January 13, 201015 yr At first glance, I thought this was primarily due to the housing markets here being so depressed. But if so, where's Detroit and Flint? Good for Ohio.
January 13, 201015 yr My thoughts on Cleveland [*]Cleveland has never overbuilt [*]The foreclosure "crisis" hit here early and was attacked aggressively [*]Center City housing and near Downtown ares still in high demand [*]Conversions in the pipeline [*]Lots of people leaving the coasts and returning to middle america. [*]Various areas of the city are "coming back" via grass roots community work. [*]Cost are relatively low compared to costal cities [*]Availability of jobs that current residents aren't qualified for
January 13, 201015 yr It should be interesting to see if their crystal ball is working well. For this kind of improvement in home prices you are going to need a significant demand increase, employment growth, and a lot more government stimulus money.
January 13, 201015 yr My thoughts on Cleveland [*]Cleveland has never overbuilt [*]The foreclosure "crisis" hit here early and was attacked aggressively [*]Center City housing and near Downtown ares still in high demand [*]Conversions in the pipeline [*]Lots of people leaving the coasts and returning to middle america. [*]Various areas of the city are "coming back" via grass roots community work. [*]Cost are relatively low compared to costal cities [*]Availability of jobs that current residents aren't qualified for Thats all fine and good, but lets face it, no Ohio cities ever saw housing prices escalate at alarming rates as the coasts and south, and more progressinve cities did. If people moving back was the factor then I would expect to see population increasing greatly. If downtown housing was in thatmuch demand, then i would expect to see alot more construction in the residential sector going on right now. It is real simple, housing has always been affordable in most of the midwest. I jsut set back a little in the recent years of the recession. Foreclosures hit big time here, becasue people simply lost their jobs. Foreclosures hit big time on the coasts and south, becasue people didn't necessarilly lose jobs, they lost the large commission checks that had been receiving several years in a row.
January 13, 201015 yr I'd like to believe this report, and I do think Cleveland has done a lot to position itself for growth. That said, I still think we've got outrageous over-valuation here. Maybe not as much as the coasts and sun belt... but don't let that fool you. Those areas don't have large swathes of city that need to be rebuilt. We have a glut of homes in run down neighborhoods for which owner-occupier demand is virtually nonexistant, especially in areas dominated by duplexes. We're facing steep challenges, different challenges than in other challenged areas... and just like a few years ago, false optimism can be dangerous.
January 13, 201015 yr My thoughts on Cleveland [*]Cleveland has never overbuilt [*]The foreclosure "crisis" hit here early and was attacked aggressively [*]Center City housing and near Downtown ares still in high demand [*]Conversions in the pipeline [*]Lots of people leaving the coasts and returning to middle america. [*]Various areas of the city are "coming back" via grass roots community work. [*]Cost are relatively low compared to costal cities [*]Availability of jobs that current residents aren't qualified for Thats all fine and good, but lets face it, no Ohio cities ever saw housing prices escalate at alarming rates as the coasts and south, and more progressinve cities did. If people moving back was the factor then I would expect to see population increasing greatly. If downtown housing was in thatmuch demand, then i would expect to see alot more construction in the residential sector going on right now. It is real simple, housing has always been affordable in most of the midwest. I jsut set back a little in the recent years of the recession. Foreclosures hit big time here, becasue people simply lost their jobs. Foreclosures hit big time on the coasts and south, becasue people didn't necessarilly lose jobs, they lost the large commission checks that had been receiving several years in a row. Dude housing downtown Cleveland is in greater demand than any other part of Ohio. Also, were ina recession and banks are not giving out that money, however, we have conversions in the pipeline. Foreclosure hit in Northeast due to job loss. Just like in S. Florida. Right now sections of Brooklyn, Queens and N. Jersey [not to mention, S. Jersey, Philadelphia, Surburban Washington, DC and Charlotte] are seeing the same type of foreclosure isses that Cleveland saw. That combined with over building and a glut of previously owned homes on the market is making housing in NYC a mess. People, especially men of color, are leaving metro NYC because it's too expensive. Cleveland, was on high on the list of relocation list.
