Well fellow UOers, it's official -- I'm thinking about buying Downtown.

 

I'm probably within 4-6 months of making that leap from renting to buying. 

 

Right now, I'm looking for around $200,000 or less, and 2 BR, which doesn't leave me with too many options.  My top two properties are:

 

750 Prospect Ave

Perry Payne

 

I'll be touring them in the next few weeks once I return back to the US of A.

 

My questions are:

 

Anyone have an opinion on either of these properties?

Anyone have any other suggestions for that price range?

Should I just keep renting??

I for one have never been too enthralled with Perry Payne.  I think they are over priced for what you get, and until there is some development in the warehouse district lots, they tend to feel a little detached from things.

 

I'd take a good look at Pointe at Gateway.  Most of the units that haven't been updated aren't much to look at but the price points are very reasonable and the area is fantastic.  Given your price point, you could probably find a 2br there that has been updated, or buy one that hasn't and fix it up the way you want it (if you're into that sort of thing :))

 

And given your price point I'd take a look at the grand arcade too... similar situation to pointe at gateway, decent pricepoints, might need some work.  Wayyyyy better location than Perry Payne.  If you look here make sure to check into the assesments.  I know some people that got hit pretty heavy when they had to replace the roof and I don't know how that factors in to future sales.

 

One other place you may want to chek is the Avenue District Townhomes.  As I'm sure docbroc can attest easily the best value downtown.  The below market rate financing and tax abatements really change things... buying one of the "smaller" (still around 1600 sf with 2-3 br's) at $239k is pretty much like buying a $160k house in lakewood payment wise...

 

good luck with your search!

I bought a 1 bedroom in the Pointe about 3 years ago and I've been really satisfied with the building. The condo fees are reasonable and there haven't been any assesments so far. Also our building manager does a great job keeping the building in good shape.

 

The only complaints I have are about the parking situation and occasional noise. Carrying groceries from across the streets gets old and finding a spot during a ballgame is a hassle. As for noise, the bars around the building, Winking Lizard, RJ Bolands, Fortis sometimes turn up their outdoor speakers. Their pretty cool about turning it down if you ask but it's still annoying.

 

Good luck with your search and feel free to shoot me a PM if you have any questions.

Yes, the cheapest Avenue District townhome is 239,000. It's 2bed, 2.5baths and 1300 sq. Ft. Our mortgage including homeowners and mortgage insurance is about 1400 per month. 15 year tax abatement. If that interests you, you're welcome to come see our place.

I am getting ready to rent or sell a condo in Tremont in Lemko Hall, if that neighborhood interests you.

At the moment, there might be some massive bargaining power on the buyer's side of any deal to purchase at the Avenue District.  They are under a lot of pressure to sell.  I don't know if you could get it under $200,000, but it never hurts to make an offer.

At the moment, there might be some massive bargaining power on the buyer's side of any deal to purchase at the Avenue District. They are under a lot of pressure to sell. I don't know if you could get it under $200,000, but it never hurts to make an offer.

 

You may also be able to get X amount of dollars worth of upgrades.

I would suggest looking at Waterstreet Condos on West 9th. I purchased a 2 bedroom/2 bathroom condo a year and a half ago for under your asking price.  PM me if you would like info on the realtor I used.

These were some very diverse and indepth answers, but what else can I expect asking here on UO.  I'm definitely going to look into everything that was recommended.

 

docbroc, I appreciate the offer.  I'll let you know!

 

majaba, feel free to send me more info.

 

jmc and jmpippin, you may be getting a PM from me in the next month or so.

 

Thanks again for wall in input everyone, and I'll be starting my search very soon.

Buy now with the tax credit!!!

 

Please come back with every "dumb" question about the mortgage process.  It seems to be designed to intentionally confuse people.

Buy now with the tax credit!!!

 

Please come back with every "dumb" question about the mortgage process. It seems to be designed to intentionally confuse people.

 

Noted on that tax credit.  From the federal website:

 

"The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify."

 

That's right on the cusp of my time frame.  But it is motivating to "make things work" right now!

 

I'm currently doing my research, it's just frustrating because of my situation being overseas and phone call are practically impossible.  Soon, I'll be able to dive fully into things.

Well let us know if you have any other questions!!!  As Punch says, the whole process is intentionally designed to confuse people.......

 

Also, I don't know when you're getting back to Cleveland, but I can send you some interior pics of our house if you want.  I can also tell you what all is standard in the townhomes if you think it's a viable option.

 

As for the monthly payment, I don't know how much you're putting down, but if you put less than 20% down, you are typically required to purchase mortgage insurance through your lender.  IIRC, we pay about $150/month for that.  I think our homeowners insurance is maybe $75/month or something and we pay that to the bank, and they pay the insurance company.  So that $1400ish I stated like I said includes both the mortgage and homeowners insurance on a $238,000 30 year fixed loan at 4.875%.