A recent article in Builder Magazine stated that "small, modestly priced new homes are gaining popularity points." The article cites the following reasons:
- Tighter lender standards have left buyers able to afford less
- The threat of higher energy prices and global warming have tempered buyers' willingness to pay for conditioned space they don't use
- The average American household is shrinking as more homeowners enter their retirement years, get divorced, delay having kids, or choose not to marry
Additionally, particularly in urban areas, we believe that buyers pay attention to - and appreciate - spaces that are efficiently and well designed.
Does this mean that as the housing market climbs out of its current recession, a premium will be placed on small, efficiently-designed new homes? According to Builder Magazine, this is perhaps the case, as long as the home is also priced right, and offers the kind of amenities that buyers are seeking.
In the long term, this kind of consumer trend could result in a renaissance for cottage-style/smaller homes, which would be a boon for builders and real estate agents that have long focused on the efficiencies found in urban living.
Progressive Urban Real Estate has always focused upon selling efficiently-designed new homes in the urban communities of Northesat Ohio. Visit our website to view the new construction and rehabbed home opportunities that are available in Cleveland as well as the inner ring suburbs.
Thursday, December 18, 2008
Home Loan Rates as Low as Five Percent
It’s amazing what a few good days on the bond market can do! On Wednesday, rates dropped briefly below five percent on a 30 year home loan for a borrower with solid credit. Today, rates are still hovering around 5%.
These rates are lower than we’ve seen in years, and they suggest that savvy buyers will be able to take advantage of a competitively priced housing market in addition to these competitive rates.
The result? Those homebuyers that are savvy enough to buy in these turbulent times will not only get a great deal on their new home, but also a great rate on their mortgage.
These rates are lower than we’ve seen in years, and they suggest that savvy buyers will be able to take advantage of a competitively priced housing market in addition to these competitive rates.
The result? Those homebuyers that are savvy enough to buy in these turbulent times will not only get a great deal on their new home, but also a great rate on their mortgage.
Monday, December 15, 2008
New York Times: "Golden Age for First Time Homebuyers"
Last week, we shared with you that interest rates had plummeted to an average of about 5.5%, a rate that will save new homebuyers hundreds of dollars in monthly interest payments, and help them build equity more quickly in their homes.
What we didn't say is that NCHAMP, a special financing mortgage product that is available from National City Bank on select new construction properties, is now at 3.875%. Key Bank offers a similar mortgage product, discounted by 1.5%, on other new construction properties.
This means that buyers that purchase at Rockport Square in Lakewood, Stonebridge Plaza in the Flats, or Fries and Schuele in Ohio City, to cite a few examples, will benefit from an interest rate saving them literally tens of thousands of dollars over the life of the loan. These savings are on top of already attractive pricing options.
As a recent article in the New York Times stated: "Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers."
It may be a good time to think about buying a house.
What we didn't say is that NCHAMP, a special financing mortgage product that is available from National City Bank on select new construction properties, is now at 3.875%. Key Bank offers a similar mortgage product, discounted by 1.5%, on other new construction properties.
This means that buyers that purchase at Rockport Square in Lakewood, Stonebridge Plaza in the Flats, or Fries and Schuele in Ohio City, to cite a few examples, will benefit from an interest rate saving them literally tens of thousands of dollars over the life of the loan. These savings are on top of already attractive pricing options.
As a recent article in the New York Times stated: "Five or 10 years from now, when the financial crisis has ended and housing prices are up smartly once more, we will look in the rearview mirror and realize that we missed a golden age for first-time home buyers."
It may be a good time to think about buying a house.
Wednesday, December 10, 2008
A Yes Vote for Equality: Cleveland Votes to Establish Domestic Partner Registry
This past Monday, December 8th, Cleveland City Council voted to create a domestic partner registry for same- and opposite-sex couples. The registry, although nonbinding, could prompt employers, hospitals and other organizations to grant privileges typically reserved for married couples. The registry is also a symbolic gesture stating that Cleveland is a gay-friendly city.
In the past decade, numerous studies have been completed that show that domestic partner registries help to create a more equal society, allowing non-married heterosexual couples as well as same-sex couples to register and potentially obtain benefits. A domestic partner registry does not allow same-sex couples to marry. Studies have also shown that cities deemed to be gay-friendly may also enjoy an economic development advantage. A city's gay-friendly status may help to attract new residents, and also to retain current residents, thus having a direct impact on the quality of life that exists in the neighborhoods of cities such as Cleveland.
Despite intense pressure from some local pastors, who oppose domestic partner benefits on religious grounds, thirteen council members voted to support the registry. The final vote was 13-7.
The legislation was sponsored by Ward 13 Councilman Joe Cimperman. If you live in the city of Cleveland, or care about this issue, please take the time to let your councilperson know how you feel about this legislation. If you support it, please thank those councilpersons that helped to pass this historic legislation.
In the past decade, numerous studies have been completed that show that domestic partner registries help to create a more equal society, allowing non-married heterosexual couples as well as same-sex couples to register and potentially obtain benefits. A domestic partner registry does not allow same-sex couples to marry. Studies have also shown that cities deemed to be gay-friendly may also enjoy an economic development advantage. A city's gay-friendly status may help to attract new residents, and also to retain current residents, thus having a direct impact on the quality of life that exists in the neighborhoods of cities such as Cleveland.
Despite intense pressure from some local pastors, who oppose domestic partner benefits on religious grounds, thirteen council members voted to support the registry. The final vote was 13-7.
The legislation was sponsored by Ward 13 Councilman Joe Cimperman. If you live in the city of Cleveland, or care about this issue, please take the time to let your councilperson know how you feel about this legislation. If you support it, please thank those councilpersons that helped to pass this historic legislation.
Thursday, December 4, 2008
Cleveland Violins Moves to the Heights
"Patience is a virtue in the development business," writes Kim Steigerwald in the Heights Observer this week, "and patience paid off ten fold in the case of 2917 Mayfield Road, just west of Honda Motorcars in Cleveland Heights."
This building, vacated by In House Furniture a few years ago, sat vacant until Heights resident Yanbing Chen purchased it in January 2008. Chen is the president of Cleveland Violins. This full service violin shop specializes in the sales, rental and repair of violin family instruments and their bows, including many handmade instruments. The shop also offers instruction space for budding and experienced musicians, and carries a wide range of cases and accessories.
Chen is currently redeveloping the building, and his plans include adding special signage and awnings that will highlight this unique business. A window film with solar control will help to protect the instruments while retaining the storefront glass. The city of Cleveland Heights provided Chen with a storefront grant and a zero percent loan for the significant investment on the exterior.
Cleveland Violins' hours are 9:30 am to 5:30 pm Monday through Friday, and 10 am to 4 pm on Saturday. Visit them online at www.clevelandviolins.com.
Friday, November 21, 2008
Newsweek on Shorebank: Ethical Lending in Cities Still Works
A recent article in Newsweek gives props to Shorebank, a mission-based lender headquartered in Chicago, with offices in Cleveland and Detroit. Congratulations to Shorebank on positive news coverage, and for continuing to make ethical loans in urban neighborhoods in a difficult economy.
The article, entitled "A Risk Worth Taking" and written by Daniel Gross, states in part:
"Community-development banks, credit unions and other CDFIs—a mixture of faith-based and secular, for-profit and not-for-profit organizations—constitute what might be called the 'ethical subprime lending' industry. Even amid the worst housing crisis since the 1930s, many of these institutions sport healthy payback rates. They haven't bankrupted their customers or their shareholders. Nor have they rushed to Washington begging for bailouts. Their numbers include tiny startups and veterans like Chicago's ShoreBank, founded in 1973, which now sports $2.3 billion in assets, 418 employees and branches in Detroit and Cleveland."
You can read it here.
Thursday, November 20, 2008
Cleveland Classic: Mitzi Jerman's Named One of Ten Great American Dive Bars
Playboy Magazine recently named Mitzi Jerman’s, a classic gin joint located in the St. Clair Superior neighborhood, as one of the top ten dive bars in the U.S. Why? One need only look at the image of Roscoe, the ancient, iconic mutt that likes to hang out on the bar’s windowsill and watch the world go by. He’s an imperfect guard dog, perhaps – but a great mascot for the working-class, ethnic bars of Cleveland. The bar has been around since Prohibition, and until her passing a year ago, it was presided over by Mitzi herself. Then in her 90’s, Mitzi used a walker to get around, but still liked to greet every customer by name, and to buy the new folks a beer or two. Mitzi’s is now run by her daughter and son-in-law. It’s not the same without Mitzi, but it’s still a great place, with a cheap pool table in the back room, a good jukebox, and tin ceilings throughout.
Here’s the text of the Playboy article:
”There’s a million bars in North America that stay open till the wee hours. How many close the screen door at 6:30 p.m. on a Saturday? If that doesn’t qualify this Cleveland landmark as something special, well…there’s plenty of other reasons. Chief among them was the late, lamented Mitzi, who died in 2006 at the grand old age of 92 (her obit ran on the front page of the Plain Dealer). Now managed by her daughter and son-in-law, the bar is a shrine to the grand dame of Rust Belt tippling. Mitzi was born and lived in the apartment upstairs and presided over the family bar even when she had to scoot around with a walker. Open since 1908, the café kept the shots coming through Prohibition, cheered generations of Browns and Indians fans and gave workers at the long-defunct factories nearby cause to blow their hard-won paychecks. Thanks to Mitzi, it outlasted its competition, and is now the last of its kind along an avenue of shuttered gin mills. Though the bar’s namesake is gone, the Straub still flows, the pool table is still yours for a quarter and Mitzi’s legacy is intact.”
Mitzi Jerman’s Café
3840 St. Clair Avenue N.E., Cleveland, Ohio
216-361-8771
Thursday, November 13, 2008
Obama to Establish Office of Urban Policy: Will Focus Return to Cities?
According to a news story in the Washington Post this week, President elect Barack Obama announced plans to establish an Office of Urban Policy once he takes office in January. A director of Urban Policy, his aides stated, will be in place to “coordinate all federal urban programs.”
“Despite the many national problems confronting the new administration, Obama remains committed to earlier pledges to establish an Office of Urban Policy,” an Obama transition aide told the Washington Post.