January 13, 201015 yr My thoughts on Cleveland [*]Cleveland has never overbuilt [*]The foreclosure "crisis" hit here early and was attacked aggressively [*]Center City housing and near Downtown ares still in high demand [*]Conversions in the pipeline [*]Lots of people leaving the coasts and returning to middle america. [*]Various areas of the city are "coming back" via grass roots community work. [*]Cost are relatively low compared to costal cities [*]Availability of jobs that current residents aren't qualified for Thats all fine and good, but lets face it, no Ohio cities ever saw housing prices escalate at alarming rates as the coasts and south, and more progressinve cities did. If people moving back was the factor then I would expect to see population increasing greatly. If downtown housing was in thatmuch demand, then i would expect to see alot more construction in the residential sector going on right now. It is real simple, housing has always been affordable in most of the midwest. I jsut set back a little in the recent years of the recession. Foreclosures hit big time here, becasue people simply lost their jobs. Foreclosures hit big time on the coasts and south, becasue people didn't necessarilly lose jobs, they lost the large commission checks that had been receiving several years in a row. Dude housing downtown Cleveland is in greater demand than any other part of Ohio. Also, were ina recession and banks are not giving out that money, however, we have conversions in the pipeline. Foreclosure hit in Northeast due to job loss. Just like in S. Florida. Right now sections of Brooklyn, Queens and N. Jersey [not to mention, S. Jersey, Philadelphia, Surburban Washington, DC and Charlotte] are seeing the same type of foreclosure isses that Cleveland saw. That combined with over building and a glut of previously owned homes on the market is making housing in NYC a mess. People, especially men of color, are leaving metro NYC because it's too expensive. Cleveland, was on high on the list of relocation list. It should be pointed out that not only is downtown housing in greater demand than anywhere else in Ohio, it's also in dmeand more than just about anywhere else in the entire country.
January 13, 201015 yr ^Are there any sources to backup the claim that Cleveland has the larget demand for downtown housing of any city in Ohio? Where is this claim coming from?
January 13, 201015 yr ^Are there any sources to backup the claim that Cleveland has the larget demand for downtown housing of any city in Ohio? Where is this claim coming from? It's been listed in other places in the forum. Housing for Downtown Cleveland and it's adjacent areas is very high.
January 13, 201015 yr ^Are there any sources to backup the claim that Cleveland has the larget demand for downtown housing of any city in Ohio? Where is this claim coming from? I'm inclined to believe this one, at least as it's phrased by edale. There has been tremendous growth and it really hasn't slowed down with the economy. I have two concerns though: 1) the stuff being built/renovated doesn't correspond with where the primary demand is, i.e. too much high end and too many condos when the demand is more single renters w/o kids, and 2) deficits in retail and schools which could potentially burst our bubble. Regardless, the success of downtown Cleveland residential deserves a lot more press than it's been getting. I think better publicity could take it to another level in a hurry.
January 13, 201015 yr ^Are there any sources to backup the claim that Cleveland has the larget demand for downtown housing of any city in Ohio? Where is this claim coming from? The Brookings Institution and the Census Bureau both within the past couple of years have reported such. One such study reported on the inverse trend of some cities (notably Cleveland) that are losing population BUT gaining downtown population.
January 13, 201015 yr ^Are there any sources to backup the claim that Cleveland has the larget demand for downtown housing of any city in Ohio? Where is this claim coming from? I'm inclined to believe this one, at least as it's phrased by edale. There has been tremendous growth and it really hasn't slowed down with the economy. I have two concerns though: 1) the stuff being built/renovated doesn't correspond with where the primary demand is, i.e. too much high end and too many condos when the demand is more single renters w/o kids, and 2) deficits in retail and schools which could potentially burst our bubble. Regardless, the success of downtown Cleveland residential deserves a lot more press than it's been getting. I think better publicity could take it to another level in a hurry. I agree that we're encountering problem 1, but I hope that with the thawing credit markets moving projects along, we can get some more moderately-priced units online. The Schofield/related buildings, Ameritrust tower, scaled-down WHD proposal, and Huntington building are all projects that come to mind. Also, aren't the 668 units reasonable? The second problem is something we can definitely address. With Euclid slowly rebuilding and developing residential, and the Gay Games coming, I hope the City can work with retailers to make something happen. As far as the schools, given the shake-up that Eugene Sanders just proposed, I wonder if City Hall couldn't push for a downtown school (in conjunction with CSU?) as part of the building plan. So basically, I think that these problems can and are being addressed, at least to some extent, and coupled with the high interest in building residential downtown, I can see it and surrounding neighborhoods as an engine for housing growth in the city.
