Condo development brisk despite lag in house sales

A look at condo development throughout 2006

December 29, 2006 by Laura Baverman

 

Despite a slowdown in the housing market, condominium development on both sides of the river boomed in 2006.  The Courier reported on at least seven new condominium projects in 2006, and detailed the commencement of construction on five others.

 

Polling 15 of these developers, the Courier found that 60 percent of all available units in downtown, near downtown and on the Northern Kentucky riverfront have sold or are under contract. That's 471 out of 783 available units.  "If we were in Chicago, sales would be minuscule," said John Rosenberg, an adjunct professor at the University of Cincinnati's real estate program. "For Cincinnati, it's been an absolutely monumental year."

 

Downtown's highest-profile completed project, Park Place at Lytle, opened a year ago. Out of 114 units, just three remain. To build on the momentum, the project's developer, Miller Valentine Group, announced plans for One River Plaza, a $130 million mixed-use riverfront project that includes 150 condos. Although an exact number of sold units has not been reported, the project has reached $19 million in sales, halfway to the goal it must reach before ground can be broken.

 

Read full article here:

http://cincinnati.bizjournals.com/cincinnati/stories/2007/01/01/story4.html

Interesting.

 

I'm surprised that there's no mention of the McAlpin project in the article. I'm curious as to their current prediction for their first move in. Has anyone heard an update?

 

I always assumed the American Building was a bigger project than 37 Units.  Looking at the floorplans, it looks like all of the units sit at the front two corners of the building.  If this is correct, I wonder whats in the back half of the building? 

I always assumed the American Building was a bigger project than 37 Units.  Looking at the floorplans, it looks like all of the units sit at the front two corners of the building.  If this is correct, I wonder whats in the back half of the building? 

 

The American Building includes 3 commercial units as well.  One is a store front that I believe is for sale.  Another one is an office. 

 

The very back of the building is the parking garage.  That is only four stories.  The main building does have units in the back.  The units do range in size.  Some are around 1200, and others are about 2000. 

well an encouraging article non-the-less.  interesting to get specific details from all of those projects too.  now if western and southern would get their stuff together and make 5th and race a reality with AFFORDABLE prices.

The penthouse unit of the american building is floors 15, 16 and 17, for a scant 1.5 million american dollars.

Here is a breakdown of the units in the American Building per downtownliving.com.  Each unit appears to be "L" shaped and has the majority of its frontage either north or south facing (for non penthouse units).

 

Unit# SF Price Est. HOA Fees

201 1361 309,900    394.17

202 1441 349,900    415.64

301 1429 SOLD        411.04

302 1507 329,900    427.92

401 1420 319,900    407.98

402 1515 339,900    435.58

702 1231 269,900    320.55

801 1230 249,900     268.81

1101 1596 374,900   372.70

1201 1193 289,900   314.42

1301 1536 669,900   400.00

1401 2718 1,049,900 633.43

1501 5082 1,499,900 1,184.05

 

So I'm still wondering whats on the back side of floors 5 through 13 (or so).  All of the X01 and X02 units are on the front of the building.  Some of the units on the east side use up 6 if the 8 windows on that side, but some only extend to 4.  None of the floor plans show any windows across the back of the building.

There are units on the back of the building from floors 5 through 13.  All of these units have already sold and are occupied.  These units are the only one with individual balconies, and I heard that they sold pretty quickly. 

Given the floor plans, it looks as though the elevator and mechanical shafts rise through the middle of the back of the building, taking up that space and leaving two "L" shaped units per floor.

Given the floor plans, it looks as though the elevator and mechanical shafts rise through the middle of the back of the building, taking up that space and leaving two "L" shaped units per floor.

 

Apparently not.  You must have missed xumelanie's comment just above about units on the back already being sold out.

High-end condos coming

While some buildings have been delayed, the demand remains

BY JON NEWBERRY | [email protected]

 

Last year there was talk about the "looming glut" of luxury condominiums downtown and on the riverfront.  This year, the talk is of a shortage.  Two proposed high-rise projects on the riverfront - one in Cincinnati, another in Newport - have yet to begin construction, delaying the arrival of more than 150 condos until the second half of 2008 or early 2009.