During the 1990s, there was a concerted national effort to provide resources for urban redevelopment in cities across the country. In particular, such federal assistance gave a boost to struggling Rust Belt cities such as Pittsburgh and Cleveland. Since that time, there have been many reports suggesting a waning national focus on urban redevelopment. More recently, problems such as subprime lending, the foreclosure crisis, the loss of manufacturing jobs and the closing of regional banks have hurt some urban neighborhoods. These ongoing challenges have also threatened important redevelopment efforts.
Given Obama’s pledge to focus on urban redevelopment as a part of his administrative priorities, will this change once he gets elected?
Wednesday, November 5, 2008
Demand For New Homes Is Strong In University Circle, Developer Tells PD
Circle 118 developer Jim Wymer of WXZ Development recently told the Plain Dealer that he is planning to break ground on the first of four sets of townhouses in University Circle.
“Demand for new homes in the growing University Circle area makes the project possible, despite global economic tumult and problems in the housing market,” Wymer says.
WXZ Development hopes to break ground on the townhouses within the next month, and to complete the first six units by next summer. The remaining 11 townhomes are scheduled to be built based on buyer demand. The townhomes will be located at East 118th Street and Euclid Avenue in University Circle.
The four-story townhouses, which offer modern design, luxury standards and roof decks on the fourth level, are aimed at health-care employees and other workers in University Circle. Other prospective buyers include downtown employees, mature homebuyers seeking a low-maintenance lifestyle, and many others.
The units are priced starting around $300,000 and include 15 year, 100% tax abatement, reduced rate financing, and $5,000-$15,000 in forgivable loans through the Greater Circle Living Program.
City Prowl: Cleveland Architect Offers Walking Tours of Downtown Cleveland
Jennifer Coleman, a Cleveland architect, continues to offer fresh material on her website, City Prowl Cleveland. Coleman received funding from the Civic Innovation Lab to complete audio walking tours of Cleveland neighborhoods. Currently, there are five downtown Cleveland tours, with three tours of historic neighborhoods soon to be available. These tours are a great way to learn about the history of the wonderful neighborhoods that exist in our city.
On her website, Coleman writes of her behind-the scenes look at Public Square, which includes an interview with Bill Taylor, a docent for the Soldiers and Sailors Monument:
“What was running through Moses Cleaveland’s mind when he landed on the eastern shore of Lake Erie? Did he realize that the forest on the bluff above him would become the city that would bear his name? And how did “Cleaveland” lose an “a”? We can’t tell you what Moses was thinking, but we do weigh in on the missing vowel in this prowl, which will escort you around Public Square, the heart of the city and one of the first areas that Cleaveland laid out as part of his 1796 survey to establish the city. You will hear how the village based on a New England town transformed into a tony residential neighborhood and then was surrounded by large civic buildings.”
Monday, November 3, 2008
Now More Than Ever, It Pays to Keep It Local
Doing business with local companies is about protecting our economy, supporting local jobs, and keeping our money right here in Cleveland.
Now more than ever, it’s important for Clevelanders to support Cleveland companies. It pays to keep it local.
Progressive Urban Real Estate is a locally owned, independent company with a 22-year history of marketing and promoting urban neighborhoods. PURE has fives offices in Ohio City, Cleveland Heights, Lakewood, Akron and Canton, and over 50 real estate agents.
We represent buyers and sellers in purchasing and selling homes. We market and develop new homes that help to revitalize neighborhoods. Most of all, we market and promote urban living throughout Northeast Ohio.
Think about it – every time that we sell a home, a contribution is made to the local economy. Your money stays at home. It stays in Cleveland.
Since our founding in 1986, Progressive Urban Real Estate has been integrally involved in nearly every market-rate housing development in Cleveland, as well as many in the inner ring suburbs. In cooperation with our partners and our supporters, we have helped to revitalize Cleveland and the urban neighborhoods so vitally important to the success of our region.
The personal nature of our firm also allows us to provide greater support for our real estate agents and excellent customer service. For our real estate agents, Progressive Urban Real Estate offers one-on-one training and mentoring, and company-supported marketing and advertising.
For our buyers and sellers, we offer a targeted home search, targeted marketing, and excellent, personalized service. Ours is a recognizable brand that buyers and sellers across Northeast Ohio are able to recognize and trust.
Keep it local. And pass it on!
Now more than ever, it’s important for Clevelanders to support Cleveland companies. It pays to keep it local.
Progressive Urban Real Estate is a locally owned, independent company with a 22-year history of marketing and promoting urban neighborhoods. PURE has fives offices in Ohio City, Cleveland Heights, Lakewood, Akron and Canton, and over 50 real estate agents.
We represent buyers and sellers in purchasing and selling homes. We market and develop new homes that help to revitalize neighborhoods. Most of all, we market and promote urban living throughout Northeast Ohio.
Think about it – every time that we sell a home, a contribution is made to the local economy. Your money stays at home. It stays in Cleveland.
Since our founding in 1986, Progressive Urban Real Estate has been integrally involved in nearly every market-rate housing development in Cleveland, as well as many in the inner ring suburbs. In cooperation with our partners and our supporters, we have helped to revitalize Cleveland and the urban neighborhoods so vitally important to the success of our region.
The personal nature of our firm also allows us to provide greater support for our real estate agents and excellent customer service. For our real estate agents, Progressive Urban Real Estate offers one-on-one training and mentoring, and company-supported marketing and advertising.
For our buyers and sellers, we offer a targeted home search, targeted marketing, and excellent, personalized service. Ours is a recognizable brand that buyers and sellers across Northeast Ohio are able to recognize and trust.
Keep it local. And pass it on!
Thursday, October 30, 2008
PURE Media Blitz: Coverage on WJW-Fox 8, in the Plain Dealer and in Inside Business Magazine
In addressing the downturn in the housing market, and in being at the forefront of overall home sales in the city, Progressive Urban Real Estate continues to be an industry leader.
This is evident in the recent spate of media coverage that has focused on the firm. Vice President David Sharkey was quoted in a Plain Dealer article on Saturday, Oct. 25th entitled, "Homes Sales in Northeast Ohio Jumped in September". Jim Anderson, real estate agent, and Lee Chilcote, Marketing Director and New Construction Project Manager, were recently featured on Robin Swoboda's morning program on WJW-Fox 8, "That's Life," in a special program that examined shopping, dining and living options in Tremont. PURE real estate agent Jim Miner, who owns a bed and breakfast in Ohio City that's called Clifford House, was also featured on "That's Life" in a program focused on the Ohio City neighborhood.
Finally, former PURE marketing guru Genna Petrolla, who now manages the Greater Circle Living Initiative for University Circle Inc., was recently featured as "one to watch" in an article in Inside Business Magazine. In the article, she cited her experiences working at PURE as formative ones that helped to shape her desire to promote living options in greater University Circle.
This is evident in the recent spate of media coverage that has focused on the firm. Vice President David Sharkey was quoted in a Plain Dealer article on Saturday, Oct. 25th entitled, "Homes Sales in Northeast Ohio Jumped in September". Jim Anderson, real estate agent, and Lee Chilcote, Marketing Director and New Construction Project Manager, were recently featured on Robin Swoboda's morning program on WJW-Fox 8, "That's Life," in a special program that examined shopping, dining and living options in Tremont. PURE real estate agent Jim Miner, who owns a bed and breakfast in Ohio City that's called Clifford House, was also featured on "That's Life" in a program focused on the Ohio City neighborhood.
Finally, former PURE marketing guru Genna Petrolla, who now manages the Greater Circle Living Initiative for University Circle Inc., was recently featured as "one to watch" in an article in Inside Business Magazine. In the article, she cited her experiences working at PURE as formative ones that helped to shape her desire to promote living options in greater University Circle.
Clarence Court Development Featured on WVIZ Applause Program
On Thursday, October 23rd, WVIZ’s “Applause” program featured the Clarence Court development as one of three examples of innovative architecture in Northeast Ohio.
“From the late 19th through the early 20th century, Cleveland built a reputation as an oasis for progressive planners and architects - people who displayed their civic vision through massive public buildings and common spaces,” moderator and WCPN Around Noon host Dee Perry says. “On this edition of Applause, we're here to show you that the city still attracts dreamers and visionaries who want to build something remarkable... it's just the scale and locations that have changed.”
Architect Dan Bickerstaff of Ubiquitous Design Ltd., who designed Clarence Court in collaboration with Keith Brown of Progressive Urban Real Estate, was credited as “thinking outside of the box” in his approach to urban residential design in Clarence Court. This project features angled walls, the use of corrugated metal, and a single-family home that is a truly unique example of creative, contemporary architecture in Cleveland.
Clarence Court is located at the intersection of West 9th Street and Brayton Avenue in Tremont, near a local landmark, Lucky's Coffeeshop on Starkweather Ave.
“I would consider this style of architecture to be post-Industrial,” Bickerstaff said during his interview, citing the influence of the surrounding Tremont neighborhood as well as the nearby Industrial Flats.
You can view the program by visiting the WVIZ website and clicking on the Applause link. Look for Season 11, Episode 4 that aired on Thursday, October 23rd.
Circle 118 Development Continues Despite Nation's Credit Concerns
It’s been many years since University Circle has witnessed new residential construction in its backyard, but the drought is almost over as WXZ Residential prepares to break ground on a collection of bold, contemporary townhouses. Situated at the corner of Euclid Avenue and East 118th Street, Circle 118 will be a unique community of new residential properties conveniently located in the heart of the city where University Circle and Murray Hill connect.
Circle 118 will be the first thing travelers see as they enter University Circle from the east and will act as a gateway to Cleveland’s medical and cultural district.
“Located within a five minute walk of world class education, health care, arts and cultural institutions of University Circle, Circle 118 is a new signature address in this premier urban district,” commented Chris Ronayne, president of University Circle Inc.
Circle 118 is a collection of 17 four-story townhomes offering fresh, urban design, sustainable materials and luxury standards. Pre-construction incentives, below-market financing opportunities and 15 year, 100% tax abatement are available for buyers at Circle 118.
In addition, Circle 118 is included in the Greater Circle Living program, a forgivable loan program that offers $5,000-$15,000 to full-time employees of nonprofit institutions in and around University Circle.
