^^ Also most people don't live in one home for thirty years so I wouldn't be worried looking at interest over that many years.

 

Really?  I've been in my crib for a while and no intention on selling this experiment!  Or do you mean most new homeowners - those that have purchased within the last 5-7 years?

 

but, most of the mortgages i have seen have the interest payments are heavily weighted toward the earlier years anyway.  so, if you live there 5 years and your payments are 1000/month, chances are the interest payment is the big chunk, maybe 800/month, and you are only paying 200 in principal, or less. 

 

i just don't think many people actually look at the total cost of ownership, whether it is 2 years, 5 years or 30 years.  i think a lot of people think, i bought the house for 150,000 and i sold it 2 years later for 170,000, so i made 20,000.  imo, that is rarely the case. 

^true^

 

what is ervyone's opinion on foreclosed property?

How do you feel about people who pay the 13 payments a year.  Mortgages seem so more complicated than they were 20 years ago.

If you have an extra $1000 somewhere at the end of the year, invest it instead of paying down the mortgage.  Stock market trends indicate that it could double 4 times in thirty years.  Then you would have $16,000 to show for that $1000. 

 

Highly distilled advice.  Hope it makes sense.

Flee, it depends on the foreclosed home. For example, I sold one near Memphis Road in a section of town where normal sales for last year were 15k higher than this price. And, the bank had already sunk money into it by upgrading the kitchen and some of the bathroom mechanicals...not the normal MO for banks who own homes; but there are so many on the market now that this is at least not unheard of.  There is also a bit more room, sometimes, for price negotiations on foreclosed homes now that there are so many of them. Again, it's a case by case basis. Banked owned homes are negotiated by pencil pushers so it all depends on their bottom lines.

^^ Also most people don't live in one home for thirty years so I wouldn't be worried looking at interest over that many years.

 

Really?  I've been in my crib for a while and no intention on selling this experiment!  Or do you mean most new homeowners - those that have purchased within the last 5-7 years?

 

but, most of the mortgages i have seen have the interest payments are heavily weighted toward the earlier years anyway.  so, if you live there 5 years and your payments are 1000/month, chances are the interest payment is the big chunk, maybe 800/month, and you are only paying 200 in principal, or less. 

 

i just don't think many people actually look at the total cost of ownership, whether it is 2 years, 5 years or 30 years.  i think a lot of people think, i bought the house for 150,000 and i sold it 2 years later for 170,000, so i made 20,000.  imo, that is rarely the case. 

 

I wonder if purchase price, plays a role.  If I would have bought my crib for "assed value" I wouldn't have been able to afford it at that point in my life.  Over the years the appreciation has been very good althought out of whack compared to people in the complex with similar units.  I bought my place for approximately 20% of it's actual market value.  And since the price was so low, and I had rather large down payment and a low rate, my payments were ridiculously low.  I got penalized for an early payoff.  i've made my ROI 6 times over and then some so moving for me is not option.

 

If I bought now, I'd probably be a habitual flipper.

 

 

^true^

 

what is ervyone's opinion on foreclosed property?

thats how I got my house.  the bank that i was approved financing, a unnamed person in the bank told me there was a bank owned unit. Since i'm a handy dandy type of boy and wanted a place to put my own "stamp" on I took it.  but I should have asked way more questions.  Dealing with a bank isn't like dealing with a traditional seller.  They don't want to negotiate.  sometimes they make a small improvement and set a price and stick to it.  Your situation will most likely vary.  3231...I know your steaming over there.  lol

In regards to my prior comment of the Pointe at Gateway being overpriced, the developer has raised prices on most of the floor plans 20% in the last 2 years. Also, these price increases were not accompanied by upgrades for the most part.  Except for the new model 2 bedroom and 1 of the penthouses, the units for sale have mediocre finishes. I feel paying $200 per sq. ft. for a 600 sq. ft. condo with a worn, cheap finish is too much.

 

However, if you can find a unit with a price you like, I would highly recommend moving here. The management of the building is great, we have 2 on site custodians. Also, the maintenance fees are very reasonable at about .25 per sq. ft.  The building is real sturdy and there shouldn't be any assessments in the near future. The condo association has a pretty sizable reserve. Noise can be an issue at times, especially for the lower floors, but on the 7th floor where I live there seldom is any noise.