 

Market researcher and consultant Michael Dinn said the supply of central city condos is getting thin, especially those selling for between $200,000 and $300,000 that many young professionals can afford.  "There's little product that can be bought, closed and moved into this year," Dinn said. "There's sort of a pause in product and maybe consumer sentiment."

 

All of the factors that have been driving the market forward in recent years, however - including a revival of interest in urban living across the country - remain, he said.  And several smaller projects already under way or recently announced should fill any gap in the pipeline.  Two of the most recent developments are the Lofts at Fountain Square on Vine Street near Fifth, and Palisades of Mount Adams on the hillside facing downtown.

 

Located at the southern end of Oregon Street where it curves down the hill, Palisades follows other nearby condo projects, but it will be different and more expensive. Designed by Mount Adams modernist architect John Senhauser (who also designed the Elite, another 12-unit project going up at the other end of Oregon Street), it provides a sharp contrast to the mostly traditional-looking structures around it.

 

Developer Don Rahilly, retired president of the S. Rosenthal & Co. printing company and a partner in Northern Kentucky-based Adare Development Group, describes Palisades as a work of art that will be Cincinnati's counterpart to the Ascent in Covington.  The tiered, seven-story building is being built at an estimated cost of $11 million to $12 million. Its 10 units will be offered at prices ranging from $1.2 million to $2 million.

 

Read full article here:

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20070114/BIZ01/701140397

Amber Weeks, an engineer with Honeywell in Forest Park, and her lawyer husband recently signed a contract for a condo at the McAlpin on Fourth Street. They wanted to be downtown with "all the gorgeous old buildings" and be a part of its revival, she said.

 

Both in their mid-20s, the pair is living in an apartment on Court Street until their new home is ready in a couple months,

 

Weeks said her husband works in the Carew Tower, so they wanted something within walking distance. They looked at a couple of developments and fell in love with the McAlpin, but she thinks the market downtown is too expensive for most young professionals. Theirs will cost them close to $300,000 by the time all the extras are added on.

 

"If we lived in the suburbs, we'd be bored out of our minds. We have so many things at our fingertips," she said, citing sporting events, theaters, restaurants and Fountain Square. "I'm overwhelmed by the choices."

 

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20070114/BIZ01/701140397

 

Hey! It's MrsAWeeks!

^Is that really her?!?!?!  It seems to be right....ahhh UrbanOhioans taking over the world!!!  :laugh: :laugh:

I remember aweeks mentioning he lived in an apartment Court street.  I just assume that MrsAWeeks was married to aweeks.

 

But maybe it's all just a coincidence.  :-D

Market researcher and consultant Michael Dinn said the supply of central city condos is getting thin, especially those selling for between $200,000 and $300,000 that many young professionals can afford.

 

Bingo. 

 

But because condo prices have been creeping up, a lot of young professionals are being left behind. He figures there would be 50 percent more potential buyers if there were more affordable units.

 

He hit the nail on the head here.  Now, when are developers gonna catch on?  Thank god for Fifth and Race...we need that project to get moving!

 

I remember aweeks mentioning he lived in an apartment Court street.  I just assume that MrsAWeeks was married to aweeks.

 

Confrimed.

Just trying to get some positive things about downtown in the Enquirer.  I will sign autographs later though.....

Ohhh..you two are sooo cute!!!!  Now MrsAWeeks I would like an autographed UrbanOhio bumper sticker if at all possible!  :laugh:

As a developer, I do not agree with this article at all.  This program has been one of the biggest reasons that housing development in the City has grown so quickly.  But, let's be honest, most of the development is only occuring in certain neighborhoods for the most part.  Downtown and its environs, Mt. Adams, Mt. Lookout, Hyde Park, etc. all come to mind.  But the majority of the City is not seeing new construction.  If they want to change it fine, maybe reduce the program to 10 years in some of the more successful neighborhoods, but it needs to be left as is for most of the City of Cincinnati.  It may also be a way to help focus development where it is needed, but the market for these homes still has to be there and it still has to work financially even with the tax break.  I would also like to know where the $260 million figure came from; this new housing is taking place on vacant land, dilapidated structures, and underused commercial buildings being turned into housing. 

