June 20, 20186 yr Twinsburg founded, now Columbus-based, CoverMyMeds just announced a new headquarters with 1000 new employees in Columbus. If we're talking about missed opportunities and incompetent leadership, the question needs to be asked how the hell we can keep these companies growing locally. I'm interested in knowing the truth as to why they chose Columbus. There needs to be a clear, thoughtful and honest look at why this has happened.
June 20, 20186 yr Pretty simple. They blew up in Tburg but i really wasn’t hearing much about them in last couple years. It looks like they have offices in highland heights as well as in Columbus. The main thing is that they were bought out last year by McKesson from SF.
June 20, 20186 yr According to the Wikipedia entry (which seems sourced), most of their growth has been in Columbus for 10 years now.
June 20, 20186 yr Reddit is reporting layoffs at American Greerings today: "My friends are in for a rough day at American Greetings as the new owners sent everyone an email this morning explaining how some of them will be laid off today. Individuals are being called into private meetings and then shortly later escorted out the door. At least a few people have taken part in that parade already. Seems like a weird day of the week to do such a thing and also a fairly humiliating way to do it..." They have been laying off people for quite a while now at AG. Ever since the new ownership took over, really.
June 20, 20186 yr I'm not sure this is the right thread for this... But look at all of these foreclosures (blue dots are foreclosures) https://www.zillow.com/homes/for_sale/41.5227,-81.617711,41.506922,-81.653073_rect/14_zm/1_fr/
June 22, 20186 yr ^A large part of my job now involves studying and tracking foreclosures and tax delinquencies. Mortgage foreclosures in Cuyahoga County are actually at their lowest level since 1995. Tax foreclosures are rising though, but the level is still fairly low due to the County's lack of resources to push them (approx 18 years to get through the current backlog of delinquent parcels at today's rate).
June 22, 20186 yr And unlike other states, don't foreclosures stay "on the books" until their cases are resolved? So while it looks like there's a lot in Ohio, there aren't necessarily a lot of more new foreclosures happening here vs. other states that allow theirs to expire or lapse after a shorter period of time. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 22, 20186 yr Foreclosures take longer in ohio because we use judicial process rather than administrative. Although, we are not the only judicial foreclosure state.
June 22, 20186 yr ^A large part of my job now involves studying and tracking foreclosures and tax delinquencies. Mortgage foreclosures in Cuyahoga County are actually at their lowest level since 1995. Tax foreclosures are rising though, but the level is still fairly low due to the County's lack of resources to push them (approx 18 years to get through the current backlog of delinquent parcels at today's rate). That is amazing. 18 years behind? I'd love to be a fly on the wall in that department. I'm sure if they quit at 4 pm, they are closing up their desk at 3:55 pm and heading for the elevator.
June 22, 20186 yr Foreclosures take longer in ohio because we use judicial process rather than administrative. Although, we are not the only judicial foreclosure state. It seems that Ohio has made it possible for counties to use an administrative tax foreclosure process, so it seems that Cuyahoga county could make the switch, but do you know why we use a judicial process/what are the pros/cons of switching?
June 22, 20186 yr ^A large part of my job now involves studying and tracking foreclosures and tax delinquencies. Mortgage foreclosures in Cuyahoga County are actually at their lowest level since 1995. Tax foreclosures are rising though, but the level is still fairly low due to the County's lack of resources to push them (approx 18 years to get through the current backlog of delinquent parcels at today's rate). Doesn't the county sell a vast majority of its property tax liens? Or did it stop doing this at some point in the past few years?
June 22, 20186 yr Foreclosures take longer in ohio because we use judicial process rather than administrative. Although, we are not the only judicial foreclosure state. It seems that Ohio has made it possible for counties to use an administrative tax foreclosure process, so it seems that Cuyahoga county could make the switch, but do you know why we use a judicial process/what are the pros/cons of switching? I think that is correct for tax foreclosures. I was speaking to the procedure for a bank foreclosure.
June 22, 20186 yr Author ^A large part of my job now involves studying and tracking foreclosures and tax delinquencies. Mortgage foreclosures in Cuyahoga County are actually at their lowest level since 1995. Tax foreclosures are rising though, but the level is still fairly low due to the County's lack of resources to push them (approx 18 years to get through the current backlog of delinquent parcels at today's rate). Doesn't the county sell a vast majority of its property tax liens? Or did it stop doing this at some point in the past few years? The County continues to sell tax certificates, and is selective in the areas in which the certificates are sold. For example- I can't tell you how many properties on the southeast section of the city are $30,000, $40,000, even $50,000 behind in property taxes without a single lien or tax foreclosure assigned against it. Meanwhile, if a person falls behind in a more prosperous area of the county, you can pretty much guarantee that the property taxes will be sold.
