Cleveland Real Estate News

Cuisine Du Cambodge  is not totally hidden.  If you stand in front of it you might say the old Peggy Lee line: Is that all there is?  But don’t be fooled.  Many of us are excited the original creator of Phnom Phenh is back and the food is better than ever.  Do you crave authentic food and sometimes find it lacking in the trendier neighborhoods? Cuisine Du Cambodge is for you. They specialize in Cambodian and South Asian cuisine.  If you want more verification than my word (and I don’t blame you!), check out their great reviews on Urban Spoon.  The other mark of a good restaurant?  On my last visit, I struck up a conversation with an Asian man who runs his own restaurant in Downtown Cleveland, but lives in my hood.  He eats at Cambodge frequently and says the food is better than most ‘hip’ places that charge a lot more.  I agree.  Check out the Cambodge Du Cuisine  menu on their website here.   BTW, the Urban Spoon rating by consumers is 92%.   I love their Phnom Penh kuy tiev chha.  Cooked so there is still texture to the vegetables, the spices are both well blended and yet individually tasted.  I love it.  Their rice paper rolls are better than any I’ve had in NE Ohio.  And they cost $1.50.  Stir fried roasted eggplant and pork for less than $8.  The ginger mussels are pure heaven, and a bit pricier.  The menu has so many items to choose from, and the owner will be glad to help you choose something different to try if you like!

Let me say this about my Bellaire Puritas neighborhood.  Did you know the original West family owned tons of acres of property all the way down to W. 117th street? There is a pretty, L shaped red brick colonial on W. 138th St. (South of Lorain) which was the West family home.  Back in the day, when everything else was probably farmland.  That is where the West Park name originated.  We are not as far West as Kamm’s Corner with easy access to I 71 and I 90 (five min to each).  I say this because I really feel everyone in NE Ohio should check out Cambodge Du Cambodia. 

My office is a few doors away from the 2nd incarnation of Phnom Penh.  (In Ohio City).  It’s pricier and most of the people I talk to feel the food just isn’t as good as it should be.  I know I haven’t been tempted to eat there in quite some time.  When I found out the original creator/owner had departed, I understood.  And now I can enjoy the best by eating in my own hood?  Who would have thought! 

13124 Lorain Avenue (just West of W. 130th)

phone number:  216-252-6900. 

3C

The NE Ohio business executives surveyed by KPMG seem more interested in concentrating on their own business growth than the gloom and doom shadows of the overall economy.  That’s a good sign, yes?  Only 7% of those surveyed said they felt less confident about our local prospects.

You can read about it in this Crains Cleveland article written by Michelle Park .

A little bit more detail about it from the PR Newswire article about the KPMG survey. (It’s actually the KPMG press release).  100 executives from NE Ohio were surveyed.  I like these stats: 

Forty-one percent intend to add jobs in the next 12 months, with only 7 percent indicating a decrease.  Furthermore, 43 percent will boost capital improvements and tech investments, with 7 percent expecting to lower investments.

One more quote that seems to indicate satisfaction with their businesses being located in NE Ohio:

“…an overwhelming majority, 79 percent, have no plans to move and, of those considering a move, a great majority, 88 percent, intend to look at other locations in Northeast Ohio….”

It makes sense that focusing on the here and now, and what each company can do to improve their business, add jobs, expand, will block out the  gray cloud of negativity. Which doesn’t help in the long run!  Let’s see what transpires in the next 12 months, and maybe we will see evidence of this job growth and success.

3C

Working with two clients who will need to do a ‘lease to own’ option instead of buying right away.  Interesting to me that both have student loan issues.  Those pesky loans can be a burden (and a credit issue) for those who are just starting their job lives after graduation.  One couple have a fantastic salary (and are relocating here from Southern Ohio for job purposes).  That will help, but they will still need to rent and build up a better credit history.

My other couple are also Ohio ‘relocators’.  This time from the Akron area.  They want to live close to Downtown Cleveland so we are checking out the town house inventory for them. 

Our office phone lines (and my cell!) are still busy.  The activity indicated to me that even though it’s cold, we have an uptick in interest in buying homes.  (I have some new listings coming on board too, but those are fairly steady all year long).  So it was interesting to me to see this article from Crain’s Cleveland  on how NE Ohio home sales have steadily outpaced the rest of the State in the last 12 months.  Here is a quote: “… Unlike the rest of the state, NEOHREX total dollar volume rose by 11.2%, to $322.2 million last month from $289.9 million in December 2010.” 