 

City might scale back homeowner tax break

Cincinnati Business Courier - 2:36 PM EST Tuesday

 

Cincinnati City Manager Milton Dohoney has proposed scaling back a popular subsidy for new home buyers in the city, reducing from 15 years to 10 the length of time the Community Reinvestment Act tax break can be received.

 

Dohoney's recommendation will be discussed at a meeting of City Council's economic development committee Jan. 17. The proposed policy change comes after Hamilton County Auditor Dusty Rhodes criticized the city program, saying it had taken $260 million in real estate value off local tax rolls in the last four years - costing local governments more than $4 million in annual tax revenue.

 

In a Jan. 10 report to council, Dohoney called the CRA abatements "strong and versatile incentives to create homeownership and economic development within the city of Cincinnati." He recommended the CRA tax-abatement program be renewed for 10 more years. But Dohoney urged council to consider changing the terms of CRA homeowner abatements.

 

Read full article here:

http://cincinnati.bizjournals.com/cincinnati/stories/2007/01/15/daily16.html

^Let me see if I got this right.  Condos are selling in downtown Cincinnati, but the demand does not appear to be there for condos in downtown Loveland.  There are big differences between the two downtowns.  Differences that are not even alluded to in this news piece.  The reporter is trying to make some kind of connection between the two, since the canceled project was in Loveland, but 90% of the text pertains to Cincinnati.  Either (1) the reporter is hoping that the reader will connect the failed project to downtown Cincinnati, or (2) the reporter spent about 5 minutes putting this piece together.

 

I hope that our local media outlets are the worst in the country for an MSA of our size, because I can't even imagine what it would be like living somewhere where they were worse.

As a developer, I do not agree with this article at all.  This program has been one of the biggest reasons that housing development in the City has grown so quickly.  But, let's be honest, most of the development is only occuring in certain neighborhoods for the most part.  Downtown and its environs, Mt. Adams, Mt. Lookout, Hyde Park, etc. all come to mind.  But the majority of the City is not seeing new construction.  If they want to change it fine, maybe reduce the program to 10 years in some of the more successful neighborhoods, but it needs to be left as is for most of the City of Cincinnati.  It may also be a way to help focus development where it is needed, but the market for these homes still has to be there and it still has to work financially even with the tax break.  I would also like to know where the $260 million figure came from; this new housing is taking place on vacant land, dilapidated structures, and underused commercial buildings being turned into housing.

 

I understand your position with changing the format around for different neighborhoods...however I would not believe that is a legal manuever.  I do agree with you that it has been a VERY successful program for the city, but I would also think that people will be pleased with 10 years.  I would think that many will not even notice the difference...I could be way off, but it doesn't seem to be too dramatic.

The Loveland thing smells fishy to me.  I know it is a large project, but I feel the market is there for urban condos in a suburban setting if you will, it would be a very unique project.  Sounds like there is something else at work that may have involved the decision to pull out.

 

I understand your position with changing the format around for different neighborhoods...however I would not believe that is a legal manuever.  I do agree with you that it has been a VERY successful program for the city, but I would also think that people will be pleased with 10 years.  I would think that many will not even notice the difference...I could be way off, but it doesn't seem to be too dramatic.

 

I don't know about the legality of it, I was just brainstorming.  As for not noticing five years worth of tax payments, I believe any person with half a brain would notice not having to pay real estate taxes (roughly $15,000 on a $300K house over five years).

Housing gap mars developers' efforts

 

The Gap is a store in malls across the country.  The gap is the outfield alleyway in Great American Ball Park, where Ryan Freel hurls his body after baseballs. The space produced Reds mascot Gapper, who can't even get a spot in that scoreboard race.

 

There's the generation gap, which makes Harry Potter about a thousand times cooler than the Hardy Boys to your 11-year-old.  But anybody trying to develop residential property here, particularly in urban areas, knows of a different kind of gap. It's the difference between high costs - usually either land or construction - and the revenue you can expect from property sales.

 

Maybe you're trying to build 19 condominiums in the old Clyffside Brewery in Over-the-Rhine's Mohawk neighborhood. You want to attract graduate students, so you want to set prices as low as $85,000. But construction costs drive the project up to $3 million. A proposed $900,000 grant from the city of Cincinnati doesn't work because of restrictions, says developer Duane Donohoo, who tried it.  The numbers don't add up, so you'd have to jack prices up sky-high to make money.

