Easton and Trenton, why they boomed so long ago and didn't continue

 

The reason was the river access to the nation's interior, and improved by the Delaware Canal. But the north-south water travel here became less important after the Civil War as the east-west railroads followed and virtually bypassed most of the colonial and pre-Civil War towns along the river. So those towns don't look too much different today than they did 150 years ago. They have probably more colonial-era structures still standing than anywhere else in New Jersey and Pennsylvania. I would consider living there if the area had decent transit. Once you get north of West Trenton, there is none.

 

But I was noted in my lost message this morning about an historic town I discovered that has frequent transit and some amazing nearby settings. It's called New Paltz, NY and I will share photos of this town and its environs in the USA/World photos thread so we can get back to talking about the Ohio using market here. :)

But I was noted in my lost message this morning about an historic town I discovered that has frequent transit and some amazing nearby settings. It's called New Paltz, NY and I will share photos of this town and its environs in the USA/World photos thread so we can get back to talking about the Ohio using market here. :)

 

As promised.......

http://www.urbanohio.com/forum2/index.php/topic,29970.msg750335.html#new

A fun article from a London, England publication.....

 

May 15, 2015

Beautiful old houses are selling really, really cheaply in Cleveland

By Jonn Elledge

 

Here at CityMetric, we have a bad habit of banging on about London property prices, well past the point of tedium. The explanation for this is exactly the one you think it is: we live in London, were born too late to be among the winners in the great British housing crisis, didn't inherit mansions from any long lost great aunts, and are consequently a bit grumpy about quite how much it costs us each month for the simple privilege of not spending every night outside.

 

London, though, is an extreme case – and there is another extreme. An acquaintance who’s just moved to Cleveland, Ohio, reports that property prices there are a bit, well, let's take a look:

 

MORE:

http://www.citymetric.com/business/beautiful-old-houses-are-selling-really-really-cheaply-cleveland-1043

The Business Journals published Realtor.com's forecast for the Top 30 Housing Markets of 2022.  Five of the metros in this Top 30 list are in Ohio:  https://www.bizjournals.com/columbus/news/2022/01/03/housing-market-ends-2021-with-new-high.html