  These figures include more than Cuyahoga County (Lake, Geauga, Medina, etc).  And they come from our computer multiple listing service (MLS)  called NEOREX.  This means homes sold through brokerages but it also means the stats are relatively accurate (compared to how others had been calculating stats that were not quite as accurate.)  I’m glad Crain’s is relying on the NEOREX figures because if  NEOREX says it sold, that means there are  sales records to back that up!

3C

Conventional wisdom holds true: you don’t need a .com company to help you find your credit scores, you don’t need to pay to get loan modification or foreclosure threat assistance (there are non profits for that).  And now the PD highlights a new way people are trying to get your money.  The County Board of Revisions will help you revise your propery taxes for free.  Thanks to Laura Johnston for the article.

These private companies may be successful and trustworthy, I have no information to suggest otherwise.  Still, why pay when you don’t have to do it?     3C

Just as there were many stories in the Naked City, there are many different types of foreclosure and loan modification and refinance stories covering the last few years …and many of them could make your blood curl.  Here are three examples from CNN Money on foreclosure threats that happened through no actual fault of the home owner.  In all these cases there was some sort of perfect storm going on (for one family, the title company went out of business AFTER they had the family money for the house but BEFORE  they turned it over to the lender.)

How would you feel if you paid your property taxes and found out a bank had paid them instead and you got your money back.  Yeah, at first you’d smile and say cool! Then you’d scratch your head and say, huh?  This is how a family found out that even thought they THOUGHT they bought they house, the money had never gone to the bank.  Oy.

My only suggestion would be this: if you re-finance, if you get a loan modification, if you purchase a home, it seems to be necessary now to check in for the first year or so? Call your lender instead of just getting the payment slips, and find out if your loan account is all kosher and cool.  If you re-financed with a different lender, wait a few months and then call your old lender to make sure your account is satisfied.  Even if you have paperwork telling you the proecess was completed, the title transferred, the old loan got paid off, apparently we now need to follow up. 

And if for some reason you feel the need to get a loan from a huge banks (yes, one of the Too Big To Fail joints), I say call early and often to make sure you’re not getting the fickle finger of fate from them. Finding out there is something wrong a few months later is better than finding out years later  by getting an unjustified foreclosure notice. 

The last point is this.  Title companies can be reputable or not. If you are buying a home and your agent recommends you use one title company or another, don’t be afraid to ask questions: do you own a monetary interest in this title company (sometimes they do).  I always feel comfortable when buyers want to use Howard Hanna’s title company, Barristers of  Ohio.  I also know other title companies that are reputable and have been around a while.  I get nervous when someone comes to me and says they want to use _____  and I’ve not heard of them and it’s a small, or newer title company.  I have ways of checking with my office to see if a company is on a watch or ‘do not use’ list for fear of instability.  But buyers have recourse as well.  Contact the  American Land Title Assn. (ALTA) or visit ALTA’s website.  While you can’t foresee every problem, it’s always good to know that even if something bad DOES happen, you covered as many bases as possible. 

   3C

Posting this today was inspired by the PD’s article on Box Creations, a North Olmsted based toy company that uses cardboard for their products.  They are getting much National recognition, even though only being officially in business since October of 2010.  The brains/CEO’s of the company are former American Greetings employees…very creative people!  Check out Box Creations website here.   The toy products are affordable and dynamic looking and fun…and successful!

The next company struck me because it’s a CPA firm, voted one of the top mid-sized companies in 2010 (in NE Ohio).  Cohen & Company   has a cool niche.  From their website: 

 Cohen & Company specializes in a wide variety of accounting, tax, and planning issues. Working closely with the entrepreneur, we provide advice on operating and managing the business. Learn how building a relationship with us can help you meet your (or your client’s) goals.     

Cohen & Company has five locations in NE Ohio and now also three affiliated locations in Florida.  They have been around since 1977.   They have jobs available, according to their website, but what I really liked was their Internship program. Are you in college, thinkng being a CPA might be a good choice?  Their internship program includes short term assignments, attending company meetings, and other activities you would experience as a licensed CPA.  They also require community service work….  check out Cohen & Co’s web page on internships.

The last company featured today also advertises itself  (I paraphrase only a little) as  a toy company, but a digital toy company.  Find A Way World  has been around for about six years only, but their patented audio player called Playaway® is out (it’s pre-loaded, which I gather is very exciting to consumers) and the company is very well recieved and recognized all over the U.S.  FindAWay World  was voted one of the fastest growing companies in the Country by Inc, magazine.

I love that it was started by five native Clevelanders. Picturing them sitting around tossing a nerf basketball and coming up with ideas.  Anyone use Playaway® ?   Would be cool to support a local company when buying a video/audio player.   Their website says Playaway® can hold up to 60 hours of audio.  That sounds darn competitive, no?  Seriously, it sounds  like this 2 oz audio books specialty player would be great to own. And they have Playaways available all over the World already!