 

Someone previously indicated that they give 1 year of free parking, I think that only applies to the penthouses. It's $125 per month to park across the street.

 

I will double check but Was told, when I was at a one bedroom brokers open (which was just completed with the upgrades) that the parking offer was available.  Also I am used to negotiating and would ask anyway lol. 

most of the mortgages i have seen have the interest payments are heavily weighted toward the earlier years anyway.  so, if you live there 5 years and your payments are 1000/month, chances are the interest payment is the big chunk, maybe 800/month, and you are only paying 200 in principal, or less. 

 

You a correct to point out that there is more to home ownership than a mortgage payment. However, unless you are planning on staying short term, it is most of the time smarter to buy. In your scenario above; $1000 mortgage payment per month with $200 to principal would give you $12,000 in equity in 5 years even if your home value didn't appreciate and was flat. If you spend $1,000 per month on rent over 5 years, that's $60,000. If you bought you would spend the same $60,000 and then be ahead $12,000. Yes there are other factors involved like closing costs but remember all mortgage interest is tax deductable that will offset some of those other expenses.

Again, I don't claim to know much about real estate.  But I did spend several months earlier this year looking at a lot of houses.  We decided not to buy for several reasons.  We can't really afford the kind of house we want and our apartment is good enough that it doesn't feel as bad as settling for the house we can now afford, so we're staying put for awhile.  We also aren't sure we'll be here in 5 years.  Those factors combined with what we learned about the real estate market here, now, were very good reasons not to buy.

 

I learned a lot in a short time about foreclosures and short sales and stuff.  What I thought was most important was the fact that this market is now so saturated with people who bought more house than they could afford and then discovered they couldn't keep up the payments (lost a job or payment increased due to variable percentage or who knows what, their debt just caught up with them) and then went to foreclosure.  The two big federal institutions that bail out the banks, fannie mae and freddie mac are looking a lot harder at deals now. They don't like being in the business of having a bunch of foreclosed houses to get rid of, so it's not just like anyone who ponies up the money is good to go.  The fact is, there are some people so upside down while the market is so bad that they are selling the house for barely more than what they paid for it 3, 4, 5 or 6 years ago.  No profit at all in it for them, it's just to get out of the mortgage.  Well, you and the seller might agree on the price but freddie or fannie may not, and then you get hung up waiting for their decision for months.  As I understand it, foreclosures and short sales in particular are not for those in a hurry to make a decision, and everything that intially might look like a really good deal by reviewing the houses next to and in front of it is actually not that great of a deal because in an analyses of the whole city/area, it's really not that much of a bargain.  And there is usually a LOT of work required on foreclosed homes as the owners quit taking care of them and there's usually been a long period of time they've sat.  We saw places with dead mice, with holes knocked in the walls and with animal dung stains on the carpet, and this was in nice western suburbs such as north olmsted, bay, westlake.  (You can see what I mean about us not being able to afford the house we want, which doesn't have those things, just as a for instance).  On an unrelated note, I was astonished how many homes are just "slabs" with no basement.  As I have driven around these neighborhoods for years I just assumed everything I saw was a big, full "house" including a basement because of the look of the suburbs.  It was definitely an educating and interesting experience and we were lucky to have a great realtor who didn't mind showing us like 50 houses even though he knew we probably wouldn't end up buying at the end of the journey.

 

I guess the point of my post is that a foreclosed home isn't always a deal, especially considering the amount of work some of them require, and that you should make sure you are dealing with a conscientious realtor who isn't just out to make a sale so that they explain these kinds of things to you.

well we got of of Cleveland heights "only" losing several thousands $ most due to realtor fees, the questionable CH housing inspectors, and the work that we put into the home was not returned . we were not really babes in the woods either, having profited from 2 prior home sales (in a boom state). We could have rented for much less than owning given the time period involved (a couple years all totaled). What was scary was watching prices fall why the home languished on the market for over a year. a couple week ago I went on realtor.com and saw that houses on our former street are now listing for FORTY thousand dollars LESS than they were when we were buying 2002.  I agree looking at tax abated properties is a great idea, however this usually means new contruction. If you want to sell in a few years, someone in the market for newer housing is likely to pick something brand new rather than a a few years old and missing a few years abatement and special low interest financing. The market is filling up with new contruction that is moving kinda slow (like everywhere else). I used to think you needed a place 3-5 years to make a profit, but I think it is longer with very few exceptions. I am happy to be a home owner,but I also feel trapped and tied down at the same time (way too much of the same product out there and more coming)

I should disclose I have commitment issues in the real estate domain, but what I say is true based on experience and research

most of the mortgages i have seen have the interest payments are heavily weighted toward the earlier years anyway.  so, if you live there 5 years and your payments are 1000/month, chances are the interest payment is the big chunk, maybe 800/month, and you are only paying 200 in principal, or less. 