Monday, October 27, 2008
Detroit Shoreway Hosts "Green" Open House at Bridge Square III
On Wednesday, October 29th from 6:00-7:30 pm, Detroit Shoreway Community Development Organization and Progressive Urban Real Estate will host a "green" open house event at the Bridge Square Townhomes Phase III model unit, located at 5809 Bridge Ave.
Chris Kious from A Piece of Cleveland (APOC) will be on hand to speak about deconstruction and upcycling in Cleveland. He will also display the newest innovations in home decor from APOC.
Michele Anderson of Progressive Urban Real Estate will be available to answer questions about Bridge Square Phase III. The model townhome offers many green features, including beautiful bamboo floors in the living area, sustainable finishes such as ceramic tile flooring and granite countertops, lots of natural light, and high energy efficiency furnace and windows. Bridge Square Phase III was also built with high-efficiency insulation and thick, 2 x 6 wall construction. This model unit, which has an attached garage, two bedrooms and one and a half baths, is affordably priced at $159,900 and offers tax abatement through 2021.
Thursday, October 23, 2008
Euclid Corridor Opens: Now That It's Built, Will They Come?
The revamped Euclid Corridor opens this weekend, celebrating with a ribbon cutting at 2:30 pm on Friday at East Fourth and Euclid, and a day-long open house on Saturday with free rides on the HealthLine between Public Square and University Circle.
WCPN 90.3 Ideastream reporters were out test-riding the new Euclid Corridor on Thursday morning. WCPN reporter Rick Jackson, who hopped aboard the new bus rapid transit vehicles, found that it only took 22 minutes to get from Public Square to Case Western Reserve University and University Hospitals on the new bus lanes.
Panelists interviewed on WCPN's Friday morning program included David Goldberg of Amtrust Bank, Chris Diehl of the Kent State Urban Design Center, and Steve Litt from the Plain Dealer. The panelists lauded the Euclid Corridor's design and the impact that this investment of public dollars will have on downtown, University Circle and Cleveland redevelopment. They also cautioned Clevelanders to take a long-term view on this project, and not to expect immediate transformation. Due to the credit crunch, many of the planned projects on Euclid Ave. are in a fragile state, while others may require additional time to reach fruition.
The Euclid Corridor project offers an entirely new streetscape for Euclid Avenue, including wider sidewalks, new infrastructure, bike lanes, planters, improved lighting, public art and pedestrian-friendly crossings.
John McGovern, a Detroit Shoreway neighborhood resident, rode the Euclid Corridor on his bike this morning. He stopped by to talk with WCPN's Dan Molthroup during Friday's program. "The Euclid Corridor is an investment for the people of Cleveland," said McGovern. "This is development for people - not only for cars."
For more information, visit the Greater Cleveland RTA website.
Transformed, an Historic Building on Public Square Nears Completion
The Park Building, located on Public Square, is a downtown Cleveland success story. This building, which is nearing completion, has flourished despite the challenges of today’s housing market. Nearly two-thirds of the twenty-seven planned condominiums are under contract.
This building, constructed by the Swetland family in 1904 and once considered “downtown’s most valuable acre,” is a piece of Cleveland history. Lovingly cared for by its owners for more than a century, the Park Building housed office tenants until several years ago, when it was purchased for adaptive re-use. The building contains historic details that would be difficult to replicate, including a restored marble lobby, oak molding and trim, and bay windows that look out over Public Square and the Soldiers and Sailors Monument.
Due to the plethora of windows in the building, which fills it with natural light, the Park Building is a natural fit for a condominium conversion. Stunning views are available from every floor. Offering one, two and three bedroom condominiums, the condo units feature original, refinished maple floors, luxurious standards, and many preserved historic details. Units are nearing completion, and the first residents to live on Public Square in many decades are expected to move into their new homes soon.
You are invited to help us celebrate the Grand Opening of the Euclid Corridor project and the Healthline – and the near-complete renovation of the Park Building – this weekend. A ribbon cutting for the Euclid Corridor will take place on Friday and a Scavenger Hunt on Saturday (the Park Building is one of the stops). We hope to see you there!
Friday, October 17, 2008
Fairfax and the Cleveland Clinic: A Community Partnership
Fairfax Renaissance Development Corporation, a nonprofit that serves the Fairfax neighborhood in Cleveland, held the 13th Annual Louis Stokes Community Visionary Award Luncheon on Monday, October 13th. At the event, Executive Director Vicky Eaton Johnson presented the Stokes Community Vision Award to Dr. Delos M. (Toby) Cosgrove and the Cleveland Clinic.
Speaking to the audience, both Johnson and Cosgrove told the story of the unique community partnership that they have helped to form between Fairfax and the Clinic over the past four years. This partnership includes the Clinic offering free smoking cessation classes for Fairfax community members, Clinic volunteers helping to build Habitat for Humanity homes for families in the neighborhood, a community farmers market that is now being held on the Clinic campus, and a partnership between the Cleveland Clinic and the students and teachers of John Hay High School.
Johnson and Cosgrove also touted the Greater Circle Living Initiative, a partnership between University Circle institutions and the Cleveland Foundation. Through this initiative, employees of Greater University Circle institutions are eligible for up to $15,000 in grant funding should they choose to purchase a home in the surrounding community.
Thursday, October 9, 2008
Cleveland Action to Support Housing Relocates to PURE Office in Ohio City
Cleveland Action to Support Housing (CASH) recently relocated to new, renovated office space at 4001 Detroit Ave., in the Ohio City office of Progressive Urban Real Estate.
PURE and CASH share in their missions a commitment to revitalizing the city of Cleveland and urban neighborhoods, making their co-tenancy ideal. Both organizations are looking forward to potential collaborations in the future.
Cleveland Action to Support Housing is a non-profit founded in the late 1970s that works with banks to offer low-interest rate loans for the rehab of properties in the city of Cleveland. Investors and owner-occupants are encouraged to apply. CASH's current interest rate is 3.4%, well below the market rate of 6%+. This discounted rate encourages investment in the city, and allows owners to save thousands of dollar in interest payments and build equity more quickly.
Progressive Urban Garners Media Coverage on Foreclosure Rehab Initiative
Two recent articles in Green City Blue Lake and the Plain Dealer covered Progressive Urban Real Estate's efforts to battle the foreclosure crisis through rehabbing homes.
"Investors can play a key role in getting us out of the foreclosure mess that we're in," Progressive Urban owner Keith Brown told Shaheen Samavati, real estate reporter with the Plain Dealer. "For responsible investors, it's rock-bottom real estate prices combined with the fact that homebuyers are still looking for high-quality, rehabilitated homes in strong-market neighborhoods."
To date, Civic Investments LLC, the new rehab company that Brown and others have formed, has purchased three foreclosed homes in Tremont, Ohio City, and Detroit Shoreway. Civic Investments has hired Civic Builders, a contractor, to rehab the homes. Progressive Urban Real Estate will market the properties.
Wednesday, October 8, 2008
Gold Coast Makeover: Carlyle Slated for $5 Million Restoration
The Carlyle, a 546-suite condo building located on the shores of Lake Erie in Lakewood, is getting a facelift. Throughout the remainder of 2008 and 2009, it will undergo a $5 million restoration program to spruce up the building.
The redevelopment, funded by the owners through a special assessment, will include the restoration and waterproofing of the building's parking deck, a complete overhaul/replacement of the heating system (ancticipated to lower utility costs), replacement of the electrical distribution system, restoration of the outdoor pool and re-landscaping of the pool area and lawns, refurbishing of the exercise room, and the redecoration of the lobby and corridors.
"Our goal is to make the best use of our very special location on the lake," suite owner and Marketing Committee Chairman Steve Casselman told "Lakewood Alive". "We're capitalizing on our shoreline location, getting rid of asphalt, and adding green space to create more of a park-like feel."
With 546 suites, the Carlyle is "almost a city unto itself," Casselman points out. Services available within the building include a dry cleaner, restaurant, deli, beauty salon, exercise room and racquetball court. (We ask: why would you *ever* leave? Especially in the winter!)
The Carlyle also offers an excellent location in proximity to downtown Lakewood, the Rocky River metroparks, Lakewood Park, Edgewater Park and downtown Cleveland. The grounds include a private beach area, picnic grounds, volleyball courts, and an outdoor pool overlooking Lake Erie.
Condominiums at the Carlyle are surprisingly affordable, with some units priced below or slightly above $100,000.
Cassellman recognizes the importance of buildings such as the Carlyle to the city of Lakewood. "We recognize that our ongoing success is inextricably linked with Lakewood's success," he says.
If Lakewood's story is one of reinventing itself through projects that breathe new life and vibrancy into the city, then the Carlyle's restoration shows that it is a critical chapter in that story.
The Carlyle is just one of the many condominium buildings on the Gold Coast. To search for condominiums in Lakewood, visit the PURE website, go to the search function, check "Gold Coast" in the neighborhood section, then click search. To contact an agent at PURE's Lakewood office, call 216/228-6440.
Wednesday, October 1, 2008
A Piece of Cleveland: What Do Furniture Sales Have to Do With Neighborhood Redevelopment? (Hint: A Lot!)
One of the panelists in last week's forum "Beyond Foreclosure: Small Scale Solutions That Work" at the Levin College of Urban Affairs was Chris Kious, one of the founding partners of A Piece of Cleveland. Chris gave a rousing presentation that began with the admittedly dubious claim that, in his own words, "selling furniture can help to solve the problem of foreclosures in our neighborhoods."
Here's how it works. A Piece of Cleveland is a start-up company whose mission is to "rescue and upcycle good wood." In other words, the APOC team takes apart old buildings slated for demolition, salvages the wood and other materials that are inside, and hand-crafts furniture from the forgotten remnants. In doing so, APOC is preventing these materials from clogging our landfills, preserving pieces of our history (the furniture items include 'rebirth certificates' chronicling the materials' history), and creating jobs and economic benefit from deconstruction, a new industry.
Given that some of the foreclosed homes in our communities will eventually be torn down due to decrepit condition, APOC has created a viable alternative to demolition, as well as the budding of a new industry in Cleveland.
