Cleveland Real Estate News » economic news

Home Mortgage Payment News, Plus Two Cool Websites Related to Jobs or The Jobless

Carole Cohen — Sat, 24 Jul 2010 02:46:00 +0000

Obama just signed the Financial Reform Act into law, and one area not widely discussed sets aside monies for out of work home owners, so they can keep up with their mortgage payments. It’s unclear to me if only Federal (HUD) loans will be affected or assisted. The mandate is that the program begin October 1st 2010 but since it just became law, details are not yet available.

This Market Watch article on Federal monies for the unemployed by Amy Hoak is worth a read. It also discusses the model for this Federal program for mortgage assistance, which is a Pennsylvania program in effect since 1983. This program is called the Philadelphia Unemployment Project. What a good read. Seems there are 550,000 Pennsylvanians out of work. The June stats I saw for Ohio were about 625,000? I was also intrigued to read on the PUP site that they own 26 vans used to transport people without other means, to their jobs. The website is very cool, also a good read. It sounds like a great grass roots organization with a now 30 year history of doing things that help the less advantaged in Philly. Reminds me of ESOP here in Cleveland with a slightly broader scope.

One more site stood out while I was researching this post. Simply Hired. They claim the most popular Cleveland companies with jobs available are Best Buy, The Cleveland Clinic, Rockwell Automation, IBM and The Dandy Project. What I liked about this site is the ability to go to the job page for each of these companies and link through LinkedIn to see who you might know who works there. Networking the 21st Century way!

Peace Out -3C

Condo Sales 2010: University Circle, The Clinic (Fairfax) and Downtown

Carole Cohen — Mon, 19 Jul 2010 15:20:42 +0000

I’ve had discussions with Realtor® buddies from around the States and asked if they have a condo season. Most said no, although Florida and California weighed in with a ‘yes.’ I don’t know if other agents here feel there is a condo season, but I do…..just based on buyer trends in my personal business since I started in 2003. It seems that condo buyers appear more frequently for me starting on July 5th. This year has been no exception. That doesn’t mean they all buy, which leads me to the stats so far in 2010.

One note: some sales are single family town homes, so they won’t show up in this analysis. But they still count as housing sales in these communities – and admittedly, there are fewer town homes downtown than condos (to say the least!)

Anyway, how are sales stacking up so far?

Since January, 17 condos have sold between West 10th (just east of the Superior Bridge) and University Circle/Little Italy.

The average sale price for these 17 homes is $283,173 and $190/square foot. What sold?

Riverbend (that west 10Th address) is represented with a fabulous one bedroom sale. And I do mean fabulous, over and above your normal one bedroom one bath unit there (it’s a great building and I’ve sold and listed a few in it)

Point at Gateway at 750 Prospect (near the Gund….no LBJ comments please!)

Random Road had a few sales, not just one (Little Italy).

Grand Arcade, Warehouse District on St. Clair

Beacon Place (near the Clinic at E. 82nd Street)

Circle 118 (univ. circle) had several sales, it’s a gorgeous newer development with amazing floor plans and finishes.

Joshua Hall (a gem on Prospect with only a few units, built out by Korfant and Mazzonewho normally do commercial only. It was nice to have them venture into residential, they did a fabulous job on this smaller building with a handful of loft style/exposed brick units and wonderful rooftop decks. I sold one there this summer) Korfant and Mazzone do a great job renovating and yet preserving the architectural character of the neighborhoods in which they purchase.

Villa Carabelli in Little Italy

Pinnacle on Lakeside. (with more than one sale, so anyone who says luxury condos are not selling, think again!)

The part you may find interesting (I know I do) is the growth in Fairfax and University Circle. It’s definitely another Cleveland success story. And I love that it’s happening on the East side. The 17 sales are pretty evenly divided between the already existing places downtown and in the warehouse district, and the newer homes in The Circle and Fairfax. Good stuff.

Moving to Cleveland?

You can read about the 1000 new homes on University Circle’s Development Co website here.

You can read about the Fairfax neighborhood’s development in an older article on EcoCity Cleveland here.

Housing isn’t just about buying a place, is it? Michelle Jarboe of the PD wrote an article about a week ago on new University Circle apartments planned. And there is a cool map to help any out of towners with locations.

