Cleveland Real Estate News

Ohio Is abuzz with land bank ideas. I posted about the Cuyahoga County land bank proposal here.  Now more people are on board and a State initiative is being promoted. If you believe the reports, there isn’t even much opposition to this Bill. There was even a bus load of people from Cleveland who went to our State House to lobby for it. Here is an excerpt from Aaron Marshall’s PD blog post about it:

A wave of speculators buying small properties for pennies on the dollar is hitting the Slavic Village neighborhood that Brancatelli represents, he told lawmakers on the panel. The sales to faraway investors looking to make a quick buck on small, outdated homes just “extends the cycle of misery,” according to the councilman.

“It makes more sense to start tearing down these houses and start redeveloping it in a more sane way,” he said.

Senate lawmakers will hold more hearings this week with the goal of moving the bill next week to the floor. Legislative leaders in the House and Senate have pledged to act before lawmakers break for the year, Patton said. And the Ohio banking industry seems to be on board — an Ohio Bankers League official told reporters he hadn’t heard of any opposition to the legislation.

The bill in question is Senate Bill 353 - and you won’t get any opposition to it from me either. This idea has made sense since our huge population shift has left us with sprawled out neighborhoods and not enough people to fill the homes. Now that the foreclosure issue is causing even more abandoned properties, this land banking idea makes even more sense.

There will be three days of hearings on this Bill, and the first day was yesterday (Tuesday).  Let’s hope this becomes part of the abandoned properties solution.

Now I wish I had good news to report about the film industry tax credit issue. According to Jay Miller in Crain’s Cleveland, our State legislators are not prepared to act quickly on the film industry issue. 

Here is what I can’t understand. Can our law makers do math? 100% of zero is still zero. If the film industry gets going here in Ohio we can get a % of ’something’ in taxes, instead of 100% of zero! It’s not rocket science.  An excerpt from Miller’s article:

A House committee heard testimony on a motion picture tax credit last Wednesday, Nov. 19, and moved it along to the full House for consideration. Maggie Ostrowski, spokeswoman for Senate President Bill Harris, R-Ashland, said the bill has a good chance of passing the Senate should it win House approval.

Most states provide some sort of tax incentive to lure production companies to film in their states.

Ivan Schwarz, executive director of the Greater Cleveland Film Commission, told the House committee that passage would ensure that a New York-based film company would bring an operation to Cleveland. Nehst Studio president Larry Meistrich told Cleveland City Council last Monday, Nov. 17, that his company is prepared to make a major commitment to shoot in Cleveland if the tax credit passes.

Governor Strickland is sounding like the lone wolf howling against the tax credit proposal. Maybe we need a busload of people to Columbus for this issue too! 

Peace Out - 3C

Late Day Update: PD article is here   on Ohio House vote in favor of tax credits - and also includes dissent by the Governor’s clan.

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I posted a few weeks ago - musing about who should get chosen as moderator for Meet The Press. I received an email from Margot Friedman today, who commented on that post with a call to action website asking NBC to consider hiring a qualified female moderator…. I know I took the challenge and I suspect some of my commenters and readers may have as well.

NBC has chosen David Gregory.  He’s qualified but not my choice, not Margot’s choice, and decidedly not a female. Here is part of Margot’s email response to me. 

Thank you for writing a letter to the president of NBC News to ask that the network consider a woman and/or person of color as the next moderator of Meet the Press.  As you may have heard, news reports have been circulating since last night that NBC has chosen David Gregory.  I am sad, but not surprised, that NBC is going with a “safe” choice rather than keeping up with the pace of change and reflecting the experiences of diverse Americans. 

 But did our campaign have an effect?  The answer is yes and I thank you from the bottom of my heart for participating in it.  When we first launched www.dontletNBCdiswomen.org, the names of women and people of color had fallen off the radar screen and only David Gregory and Chuck Todd were being mentioned.  After your letters started rolling in, and the campaign got a boost in media coverage (LA Times, New York Observer, Guardian of London, etc.), Gwen Ifill and Andrea Mitchell started getting mentioned again, along with Katie Couric.  This was one time when we couldn’t be passive about what’s on TV.  Our fight for media justice will continue.

I liked one of my commenters’ ideas about Ann Curry as well.  I really like Margot’s website so I hope you check it out.