 

Read full article here:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070121/COL01/701210305/1081/BIZ

Streetcar will help bridge the gap.

Local home sales slip in December, 2006

Cincinnati Business Courier - 12:20 PM EST Thursday

 

Home sales in Cincinnati were down 5.9 percent in December, but better than the 7.9 percent drop-off nationally.  The Cincinnati Area Board of Realtors reported 1,668 home closings in December, compared to 1,772 in December 2005. Gross volume was $291.6 million, compared to $318.9 million in the year-ago period, and the average sale price was $174,830, versus $179,980 a year ago.

 

For the full year, the area saw 25,204 closings, a 5 percent drop from 26,553 in 2005. Gross volume fell to $4.5 billion from $4.8 billion, and the average price dropped slightly, to $178,298 from $179,488.  "Considering the downward trend of home sales across the nation last year, Cincinnati didn't perform too badly," said Tom Steele, president of the Board of Realtors.

 

Read full article here:

http://cincinnati.bizjournals.com/cincinnati/stories/2007/01/22/daily45.html

Sorry to hear about the Loveland project, but I agree with Kendall on the connection (or lack of) to downtown Cincinnati.

 

 

I believe any person with half a brain would notice not having to pay real estate taxes

 

So, I guess UncleRando's point is that people moving to Cincinnati don't even have half a brain.  Did I get that right?

 

 

 

[preparing for cracks about inkaelin not having half a brain]

^err actually way off...I was saying that the program has been successful but scaling it back slightly will not damage its effectiveness (imo).

^err actually way off...I was saying that the program has been successful but scaling it back slightly will not damage its effectiveness (imo).

 

Prehaps I trumped the windows joke?

From the 12/28/06 Enquirer:

 

 

Grants to help build affordable housing

BY JON NEWBERRY | [email protected]

 

The Federal Home Loan Bank of Cincinnati has awarded $3 million for affordable housing projects that will create 175 units for low-income residents in Greater Cincinnati and Northern Kentucky, the bank said Wednesday.

 

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20061228/BIZ01/612280317/1076/BIZ

 

City, Realtors teaming up to offer grants to first-time home buyers

BY DAN KLEPAL | [email protected]

 

The city of Cincinnati has entered into a partnership with the Cincinnati Board of Realtors and the nonprofit Home Ownership Center to offer $1,000 grants that will help first-time home buyers afford the down payment for houses.  The goal of the program, which is funded by private donations, is to boost homeownership in the city.

 

It is available to anyone who is buying a home in the city for the first time, regardless of income or whether the potential owners owned a home elsewhere. The program has been in existence since 2003, but will be advertised heavily for the first time at the home buyers fair on March 3 at Jordan Crossing in Bond Hill.

 

Read full article here:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070219/NEWS01/702190387/1056/COL02

Cincinnati housing among nation's most affordable

California home to five most expensive cities, Internet study says

G. SCOTT THOMAS | March 9, 2007

 

America's five most expensive markets to own a home have something in common. They're all in California.  The San Francisco-Oakland area is saddled with the nation's costliest housing, according to a new study by Bizjournals.com, the Internet arm of Courier parent American City Business Journals. Greater Cincinnati is at the other end of the spectrum, according to the study: The Tri-State ranked as the 32nd most affordable of the nation's 95 largest markets.

 

Bizjournals compared housing costs and income levels in the U.S. metros with populations above 500,000. The study used statistics from the 2005 American Community Survey by the U.S. Census Bureau.  The median owner-occupied home in the San Francisco-Oakland area was valued at $655,300 in 2005. A 6 percent mortgage, with a 10 percent down payment, would run $3,536 per month. Taxes would drive the total to $3,815.

 

Read full article here:

http://cincinnati.bizjournals.com/cincinnati/stories/2007/03/12/story7.html

Cheviot frets over aging housing

Program aimed at first-time home buyers, rehabbers

BY CLIFF RADEL | [email protected]

 

Signs of unwelcome change dot this West Side community. "For Sale" signs clutter dozens of front yards for months. "Foreclosure" notices darken front doors.  City officials have seen enough of the signs common to Cincinnati's first suburbs. They're taking the unusual move - for a municipality - of staging a free program tonight for first-time home buyers and rehabbers to breathe new life into Cheviot's aging housing stock.