January 13, 201015 yr Also, aren't the 668 units reasonable? Over $1000 for a 1br? No, not remotely reasonable. $1000/month will get you a fairly decent house in Cleveland, or nearby. An early-career individual with student loans can likely budget $600 tops for their 1br apt. That budget gets you in almost nowhere downtown, especially with parking added on. So far, they've found enough well-off individuals to keep things filling up. I fear that we'll quickly reach the bottom of that barrel.
January 13, 201015 yr you can get downtown for $600/month, it just won't be the "prime" areas, and it won't be a place with nearly as nice of finishes at somewhere like 668. That isn't unusual. Downtown Cleveland rental rates are extremely reasonable compared to most cities. And there are actually some for sale opportunities for smaller 1 br's downtown right in the middle of everything (pointe at gateway, grand arcade) that can be had at less than 80k.
January 13, 201015 yr One would have to think that construction companies will finally get it that the post-war housing bubble has finally bursts and I doubt it will ever return nor should it. There is a lot of money to be made in refurbishing already built homes and infrastructure and adapt them to modern use. PREACH ON! I've been preaching that for years! You all know what I think about new single family homes. Also, aren't the 668 units reasonable? Over $1000 for a 1br? No, not remotely reasonable. $1000/month will get you a fairly decent house in Cleveland, or nearby. An early-career individual with student loans can likely budget $600 tops for their 1br apt. That budget gets you in almost nowhere downtown, especially with parking added on. So far, they've found enough well-off individuals to keep things filling up. I fear that we'll quickly reach the bottom of that barrel. If the market bares $1 then that what it is. I personaly don't think $1k is unreasonable. The smaller units are $800 IIRC. In addition, the square footage in each unit in the city core is excellent! So again, $1K for 1K square feet is a good value especially with the finishes and amenities of the building!
January 13, 201015 yr 668 Euclid isn't exactly cheap, but there are a number of 1 bdrms available for under $1,000/mo. Their prices start in the high seven hundred range. It would be nice to see more inexpensive housing in Downtown, but there are some good economic reasons why there aren't. One would be land costs- which are high in Downtown. Arguably construction costs are higher too, because of tighter design review standards and the need to build more onto a given parcel of land, which can require more expensive construction methods.
January 13, 201015 yr Over $1000 for a 1br? No, not remotely reasonable. $1000/month will get you a fairly decent house in Cleveland, or nearby. An early-career individual with student loans can likely budget $600 tops for their 1br apt. That budget gets you in almost nowhere downtown, especially with parking added on. So far, they've found enough well-off individuals to keep things filling up. I fear that we'll quickly reach the bottom of that barrel. Mea culpa. I guess I was under the wrong impression.
January 13, 201015 yr ^ All of that is true, McCleveland. I looked into a studio at Crittenden, which can be had under $500, but found a place off Shaker Square at the same price point with twice the square footage and free parking. I'm not the only one out there making these kind of comparisons and opting away from downtown. As for purchasing a 1br place for 80k... I maintain that there is a very limited market for that sort of thing. It's an odd living arrangement to commit to, for most people. I'm not denying that there is such a market, but I believe we have plenty of offerings already given its depth. Downtown needs housing that can compete directly-- on total price-- with Lakewood and the heights. I firmly believe that would lead to explosive population growth. A lot of that growth would be hi-turnover, i.e. not condo appropriate. And X, that's true too. But there are an awful lot of empty buildings and lots downtown. That's waste, a vaccuum, and nature hates a vaccuum. Free-market economics teahces that this should lead to a steep drop in land prices until equilibrium was reached and things filled in. Think about it, there's plenty of land supply and plenty of demand too. So why are they not meeting up? My answer to my own question: a small number of landowners is holding prices artificially high, so that real estate remains artificially empty. They're unreasonably expecting returns based on a local job market which no longer exists, and hasn't for some time. Free-market economics openly admits that concentrated ownership wrecks the entire concept. It just has a hard time dealing with the real-world implications.
January 13, 201015 yr Downtown needs housing that can compete directly-- on total price-- with Lakewood and the heights. I firmly believe that would lead to explosive population growth. I'm not sure this happens in any major city in the country. And the reason, as X points out is simply that the development economics are different
January 13, 201015 yr ^ All of that is true, yes. I looked into a studio at Crittenden, which can be had under $500, but found a place off Shaker Square at the same price point with twice the square footage and free parking. I'm not the only one out there making these kind of comparisons and opting away from downtown. As for purchasing a 1br place for 80k... I maintain that there is a very limited market for that sort of thing. It's an odd living arrangement to commit to, for most people. I'm not denying that there is such a market, but I believe we have plenty of offerings already given its depth. Downtown needs housing that can compete directly-- on total price-- with Lakewood and the heights. I firmly believe that would lead to explosive population growth. Studios and one bedrooms by young first time renters do help bolster the market. However, at the moment, if 1.5, 2 bedroom units are selling and/or renting, then that's what the market bares.