APOC has recently received media coverage in Northern Ohio Live, Crain's, the Plain Dealer and Inside Business. Their clients include Fahrenheit Restaurant in Tremont(APOC created all of Fahrenheit's new tables) and Starbucks at Cedar-Fairmount. APOC creates everything from cutting boards to lamps to tables from recycled wood.
Within the last 12 months, Progressive Urban Real Estate has partnered with APOC to recycle a portion of several houses slated for demolition. We are looking forward to partnering with this exciting new organization in the future.
Civic Investments Launches Foreclosure Rehab Initiative
One way to tackle the trend of foreclosures in recent years is to get foreclosed homes back into the hands of responsible homeowners. That’s the message being conveyed by Civic Investments LLC, a group of investors that are marketing a foreclosure rehab initiative in Cleveland through Progressive Urban Real Estate.
Civic Investments LLC has invested in foreclosures in city of Cleveland neighborhoods with historically strong housing markets. Specifically, Civic Investments has purchased three homes in the Tremont, Ohio City and Detroit Shoreway neighborhoods of Cleveland.
“Investors can play a key role in getting us out of the foreclosure mess that we’re in,” said Keith Brown, President of Progressive Urban Real Estate and one of the four founding partners of Civic Investments, LLC. “If we isolate foreclosures from the market, then it’s evident that ordinary home sales are still taking place every day in our neighborhoods – albeit at a slower pace and at lower prices.”
“This shows that there is opportunity,” added Brown. “For responsible investors, it’s the combination of rock-bottom real estate prices combined with the fact that homebuyers are still looking for high-quality, rehabilitated homes in strong-market neighborhoods. Rehabbing a home brings it back to life. We want to sell these homes to new owners.”
Progressive Urban Real Estate is currently marketing three homes as a part of its foreclosure rehab initiative:
• 3804 Whitman Avenue, a 3 bedroom, 2 bath home on an historic street in Ohio City, under rehab and priced at $159,900
• 1302 Mentor Avenue, a 3 bedroom, 2 bath home in Tremont, under rehab and priced at $139,900
• 7212 West Clinton Avenue, a 4 bedroom, 2.5 bath home in Detroit Shoreway, under rehab and priced at $149,900
Tremont, Ohio City and Detroit Shoreway are neighborhoods that have shown significant long-term growth in housing values – in part due to redevelopment initiatives undertaken during the past several decades. Despite the downturn in the regional housing market since 2005, housing values in these particular communities have not dropped as significantly as Cleveland neighborhoods overall. For instance, while sales prices in many Cleveland neighborhoods have dropped by 25-50%, sales prices of non-foreclosure homes in Tremont have only dropped 5-10% since peaking in 2005. This shows the resilience of these neighborhoods – and the potential for investment.
Civic Investments LLC, the developer that is spearheading this effort, has hired Civic Builders LLC, a Tremont-based contractor with 25+ years of experience, to manage the rehab of these homes. Civic Investments has obtained financing for this initiative through a partnership between Shorebank Cleveland and Cleveland Action to Support Housing, two organizations with a history of mission-based lending in the city of Cleveland.
For more information about the foreclosure rehab initiative, please contact Lee Chilcote, Marketing Director at 216/619-9696 x 15 or lchilcote@progressiveurban.com.
Home Prices: Desperately Seeking Stability
Last week, we participated in a forum, “Beyond Foreclosure: Small-Scale Solutions That Work,” at the Levin College of Urban Affairs at Cleveland State University.
Among the panelists was Brian Mikelbank, Director of the Center for Housing Research and Policy at Levin College. In his presentation, Mikelbank cited data showing that the number of foreclosures in Cuyahoga County was beginning to level off. This is good news, and a sign that home prices are beginning to stabilize in Northeast Ohio.
Cleveland has always been known for its stable, affordable home prices. According to recent research by Forbes Magazine, Cleveland is one of the most affordable cities in which to own a home; the average cost of owning a home here is $978 per month, including taxes, insurance, utilities and condominium/association fees.
Amidst the blitz of news about financial markets this week, it was announced on Wednesday that home prices in Cleveland dropped only .3 percent from June to July. This followed a gain of .7 percent from May to June. These numbers contrast with Sun Belt states, which dropped more significantly and, most experts agree, have further to fall before reaching stability.
Finally, despite the tightening of credit, it’s still possible to obtain a good loan in Northeast Ohio and across the U.S., particularly with rates on 30-year fixed mortgages remaining at historic lows. FHA, in particular, has stepped up and enabled many people to obtain mortgages on owner-occupied properties.
Among the panelists was Brian Mikelbank, Director of the Center for Housing Research and Policy at Levin College. In his presentation, Mikelbank cited data showing that the number of foreclosures in Cuyahoga County was beginning to level off. This is good news, and a sign that home prices are beginning to stabilize in Northeast Ohio.
Cleveland has always been known for its stable, affordable home prices. According to recent research by Forbes Magazine, Cleveland is one of the most affordable cities in which to own a home; the average cost of owning a home here is $978 per month, including taxes, insurance, utilities and condominium/association fees.
Amidst the blitz of news about financial markets this week, it was announced on Wednesday that home prices in Cleveland dropped only .3 percent from June to July. This followed a gain of .7 percent from May to June. These numbers contrast with Sun Belt states, which dropped more significantly and, most experts agree, have further to fall before reaching stability.
Finally, despite the tightening of credit, it’s still possible to obtain a good loan in Northeast Ohio and across the U.S., particularly with rates on 30-year fixed mortgages remaining at historic lows. FHA, in particular, has stepped up and enabled many people to obtain mortgages on owner-occupied properties.
Thursday, September 25, 2008
This Weekend's Pick: Neighborhoods of Shaker Square Home Tour
After a visit to Felice, a new restaurant that is located at East 126th and Larchmere in a lovingly restored home, it isn't hard to see why people are flocking to the Shaker Square neighborhood.
Felice's owner, Margaret Mueller, is a Shaker Square resident who can often be found at the restaurant, talking to her patrons and telling the story of how she developed the restaurant. Felice is an upscale bistro that offers excellent food and a great happy hour menu on weekdays between four and seven pm. The natural woodwork of the restaurant is complemented by the Bradbury wallpaper from California that Mueller chose for the restaurant's walls. Felice also features a flagstone patio behind the house - a perfect city retreat. The restaurant's interior was designed by Ricardo Sandoval, the owner of Fat Cats and Lava Lounge owner.
This weekend, you can discover some of Shaker Square's other hidden secrets at the first annual Neighborhoods of Shaker Square Home Tour. The event takes place from 2-6 pm on Saturday. Tickets are $15 in advance and $20 at the door, and they are available at www.shad.org, by calling 421-2100 or at the Dancing Sheep (12712 Larchmere Blvd.).
The Shaker Square tour begins at Sergio's Sarava, which is located at 13225 Shaker Blvd. An arts and cultural exhibition is also included as part of the tour. From Sergio's, tour-goers can pick up a map and take a self-guided trip between the eight homes that are on the tour.
One of the highlights of the tour is a two-story, five bedroom, 4.5 bath penthouse in the Shaker Courts Condominiums building on Shaker Boulevard. The condo, which has been completely renovated by its owners, features a rooftop patio with views of the Cleveland skyline and Lake Erie.
Other highlights of the tour include a green-built home in the Ludlow neighborhood, and a renovated two-family on East 128th Street.
Congrats to Katharyne Starinsky and Patrick Shepherd, who spearheaded the creation of this home tour, on a job well done. Many thanks also to the Shaker Square Area Development Corporation (SHAD), the non-profit CDC that serves the area and was chosen as the beneficiary of the funds that will be raised by the event.
You can read the Plain Dealer article about the home tour by clicking here.
A Good Ambassador for the Cleve: Michael Ruhlman
Michael Ruhlman, who writes mostly about food, chefs and cooking and lives in Cleveland, has a cool blog at www.ruhlman.com. In it, Ruhlman discusses his debates with his wife about living in the Cleve (the Velvet Tango Room in Tremont is one of Cleveland's many hidden gems, he says in his argument as to why the couple should continue to live in Cleveland). Ruhlman also writes about a trip to the North Union Farmer's Market at Shaker Square (it's a haven for enthusiasts of all things local and organic, and it can be found online at www.northunionfarmersmarket.org). In the post, he relates his surprise at purchasing nearly all of the items on his grocery list for a comparable price to what he'd spend at the grocery store. In one of his latest blog posts, Ruhlman tries to educate his readers about foodie-related things like consomme (as in, what the heck is it? ... answer: a broth ... and why you should make it). Ruhlman's books include "Soul of a Chef," which delves into the career of Cleveland's own Michael Symon (of Lola Bistro and Iron Chef fame). Maybe Ruhlman should win some kind of award for being a good ambassador for the Cleve. Can I get a second?
Where's Our Bailout? County Treasurer Jim Rokakis Says It Straight
As Congress feverishly debates proposals to bail out Wall Street, questions continue to arise about to help Main Street cities like Cleveland.
Cuyahoga County Treasurer Jim Rokakis – who sounded the alarm about foreclosures well before this issue grabbed the national media spotlight – wrote in a Plain Dealer editorial this past Sunday: “We hear a lot about bailing out banks and protecting investors. We hear little about the innocent victims of the current financial mess. Cities like Cleveland, awash in vacant properties that erode their tax bases and bust their budgets ... What will be done about us – you know, Main Street, Cleveland?”
In his editorial, Rokakis suggests several long-term remedies to get us out of the housing recession that our country faces at this time, including:
• Responsible government regulation.
• Changing the basis of executive compensation from one that rewards short-term gain at the expense of long-term consequences.
• Allowing state and local governments to protect themselves (Cleveland passed a law against predatory lending several years ago, Rokakis says, but was not allowed to enforce it by the state legislature).
• Keeping people from leaving government service, then becoming lobbyists and taking obscene amounts of money from the people that they were supposed to be regulating.
As news develops, we will continue to post analysis of the proposed bailout and how it will affect homebuyers and owners on our blog. Stay tuned.
Cuyahoga County Treasurer Jim Rokakis – who sounded the alarm about foreclosures well before this issue grabbed the national media spotlight – wrote in a Plain Dealer editorial this past Sunday: “We hear a lot about bailing out banks and protecting investors. We hear little about the innocent victims of the current financial mess. Cities like Cleveland, awash in vacant properties that erode their tax bases and bust their budgets ... What will be done about us – you know, Main Street, Cleveland?”