 

"Out of 2,800 homes in Cheviot, we have 130 for sale right now," said Steve Neal, safety service director. "A year ago, homes here used to sell in less than a month. Now, they take six to nine months."  A decade ago, "we used to have 10 to 15 foreclosures a year," Neal added. "We've had 120 in the last two years. This has to stop."

 

Neal came up with the idea of the home-buyers program.  The agenda includes presentations by Cheviot Savings Bank, Hoeting Realtors and the Home Ownership Center of Greater Cincinnati about home loans, housing availability and rehabbing.

 

Read full article here:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070314/NEWS01/703140379/1056/COL02

All of Cincinnati's first suburbs have similar issues to Cheviot," Williams said

 

this is why a merger with the city would benefit everyone.

^So true, this would especially be the case for Cheviot.  The schools in Cheviot are Cincinnati Public and they are wraped around by the City of Cincinnati (with Green Twp to their west).  It has a very urban feel and would do great things in terms of reducing costs of public services.  Cheviot, I believe, has their own PD and FD.  And of course they have their own governing structure...all of which could be combined into Cincinnati VERY easily and potentially offer more reasonable tax rates and better services for the residents (economies of scale anyone).

^ i completely disagree.  i used to be an advocate of annexation for the city of cincinnati but recently i have done a complete 180.  maybe i am not seeing things the way that they actually are but i think being in the city of cincinnati is the kiss of death for "non trendy" neighborhoods.  case and point being the city of norwood.  for as difficult as the city of norwood has had it over the past couple of decades, its neighborhoods have held up like stone.  you can even experience this difference as you move in and out along montgomery road.  i think a lot of the west siders on this board are going to tear me a new one for saying this, but i think the west side of town has a very difficult stretch ahead.  westside neighborhoods have just as much character as the "hyde parks" and "mt lookouts" around town but the fact remains that it is the west side where the majority of the city's flight is taking place.  cincinnati has its only problems to fix right now and adding one more struggling area isnt going to do anything but make it worse.  let the smaller communites work out the issues on their own.

 

there is obviously something missing from cincinnati's inner ring suburbs and im curious to know what everyone thinks this is.  is it transportation?  proximity to jobs?  have hyde park n such held their ground because they are closer to 75?  how does that explain avondale....walnut hills?

Yes it is transportation and proximity to jobs both.  For the majority of inner-ring suburbs, they have seen their wealthy residents move away.  Often times the people left behind cannot afford the long commutes to where the 'job growth' is occuring.  This in turn leaves these communities in a tough spot.  Not to mention many of these inner-ring suburbs are bedroom communities (Madeira, Cheviot, Delhi, etc) so they do not have a balanced tax base to pay for their services.

 

Since they are right next to the big city the residents expect the same type of services that are offered there, but the communities don't have the means to pay for such services.  So what happens when you have nowhere to grow, but need to fund more services...bingo: HIGHER TAXES.

 

I don't feel that Cincinnati would hurt these neighborhoods with their chances of a revival, but actually help it greatly.  Many inner-ring suburbs complain about not having any clout and needing a collective voice...often times creating an inner-ring suburb coalition, but the same could be accomplished by using the big city in town as your means to your end.

 

Cincinnati, like Pittsburgh, has their government broken down into neighborhood areas to provide better service on a more specific level...some communities have done a great job at taking advantage of this (Northside, Uptown communities) while others have not.  If these inner-ring suburbs actually care about their success and can get their community motivated and moving in the right direction; then the same can happen with their respective communities.

 

It is not the city's responsibility to rally support and get people motivated.  The PEOPLE should come up with ideas and a plan...and the city should help them accomplish those goals.  A city of 300,000 (possibly 400,00+ if you add in the inner-ring suburbs) has a lot more clout and opportunity to get support to reach those goals than individual communities of 10,000 - 40,000 people.

the problem with the inner ring suburbs is that their housing stock is a product that no one really wants.  if they want suburban, buyers go out to the farther suburbs where the housing stock is newer, more suburban and not that much more expensive.  the schools can't compete with the outer suburban schools.  The city can offer an urban enviroment and it has the flagship neighborhoods.