Sigh. So what do you think of the David Gregory decision?  Peace Out - 3C

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It seems like a natural fit and apparently others think so too. Homeless people and families are finding refuge in vacant/abandoned properties here in Cleveland. They are doing it in several ways, including just squatting, or moving in hoping not to be discovered. This article from Live Streak points out how this is happening around the Country, including here:

“Many homeless people see the foreclosure crisis as an opportunity to find low-cost housing (FREE!) with some privacy,” Brian Davis, director of the Northeast Ohio Coalition for the Homeless, said in the summary of the latest census of homeless sleeping outside in downtown Cleveland.

The census had dropped from 40 to 17 people. Davis, a board member of the National Coalition for the Homeless, cited factors including the availability of shelter in foreclosed homes, aggressive sidewalk and street cleaning and the relocation of a homeless feeding site. He said there are an average 4,000 homeless in Cleveland on any given night. There are an estimated 15,000 single-family homes vacant due to foreclosure in Cleveland and suburban Cuyahoga County.

Fox News’ website also reports on this issue, this time mentioning (but not explaining) how advocates for the homeless are helping people get into abandoned homes:

Elsewhere around the country, advocates in Cleveland are working with the city to allow homeless people to legally move into and repair empty, dilapidated houses. In Atlanta, some property owners pay homeless people to live in abandoned homes as a security measure.

Truth be told, abandoned properties are not a new thing, it’s just that we have more of them now. Cities like New York have tried to solve the problem for decades. This is an interesting site - Inner City Press - like one of the old underground, grassroots newspapers we used to see only now it’s on line. They list a bunch of really interesting books to read on the topic of encouraging homesteaders for properties abandoned and without any city tax monies coming in. They suggest a few of them as good examples for models in any city. Here is an excerpt:

Inner City Press began in the South Bronx in 1987, helping homeless and doubled-up families join together to fix up abandoned buildings and make the housing they needed.  The ICP Homesteaders’ Association soon grew to over 200 families, fixing two dozen buildings, in the Bronx and Harlem.  (For an account of the ICP Homesteaders’ early struggles, by Pulitzer Prize-winning journalist Barry Bearak, click here. 

Do you think any of these ideas are of value? I admit the homesteading model sounds appealing. Have you heard of any other programs here trying to do the same thing?  Let me know. Peace Out - 3C

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I hope you all had a chance to unwind and be with friends or family over Thanksgiving. Now I am assuming most of you are back at work so time for more blogging!  Today I am looking at one of my favorite east side neighborhoods, encompassing zip code 44110. It’s one of those places I call a hidden treasure. You can own property there and have beach front privileges;  you can have easy highway access. And are very close to Downtown. Plus I love the mixed architectural styles there. This area includes North Collinwood.

Today I’m posting statistics for single family and multi-family sales in zip code 44110. The stats cover the period from March 1, 2008 until today. These are homes listed with area brokerages which is why I have access to the information.

Single Family Homes Zip Code 44110

There are 65 single family homes for sale as of today. (This tells you there is not a glut of homes/large inventory on the market in this community).

There are 9 contingent sales or homes waiting for inspections and mortgages to be approved. There are 19 pending sales, or homes waiting to close/file at the courthouse for the new owner. That means there are currently 28 homes under contract.

There have been 77 single family home sales since March 1st. The Average Sale Price was $36,297 and $25 a square foot. The Average listing price was $40,955. The average number of days these 77 homes were on the market was 82.

The sale prices ranged from about $4,165 for a 3br, one bath colonial built in 1907 (bank owned) to a 1967 built 2,952 sq. ft. home with 13 rooms, 5 brs and two baths. This home sold for $330,000.

Multi-Family Home Sales Zip Code 44110

There are 21 multi-family homes available for sale today

There are five contingent sales and five pending, so ten homes are under contract as of now.

Since March 1st, 22 multi-family homes have sold in this zip code. They ranged in sales price from about $1,875 for a two family home to a $97,500 two family on E. 169th - this one is gorgeous with old world moldings along with new ’stuff’ like roof, windows and an upgraded kitchen.

The Average Sale Price was $30,005; the Average Listing Price was $32,342 (so definitely these homes sold for close to listing prices). The average number of days these 22 homes were on the market was 77 days.