In his editorial, Rokakis suggests several long-term remedies to get us out of the housing recession that our country faces at this time, including:
• Responsible government regulation.
• Changing the basis of executive compensation from one that rewards short-term gain at the expense of long-term consequences.
• Allowing state and local governments to protect themselves (Cleveland passed a law against predatory lending several years ago, Rokakis says, but was not allowed to enforce it by the state legislature).
• Keeping people from leaving government service, then becoming lobbyists and taking obscene amounts of money from the people that they were supposed to be regulating.
As news develops, we will continue to post analysis of the proposed bailout and how it will affect homebuyers and owners on our blog. Stay tuned.
Wednesday, September 17, 2008
Cleveland Heights Offers 100% 7 Year Tax Abatement
The city of Cleveland Heights recently upped the level of tax abatement that is offered on some of the new construction developments that are located within the city. The new tax abatement level is 100% over seven years. Previously, the tax abatement level was 50% over 10 years.
Tax abatement in Cleveland Heights is available on such projects as the Boulevard Townhomes and the Courtyards of Severance, among others.
A study on the impact of tax abatement in the city of Cleveland by the Levin College of Urban Affairs at Cleveland State University found a strong correlation between tax abatement and sales of new housing. Sixty percent of the owners of current abated homes in Cleveland said they would not have puchased them if they had not received tax abatement, according to the study. Additionally, for every $1 in abated taxes, a total of $1.50 in new property taxes was generated for the city.
For over a decade, Cleveland Heights has worked to attract new construction housing to the city, adopting a strategy that offering more housing choices, bringing in new residents, and growing the city's tax base is vital to the city's success. With the recent housing slowdown, the ciy sought to raise the level of tax abatement to stay competitive with other cities, and to entice buyers to buy a new home here.
For more information on the city of Cleveland Heights, visit www.clevelandheights.com.
Tax abatement in Cleveland Heights is available on such projects as the Boulevard Townhomes and the Courtyards of Severance, among others.
A study on the impact of tax abatement in the city of Cleveland by the Levin College of Urban Affairs at Cleveland State University found a strong correlation between tax abatement and sales of new housing. Sixty percent of the owners of current abated homes in Cleveland said they would not have puchased them if they had not received tax abatement, according to the study. Additionally, for every $1 in abated taxes, a total of $1.50 in new property taxes was generated for the city.
For over a decade, Cleveland Heights has worked to attract new construction housing to the city, adopting a strategy that offering more housing choices, bringing in new residents, and growing the city's tax base is vital to the city's success. With the recent housing slowdown, the ciy sought to raise the level of tax abatement to stay competitive with other cities, and to entice buyers to buy a new home here.
For more information on the city of Cleveland Heights, visit www.clevelandheights.com.
Ohio City: Blues, Brews and a Neighborhood's Remarkable Comeback
Ohio City has come a long way from the days when the first urban pioneers were renovating rambling Victorians on Jay Avenue, and the Conway brothers of Great Lakes Brewing Company were delivering hand-bottled six packs of beer in their cars.
Today, the neighborhood has seen housing revitalization, the redevelopment of West 25th Street and the West Side Market, the addition of a dozen or more new restaurants and bars, and the creation of a new lakefront park at Whiskey Island.
Recent articles in the Plain Dealer and Northern Ohio Live profiled the Great Lakes Brewing Company on the eve of its 20th anniversary, as well as the more recent addition of Bar Cento to the neighborhood's restaurant mix. Dee Perry of WCPN's "Around Noon" held a show focusing on "Grassroots Gastronomy" or the link between restaurants and a neighborhood's revitalization. Ohio City was also named one of the nation's Top 10 Cottage Communities by Cottage Living Magazine in 2007. The community's varied housing stock, which includes grand Victorians as well as rehabbed worker's cottages, was cited in the Cottage Living piece.
This weekend, Ohio City will celebrate its success, as well as Cleveland's rich blues history, with the First Annual Ohio City Blues and Brews Fest at Whiskey Island. For $10, visitors can hear six of the most prominent local blues acts, including the Whiskey Island Brew Crew, Colin Dussault Blues Project, Robert Lockwood All Stars, the KingBees, Moko Bovo and Kristine Jackson. The event runs from 4 pm until 12:30 am and takes place at Whiskey Island.
For more information or to buy tickets, please visit www.ohiocity.com.
Today, the neighborhood has seen housing revitalization, the redevelopment of West 25th Street and the West Side Market, the addition of a dozen or more new restaurants and bars, and the creation of a new lakefront park at Whiskey Island.
Recent articles in the Plain Dealer and Northern Ohio Live profiled the Great Lakes Brewing Company on the eve of its 20th anniversary, as well as the more recent addition of Bar Cento to the neighborhood's restaurant mix. Dee Perry of WCPN's "Around Noon" held a show focusing on "Grassroots Gastronomy" or the link between restaurants and a neighborhood's revitalization. Ohio City was also named one of the nation's Top 10 Cottage Communities by Cottage Living Magazine in 2007. The community's varied housing stock, which includes grand Victorians as well as rehabbed worker's cottages, was cited in the Cottage Living piece.
This weekend, Ohio City will celebrate its success, as well as Cleveland's rich blues history, with the First Annual Ohio City Blues and Brews Fest at Whiskey Island. For $10, visitors can hear six of the most prominent local blues acts, including the Whiskey Island Brew Crew, Colin Dussault Blues Project, Robert Lockwood All Stars, the KingBees, Moko Bovo and Kristine Jackson. The event runs from 4 pm until 12:30 am and takes place at Whiskey Island.
For more information or to buy tickets, please visit www.ohiocity.com.
Thursday, September 11, 2008
Circle 118: The Bold New Face of University Circle
University Circle is home to 20+ artistic and cultural venues, over 100 restaurants and dining options, one of the most idyllic urban parks in the state (Wade Oval), and it is visited by over 2.5 million people per year.
Sounds like a great place to live, right? Yet if you would like to buy a new home within the University Circle district, your options are comparatively few. While University Circle is surrounded by attractive, historic neighborhoods, there has been relatively little for-sale housing built within the Circle itself.
Until now.
WXZ Development recently announced plans to break ground on Circle 118, a new community of 17 townhomes, in the Fall of 2008. Located at the corner of Euclid Avenue and East 118th Street in University Circle, Circle 118 will serve as the first new community in University Circle in several years.
“University Circle is one of Northeast Ohio’s greatest success stories – the home of some of the greatest museums and cultural institutions in the world, and a place that is the second largest employment center in the city of Cleveland,” commented Keith Brown, President of Progressive Urban Real Estate, the marketing firm that represents Circle 118. “This project adds to University Circle’s strengths: it will help to satisfy pent-up demand for new housing in one of the most desirable neighborhoods in Cleveland.”
“Circle 118 is the bold new face of University Circle,” added Brown. The development is located within walking distance of all of University Circle’s amenities – including the Cleveland Museum of Art, Severance Hall, Case Western Reserve University, the Botanical Garden, and the Cleveland Museum of Natural History.
Circle 118 is a collection of 17 elegant, modern townhouses. Exterior features include red brick accentuated with bright blue and red panels that are constructed from recycled materials. The townhomes’ glass-filled corners will offer residents a view of bustling Euclid Avenue as well as the newly completed Euclid Corridor project. Residents will also enjoy three levels of outdoor space: a landscaped interior courtyard; a deck above the courtyard; and a third floor roof deck that functions as an outdoor living room.
Interior features of Circle 118 include a two car garage, first floor bonus room (facilitating a live-work lifestyle), an open great room and kitchen allowing maximum flexibility of space, and a bedroom level with either two bedrooms or two bedrooms and a den, depending upon the floor plan. Standard features include bamboo flooring, ceramic tile, energy-efficient windows, high-efficiency mechanical systems, and Energy Star appliances.
Pre-construction pricing starts in the low $300,000’s and every unit owner benefits from 15 year tax abatement. Key Bank is offering a reduced rate mortgage product that will save owners 1.5% interest on a 30-year loan.
Incentives are also available for University Circle employees through the Greater Circle Living Initiative. Full time employees at many UC institutions are eligible to receive up to $15,000 in forgivable loans through this innovative program.
For more information about exciting happenings in University Circle and the Greater Circle Living Initiative, check out www.universitycircle.org.
Sounds like a great place to live, right? Yet if you would like to buy a new home within the University Circle district, your options are comparatively few. While University Circle is surrounded by attractive, historic neighborhoods, there has been relatively little for-sale housing built within the Circle itself.
Until now.
WXZ Development recently announced plans to break ground on Circle 118, a new community of 17 townhomes, in the Fall of 2008. Located at the corner of Euclid Avenue and East 118th Street in University Circle, Circle 118 will serve as the first new community in University Circle in several years.
“University Circle is one of Northeast Ohio’s greatest success stories – the home of some of the greatest museums and cultural institutions in the world, and a place that is the second largest employment center in the city of Cleveland,” commented Keith Brown, President of Progressive Urban Real Estate, the marketing firm that represents Circle 118. “This project adds to University Circle’s strengths: it will help to satisfy pent-up demand for new housing in one of the most desirable neighborhoods in Cleveland.”
“Circle 118 is the bold new face of University Circle,” added Brown. The development is located within walking distance of all of University Circle’s amenities – including the Cleveland Museum of Art, Severance Hall, Case Western Reserve University, the Botanical Garden, and the Cleveland Museum of Natural History.
Circle 118 is a collection of 17 elegant, modern townhouses. Exterior features include red brick accentuated with bright blue and red panels that are constructed from recycled materials. The townhomes’ glass-filled corners will offer residents a view of bustling Euclid Avenue as well as the newly completed Euclid Corridor project. Residents will also enjoy three levels of outdoor space: a landscaped interior courtyard; a deck above the courtyard; and a third floor roof deck that functions as an outdoor living room.