 

Look at elmwood place, it has had 70+ years of population loss, aged housing stock, a largely vacant buisness district, why would someone pick there over say sycamore or green township?

 

Loans are easy to get, money is relatively cheap, so people get more house.  People go the suburbs.  people who want an urban experience go to the city.

 

the inner ring suburbs show the flaw of suburbs in general.  your entire jurisdiction's health is dependent on the desirability of the single housing 'product' repeated ad naseum.  If all you have is split level ranches built in the 1950s and no one wants to buy split level ranches from the 1950s it is pretty much game over.  especially when the city doesn't have the funds to change the composition of the housing stock.

the problem with the inner ring suburbs is that their housing stock is a product that no one really wants.  if they want suburban, buyers go out to the farther suburbs where the housing stock is newer, more suburban and not that much more expensive.  the schools can't compete with the outer suburban schools.

 

This is absolutely true.  And many of the jobs such as P&G are located out there as well when they have traditionally been closer to the core.  They now have the infrastructure as Thomasbw mentioned, the jobs, the restaurants, the shopping, the schools.  Now contrast that with the inner ring. 

 

Riverfront condos paying off

BY JAMES MCNAIR | [email protected]

 

Fewer people are buying condominiums in Greater Cincinnati and Northern Kentucky than they were in 2005. But those who buy are flashing big-time cash.  The trend toward high-priced condos - $500,000 seems to be the threshold for princeliness - is especially pronounced in Northern Kentucky. As of March 9, condos sold in Northern Kentucky so far in 2007 had an average price of $177,206, or 22 percent higher than last year's record of $144,816.

 

"Obviously, this is a niche we hadn't tapped into yet," said Janie Wilson, president of the Northern Kentucky Association of Realtors and associate manager of Sibcy Cline in Fort Mitchell. "Apparently we were lacking in inventory."  Wilson is talking primarily about the skyline-changing condos in Bellevue. Two projects, Water's Edge and Harbor Greene, are bringing the moneyed set to a riverfront burg on the cusp of a metropolitan makeover. Much of the interest goes to the translation of the town's French name - "beautiful view."

 

"Cincinnatians in general - whether they're in Cincinnati or in Northern Kentucky - are finally taking advantage of the river," said Paul Zeltwanger, whose Joshua One LLC of Covington is the developer of Water's Edge.  "The barges go right by you. You're literally interacting with the river."

 

Zeltwanger has closed six sales at Water's Edge this year at prices between $800,000 and $960,000. Three more closings are scheduled this month, he said, four or five in April and two or three in May. The first phase of Water's Edge consists of 24 units. Phase two, scheduled to start in two or three months, will have 12 units.  "We saw the slowness from June to December," he said. "But interest picked up in January, and we've had 30-plus people in each of the last four Sunday open houses."

 

Read full article here:

http://news.nky.com/apps/pbcs.dll/article?AID=/AB/20070318/BIZ01/703180329

Local sellers, buyers hook up

Century-old Covington building shows advantage of patience

BY MIKE BOYER | [email protected]

 

Patience can be a virtue in real-estate investing. Ask Peg Wyant, president of Grandin Properties LLC.  Wyant, whose firm has been buying and refurbishing historic buildings in O'Bryonville, Hyde Park and Mount Adams since 1998, has had an eye on the 100-year-old Arthur Apartments building, 525-545 Greenup St., almost that long. But the building either wasn't for sale or a deal couldn't be reached.

 

Last year, Grandin bought the Arthur Apartments, its first Northern Kentucky purchase, for $2.1 million.  "It first caught my eye in 1995," she said. "Last year, we were able to buy it from the estate of the former owner with the help of my broker John Frank (at Colliers Turley Martin Tucker). He knows the type of property I like."

 

Wyant, who has been actively involved in revitalizing the O'Bryonville area between Hyde Park and East Walnut Hills, say she prefers to invest in "best-in-class, urban-friendly neighborhoods." She defines that as areas with buildings with historic character in easy walking distance of amenities like a grocery and a dry cleaner.

