This is a variation of the study/posts I did a month ago, but I’m sticking with the $100,000 range. Have you asked yourself, can I buy a home for $100,000 or less in NE Ohio? The answer is well…yes. I’m using condo and single family listings on our computer listing service which means (drum roll) they had to be listed with an area brokerage to get there. I’ll do the West Side tomorrow.
How Many Homes In Each of These Communities?Let’s Look:
University Heights - 26 (no condos, all single family homes)
Cleveland Heights - 257
South Euclid - 119
Lyndhurst - 26 (mostly, but not all, condos)
Mayfield Heights - 17
Shaker Heights - 87
Beachwood- One condo (there is a house listed too but it’s really in Berea, omg how does that happen? I would imagine the sellers are not getting many calls on this house since they wouldn’t know where to look for it!)
Downtown (which includes Warehouse District then goes east) - 250
Cleveland’s East Side Neighborhoods - 375
Are some of these foreclosure homes? Absolutely. Are some of them in good enough condition to move it? Absolutely. Case in point. A client and I saw a home on Saturday that was listed for $46,125. It has 1500 square feet, a garage, a large eat-in kitchen, a finished basement and nicely finished wood floors. Oh, and air conditioning! The roof doesn’t appear to be very old either. It turns out, by the time we made the appointment to see the home on Friday and then saw it Saturday, there was already an offer. But the point is, that is quite a purchase. Maybe the $46k is all that is left on the mortgage for that home and the bank said OK we’ll take it. All I know is, when you put the key in the door as a new owner, the value has already greatly increased on it…by about 30k, in my estimation. While most homes are not going to give you this kind of immediate return (definitely not!), some of these homes are in good shape. Peace Out - 3C
5 responses so far ↓
1 monika // Mar 18, 2008 at 6:53 pm
Funny how markets are so different from state to state. I could write a post like this for my area and use under 300,000 as an example.
Under 100,000 in my area of NH gets you a mobile home on a rented lot. Most condos are well above 100,000 as well.
Real estate truly is local. Excellent post Carole.
monika’s last blog post..January and February Market Report for 2008
2 You Want a Home for $100,000 or Less? West Side (Part Two) | Cleveland Real Estate News // Mar 18, 2008 at 7:11 pm
[...] RSS ← So You Want To Buy a House for $100k or Less? Part One (East Side) [...]
3 Carole Cohen // Mar 18, 2008 at 7:13 pm
Monika yes that would be a good post for your area; amazing how the price differs !
4 Sharon // Mar 22, 2008 at 10:46 am
Hi Carole:
I missed this post - considering we are thinking of moving back to the Cleveland area (we received daughter’s 2nd college acceptance letter this week!!) I need to bookmark this!
I’m also going to do my 2nd top ten newurbanism neighborhoods list and last year I included a Cleveland community. You’re going to get sick of me!
5 Carole Cohen // Mar 23, 2008 at 8:18 am
Hi Sharon and of course I am not going to get sick of you! Your article on the ten new urban communities is worth linking here - http://newurbanmom.com/newurbancommunities/top-ten-new-urban-communities-fall-2007/
It’s a heady time, college decisions, etc! The two communities you featured in Cleveland are part of what I believe to be the next (and best) wave of residential living ideas and I hope people check them out.
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