Congrats to these companies for being what our area has been historically…innovative and insanely creative!   Peace Out  3C

Over the past few months I’ve written an offer for a family relocating here from Tennessee, I’ve begun a home search with someone who moved here from California, and sold a house to a gal who was transferred here for work from Indianapolis.  Now I have a client who moved here from Manhattan, a buyer moving up from the Columbus area (buying one of my listings, not my client, but still moving here)…and working with an East Coast couple who want to live in Tremont because it reminds them of the East Coast (I agree, and that’s the first time I’ve had anyone mention the similarity). 

The other thing to note is, lots of calls and Internet contacts from people in general who want to buy homes.  I love that so many of them are beginning their search so they can move in the Spring or Summer.  Makes it a lot less stressful for them than having to do it in a hurry when leases run out. 

Also finding a LOT of people who want to rent.  I had a single family rental listing in West Park.  By the end of the first week, I had over 60 calls on it.  And yes, it’s now rented (listed 9 days total).  It’s a seriously good rental market.  If you have a single family home that’s been on the market for a while and have the flexibility to list it for rent …and list it at a fair rental value….chances are you will find a tenant.  3C

Interesting, KeyCorp is not as large as the Too Big To Fail Banks  — CoreBrand did a survey, as they have been doing for several years, and included Key Bank in their list of eleven brands that will disappear in 2012.  They are a NE Ohio based bank. I found this analysis from February of 2011 which discussed how Key was having difficulty keeping shareholders happy, and we are now about a year later with apparently the situation the same.

Some of the  other entries were not surprising, like Kodak.  The writing has been on the wall, although there has been talk that they hold digital patents that could keep money coming into them for a while.

I spent time as a facilities manager when I was much younger (!) and working at Donnelley Directory in Maryland.  We had a huge workforce at the time, and quite a few offices.  We dealt with Steelcase Furniture, who supplied most of our office furniture.  Very solid, easy to move cubicle arrangements (we were constantly changing office layouts).  It’s on the list, even though they ‘do well.’  It’s  a U.S. company!  So if you need office furniture, you might want to help keep them in business.  Unlike some of the trendier furniture offices choose to buy, Steelcase is built like a tank and spending money on replacement is not much of an issue.  To end this public service plug, there is a Steelcase store on Prospect in Cleveland

And Avery Dennison is on the list due to being swallowed up by 3M.  They make sharpies and highlighters, among other things.  I find it hard to believe these things will disappear. 

If you want to hear what another source predicts on same topic (and who knows if either is right), check out ZetaBoards.com’s list of brands that will disappear this year.   They include Soap Opera Digest Magazine (web competition and disappearing soaps), Sony …and they agree with Saab and Sears (on CoreBrand list).    3C

January 16 2012 update:  The Economist weighs in on why Kodak is struggling to stay alive and uses their rival Fuji as an example of a similar company that has adapted and seems to be positioned to stay competitive. The article is called The Last Kodak Moment. 

Several clients (quite a few, really) have gone through the loan modification process to see if they can keep their homes instead of having to sell.  One client has had a particularly rough road for almost three years now.  Yes, three years trying to get Bank of America to modify their loan.  At one point they were offered a savings per month (minimal, to say the least) but even at that, the offer never officially came to fruition in the form of changing the amount due on a bill!  Endless attempts at sending paperwork to the bank, having receipt confirmed, then mysteriously all that paperwork finds it’s way to the Bermuda Triangle that is a large bank and they have to repeat their efforst from step one.  And not just once or twice, many times!  It’s funny that banks this large seem to have enough staff to get a loan through in a relatively timely fashion but any other dealings are left hanging for years. I can only imagine how frustrating this is.

Why is it so hard?  Not sure.  Found this post because I had been told that middlemen servicers do the loan mod work at many large banks and that costs money.  So they drag their feet about it. I don’t know if that is really true.

A few months ago the media reported that government stats showed a disappointing number of people get loan modifications, even though there was a mandate for banks to offer it.  The articles made it sound like people were just not doing it.  I have to ask the question: Is the percentage so low, really, because people just can’t get the darn thing done? 

Modifying your loan is not for the faint of heart but it is still a good idea to try.  I suggest (if you live in NE Ohio) you contact Neighborhood Housing Services of Greater Cleveland with an amazingly experienced staff and the ability to navigate the sharky waters …. and it’s a non profit so you are not paying a private company to do this work for you. 

3C