January 13, 201015 yr Downtown needs housing that can compete directly-- on total price-- with Lakewood and the heights. I firmly believe that would lead to explosive population growth. I'm not sure this happens in any major city in the country. And the reason, as X points out is simply that the development economics are different Agreed and in city living is not for nor affordable for everyone.
January 13, 201015 yr Downtown needs housing that can compete directly-- on total price-- with Lakewood and the heights. I firmly believe that would lead to explosive population growth. I'm not sure this happens in any major city in the country. And the reason, as X points out is simply that the development economics are different Our posts are crossing in the mail. Interesting discussion. Some of this I address above in an edit. But I'll also suggest that the comparison is inapt because these cities don't have gaping holes in them, not like we do. Also in these cities the denser Lakewood/heights areas tend to abut downtown... and these cities are on a different planet in terms of downtown retail. All things being equal, which I don't think they are, I would fully agree with you.
January 13, 201015 yr ^well feel free to believe what you want, but one of the reasons those abutting areas are cheaper is what it cost to build them at the time... which was significantly cheaper. Feel free to investigate what other cities downtwown rental rates are... this one is from arena crossing in the arena district in columbus. Studios starting from $745 - $975* Download PDF One Bedrooms starting from $935 - $1250* Download PDF Two Bedrooms starting at $1,345 to $1,525* Download PDF Two Bedroom Town Home starting from $1,585 to $1,975* and I'm not going to get into a debate, but developers aren't charitable trusts. It costs more to build in downtown therefore spaces rent for higher. 668 cost 70 MILLION dollars, they need to recoup costs and make a PROFIT or they won't get involved. The costs are so much higher in center cities that they need things like the state and federal historic tax credits just to make projects feasible let alone profitable. Again, this is the reality in every single city in the country.
January 13, 201015 yr The economies in Columbus and Cleveland are not comparable in my view. I think this is closer... a building I once lived in. Lafayette Park Towers in Detroit, very very similar to Reserve Square but with significantly more access to retail. You have to call for pricing, which I just did. No deposit, no utilities (maybe electric). One BR 620-820 depending on height and view-- with TWO MONTHS FREE, prorated across the lease, so the effective price is in the 500-750 range. Parking was included when I lived there, didn't remember to ask if it still is. Walk to Renaissance Ctr or Greektown is similar to Reserve Square's walk to WHD or Tower City.
January 13, 201015 yr In one ear and out the other. First cable, now housing. Feel free to advance the discussion at any time. Either one of them.
January 13, 201015 yr In one ear and out the other. First cable, now housing. Feel free to advance the discussion at any time. Either one of them. It's already be explained...over and over and over and over and over again. In this thread, the retail thread, and a number of other threads.
January 13, 201015 yr believe what you want... Will do. I imagine you'll do the same. This is a good thing, on both counts. Let's remember what got us here-- Ohio and downtown Cleveland are poised for growth that will surprise a whole lot of people. We're at the forefront of something pretty awesome.
January 13, 201015 yr no Ohio cities ever saw housing prices escalate at alarming rates as the coasts and south, and more progressinve cities did. Maybe it wasn't an alarming rate, but there was a significant jump at the turn of the Century. For instance, my dad sold his 3 bdrm, 1 1/2 bath colonial in Cleveland Heights for $79,000 in 1995 or 1996, which was FMV at the time. When my wife and I were looking for a house in 2004, that same house sold for $149,000 and no major renovations had been done. Of course, that was at the top of the "bubble" so I assume that same house would presently be valued at somewhere between the two prices.
January 13, 201015 yr The State of Ohio had 88,000 foreclosures in 2008, 90,000 foreclosures in 2009, and housing counseling agencies around the state are expecting 90,000+ foreclosures this year, mostly due to the recession. I hope I'm wrong, but I don't see housing prices rising quite that fast this year.