 

Local investors like Grandin are spending more of their dollars in their own backyard, said Frank.  The popularity of Cincinnati-area real estate with investors from the East and West Coasts because of its relatively high investment returns, has been well-documented.  But Colliers, which tracks all deals of $1 million or more, said last year exclusively "local deals" - those between a local buyer and local seller - increased 5 percent, totaling $65.5 million, up from $62.4 million in 2005.

 

Read full article here:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/AB/20070511/BIZ01/705110353/

the problem with the inner ring suburbs is that their housing stock is a product that no one really wants.  if they want suburban, buyers go out to the farther suburbs where the housing stock is newer, more suburban and not that much more expensive.  the schools can't compete with the outer suburban schools.

 

This is absolutely true.  And many of the jobs such as P&G are located out there as well when they have traditionally been closer to the core.  They now have the infrastructure as Thomasbw mentioned, the jobs, the restaurants, the shopping, the schools.  Now contrast that with the inner ring. 

 

 

I don't know that you can paint all the inner-ring suburbs with the same brush.  There are certainly differences much akin to the neighborhoods in the city proper. 

 

As for the schools being unable to compete with the non-inner ring suburban schools, I don't buy it.  Places like Wyoming, Mariemont, Indian Hill and Madeira are just as highly-regarded--if not more so--than the Lakotas and Masons. 

 

These communities should focus on their unique positives -- schools that are just as good but smaller, so your child won't be one of thousands at a big suburban high school; proximity to the best of the city (15 mins to downtown) and the suburbs (more accessible to Warren and Butler cos. if you want to go there); and, in some of those places, charming and historic housing stock. 

 

 

Of course, if someone wants to live in 2500 square feet of new construction outside of Hamilton County, they will do just that. 

"As for the schools being unable to compete with the non-inner ring suburban schools, I don't buy it.  Places like Wyoming, Mariemont, Indian Hill and Madeira are just as highly-regarded--if not more so--than the Lakotas and Masons.  "

 

I agree with you.  The 4 school districts you mentioned are superior to Lakota and Mason.  Unfortunately, the housing in each of those districts is much higher than in the Lakota and Mason districts.  Not only the initial purchase price, but Wyoming (and others) have a school district income tax.  So families with children are pretty much forced to cross those schools off their list and compare the remaining school districts in which they can afford to purchase.

 

Personally, I'd like to see them all stay in Hamilton county.

A developer's urban opportunity

BY JOHN ECKBERG | May 20, 2007

 

This month, longtime Cincinnati real-estate redeveloper Kathy Schwab and her husband, Larry, found themselves back where they began: a condominium in Liberty Hill Schoolhouse in Mount Auburn, a project she created in 1980.  Three decades had come full-circle.

 

"We lived there for 10 years, considered buying that unit again - and haven't ruled it out either," said Schwab, a lead developer on that project and today manager, real-estate development for Al Neyer Inc., a downtown-based real estate development company.

 

In the years since Schwab converted classrooms into condominiums, she lived in a number of restored houses in Clifton and North Avondale. Since the Schwabs' children are headed to or already in college, they now face the same challenges of thousands of other aging homeowners in Greater Cincinnati and Northern Kentucky:

 

Read full article here:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070520/BIZ01/705200309/1076/BIZ

Home construction down; permits up

 

Construction of new homes fell in May as the nation's homebuilders were battered by the crisis in subprime lending and rising mortgage rates. The May decline was in line with expectations and reflected weakness in the South and West, though the Midwest and Northeast saw construction gains.

 

Housing, which is struggling through its biggest downturn in 16 years, is expected to continue to face troubles in the months ahead before starting to rebound in 2008.  The Commerce Department reported Tuesday that construction of new homes and apartments dropped by 2.1 percent last month to a seasonally adjusted annual rate of 1.474 million units, 24.2 percent below the level of a year ago.

 

Read full article here:

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20070620/BIZ/706200336/1076

"Home construction down; permits up"

 

Very misleading headline.

