Posted December 7, 200717 yr I am current in the market for a $300-$550k condo in downtown Cleveland. I am researching all of the new developments going in and the refurbished lofts as well. I am hoping to get a few opinions from this site. Where is the best place to live in the downtown area? - W. 6th, E. 4th, Public Square, Avenue District, Stonebridge or Pinnacle? Should I wait for Stark's development? Wolstein's? What impact will each of these have on the value of downtown condos? My initial thought is that there will be an over supply of downtown condos which will destroy value. What are your thoughts?
December 8, 200717 yr Best place to live is going to depend somewhat on what you want out of Downtown living. The Warehouse District including W. 6th and the Pinnacle is closest to the most lively nightlife, Gateway/East 4th and Public Square are central to everything, East 12th/The Avenue District is close to the office core, but a little farther away from the bars, and so probably a bit quieter. Stonebridge is as much Ohio City as it is Downtown, and a bit of a hike to anything Downtown. Can you be a bit more specific about what you want out of Downtown living? As far as waiting for some new development, that really depends on your timeline and financial situation. You may want to wait long enough for them to come up with some floorplans/amenities/prices on units so you can compare. It can be good to get preconstruction pricing, as long as you can roll with the construction process and all the headache that can entail. As for Downtown condo price changes because of the massive amounts of construction, this is pretty uncharted territory. I'm not a real estate agent or an economist, but I think that classic economic theory would say that flooding a market with supply will depress prices. But I don't know that real estate always follows classic economic theory too well. This type of development could also stimulate demand by raising the profile and desirability of the product. My guess is that there will be a bit of both happening at the same time, but I don't know which will be the dominant factor. I doubt anyone could tell you with much certainty.
December 8, 200717 yr As for Downtown condo price changes because of the massive amounts of construction, this is pretty uncharted territory. I'm not a real estate agent or an economist, but I think that classic economic theory would say that flooding a market with supply will depress prices. But I don't know that real estate always follows classic economic theory too well. This type of development could also stimulate demand by raising the profile and desirability of the product. My guess is that there will be a bit of both happening at the same time, but I don't know which will be the dominant factor. I doubt anyone could tell you with much certainty. Keeping in mind that I'm not an economist either, I would think that Stark and Wolstein will try to pre-sell many of their units, so they wouldn't really be "on the market." It seems logical that prices would be depressed if the market were flooded with unpurchased, empty units, but if most of the units are sold, would it have the same impact?
December 8, 200717 yr Aren't they "on the market" at some point regardless? I'm sure it's not exactly the same, as the parties have different leverage depending on when the sale occurs, but I would think the fundamentals are the same. It would be interesting to hear from a real estate agent or developer on this, though.
December 8, 200717 yr Aren't they "on the market" at some point regardless? I'm sure it's not exactly the same, as the parties have different leverage depending on when the sale occurs, but I would think the fundamentals are the same. It would be interesting to hear from a real estate agent or developer on this, though. I think I see what you're saying- aren't they on the market before they've been pre-sold? I'd like to hear from someone who knows what they're talking about, too. Like I said, that was just my uneducated speculation.
December 9, 200717 yr I've checked out a number of condos around downtown (as a reporter, not a potential buyer) and in my opinion, the most impressive building in terms of its construction, appointments, setting and views is the Park Building. If I had the money, I would buy a condo there in a second. See these threads for more information: http://www.urbanohio.com/forum2/index.php?topic=11660.0 http://www.urbanohio.com/forum2/index.php?topic=10517.0 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
December 10, 200717 yr ^ It's Erie Lofts on West 4th. Check out the Pointe at Gateway, you can get the penthouse for 290K.
January 29, 200817 yr I felt this was very appropriate to bring this over this thread--for this gentleman as well as others looking at buying condos. I'm not sure if this is the best thread to post this, but I came across a very interesting link from none-other then the Cleveland.com comments section. According to an analysis by Fortune and Moody's, Cleveland is actually one of only five large cities in the nation that is predicted to experience appreciation in "upscale home" values (houses that sell for double the median home price). In fact, Cleveland's appreciation will be the largest in the nation. Minneapolis, Charlotte, Washington D.C., and most all the other markets that many around here have so coveted will all experience loses, according to this study. It's surprising to me that the foreclosure crisis (real or imagined) is not expected to pull down the market as a whole. http://money.cnn.com/magazines/fortune/price_rent_ratios/
January 29, 200817 yr I've checked out a number of condos around downtown (as a reporter, not a potential buyer) and in my opinion, the most impressive building in terms of its construction, appointments, setting and views is the Park Building. If I had the money, I would buy a condo there in a second. See these threads for more information: http://www.urbanohio.com/forum2/index.php?topic=11660.0 http://www.urbanohio.com/forum2/index.php?topic=10517.0 I think if you truly want downtown then the Park Building is the way to go. If you want something upscale with lake access and still be in close proximity to the hustle & bustle, check out Battery Park and the 4 luxury condos on the northern end of West 76th.
January 29, 200817 yr Looks like the guy who started this thread hasn't logged on since his initial post.
February 6, 200817 yr ^I was about to offer my worthless opinion as an econ major but then I read your post 3231 and have since decided to spare everyone my ignorance.
Create an account or sign in to comment