 

You a correct to point out that there is more to home ownership than a mortgage payment. However, unless you are planning on staying short term, it is most of the time smarter to buy. In your scenario above; $1000 mortgage payment per month with $200 to principal would give you $12,000 in equity in 5 years even if your home value didn't appreciate and was flat. If you spend $1,000 per month on rent over 5 years, that's $60,000. If you bought you would spend the same $60,000 and then be ahead $12,000. Yes there are other factors involved like closing costs but remember all mortgage interest is tax deductable that will offset some of those other expenses.

 

Good explanation.  Also, in this day and age you can "negotiate" to get the seller to pay your closing cost.

"Eparabola, have you thought about looking at a foreclosed house or a house that is bank owned?"

 

Well, I'm not exactly looking for a place yet until I know what my job situation will be in the near future.  I plan on either staying where I am (Eastside), moving downtown (should I get a job around that area), or leaving the continent altogether for a few years

So we debated about this and you're not even looking?  lawd!  Where are on the Eastside are you so I can come over and smack you upside the head!  :whip:

M2S...this chain was originally created to answer my questions...I AM looking!  so your discussion had a purpose

M2S...this chain was originally created to answer my questions...I AM looking!  so your discussion had a purpose

 

Hush!  I know, I'm just teasing!

Wow!  Have Stark or Wolstein threads received 3 pages of replies in one day?!  :-)  Anyways, I always thought living around the east side work/live neighborhood would be fun (well at least inside your home).  I've seen lofts starting in the mid 90s.

Anyways, I always thought living around the east side work/live neighborhood would be fun (well at least inside your home).  I've seen lofts starting in the mid 90s.

 

HUH?

http://www.realtyone.com/scott.phillips/MyListingsDetails.asp?mls=2405618&prop=7680718&ID=11651

Just looking at that unit, I can't for the life of me see spending 124K for a 668 sq. ft. apartment with substandard kitchen appliances (which don't match - big time selling "no no"), cabinets & counters.  If the kitchen looks like that, I know the bathroom is in just as sad condition.

 

The floors, however, are unique and a great feature!

 

ok...laterz...off for a week...behave kids!

http://www.realtyone.com/scott.phillips/MyListingsDetails.asp?mls=2405618&prop=7680718&ID=11651

 

good god that is awful...who would pay that?

http://www.realtyone.com/scott.phillips/MyListingsDetails.asp?mls=2405618&prop=7680718&ID=11651

 

good god that is awful...who would pay that?

 

Someone will, but not at that price.  Looking at a property one should envision the units, POTENTIAL, not what the property looks like in its current state.  However, you can't expect to make any money when you have builders appliances and you price the unit at the top of the of the price range. 

 

I'll have to dig up some old pictures of my apartment so you can get an idea and see first hand that its not what it looks like now, but what you can turn it into.  My apartment was a toxic train wreck of patterns, styles & trends over various decades that clashed like the titans!  My apartment was so bad, my then partners (a cop) first words were, "Why do you have the keys to some old persons apartment? You didn't buy this - did you?"

 

My non professional opinion and without knowing the area competition and recent sales, the unit is priced to high for the area, since I don't see any upgrades.  If the kitchen had concrete countertops; matching stainless appliances; custom cabinets; a kindred sink; a (moveable) Island; and a industrial faucet.  I could see pricing near the top of the market for a one bedroom 650+ sq. ft apartment, since the property would be "turn key".

 

 

you know, around the E. 30s...on progressiveurban.com, Loftworks starts at under 100k.

I endured many hours of shopping at Fries and Schuele's with my mom and aunt, for the privilege of lunch at a restaurant on W. 25th St., and a cookie from a stand at West Side Market.