Peace Out – 3C

140 Public Square, one sale, great view of Public Square and

ODOT Commissioning Study for Phase Two of the 3C Corridor

Carole Cohen — Sun, 18 Jul 2010 13:53:37 +0000

We are supposed to be about two years away from Phase One being in operation (if the politicians don’t stop fighting, that could be longer of course). Phase Two would connect Detroit/Toledo/Cleveland. There is already service (not high speed but service) from Toledo to Chicago so this phase would help bring the Ohio Hub to Chicago. The study is being paid for with Federal monies (which means we are paying for it!) already allocated. It also includes a study of Cleveland to Pittsburgh.

You can read about it in The Toledo Blade (written by reporters Patch and Provance). You can read up on the latest developments in all sorts of rail efforts on the Ohio Rail Development Commission’s website. The site includes, in pdf form, the final report from May 2010. You can access different categories without having to download the whole report.

Regardless of how long it takes to get us going, I like the idea of getting a rail car and rail track company in operation here in Ohio. Good jobs, yes? Peace Out – 3C

How Healthy is Fairview Ohio’s Housing Market?

Carole Cohen — Sat, 10 Jul 2010 12:50:06 +0000

My professional opinion is healthy! The number of homes in inventory in some areas still exceeds 300 listings, but there are currently only 95 homes for sale giving buyers a good choice without being unhealthily excessive. The average listing price in Fairview as of today is $178,011 and the average amount of time these homes have been on the market is 100 days. (In some communities, the average is around six months, not just over three months).

Interest rates are still at a 70 year low…last check they were 4.7% (depending on your credit, etc) for a 30 yr fixed loan. This means that over the course of 30 years, you can definitely make up the difference for the tax credit having expired. Food for thought?

Four examples of homes to buy in Fairview:

1. a 2 bedroom cottage with amazing curb appeal. Gleaming hardwood floors, a fireplace, tasteful decor and a pretty back yard deck. Priced at less than $99k, definitely could be a monthly mortgage payment that would make you smile.

2. a 3BR and 1 1/2 bath Bungalow with two downstairs bedrooms, a fireplace, eat in kitchen and a two car garage. Plus a finished lower level. Listed around $99k.

3. For $114,000 you could buy a brick cape cod with a sun room, ceiling fans, two car garage and a nice deep lot (194 feet).

4. Or, if split level layouts are your thing, Fairview is one of the communities where you can find them and still be close enough to Downtown Cleveland. For about $124k you could have 1700 square feet of living space, a fireplace, a large family room, two car garage, stainless appliances in the updated kitchen.

Back to the housing health of Fairview. I found less than ten homes listed for under $90k. There are communities with page after page of homes listed for under $90k.

Want more information on your Fairview community home values? Check out Home Values in Fairview where you can do an analysis of the streets near your home.

Peace Out – 3C

update: I forgot to add one thing! There have been 61 home sales in Fairview since April and the average sale price was $133,000.

News About The Medical Mart Project

Carole Cohen — Thu, 07 Jan 2010 19:30:08 +0000

It was quiet on the Med Mart front for a while; last we heard there was arguing over the change in plans from MMPI regarding where it would be located. I liked the first site choice better all along. I don’t think you have to be a staunch preservationist to not want Public Hall torn down.

Many architecture lovers (includes most of us no?) lament the fact that so many Art Deco era buildings were torn down in Downtown Cleveland. Losing the history and beauty of Public Hall instead of restoring it never made any sense to me. I attended the Sustainable Cleveland 2019 conference in Public Hall a few months ago. If we were selling it (yeah I’m thinking like a Realtor® now), we’d say it’s in need of some TLC but oh what history and character.

Thanks to the Plain Dealer for staying on top of the issue. You can read the Medical Mart news here in an article written by Laura Johnston. The plan is now back to the original site location and has terms (contract) you can read in the PD. Peace Out – 3C

Ford Does It Right: Profits Without Federal Handouts

Carole Cohen — Mon, 02 Nov 2009 15:36:28 +0000

I would love to know what Ford Motor Co has done differently (as far as how they are structured) from GM or Chrysler. They just announced a 1B dollar profit for the last quarter. And they are the only major US car company not to have taken Recovery Act monies.