Interior features of Circle 118 include a two car garage, first floor bonus room (facilitating a live-work lifestyle), an open great room and kitchen allowing maximum flexibility of space, and a bedroom level with either two bedrooms or two bedrooms and a den, depending upon the floor plan. Standard features include bamboo flooring, ceramic tile, energy-efficient windows, high-efficiency mechanical systems, and Energy Star appliances.
Pre-construction pricing starts in the low $300,000’s and every unit owner benefits from 15 year tax abatement. Key Bank is offering a reduced rate mortgage product that will save owners 1.5% interest on a 30-year loan.
Incentives are also available for University Circle employees through the Greater Circle Living Initiative. Full time employees at many UC institutions are eligible to receive up to $15,000 in forgivable loans through this innovative program.
For more information about exciting happenings in University Circle and the Greater Circle Living Initiative, check out www.universitycircle.org.
What Do Fannie and Freddie Mean to You?
You may just be getting to know this housing market duo, but the chances are good that you’ll be getting to know them a great deal better. Their names have been in the news a lot lately. Over the weekend, U.S. Treasury Secretary Henry Paulsen announced that the government had placed both entities into a conservatorship.
Together, Fannie Mae and Freddie Mac own or guarantee roughly half of the $12 trillion in outstanding mortgage debt. National Public Radio quantified Fannie and Freddie by stating that they have more economic impact on the global economy than the United Kingdom.
How will the takeover impact consumers? The news instilled confidence into investors, which lifted stock markets. As a result of the conservatorship, the government now explicitly guarantees the obligations of Fannie and Freddie securities. This has increased demand for mortgage securities, helping the housing market overall.
What remains uncertain is where Fannie and Freddie will go from here. The takeover may help to facilitate new deals on old loans (affecting homeowners who are now in trouble with their mortgages) and new rules on new loans (affecting homebuyers thinking of purchasing a home).
The most immediate change is that mortgage rates are likely to go down. Last week rates were down .15% on average; this week, they are down .35%. That’s a substantial change that makes it cheaper and easier for homebuyers to purchase a home.
Together, Fannie Mae and Freddie Mac own or guarantee roughly half of the $12 trillion in outstanding mortgage debt. National Public Radio quantified Fannie and Freddie by stating that they have more economic impact on the global economy than the United Kingdom.
How will the takeover impact consumers? The news instilled confidence into investors, which lifted stock markets. As a result of the conservatorship, the government now explicitly guarantees the obligations of Fannie and Freddie securities. This has increased demand for mortgage securities, helping the housing market overall.
What remains uncertain is where Fannie and Freddie will go from here. The takeover may help to facilitate new deals on old loans (affecting homeowners who are now in trouble with their mortgages) and new rules on new loans (affecting homebuyers thinking of purchasing a home).
The most immediate change is that mortgage rates are likely to go down. Last week rates were down .15% on average; this week, they are down .35%. That’s a substantial change that makes it cheaper and easier for homebuyers to purchase a home.
Monday, September 8, 2008
Downtown Cleveland Alliance Launches New, Innovative Website
Recently, the Downtown Cleveland Alliance launched a new design for its website. This new design includes an interactive parking map, podcast tours of downtown, video testimonials of residents, and a downtown blog. The DCA website seems laudable because it takes advantage of new technologies that present downtown Cleveland in a new way, and also because it helps visitors to navigate downtown neighborhoods. The new website also shows a non-profit using creative marketing techniques to overcome downtown's image challenge. In doing so, DCA joins the ranks of cities and non-profit community development groups around the country marketing city living in the face of some negative perceptions ("Selling Cities Despite Bad Images," New York Times, 8/22/08). For more info, visit the DCA website at www.downtownclevelandalliance.com.
Friday, September 5, 2008
David Sharkey of PURE Featured on WCPN/90.3 Ideastream
David Sharkey, Vice President of Progressive Urban Real Estate, was one of the panelists featured on Dan Moulthrop's 9 a.m. news program on WPCN/90.3 Ideastream this past Wednesday, Sept. 3rd.
Sharkey is a former Tremont resident who now lives in the St. Clair Superior neighborhood with his wife and two sons. PURE's focus on marketing and selling homes as well as an urban lifestyle in Cleveland have helped to transform Tremont from a neighborhood that suffered from arson and blight in the mid 1980's, to one of Cleveland's success stories today.
To listen to a podcast of the show, visit the WCPN archives at www.wcpn.org.
For more information about Tremont, visit the website of the local community development corporation, Tremont West Development Corporation at www.tremontwest.org.
Sharkey is a former Tremont resident who now lives in the St. Clair Superior neighborhood with his wife and two sons. PURE's focus on marketing and selling homes as well as an urban lifestyle in Cleveland have helped to transform Tremont from a neighborhood that suffered from arson and blight in the mid 1980's, to one of Cleveland's success stories today.
To listen to a podcast of the show, visit the WCPN archives at www.wcpn.org.
For more information about Tremont, visit the website of the local community development corporation, Tremont West Development Corporation at www.tremontwest.org.
Investing in Cleveland: Does It Make Sense?
One of the untold stories of the housing market meltdown and foreclosure crisis is the opportunity that it presents to responsible investors to purchase and rehab homes in the city.
This was one of the messages conveyed at a forum hosted by Cleveland Action to Support Housing (CASH) on investing in Cleveland real estate. The event was held this past Thursday, Sept. 4th at West 65th and Detroit Ave., in the heart of the Gordon Square Arts District of the Detroit Shoreway neighborhood.
Douglas Moltz, loan officer with Shorebank Cleveland, described the opportunities and challenges of investing in our current, urban real estate market. On the one hand, he told the audience of 30+ nonprofit and development professionals, there has never been a better time to buy. If you are an investor, you can scoop up a foreclosure or a short sale for a below-appraised value.
One particular investor, Moltz said, recently purchased a home in the Collinwood neighborhood of Cleveland, rehabbed it, and rented it at a profitable level. Once the work was completed, the owner was at a less than 50% loan-to-value ratio. This means that while the property would have appraised for over $80,000, the owner only had spent about $40,000, resulting in a kind of “instant equity”.
On the other hand, Moltz related, investors must be both savvy and selective to be successful and avoid the pitfalls that led to the current housing crisis. They must choose marketable neighborhoods in which to invest; identify properties that fit within their budget and scope of work; complete the type of workmanship and finishes which buyers and renters demand; and obtain the necessary financing to complete the project while keeping funds in reserve.
Additionally, if investors intend to resell the rehabbed property, they must examine recent sale comps, factor in the decline in value across the market, and anticipate the fact that many homebuyers today expect to get a deal. They have to examine the pricing of other homes on the market so as not to be undercut by the competition. And they should be prepared to wait longer for the property to sell in many cases.
David Sharkey, Vice President of Progressive Urban Real Estate Inc. (PURE), addressed the fact that rehabbers in today's market must have a "back up plan" that includes lowering the price or renting the home until the market improves and the seller finds a buyer. He stressed that homes continue to sell in many neighborhoods in Cleveland, despite the market downturn.
Marcia Nolan, Executive Director of CASH Cleveland, stated that her organization has formed a partnership with Shorebank and other lenders in Cleveland to offer special, low interest rates to owner-occupants and investors. Currently, the rate is 3.6%, approximately three points or more below a conventional rate (even for an owner-occupant). Taking advantage of this program saves investors and homeowners thousands of dollars in interest, and allows owners to build up equity more quickly. CASH provides technical assistance with identifying the scope of work on a property, and monitoring construction quality.
For more information about special programs for investors and owner-occupants that are rehabbing homes in Cleveland, visit www.cashcleveland.org.
To search for homes in Cleveland and other urban neighborhoods across Northeast Ohio, visit www.progressiveurban.com and go to the search page.
This was one of the messages conveyed at a forum hosted by Cleveland Action to Support Housing (CASH) on investing in Cleveland real estate. The event was held this past Thursday, Sept. 4th at West 65th and Detroit Ave., in the heart of the Gordon Square Arts District of the Detroit Shoreway neighborhood.
Douglas Moltz, loan officer with Shorebank Cleveland, described the opportunities and challenges of investing in our current, urban real estate market. On the one hand, he told the audience of 30+ nonprofit and development professionals, there has never been a better time to buy. If you are an investor, you can scoop up a foreclosure or a short sale for a below-appraised value.
One particular investor, Moltz said, recently purchased a home in the Collinwood neighborhood of Cleveland, rehabbed it, and rented it at a profitable level. Once the work was completed, the owner was at a less than 50% loan-to-value ratio. This means that while the property would have appraised for over $80,000, the owner only had spent about $40,000, resulting in a kind of “instant equity”.
On the other hand, Moltz related, investors must be both savvy and selective to be successful and avoid the pitfalls that led to the current housing crisis. They must choose marketable neighborhoods in which to invest; identify properties that fit within their budget and scope of work; complete the type of workmanship and finishes which buyers and renters demand; and obtain the necessary financing to complete the project while keeping funds in reserve.
Additionally, if investors intend to resell the rehabbed property, they must examine recent sale comps, factor in the decline in value across the market, and anticipate the fact that many homebuyers today expect to get a deal. They have to examine the pricing of other homes on the market so as not to be undercut by the competition. And they should be prepared to wait longer for the property to sell in many cases.
David Sharkey, Vice President of Progressive Urban Real Estate Inc. (PURE), addressed the fact that rehabbers in today's market must have a "back up plan" that includes lowering the price or renting the home until the market improves and the seller finds a buyer. He stressed that homes continue to sell in many neighborhoods in Cleveland, despite the market downturn.
Marcia Nolan, Executive Director of CASH Cleveland, stated that her organization has formed a partnership with Shorebank and other lenders in Cleveland to offer special, low interest rates to owner-occupants and investors. Currently, the rate is 3.6%, approximately three points or more below a conventional rate (even for an owner-occupant). Taking advantage of this program saves investors and homeowners thousands of dollars in interest, and allows owners to build up equity more quickly. CASH provides technical assistance with identifying the scope of work on a property, and monitoring construction quality.
For more information about special programs for investors and owner-occupants that are rehabbing homes in Cleveland, visit www.cashcleveland.org.
To search for homes in Cleveland and other urban neighborhoods across Northeast Ohio, visit www.progressiveurban.com and go to the search page.