 

In real estate (as in most things) you can't compare month-to-month.  You need to compare Year-to-Year changes.  If you do that, you get a very different headline.  I've seen the numbers in other articles, but can't recall the specifics right now.  But the correct headline is something like this:

 

Home Construction Down 24.2%, Building permits down 23%

 

And the thing is, the building construction and building permits are still outpacing houshold formation by a significant margin.  This country, and particularly the Cincinnati area, is now way over built! 

 

(we discuss this in great detail in the Business section, on the Housing Decline = Recession? thread)

 

Link contains a photo.  From the 6/11/07 Cincinnati Business Courier:

 

 

Nonprofit handles home repairs for 'invisible poor'

Study: 78,000 homeowners in area earn less than $25K

Cincinnati Business Courier - June 8, 2007

by Lucy May

Senior Staff Reporter

 

More than 78,000 homeowners in Greater Cincinnati have an annual household income of less than $25,000, according to a new study.

 

People Working Cooperatively, the nonprofit construction company, calls those home­owners the "invisible poor." And for them, a leaky roof or broken furnace can be the first step toward losing their homes.

 

http://cincinnati.bizjournals.com/cincinnati/stories/2007/06/11/story9.html

 

Sounds like a productive agency but, bleak outlook for the future.   

What does that say about our system?           Education?

Are pay scales that off the wall in this region(country)?

How do you encourage and support a growing class of people to take steps to better themselves?

Living on the West Side I think about this a lot.   And I will be the first to admit that there is just as much if not more white trash as there is black "Moving In".

Unfortunately,  apartments and rental units within the area are so saturated that it's kind of becoming a burden on some of the better streets and neighborhoods with a higher owner occupied status.  My street has gotten two new families within the last year from the Price Hill area.  They both say they moved to Bridgetown for the Oak Hills schools.  I don't have a problem with that but this is what many people would picture as the domino effect. Price Hill and Westwood folks wanting to move to Cheviot and Bridgetown.  Cheviot and Bridgetown people in turn wanting to move to Harrison and Indiana. 

I know 9 families that have moved FARTHER WEST this past year because of the typical stereotype.

I personally DO NOT believe the West Side is as bad as people and the media make it out to be but I am starting to feel outnumbered in that thought process. 

From the 7/17/07 Enquirer:

 

 

South Cumminsville group partners with Litton Loan

BY JON NEWBERRY | ENQUIRER STAFF WRITER

 

Working in Neighborhoods, a South Cumminsville-based nonprofit group that provides homeownership and credit-counseling services in low- and moderate-income communities, has reached an agreement with Houston-based Litton Loan Servicing to promote stable homeownership in Cincinnati.

 

http://news.enquirer.com/apps/pbcs.dll/article?AID=/AB/20070717/BIZ01/707170320/

 

There are a bunch of images (one for each project mentioned) attached with the actual story...too many for me to link.

 

Spicier condos? Just add water

August 24, 2007 | CINCINNATI BUSINESS COURIER

 

Water, water everywhere. If you like riverfront views, outdoor balconies and easy access to downtown entertainment districts, then a condominium along the Ohio River might be just what you need.  All manner of living space is rising along the river's banks in Ohio and Kentucky. And as more development takes place, the views become more dramatic.

 

At one end there is the sweeping roofline of the Ascent, the 22-story Covington tower that renowned architect Daniel Liebskind designed for Corporex Cos. Across the water in Cincinnati, the two towers of One River Plaza will rise like beacons. South Shore will spice up Newport's waterfront with its Miami-themed towers.  Residents already are enjoying the relaxing life that comes with living above the fray and watching the river from their homes at Harbor Greene and Waters Edge.

 

All of this development, of course, means good things for the region's economic vitality, but it also does something else.  There is a positive mood swing taking place, and attitudes are becoming more upbeat. The condos along the riverfront show that things are happening here, that Greater Cincinnati is thriving and successful, and that this is an exciting place to live and work.

 

Read full article here:

http://cincinnati.bizjournals.com/cincinnati/stories/2007/08/27/focus4.html

Good to see Towne Properties is moving ahead in spring with Captain's Watch Phase II, let's hope it holds true! 

Can you imagine the Ohio Banks in 5 years, hopefully we turn our Banks into some sort of utopia and finally take advantage of the river like we've should have done for all of these years.