Comments on: Real Estate is Local So Why Are Housing Starts Down in NE Ohio?

By: Mortgage Business » Real Estate is Local So Why Are Housing Starts Down in NE Ohio?

Wed, 31 Oct 2007 19:39:18 +0000

[...] Cleveland Heights and Lakewood Home Sales | Cleveland Real Estate News wrote an interesting post today onHere’s a quick excerpt [ Skyline from Edgewater Park taken by Carole Cohen]A Crains Cleveland article piqued my need to … . One of the things we talk about a lot in my real estate office is numbers. Our population versus new [...]

By: Carole Cohen

Carole Cohen — Sat, 20 Oct 2007 22:09:28 +0000

Elaine you describe it like the professional and good observer of people that you are. Slow to react…yes, and I think maybe a bit too anxious to keep the development train going when really, checking the pulse every year is really a better idea. Thanks for your words of wisdom.

By: Elaine Reese

Elaine Reese — Sat, 20 Oct 2007 15:02:42 +0000

Great local information, Carole. I think you’re right on regarding builders glutting the market.

Here they built hundreds of homes on small lots with no privacy, designed for younger families. But the condos and patio homes are still selling as the boomers want that type of convenience. AND many of the younger families want some privacy when sitting on their deck.

So, they can spend $250K to see their neighbors in a cookie-cutter development or $250K to get into an established neighborhood with the landscaping privacy and beauty already established. Those homes are a much better value.

I think the builders were too slow to react to changing demographics. It’s not just a “slow market” issue.