Wednesday, September 3, 2008
Focus on Foreclosure: Cities Step In to Buy, Rehab Homes
The recently-passed Housing and Economic Recovery Act of 2008 allots $4 billion of federal money to assist communities with buying and rehabbing foreclosed properties, yet some communities have already stepped in to fight the blight in their neighborhoods.
Cleveland Heights is one of them. Known for its forward-thinking strategy towards such issues as integration, historic preservation and promoting independent businesses over past several decades, the city recently turned its attention to troubled duplexes on East Derbyshire Road. Using Community Development Block Grant funds from the federal government, the city purchased and renovated several distressed properties, transforming them into side-by-side, townhouse-style condominiums. The units range from 1,700 to 2,900 square feet; 3150 East Derbyshire, one of the first completed units to hit the market, is currently listed at $139,900, and the future homebuyer will benefit from tax abatement.
A recent article in the New York Times ("Communities Become Home Buyers to Fight Decay," 9/25/08) cited several cities across the U.S. using a combination of taxpayer and private money to buy and rehab foreclosed properties. These cities are trying to re-sell the properties to buyers or developers as a means of stimulating the troubled housing market and promoting redevelopment.
Although the housing decline is showing signs of slowing, these cities are stepping in because their leaders fear that the overwhelming volume of foreclosures and homes on the market will foster more blight. They also do not see the problem being solved entirely by the private market, despite the argument by the Bush administration and others that spending federal funds represents an unnecessary market intervention.
Some examples of cities acting as developers include:
* The city of Boston recently purchased four foreclosed homes in a troubled section of Dorchester. A developer then purchased the homes from the city. The developer will renovate the homes and place them back on the market for sale.
* In San Diego, the city is raising private money ($20 million so far) to buy, rehab and sell hundreds of properties. Investors includee the California State Retirement System and Washington Mutual bank.
* In Minneapolis, the Greater Metropolitan Housing Authority has bought 75 homes in a strategic area that has been hard hit by foreclosures. The housing authority plans to complete the rehab to help stimulate the local market.
How the $4 billion allotted by the feds will be allocated and spent - and how much Cleveland communities will receive - has not yet been determined, but officials expect to have more information by the year's end.
Many housing experts also wonder whether the recently passed housing bill is enough to combat the troubled market, and whether the new administration in 2009 will have to consider additional measures to ease the credit crunch and stem the tide of foreclosures.
For more information on the rehabbed condominiums on East Derbyshire Road in Cleveland Heights, visit these websites:
www.heightsobserver.org
www.clevelandheights.com
Cleveland Heights is one of them. Known for its forward-thinking strategy towards such issues as integration, historic preservation and promoting independent businesses over past several decades, the city recently turned its attention to troubled duplexes on East Derbyshire Road. Using Community Development Block Grant funds from the federal government, the city purchased and renovated several distressed properties, transforming them into side-by-side, townhouse-style condominiums. The units range from 1,700 to 2,900 square feet; 3150 East Derbyshire, one of the first completed units to hit the market, is currently listed at $139,900, and the future homebuyer will benefit from tax abatement.
A recent article in the New York Times ("Communities Become Home Buyers to Fight Decay," 9/25/08) cited several cities across the U.S. using a combination of taxpayer and private money to buy and rehab foreclosed properties. These cities are trying to re-sell the properties to buyers or developers as a means of stimulating the troubled housing market and promoting redevelopment.
Although the housing decline is showing signs of slowing, these cities are stepping in because their leaders fear that the overwhelming volume of foreclosures and homes on the market will foster more blight. They also do not see the problem being solved entirely by the private market, despite the argument by the Bush administration and others that spending federal funds represents an unnecessary market intervention.
Some examples of cities acting as developers include:
* The city of Boston recently purchased four foreclosed homes in a troubled section of Dorchester. A developer then purchased the homes from the city. The developer will renovate the homes and place them back on the market for sale.
* In San Diego, the city is raising private money ($20 million so far) to buy, rehab and sell hundreds of properties. Investors includee the California State Retirement System and Washington Mutual bank.
* In Minneapolis, the Greater Metropolitan Housing Authority has bought 75 homes in a strategic area that has been hard hit by foreclosures. The housing authority plans to complete the rehab to help stimulate the local market.
How the $4 billion allotted by the feds will be allocated and spent - and how much Cleveland communities will receive - has not yet been determined, but officials expect to have more information by the year's end.
Many housing experts also wonder whether the recently passed housing bill is enough to combat the troubled market, and whether the new administration in 2009 will have to consider additional measures to ease the credit crunch and stem the tide of foreclosures.
For more information on the rehabbed condominiums on East Derbyshire Road in Cleveland Heights, visit these websites:
www.heightsobserver.org
www.clevelandheights.com
Friday, August 15, 2008
Good Borrowers, Better Loans:
New Legislation Eases Credit Crunch
We’ve all seen it. In recent months, even borrowers with good credit have become caught up in the credit crunch. The lenders, Fannie Mae and Freddie Mac have all tightened their lending restrictions. Some of this – such as the elimination of the all-too-easy credit that got us into this mess – is a good thing and will help to correct the housing market.
Yet some of it appears overly restrictive to observers, and passes the risks within the market along to good borrowers. For instance, in new condominium buildings that are not yet FHA-approved, some lenders have been requiring 10% or 15% down before they’ll provide a loan. These types of restrictions eliminate otherwise qualified buyers who have a 3% or 5% down payment in hand – the very type of good buyers that will help the housing market to right itself.
However, the Housing and Economic Recovery Act of 2008, a bill recently passed by Congress, will make it easier for good borrowers to get good loans.
Perhaps the biggest thing, beyond the $7,500 tax credit, is that FHA insured loans are getting cheaper. The FHA rates are more competitive with typical bank rates, the required down payment amount is 3.5%, and the mortgage insurance amount for those buyers that are putting down less than 20% (most of the market) is significantly cheaper than a conventional loan. Overall, this will make it cheaper and easier for buyers to get financing.
Other improvements that are taking place as a result of this legislation include:
• The elimination of seller-funded down payment assistance programs (which helped to facilitate increased foreclosures and other problems)
• Simplification of condominium project approvals (it will be easier for a buyer to get a good loan when buying a new condo)
• Higher mortgage loan limits (qualified buyers purchasing properties up to $271,050 can go FHA – providing them with a better financing option with lower mortgage insurance and 3.5% down payment requirement)
For more information, please click here.
To read the bill (HR.3221), please click here.
Friday, August 8, 2008
First Time Homebuyers Eligible for $7,500 Tax Credit
The U.S. Congress and President Bush recently passed the Housing and Economic Recovery Act of 2008. The legislation provides a first-time homebuyer tax credit of up to $7,500 (10 percent of the cost of the home, not to exceed $7,500).
Eligible properties include any single-family residence (including condos and co-ops) that will be used as a principal residence. Homebuyers must not have owned a principal residence within the last three years.
The tax credit means that if you are a first-time homebuyer and would otherwise owe $7,500 in taxes, then for the year in which you purchased the home, you would owe the IRS nothing.
The tax credit terminates on July 1st 2009. However, first-time homebuyers are eligible if they purchased a home after April 9th 2008.
The tax credit has an income limit: individuals earning no more than $75,000 or couples earning no more than $150,000 on a joint return. The credit is phased out above those caps ($95,000 and $170,000 respectively).
The tax credit must be repaid, over a period of 15 years. For instance, if you earn a credit of $7,500 then you would pay $500 per year over 15 years. This amounts to a zero interest loan from the federal government. If the home is sold before 15 years, then the remainder of the credit would be recaptured upon the sale. If the home does not sell for enough to repay the credit, then it is forgiven.
For more information, please visit www.federalhousingtaxcredit.com.
Friday, August 1, 2008
Ohio Fourth Nationally in Biotech Growth,
Spending and Research
Business Facilities Magazine recently released what’s being called one of the most detailed surveys ever to examine biotech growth, spending, and research.
Measuring all 50 states, it placed Ohio fourth - tied with Texas - in the overall rankings, and called the state a national leader in the field.
Jack Rogers, Business Facilities Editor-in-chief, told WCPN 90.3 that “the states that are doing really well are the ones that have coordinated efforts, that are leveraging university systems and laboratory initiatives and the institutions that they have and they’re really putting the whole thing together.”
More than 20 separate categories were considered to compile scores, and Ohio’s $146 billion-dollar bioscience economy involving more than 800 companies and organizations put the state among the national leaders.
The Third Frontier project - begun during the Taft administration to create high tech jobs - was praised for allocating more than $350 million dollars to biosceince-related development and commercialization. Also noted were education and research facilities at CASE, Ohio State, and the University of Cincinnati.
Friday, July 25, 2008
Housing Stimulus Bill Set to Pass in Congress
President Bush lifted his veto threat and the Senate passed a housing stimulus package on Wednesday. Some key provisions of the bill will affect residents of Northeast Ohio.
1. $300 million to help homeowners facing foreclosure refinance their mortgages into FHA loans. The lender would have to agree to take a loss on the original loan and lender participation is voluntary.
2. $3.9 billion in block grants to help local communities buy up (often vacant)foreclosed homes, rehab them, and resell them.
3. $15 billion in housing tax breaks, including $7,500 in tax credits to first time home buyers. This provision applies only to buyers who purchase between April 9th 2008 and July 1st 2009. The full tax credit is available only to homeowners making less than $75,000 (or couples earning less than $150,000). The tax credit must be paid back, interest-free, over the next 15 years.
Friday, July 18, 2008
Cleveland Ranks as 14th Most Walkable City by Walkscore.com
The website walkscore.com allows you to tally the walk-ability of your neighborhood, using a scale of 0 to 100 to measure the proximity of shops, schools, restaurants and coffee shops.
Recently, Cleveland was ranked as the 14th most walk-able city by walkscore.com. Downtown Cleveland as well as the city of Lakewood both ranked particularly high.
“Walkability is actually a stand-in for a convenient way of living," said Christopher Leinberger, a University of Michigan professor who studied walkability for the Washington, D.C.-based Brookings Institution and serves as a WalkScore advisory board member. "A higher walk score reflects a place that is walkable urban, it is vital. You're living the Seinfeld life, rather than the Tony Soprano life."