January 13, 201015 yr The State of Ohio had 88,000 foreclosures in 2008, 90,000 foreclosures in 2009, and housing counseling agencies around the state are expecting 90,000+ foreclosures this year, mostly due to the recession. I hope I'm wrong, but I don't see housing prices rising quite that fast this year. They aren't rising anywhere. In Stockton or Las Vegas, people cannot give away a home!
January 14, 201015 yr ^Are there any sources to backup the claim that Cleveland has the larget demand for downtown housing of any city in Ohio? Where is this claim coming from? Shh-shh ... just let them enjoy this. ;)
January 14, 201015 yr Other than it telling us what we want to hear, is there any reason to give this list (or this web site) much credence? Their methodology section is pretty thin, so it's tough to know how they put these numbers together.
January 14, 201015 yr One of the reasons why I don't buy the numbers- Ohio didn't have 90,000 foreclosures in 2009; it had 101,614. Foreclosures jump in December after months of declines By Stephanie Armour, USA TODAY Foreclosure filings increased 14% in December from November, the first monthly increase since foreclosure activity peaked in July, according to a RealtyTrac report out Thursday. Foreclosure filings were reported on 349,519 properties in December, which were also 15% higher than in December 2008, RealtyTrac said. http://www.usatoday.com/money/economy/housing/2010-01-13-foreclosures-rise-in-december_N.htm
January 14, 201015 yr ^All of these people who can't afford to own homes and yet nowhere do you see anyone building working and middle-class apartments. Observation of the year, so far...
January 14, 201015 yr ^All of these people who can't afford to own homes and yet nowhere do you see anyone building working and middle-class apartments. There are plenty of middle class apartments. the better question is what are you individual needs and expectations? And do they fit in with were you think you desire to live?
January 14, 201015 yr Here is a link to a study - yes it was done a while ago - but it predicted downtown Cleveland to have the second highest percentage point growth in Downtown in the nation at 228.1% change from the time the study was made. Only Houston had a higher percentage growth prediction. http://www.brookings.edu/es/urban/top21fin.pdf There are also numerous other studies which showed Downtown Cleveland's growth in the residential sector as being among the best in the nation. Once I find them I'll post them as well.
January 14, 201015 yr I wish that were true, but that's a pretty old study, and we'll miss that projection by a wide margin.
January 15, 201015 yr Why build new working/middle class apartments when you can just buy up foreclosed home for dirt cheap and rent them out? Was a good conversation of Talk of the Nation on foreclosure. One person was arguing how Americans need to break free of the financial institution propaganda that you should never give up on your mortgage if you can pay your bill. That Americans have been led into socialism by banks and the government and are by and large not acting reasonably when they've made a bad investment (value of the home is less than what you'll end up paying for it). All the while corporate America doesn't abide by the same socialist mindset about their bad assets. As someone who doesn't have a mortgage and not closely acquainted with anyone in serious trouble with their mortgage it was kinda eyeopening conversation.
January 15, 201015 yr We're on to something here. Suppose Cleveland were to bulldoze mass acreage of woodframe shotguns and duplexes... something magical might happen with that ol' supply and demand curve. It might even give us more ROI than all the sports complexes combined. Out with the old, in with the new.
January 15, 201015 yr We're on to something here. Suppose Cleveland were to bulldoze mass acreage of woodframe shotguns and duplexes... something magical might happen with that ol' supply and demand curve. It might even give us more ROI than all the sports complexes combined. Out with the old, in with the new. What about the people in them?
January 15, 201015 yr We're on to something here. Suppose Cleveland were to bulldoze mass acreage of woodframe shotguns and duplexes... something magical might happen with that ol' supply and demand curve. It might even give us more ROI than all the sports complexes combined. Out with the old, in with the new. What about the people in them? Yikes I forgot all about that! No, seriously... many of these structures are empty and have been for some time. And the whole idea is to spur construction of more desirable and era-appropriate housing. These would be roughly simultaneous processes, or at least overlapping. I'm not suggesting we bulldoze 100 blocks, count to ten, then start thinking about what to put there. What I'm suggesting is very similar to the Youngstown 2010 plan, except that Cleveland actually needs new housing... just not in addition to what's already here.
January 15, 201015 yr Well, the Land Bank just got $41 million today, largely to do what you're suggesting. I'm sure we could use more, though. We could always use more.