June 22, 20186 yr ^A large part of my job now involves studying and tracking foreclosures and tax delinquencies. Mortgage foreclosures in Cuyahoga County are actually at their lowest level since 1995. Tax foreclosures are rising though, but the level is still fairly low due to the County's lack of resources to push them (approx 18 years to get through the current backlog of delinquent parcels at today's rate). Doesn't the county sell a vast majority of its property tax liens? Or did it stop doing this at some point in the past few years? The County continues to sell tax certificates, and is selective in the areas in which the certificates are sold. For example- I can't tell you how many properties on the southeast section of the city are $30,000, $40,000, even $50,000 behind in property taxes without a single lien or tax foreclosure assigned against it. Meanwhile, if a person falls behind in a more prosperous area of the county, you can pretty much guarantee that the property taxes will be sold. Don't they only sell a package of the liens? If you could buy individual ones, I would.
June 22, 20186 yr ^Packaged. The most recent sale document I could find was from 2016, but check out Schedule A: https://treasurer.cuyahogacounty.us/pdf_treasurer/en-US/2016PurchaseAgreement.pdf But the county selects what goes in the package. To make the land bank work, for example, the county had to hold on to the liens of abandoned properties it wanted to put there.
June 22, 20186 yr ^Packaged. The most recent sale document I could find was from 2016, but check out Schedule A: https://treasurer.cuyahogacounty.us/pdf_treasurer/en-US/2016PurchaseAgreement.pdf But the county selects what goes in the package. To make the land bank work, for example, the county had to hold on to the liens of abandoned properties it wanted to put there. Christ some of those parcels are delinquent by tens of thousands of dollars. FYI, the PDF isn't searchable, so for reference, Schedule A starts page 27.
June 22, 20186 yr ^Keep in mind it's not just single family houses. The property with $52K balance on the first page, for example, is a plastics plant or warehouse at 5500 Walworth Ave in Cleveland.
June 23, 20186 yr To be fair, the County has very recently expanded their capacity to tackle delinquent taxes, including foreclosures. I don't have the specifics since I'm not at work right now, but the 18 year estimate was at the current total delinquency (around $250M I believe), divided by the maximum number of cases they can currently file. They have brought back an outreach program, where they are actively reaching out to tax payers to get them on a payment plan and/or pay off the delinquent balance. It's pretty sad to think about, but so many of the delinquent homeowners are elderly residents who have just forgotten about it. Many had them taken out automatically in their mortgage payments, but have fallen behind after they paid it off, and never even knew they had to do anything additional afterwards. This has been having some success from what I understand, and brings out a better outcome for everyone than a foreclosure. As far as the tax liens being sold, they're generally ones that have a better chance of being collected on. Many municipalities and non-profits have taken up their own strategies, mostly outreach to owner-occupants and the elderly. In South Euclid, where I work for the Housing Department, one of our strategies which we have been pretty successful with, is refusing to register rental properties if the taxes are delinquent. In order to be registered the owner would need to submit proof they have entered into an active repayment plan, or the delinquent balance has been paid in full. Granted most of these properties are not our largest delinquent balances, but of the houses we have sent notice to this year alone, over $55k of formerly delinquent taxes have been paid. We have also targeted vacant properties with large delinquent balances, either for demolition (usually understandably very distressed), or for foreclosure. We then can get control of the property through our land bank for rehab or redevelopment through One South Euclid. In the last 3-4 years we have seen our delinquent balance halve from approx $6M to $3M.
June 25, 20186 yr Biomedical investment growing in Cleveland, Midwest https://www.cleveland.com/healthfit/index.ssf/2018/06/biomedical_investment_growing.html "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 25, 20186 yr ^What the hell is happening? Is CLE losing its edge? Its lower than Cinci which two years ago wasn't even in the game--it was less 10% of CLE. This is a shocking wakeup call. ($M) City 2015 2016 2017 15-17 Change CLE 201 198 218 8% Cinci 19 54 223 1074% Chicago 217 324 854 294% Minneapolis 418 422 553 32%
June 25, 20186 yr ^This is very concerning. If CLE's ability to grow and link to the future is in biomedical, we should see strong growth in this sector, but we're losing it--and once we're no longer on top (earlier only Minneapolis beat us), the money will flow to the other places. Chicago investment grew 300%--and Cincinnati 1100%--while Cleveland grew 8%?!? Do we need new leadership at BioEnterprise? New strategies? WTF?