 

I am a third generation Ohio City person, and my biased opinion is look to O.C. !

you know, around the E. 30s...on progressiveurban.com, Loftworks starts at under 100k.

those are gorgeous units. More my style than modern condos. They kept the spaces fairly raw. However talk about languishing on the market...the prices just keep getting lower (I have kept an eye on the project since inception  b/c I loved it)..On the other hand if you keep it a while, they should go up eventually. Same story over at loftworks. The unit I wanted 3 years ago was listed at 199,000. It is STILL on the market but at 179,000 last I checked.

Languishing on the market? Maybe the resales because they now have to compete with the newly upgraded units that came available this summer? I'm surprised at your comment, I happen to know that an average of two a week are selling and that people are vying for the same places. I'm not trying to say it's selling like hotcakes but it is selling really well!  or am I coming in at the wrong point and talking about the wrong units (F and S) LOL.  Ask my ex husband he will say that is not unusual :-)

Carole, I think peabody's comment about languishing refers to the Loftworks units - not Fries and Scheule.

Carole, I think peabody's comment about languishing refers to the Loftworks units - not Fries and Scheule.

thats correct-. The unit was at loftworks (an amazing building) although this was the carriage house attached.....I know Fries And Scheule raised the prices shortly after introduction (2003?) b/c they sold well.  I am guessing b/c they are relseasing new units, they expect to do well. Payne Ave lofts may also have very affordable units.

^true^

 

what is ervyone's opinion on foreclosed property?

 

Not that I know everything about you (specifically financials), foreclosed are really only good options for people with deep pockets and high tolerance for risk. All sales are completely "as is" and you have no way to know the condition of the property before purchase. Also I think it requires a larger chunk of cash up front than a first time buyer make experience with their first mortgage.

^ Very true.

 

Most banks don't really care for the property the way a homeowner would.  So if things go wrong, it's likely they won't be addressed and repairs/maintenance will be deferred until a buyer is found.

Hey you guys, a friend of mine is considering renting an apartment in Stonebridge.  Apparently there are 2 buildings, and this is the older one with less glass.  He has two small children (8 and 10 I think) who will be regular visitors. 

 

What can you tell me about life there?  Would he have outrageous heat bills?  The parking seemed cheaper than a lot of downtown places (45/month).  I assume the neighborhood would be ok for him to go out walking/jogging but not the kids, but I'm not that familiar?  Where will he go to the grocery (I'm guessing Dave's?), drugstore?  What's the noise level at night?

I live in the community

 

Heat bills: depends on location of unit. North facing report higher bills. South facing/but not blocked by bridge-are very low b/c if blinds are kept open, there is a green house like effect that keeps the unit pretty warm (we don't even turn on heat until almost January and it is off really early in the spring). conversely though, cooling bills are higher b/c the heat blazes in even if blinds are closed.

 

Safety: to be honest, I think this is turning into one of the safest areas in Cleveland. I am guessing this is due in part to private security in the area. Walking and jogging in the flats is very safe, as is to downtown. I see people jogging over the superior bridge at all hours.  Jogging or walking in the flats is actually a very serene experience. Yes you will see some transient individuals, but you are just as likely to see a professional person walking confidently with a microscopic dog. There are some dicier spots along w.25 (based on the crime reports), however during the day I have walked the stretch to Ohio City a number of times alone. I do apprecate the secure parking given the piles of broken glass I see along center street. This is less of an issue on old Detroit rd. 

 

kids: There are a few kids that appear to be living in the tower building, and many visitors. I have heard a few complaints of screaming kids tearing down the hall, but that would not be in issue with appropriate parenting. Also your firend should keep in mind the sounds proofing may not be great in 2 older apartment buildings, the floors esp. if hardwood, do not insulate sounds well. I have a neighbor that had an upstars neighbor taps around in high heels all the time, only to move out and have a family with some children that have a very high activity level  Its pretty loud, I have to admit. While one might be hard pressed to entertain a child full time, for visiting kids it is great. The bridges, trains and boats are great. I think there is even still a little video arcade in the power house for a rainy day. My step daughter likes to walk down to the Flat Iron with us and ride the shuttle to Indians games (although the crowd can get a little raucous on the way back).