I don’t think it hurts that one or two of their cars are rated as high or higher by consumers, than Toyota and Honda. The Fusion was the last car I saw to top Honda in several categories of customer satisfaction.

You can read the PD report about Ford’s profit announcement here. One quote from the PD synopsis stood out for me:
“….the company made money in its basic business of making and selling cars. In recent years, most of Ford’s financial wins have come from positive results on lending and other activities while its automotive business lagged….”

Here is a blog post from April, written on the Consumer Reports website entitled the best car you don’t know about. (Ford Fusion)

At least there is some good news from the auto sector! Peace Out – 3C

Maybe Pittsburgh Should Be Our Official Sister City

Carole Cohen — Wed, 28 Oct 2009 20:27:07 +0000

Hats off to David Lay of David Lay Photo and one of my social media buds. He found a wonderful article on Pop City written by Elaine LaBalme. She is a Pittsburgh-er but loves Cleveland.

In her opinion, we have more ‘great’ food going on here and she lists a few of the places she likes. A quote:

“….Cleveland’s restaurant scene is taking Midwestern

sensibility to dizzying heights….”

She also mentions the Fund For Our Economic Future and how it has garnered National attention as a successful formula. That made me smile!

You can read the article here. Pop City is a neat site, so grab a cup of java and browse around! Peace Out – 3C

More Foreclosure Help From Neighborhood Housing Services

Carole Cohen — Tue, 13 Oct 2009 02:29:06 +0000

Greater Cleveland’s Neighborhood Housing Services applied for and received a grant that will allow them to do more foreclosure counseling. This is good news! You can read the PD article here. (It was originally a Sun News story) For more information about the grant and how it will impact foreclosure prevention efforts, contact Lou Tisler at (216) 458-4663 or visit nhscleveland.org. Peace Out – 3C

Article From Shades of Green on The Housing Market

Carole Cohen — Sun, 11 Oct 2009 01:45:45 +0000

Through Market Watch, I found an interesting web article written by someone with a moniker named Shades of Green. He’s talking about the now a few years old question, what will make the market recover? The title of his article is called Escaping House Arrest (great title). One point he makes is that we are a Country of people who are used to moving around, especially for jobs or more sunshine, or just to change. He also makes the point that the decline in the sale prices of homes have made this movement harder, thus the title indicating many of us are under house arrest. Truth be told, I fit that category too, not unlike many of you I’m sure! What will make the housing market recover? Maybe the same thing that will bring vitality to NE Ohio. And it’s not close to being about homes and foreclosures. It’s about jobs. It’s about creating good infrastructures. (Passenger rail, sewer and water systems that don’t flood, etc). We have particular issues here; can anyone say corruption and not think of all the trouble that has to have taken the focus (and money) off issues that need to be addressed on the Cuyahoga County level. We need to be focused on where NE Ohio can go to create these jobs. Yes it’s green, it’s also passenger rail and light rail, it’s cooperation between the business communities, the local governments, the non-profits and the residential residents…all things that I saw with rose colored glasses while I lived in Maryland. I frequently said to my fellow Marylanders: you know, in Cleveland, there is a lot of cross cooperation among the private and public sector and we need more of that here. Well when I returned at the end of the ’90s, I realized my rose colored glasses were a tad clouded up! I still think it works better here, but there are so many fiefdoms of power (the schools, the foundations, the elected officials, etc) and it seems to be hard to get things to change. This could be naive on my part, but I’m thinking our economic issues got bad enough that we are finally willing to get out of our homes and tackle the issues. Many of us are seeing that we can’t rely on our government to do the right thing; we need to take charge ourselves. It’s kind of exciting! Good articles always manage to get me off on a tangent! Take the time to read Under House Arrest and maybe your mind will wander to some solutions too. Peace Out -3C

My Dad Would Have Told Local 1250: Accept The Terms

Carole Cohen — Fri, 09 Oct 2009 19:58:58 +0000

My Dad was a proud member of the UAW local 1250. Most of the time. He said in later years that too much emphasis was put on monetary issues when so much more was important. This latest Schoenberger article in The Plain Dealer speaks to the issue in the last post I did, about jobs for factory workers. Apparently there is a new engine to be built here, IF 1250 accepts the contract terms. That would make these auto workers green collar Peace Out – 3C