June 25, 20186 yr ^and of course, the plain dealer story doesn't even mention or perhaps even understand this issue----instead it writes a very positive article about 'growth'. https://www.cleveland.com/healthfit/index.ssf/2018/06/biomedical_investment_growing.html everything's fine and rosy!
June 25, 20186 yr ^and of course, the plain dealer story doesn't even mention or perhaps even understand this issue----instead it writes a very positive article about 'growth'. https://www.cleveland.com/healthfit/index.ssf/2018/06/biomedical_investment_growing.html everything's fine and rosy! I haven't read the details but it seems like something weird might actually be happening with Cincinnati's numbers.
June 25, 20186 yr ^and of course, the plain dealer story doesn't even mention or perhaps even understand this issue----instead it writes a very positive article about 'growth'. https://www.cleveland.com/healthfit/index.ssf/2018/06/biomedical_investment_growing.html everything's fine and rosy! I haven't read the details but it seems like something weird might actually be happening with Cincinnati's numbers. Yeah either something's wrong or the initial numbers were so low that this sort of thing was bound to happen
June 25, 20186 yr Keep in mind that these flows are extremely lumpy and can be affected by one or two very large investments. A single year of new data is extremely weak evidence of any kind of trend. The best read of the three years shown in that table is the Cleveland has attracted a ton more investment than Cinci, but a lot less than Minneapolis and Chicago (as we'd expect). Don't even bother looking at Boston and the Bay Area.
June 25, 20186 yr ^and that CLE is FLAT while others are growing. THIS IS A MAJOR CONCERN. Yes, 2017 Cinci may be an anomaly, but the flat CLE number aren't.
June 25, 20186 yr ^and of course, the plain dealer story doesn't even mention or perhaps even understand this issue----instead it writes a very positive article about 'growth'. https://www.cleveland.com/healthfit/index.ssf/2018/06/biomedical_investment_growing.html everything's fine and rosy! I haven't read the details but it seems like something weird might actually be happening with Cincinnati's numbers. This is not to denigrate Cincy's efforts, but I believe one company accounted for the bulk of their 2017 number. Patient Point, which is more of a software company than bio-medical, raised $140 million. Remember: It's the Year of the Snake
June 27, 20186 yr ^Keep in mind it's not just single family houses. The property with $52K balance on the first page, for example, is a plastics plant or warehouse at 5500 Walworth Ave in Cleveland. That's been converted to rehearsal and recording studios and appears to still be in operation.
June 28, 20186 yr Got a good idea to improve Cleveland? Get $50k from Google, with the potential for an extra $50k if selected. Applications due July 11. "The Google.org Impact Challenge Cleveland rallies the community around bold ideas to make Cleveland's neighborhoods even better. Local nonprofits submit innovative proposals to create economic opportunity in the Cleveland area and four winners will receive $50,000 grants and training from Google to jumpstart their ideas. The public will then have a chance to vote for their favorite idea from the four winners. The winner with the most public votes will receive an additional $50,000." https://impactchallenge.withgoogle.com/cleveland2018
June 28, 20186 yr Any guesses? “Cleveland is on the verge of attracting a very large employer. The cost of living and amenities available in Downtown Cleveland are far more affordable for the talent their looking to attract than in other large cities” - Nick Soeder, Adams Lynch @REjournals #CRESummit
June 28, 20186 yr Any guesses? “Cleveland is on the verge of attracting a very large employer. The cost of living and amenities available in Downtown Cleveland are far more affordable for the talent their looking to attract than in other large cities” - Nick Soeder, Adams Lynch @REjournals #CRESummit This is just a sexy quote. I doubt this is about a specific company. Also, no offense to Adams Lynch, but I believe they specialize in multi-family properties, typically in the suburbs. To my knowledge, not exactly a company working with large corporate players.