 

Grocery: Westside Market all the way, but Dave's fills in the gaps quite well. It is clean, and had great product and service. While not a safety issue, the crowd can be a little rough around the edges sometimes. I only mention this b/c I do not notice it all until I go with my step daughter and then  you kind of notice the mf bomb being dropped a little more than you might at the Pepper Pike Heinens. None the less, all of this can make a rich experience  for kids.

microscopic dog. 

 

Lol, I deteste dogs like that

is the Flat Iron open again? I heard there was a fire?

I can't quite figure out what is up with 3000Bridge Lofts.....the owner/office never calls back when I have a client who wants to see it. I've had people (agents) from Progressive tell me they can't get in either. Odd if he wants to sell them no?

is the Flat Iron open again? I heard there was a fire?

believe it or not they opened w/in 2 weeks after the fire. the only discernible change is a new paint job and plasma TV'S. There is more extensive work being done upstairs where the fire was.

I can't quite figure out what is up with 3000Bridge Lofts.....the owner/office never calls back when I have a client who wants to see it. I've had people (agents) from Progressive tell me they can't get in either. Odd if he wants to sell them no?

 

I would think that the no-maintenance, secured-parking, quality, and close to W.25th/Lorain would sell very well. Carol, what do you say?

 

 

3231 it's a hot area, no pun intended about fires seriously lol.  F and Schuele are hotcakes, I imagine 3000 lofts could be if they ever tried to sell them :-)  And for whatever reason, I believe the second phase of stonebridge is even almost sold out.  I'm waiting for that triangle of land near the RTA stop on Lorain and 25th to become a hole in the ground. I have no idea (does anyone here?) what the cost or design will be but I'm fantasizing about living there and walking to work :-)  Still true that in Clifton Park (Cudell area) and OC only places with issues are still on the market. It's hot! Now if that would only be true in my neighborhood........

and I ate at the Flat Iron and toasted with a coke that they were reopened! It's amazing isnt it?

the second phase of SB is sadly far from sold out. That is too bad about the 3000 building. I never see anything going on there.

the second phase of SB is sadly far from sold out. That is too bad about the 3000 building. I never see anything going on there.

 

Second phase? Which building is the second phase? I thought that they were on the 5th phase.

 

Carol, any word on how the Clinton Courts are doing? I heard that the most expensive unit (of the 5) sold pretty quickly.

i think we are talking about the plaza which is SB 5th phase, but the 2nd condo building. Probably close to 30 units are for sale

"Eparabola, have you thought about looking at a foreclosed house or a house that is bank owned?"

 

A semi-updated link to bank owned fannie mae houses in the region:

http://www.mortgagecontent.net/reoSearchApplication/fanniemae/reoSearch.jsp

 

Good deals to be found here.  A buddy of mind just bought a duplex from FM.  Needed some work, about 10 thousand, but paid $35,000 for the building.  Nice house on a very nice street in OB.

3231, as of today, the computer shows that one clinton court sale 'pending' or waiting to close with four others still actively for sale.

Hi everyone. I'm a Realtor® but I rarely (never so far!) post listings on the Forum...but I just got a new listing that made me think of Urban Ohio and the variety of people attracted to it. This thread talks about choices in homes for $150,000 (approximately) and one thing not mentioned is doing it as an owner occupied investor.

 

With the market deflating prices over the last two years, it has become feasible to buy multi-family homes in this price range, in the heart of Ohio City.

 

It's a Victorian converted into four individual units. Each one is slightly different than the next one, but the common thing they all have is one bedroom and one bathroom. The current owner says he grosses (when it's 100% occupied) approximately $2k a month and even with expenses has been able to have at least modest profits each month. 

 

He has a tradesperson doing work on two units that just became vacant.  We asked him to let us market it for sale with units vacant until January (so it's easy to show and in case someone wants to live there, not just have all four units rented). 

 

He's taken very good care of it and the space for each unit, while not huge, is designed very efficiently with a loft in one, neat architectural detail in all, horshoe shaped kitchens with good workspace and storage, a fenced yard, and one unit even has two skylights.

 

It's located on W. 30th. It's not even in the computer yet but we do have a signed listing contract.  It should be in by Friday at the latest. It sits between Fulton and Jay, walking distance to Hecks, Johnny Mangos, RTA Station and Daves. So it's very convenient and just might be a way for even a single person who has thought about buying an investment home to do it.

 

If anyone is interested, email me through The Forum.  I'll post photos in a few days.