January 15, 201015 yr We're on to something here. Suppose Cleveland were to bulldoze mass acreage of woodframe shotguns and duplexes... something magical might happen with that ol' supply and demand curve. It might even give us more ROI than all the sports complexes combined. Out with the old, in with the new. What about the people in them? Yikes I forgot all about that! No, seriously... many of these structures are empty and have been for some time. And the whole idea is to spur construction of more desirable and era-appropriate housing. These would be roughly simultaneous processes, or at least overlapping. I'm not suggesting we bulldoze 100 blocks, count to ten, then start thinking about what to put there. What I'm suggesting is very similar to the Youngstown 2010 plan, except that Cleveland actually needs new housing... just not in addition to what's already here. ^Gotcha. Smart shrinkage and all that. I'm cool with that so long as neighborhoods are preserved as much as possible and the urban fabric is not erased. What would be worse than a strip center replacing a row of old mansions? You obviously have the right idea so I'm preaching to the choir here. The hard part is the decision-making and the decision makers. Are there private groups who do this or is it mostly city hall or public/private partnerships?
January 15, 201015 yr Here is a link to a study - yes it was done a while ago - but it predicted downtown Cleveland to have the second highest percentage point growth in Downtown in the nation at 228.1% change from the time the study was made. Only Houston had a higher percentage growth prediction. http://www.brookings.edu/es/urban/top21fin.pdf There are also numerous other studies which showed Downtown Cleveland's growth in the residential sector as being among the best in the nation. Once I find them I'll post them as well. Even with optimistic growth projections for downtown, downtown is going to make up only a tiny portion of the regional for-sale market for a while, so I don't think it will have much to do with any overall price rebounds in the area predicted by this housingpredictor web site. Was a good conversation of Talk of the Nation on foreclosure. One person was arguing how Americans need to break free of the financial institution propaganda that you should never give up on your mortgage if you can pay your bill. That Americans have been led into socialism by banks and the government and are by and large not acting reasonably when they've made a bad investment (value of the home is less than what you'll end up paying for it). All the while corporate America doesn't abide by the same socialist mindset about their bad assets. As someone who doesn't have a mortgage and not closely acquainted with anyone in serious trouble with their mortgage it was kinda eyeopening conversation. That must have been Brent White, a law prof in Arizona who's been making the rounds for the last few weeks. He provokes some seriously strong reactions, but IMHO he's on to something pretty big. It's a lot more relevant for the AZ, FL and NV markets though- the declines in homeprices in Ohio haven't been nearly as large. Which also makes me doubt the big appreciation numbers forecast by the web site that started this thread.
January 15, 201015 yr We're on to something here. Suppose Cleveland were to bulldoze mass acreage of woodframe shotguns and duplexes... something magical might happen with that ol' supply and demand curve. It might even give us more ROI than all the sports complexes combined. Out with the old, in with the new. What about the people in them? Yikes I forgot all about that! No, seriously... many of these structures are empty and have been for some time. And the whole idea is to spur construction of more desirable and era-appropriate housing. These would be roughly simultaneous processes, or at least overlapping. I'm not suggesting we bulldoze 100 blocks, count to ten, then start thinking about what to put there. What I'm suggesting is very similar to the Youngstown 2010 plan, except that Cleveland actually needs new housing... just not in addition to what's already here. ^Gotcha. Smart shrinkage and all that. I'm cool with that so long as neighborhoods are preserved as much as possible and the urban fabric is not erased. What would be worse than a strip center replacing a row of old mansions? You obviously have the right idea so I'm preaching to the choir here. The hard part is the decision-making and the decision makers. Are there private groups who do this or is it mostly city hall or public/private partnerships? I believe that it will be the private sector which drives any neighborhood reconstruction effort in the city. In Cleveland, we can look to University Circle and some of the plans for parts of Midtown, Hough, and Fairfax before the credit crisis. The city needs to do better at marketing the jobs available as the greatest demand generator for new housing, in my opinon.
January 15, 201015 yr ^That's probably true in the long run, but in the near term it's going to be the county land bank and some of the non-profits in town that will be shaping the post-foreclosure development pattern the most as they decide which houses get demoed and which get renovated for subsidized resale/rent. HUD and the GSEs, which own lots of properties, will also be part of this discussion as they negotiate and implement bulk arrangements with the land bank. I can't wait for the land bank to rev up activity, even though it's going to be depressing to to see lots of these demos- particularly in East Cleveland, IMHO. I just hope the deconstruction people are ready so we can at least salvage some of the better building materials and architectural products from the old houses...
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