June 28, 20186 yr Any guesses? “Cleveland is on the verge of attracting a very large employer. The cost of living and amenities available in Downtown Cleveland are far more affordable for the talent their looking to attract than in other large cities” - Nick Soeder, Adams Lynch @REjournals #CRESummit le sigh...."their"
June 28, 20186 yr Also, upon further clarification, that statement was based on a gut feeling and not any preliminary talks with a large employer... which makes me mad^
June 28, 20186 yr Yep, that's just cruel and unusual. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 28, 20186 yr Any guesses? “Cleveland is on the verge of attracting a very large employer. The cost of living and amenities available in Downtown Cleveland are far more affordable for the talent their looking to attract than in other large cities” - Nick Soeder, Adams Lynch @REjournals #CRESummit This may not mean anything but I saw this in my news feed the other day.... https://www.rejournals.com/cbre-adds-office-pros-to-cleveland-office-20180626 I wasn't going to post it because, by itself, it's meaningless. But there was also that puff piece I posted a week or so ago in the downtown office building thread. Is someone trying to drop hints or try to push some PR out there to create a more positive atmosphere to help close a deal? "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 28, 20186 yr Any guesses? “Cleveland is on the verge of attracting a very large employer. The cost of living and amenities available in Downtown Cleveland are far more affordable for the talent their looking to attract than in other large cities” - Nick Soeder, Adams Lynch @REjournals #CRESummit This may not mean anything but I saw this in my news feed the other day.... https://www.rejournals.com/cbre-adds-office-pros-to-cleveland-office-20180626 I wasn't going to post it because, by itself, it's meaningless. But there was also that puff piece I posted a week or so ago in the downtown office building thread. Is someone trying to drop hints or try to push some PR out there to create a more positive atmosphere to help close a deal? Very large employer, imo, is 1,000+
June 28, 20186 yr Is someone trying to drop hints or try to push some PR out there to create a more positive atmosphere to help close a deal? If they sell real estate, that's their job. And that's why they can't always be believed.
June 28, 20186 yr On the other hand, why is this on DCA's Twitter feed? Through my work, my experience with their Twitter account is that they use it pretty judiciously because it reflects on their reputation. "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
June 28, 20186 yr ^so, KJP, are you saying its a lapse of due diligence on behalf of DCA or that there is something to this quote?
July 5, 20186 yr Author I can't say that I believe the construction of two buildings on E. 105th will lead to less poverty in the neighborhood. Tending to growth, tackling poverty issues key focus for Glenville councilman: Cleveland City Council summer recess By Robert Higgs, cleveland.com CLEVELAND, Ohio - City Councilman Kevin Conwell envisions a day when the economic activity from University Circle will reach north up East 105th Street, sparking growth in his Glenville neighborhood. Tending to that growth, and to other projects, has been one of Conwell's top efforts over the summer. Cleveland City Council recesses after the first week in June. It meets once in July and once in August before resuming regular meetings after Labor Day. This story is the first of a cleveland.com series that reports on what council members are focused on during the summer recess. More at: https://www.cleveland.com/cityhall/index.ssf/2018/07/tending_to_growth_tackling_pov.html
July 5, 20186 yr ^Not if they get one of these: https://www.theverge.com/2018/7/3/17532188/amazon-go-seattle-new-store-location-fall-2018
July 5, 20186 yr Magic mushrooms: how fungus could help rebuild derelict Cleveland https://www.theguardian.com/cities/2018/jul/05/magic-mushrooms-how-fungus-could-help-rebuild-derelict-cleveland?CMP=twt_gu "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 5, 20186 yr That's absolutely fascinating, though I'd like to know more about the structure of the material, and it's properties before getting too excited.
July 6, 20186 yr Magic mushrooms: how fungus could help rebuild derelict Cleveland https://www.theguardian.com/cities/2018/jul/05/magic-mushrooms-how-fungus-could-help-rebuild-derelict-cleveland?CMP=twt_gu Freshwater Cleveland covered this last February. Maybe it's time for a follow up. http://www.freshwatercleveland.com/breaking-ground/Mushroooms022718.aspx Remember: It's the Year of the Snake
July 9, 20186 yr Is that what's planned? The retail plan at least for a couple spaces is to offer it to small businesses or startups for free. I believe the trade off is they would like some sort of partnership with the company when it comes to sharing profits, aka, let us have a percentage of your profit.
July 11, 20186 yr Short and fluffy... REJournals' Cleveland CRE Summit: Celebrating a booming market https://www.rejournals.com/rejournals-cleveland-cre-summit-celebrating-a-booming-market-20180710 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
July 19, 20186 yr Davey Tree is into land management, environmental remediation, etc. They've come a long way from tree-trimming. Davey is probably the area's next billion dollar company. http://www.crainscleveland.com/article/20180718/news/168691/davey-tree-subsidiary-acquires-north-carolina-environmental-consulting Edit: their last 10Q reported 1st quarter sales of $218 million. Remember: It's the Year of the Snake
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