Do you like to go to the Beachland Ballroom? How about walk along the Lake? Or visit the E. 185th historic business district for libations or shopping? This is truly a cool neighborhood!  Peace out - 3C

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Today I’m covering two more west side zip codes, 44109 (which includes Old Brooklyn) and 44135 (which includes Kamm’s Corner). Per usual, these stats cover homes listed with area brokerages. I’m still looking at home stats from March 1st until today. Multi-family  means we are looking at  two through four family homes.

44109

There are 78 multi-family homes listed for sale today

Nine homes are contingent sales or waiting for inspections or loans to be finalized. 23 homes are pending sale, or waiting to close. That means 32 homes are under contract but not yet closed.

68 homes sold since March 1st.

The most economical sale was for $7000 - a double on Holmden in Tremont. The highest sale price went to a home on Montclair (off Broadview). It sold for $125,000. The average sale price for multi-family homes in this zip code was $29,466 and $13/square foot. The average number of days these homes were on the market was 76.

44135

There are only four multi-family homes listed for sale as of today; there are none under contract, either pending or contingent.

There have been six multi-family homes sold in this zip code since March 1st. The least expensive home was sold for $6,900 - a double on Grimsby (off Bellaire). The highest sale price of the six was for a double on Aldene which is  just west of W 150th Street. 

The average sale price was $52,142 and $23/square foot.  These sold homes had been on the market an average of 117 days.

For part one (yesterday’s post) you can read here.  Peace out - 3C

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Many of you own multi-family homes; that means two family through four family dwellings.  I’m going to do a series of stats analysis and am starting with zip codes 44113 and 44111.  I’m covering the March 1st to the present time frame.

First let me say that the sales that occurred in 44113 were all in Ohio City or Tremont, as opposed to the Warehouse District which is also included in this zip code.

44113

There are 33 multi-family homes for sale currently

There are two contingent sales, or homes waiting for loans and inspections to be finalized

There are four homes pending sale, or waiting to close; that means six under contract

Since March 1st, 26 multi-family homes have sold. The highest priced sale was for a four family (two homes on one lot) on W. 11th that sold for $210,000. The least expensive sale was for a W 30th double that sold for $10,500.  The average sale price was $84,600 or $31 a square foot. These homes were on the market an average of 84 days.

Zip Code 44111

There are 107 homes currently listed for sale

8 homes are contingent, or awaiting mortgage loans and inspections to be finalized

24 homes are pending sale or waiting to close. That means 32 multi-family homes are under contract

116 multi-family homes sold since March 1st in this zip code

The least expensive was for a W. 70th double that sold for $51,000. The highest sale price was for a West Boulevard double that sold for $135,000. The average sale price was $18,196 or (!!!) $7 a square foot

These homes were on the market for an average of 69 days. Out of the 116 homes sold, only five sold for more than $70k, and as you can see by the average price per square foot, most sold for considerably less than that.

Peace Out, and more tomorrow   3C

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My Denver real estate colleague Larry McGee wrote a very thoughtful and insightful post today that I wanted to share with my readers. We all know that when someone loses their jobs it affects more than just that one person. But this is from the perspective of housing. How it affected the sale, or lack thereof, of a home. You can read this wonderful article here on Active Rain.

Larry uses a phrase I had not seen before, when he talks about how we feel when we lose our jobs. He mentions that we lose not only our economic security but our ’security of relevance.’  I think it’s a wonderful yet poignant phrase.

 Peace Out - 3C

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And well they should be! Gramophone Magazine  did the awarding, and named our Cleveland Orhestra 7th greatest in the World. You can read about it here in an article written by Zachary Lewis the PD music critic.  Chicago did very well too.  Higher up in the ranking was the Vienna and Berlin Philharmonic. They said they rank on ‘identifiable sound.’ 

I remember being a fortunate Cleveland school system student in elementary school, attending young people concerts on field trips. I was mesmerized.  This was during the days of George Szell. And our Orchestra has kept her ‘identifiable sound’ throughout the years (except maybe during the Maazel yrs, but you can argue with me on that point).  My favorite symphony is Beethoven’s 7th and no one (I dare you to argue this one!) can do it better than the Szell version back in the day. And it’s so true about the sound.  I was obsessed with this Beethoven masterpiece and the timing and sound made it for me. I could always tell when that ‘version’ was on the radio. 

So a h/t to Gramophone and The Cleveland Orchestra! Peace Out - 3C

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