Cleveland Real Estate News

Thought I would do one more analysis.  I wanted to do Westlake because I keep hearing (and seeing) that prices there have held a bit steadier than some other communities. I picked Cleveland Heights because well, I love Cleveland Heights, and it allows me to do a West side and an East side community today.

So what kind of home does $100,000 buy you in Westlake?

There were not many choices, in fact, only one single family house.  The single family house is on Bradley North of Detroit and is for sale for $99,900. It is a two-bedroom ranch with a very large yard (480′ deep), 1,261 sq feet of living space, a deck, a two car garage. It was built in 1933 and is currently bank owned. It needs some TLC, according to the description of the home on line.  Considering it is a ranch, it would be possible to add on (or upward) at a later time (or now if you have the wherewith-all).  Certainly a good value in Westlake.

The second place is a condo in King James offered at $97,900.  It has 1300 sq feet of living space, 2BRs, 2Baths, a one car garage, a/c, large bedrooms (17×13 and 15×12). The $425/month maintenance fees include the cost of gas heat. The complexes amenities include a fitness room, a pool, tennis courts.  This unit also has a balcony and southern exposure.

What kind of home does $100,000 buy you in Cleveland Heights?

I have picked two of the sixteen listed in Cleveland Heights near $100k.  One is bank owned and one is not (at least the tax records still show private ownership for it).

A brick bungalow on Cedar between Taylor and Lee is listed for $99,900. It has 3BRs, 2Baths and a one car garage. It has 1,535 square feet of living space. It has a/c, a fireplace, a sun-room and a newer roof. The remodeled kitchen is large and was done up with ceramic flooring and stainless appliances. The listing info says it will be available to the new buyer as ‘violation free’. Cleveland Heights is one of the  Point of Sale (POS) inspection communities and a POS is required with every home purchase. It’s always important to check on this when you are considering living in a POS neighborhood.

The second home is bank owned and is located on Randolph, north of Noble. It is a sided Tudor style colonial and they are asking $99,900. It has 1,435 square feet of living space, 3BRs, 1 and 1/2 baths, a one car garage, a fireplace, a deck leading to a wooded yard, gleaming wood floors and a remodeled kitchen. This one says ‘POS violations to be taken on by the buyer.’ 

The banks are now sometimes more flexible in negotiating terms, meaning accepting counters on pricing, doing some remodeling work before they put a home on the market; this house is an example of a bank owned and there is no ‘one rule fits all’ on these kind of purchases anymore. It still holds true that banks do not, in general, want to be in the real estate business as residential homeowners anyway. With so many homes in foreclosure in our neck of the woods, they have had to become more flexible on terms to be competitive and get their homes sold.

Peace Out – 3C