Cleveland Real Estate News

I’m not surprised, but then again, I’m in the business.  I know a pesky Utah investor, for example, who owns a lot of property here, keeps trying to buy my listings at outrageously low prices.  I know of others, and you probably know of the foreclosed properties owned by large banks like Deutsche and Wells Fargo.  There is more to the story.  I just recently started blogging again, which means I recently started reading blogs again.  Bill Callahan and his Callahan’s Diary is still diligent about foreclosures and housing issues.  I’m bringing your attention to two.  One is basically a google map that shows how many properties are owned by an investment company on the left coast.  The next one includes a letter to Bill from that investment company. 

There are lots of reasons why some of our neighborhoods face immense challenges in rejuvenation: low population, poverty, etc.  I’ve heard the stereotypical phrase ‘absentee landlord’ all my life, but did you know just how ‘absentee’ a landlord can be? Read Bill’s posts and find out.  Even though I knew about this, seeing that Google map of properties is still startling.  These types of investors may have the best of intentions, but if you own a zillion homes somewhere, who is overseeing the properties?  Ask Cleveland’s Housing Court (or go sit in on a day’s worth of cases there) and you could get an answer.

I don’t always agree with Bill’s solutions, and am admittedly anti political party this year, but I tip my hat to him for remaining vigilant on this issue.  In some ways, I wish he had taken the CEO’s plane ticket and gone to California and talked and maybe taken Ray Pianka of the Housing Court with him.  Or better yet, EZ homes execs need to come here for an extended period of time.  They can always stay in one of their homes!   Are these people doing this because they are part of a REIT investment program?  Not sure how they can be making money on properties with no increase in investment possibilities unless they are fixed up.   Any ideas?   Peace Out – 3C

 Here is a blog post from Slumlord Watch  in Baltimore about EZ Access here and a lawsuit filed against them.   Peace Out – 3C