This weekend, you can celebrate the walk-ability – and bike-ability – of Lakewood by attending the “Walk and Roll” event. The neighborhood party will close two miles of streets for walking and cycling. The Rockport Square development in Lakewood is located within walking or biking distance of all of the amenities that the city has to offer. The Walk and Roll event will be centered around Lakewood Park and surrounding streets.
For more information on Walk and Roll, please visit their website at
www.walkroll.com.
Friday, July 11, 2008
Lakewood: One of the Best Places to Buy
an Old Home in the Midwest
From Lakewood Alive:
If you haven't already heard, Lakewood was named by This Old House Magazine as one of the best places in the Midwest to buy an old house. The article says:
"A well-established Cleveland bedroom community situated on Lake Erie, Lakewood has about 55,000 residents and thousands of single-family and multifamily homes built between 1890 and 1930. Locally owned shops, restaurants, theaters, and art galleries, strung behind vintage storefronts along a former streetcar line, are where families meet in summer-when they're not relaxing by the lake. Home to a celebrated public library, the Beck Center for the Arts, Lakewood also has great schools that have been making news for their rapid test-score gains and high graduation rates."
Thanks to the efforts of Marcia Moll, Paula Reed, and Mazie Adams who started over a year ago with "send us a one page statement of why your town is one of the best places to buy an old house." Obviously, Lakewood stands out!
Friday, June 27, 2008
Cleveland: First Out of Housing Mess?
Plain Dealer Reports Increase in NE Ohio Home Sales
Statewide home sales in Ohio increased 10.4% and regional sales in Northeast Ohio increased 9.1% from April to May 2008, the Plain Dealer reported today.
“Cleveland was the first into this housing mess, and I think the numbers are showing that we’re going to be the first out,” David Sharkey, Vice President of Progressive Urban Real Estate, was quoted in the article.
“When you look at some of these sales prices, they cannot go any lower,” Sharkey added. “People are realizing that it looks like this is the bottom.”
A recent article posted on CNNMoney.com cited the Cleveland metro area as posting nearly 3% increases in home sale prices in recent months. Analysts called Northeast Ohio “the biggest winner” while citing continued drops in other areas that include Las Vegas and parts of California.
“Cleveland was the first into this housing mess, and I think the numbers are showing that we’re going to be the first out,” David Sharkey, Vice President of Progressive Urban Real Estate, was quoted in the article.
“When you look at some of these sales prices, they cannot go any lower,” Sharkey added. “People are realizing that it looks like this is the bottom.”
A recent article posted on CNNMoney.com cited the Cleveland metro area as posting nearly 3% increases in home sale prices in recent months. Analysts called Northeast Ohio “the biggest winner” while citing continued drops in other areas that include Las Vegas and parts of California.
Wednesday, June 25, 2008
Cleveland Posts 3% Increase in Home Prices:
“The Biggest Winner,” Says CNN
There may be some hope on the horizon – CNNMoney.com reports that Cleveland posted modest home price gains in March. While prices have continued to drop on a year to year basis, the monthly data shows that price declines are slowing or actually increasing in some cities such as Cleveland. “Hard hit Cleveland was the biggest winner with prices up 2.9%,” the article stated, analyzing sales data from March to April. The article also reports that investors have been buying up distressed properties and Dean Parker, Co-Director of the Center for Economic and Policy Research is quoted as saying “The data suggests that Cleveland as found bottom.” If this is true there is only one way left to go, and that’s up!
SEE ALSO: The Plain Dealer "Cleveland area housing prices up first time in year"
Friday, June 20, 2008
FutureHeights Creates Innovative Community News Forum
FutureHeights, a non-profit community group based in Cleveland Heights, has founded a citizen-led newspaper and website called “The Heights Observer”.
Complementing the rich tapestry of citizen involvement that Heights neighborhoods are famous for, the Observer provides articles, news and information about Cleveland Heights and University Heights. The articles are written by volunteers that live in these communities.
Some of the topics covered in recent issues include historic preservation, neighborhood summer festivals, and the city’s recent budget cuts.
The cover story for the June 3rd issue featured Heights residents that volunteered to take over the installation of hanging flower baskets on Cedar and Fairmount Roads when the city cut this program due to budgetary constraints. It also features an interview with CH Mayor Ed Kelley, and an article about the economic importance of Severance Town Centre to Cleveland Heights.
For more information – or to post your own opinions about stuff happening in
the Heights – log on to www.heightsobserver.org.
Friday, June 13, 2008
Driven to the Brink:
Will Higher Fuel Costs Help to Bring Back Cities?
A recent study by the think tank CEO's for Cities argues that the gas price spike has burst the housing bubble and that housing prices have declined more severely in outer suburban neighborhoods. Meanwhile, metro areas with the strongest core city neighborhoods have shown the smallest declines in housing values. With the era of cheap gas over, many experts believe that there will be greater consumer demand for homes in cities, where transportation costs are usually lower, because you don't have to drive to get everywhere.
Check out the report here.
Friday, June 6, 2008
Spotlight on Cleveland's Asiatown Neighborhood
Learn more about the exciting restaurants, art galleries and live/work spaces in the Asiatown neighborhood - click here to read the full article, printed in this week's issue of the Cleveland Free Times.
Friday, May 30, 2008
Live in the Circle:
Forgivable Loans up to $15,000 Available for Nonprofit Employees of Greater University Circle Organizations
A coalition of philanthropic, public and private partners has launched a $4 million housing incentive program to stimulate investment in and revitalization of Greater University Circle neighborhoods. The forgivable loan program targets an estimated 43,000 people who work in Greater University Circle and may consider buying homes there.
Greater Circle Living offers a $5,000 forgivable loan for down payment and/or closing costs for the purchase of an owner-occupied home by full-time employees of any nonprofit institution in Greater University Circle, a district encompassing portions of seven Cleveland neighborhoods.
Employees of Case Western Reserve University, Cleveland Clinic, Cleveland Museum of Art, Judson at University Circle and University Hospitals may be eligible for an additional $10,000 forgivable loan or one month’s rental reimbursement. Employees at these institutions currently living in the district may be eligible for $4,000 in matching funds for exterior renovations.
Greater University Circle encompasses portions of seven neighborhoods: Buckeye-Shaker, Fairfax, Hough, Glenville, East Cleveland, Murray Hill, and University Circle.
For more information, please visit the website of the Cleveland Foundation.
Friday, May 16, 2008
Shaker Heights High School Generates
6 National Merit Scholars
This year Shaker Heights High School's graduating class was tied with Xavier High School, a Catholic school in Cincinnati, for the highest number of merit finalists in the state of Ohio. Both schools had six in the 2008 class. No other school in Ohio had more than three. Collectively, Shaker Heights High had more than 40 students, or 11 percent of the senior class, who earned national honors of some kind. By comparison, the national average is two percent.
Congratulations, Shaker Heights High, on your outstanding achievement!
Friday, May 9, 2008
Detroit Shoreway Neighborhood Welcomes New Restaurants
Residents of Detroit Shoreway now have two new great restaurants to choose from! Stone Mad, an Irish pub featuring a gorgeous stone patio, an indoor bocce court and a full menu, recently opened at 1306 W. 65th Street (just north of Detroit Avenue). These folks know how to pour a real, twenty ounce pint of Guiness! (It only takes about 5 minutes.) Luxe Kitchen and Lounge, a new venture by chef and restauranteur Marlin Kaplan that offers an innovative, reasonably priced menu, recently opened at 6605 Detroit Road (just west of 65th Street). Pete Leneghan of Stone Mad and Marlin Kaplan of Luxe not only run great new restaurants, but they have also completed creative renovations on two historic buildings in Detroit Shoreway.
For more info on life in Detroit Shoreway, check out the website of Detroit Shoreway Community Development Organization at www.dscdo.org.
SAVE THE DATE: June 1, 2008, 1:00-5:00pm. Explore living options, shop and dine in Detroit Shoreway! Join us for a progressive tour of homes followed by a meet and greet at Luxe! Win prizes from Room Service, DUO Home, Gypsy Beans & Baking Co. and Kitsch City, to name a few. Check progressiveurban.com for details. COMING SOON!
Friday, May 2, 2008
3.3% Interest Rate on a Home Repair Loan!
Homeowners and investors are taking advantage of a buyer's market to purchase properties in need of rehabilitation.
Cleveland Action to Support Housing is a non-profit organization that offers below-market financing for rehabs, and whose mission is to spur investment in Cleveland neighborhoods through offering such financing. Both owner-occupants and investors are eligible to apply. The current interest rate is only 3.3%! Why hesitate? With these great financing products available, now is a good time to buy.
www.cashcleveland.org
Friday, April 25, 2008
Best Place to Buy
Cleveland’s inner ring suburb of Shaker Heights shows up with five other cities as the places to buy a home in this CNNMoney.com pictorial. The story says that the metro areas of Atlanta, Boston, Cincinnati, Cleveland, Detroit and Houston are places where prices will rise the most or fall the least in the relative future.
Friday, April 4, 2008
Educating Tomorrow's Workforce: Students Visit PURE
On February 15, the St. Clair- Superior Development Corporation sponsored a business shadowing day with youth from the neighborhood. 10 youth from Peace in the Hood and Girl Power visited three Cleveland businesses to learn about different aspects of the real estate business. Progressive Urban Real Estate hosted students and educated them about careers in real estate, marketing and new construction. Staff members presented their job descriptions to the students and discussed how they got to their current position at Progressive Urban Real Estate.
After the presentation, students were given a tour of Clinton Court, a new construction townhome development near the Progressive Urban Ohio City office. This hands on experience sparked more questions about the building and development process.
To date, the St. Clair- Superior Development Corporation has involved over 35 kids in their Business Shadowing Day project. These students have had the chance to spend time with professionals in a variety of industries and ask questions about what it takes to be successful and employable. St. Clair- Superior is also putting together a jobs program for summer 2008 where they are hoping to train 20 youth and secure jobs for them in area businesses. This is an excellent step towards educating neighborhood youth about career option and also in creating a strong workforce to improve the local economy.
If you are a member of the business community and would like to host youth for Business Shadowing Day or are interested in the summer job program, please contact Cory Riordan at St. Clair- Superior Development Corporation.
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