Across the country, sale were up 44.1% from November 2008 to November 2009. Realtors attribute this to the availability of the federal tax credit for first-time homebuyers, low interest rates, price stabilization, and a generally improving economy.
According to survey information, first-time homebuyers accounted for 51% of the sales in November of 2009.
Meanwhile, rates ticked up slightly, from a national average of 4.81% to an average of 4.94%. While still at historic belows, many analysts predict that rates will continue their climb early next year, landing above 6% eventually
Housing researchers still express caution about announcing a market recovery, especially when economic indicators are mixed, housing prices remain low, sales are still sluggish when compared to pre-crash levels, and a national forelosure backlog of 1.7 million homes is sitting in the pipeline.
Tuesday, December 22, 2009
Wednesday, December 16, 2009
Campus District Concept Gains Traction in Cleveland
The Quadrangle takes new shape as The Campus District, just east of downtown Cleveland
By Jim Nichols, The Plain Dealer
December 9th, 2009
CLEVELAND, Ohio -- The eastern-downtown area that has long wanted to be known as The Quadrangle now has a new name: The Campus District.
It also is moving toward a much more forceful mission: To create the next big, hip and exciting destination area in Cleveland, spanning from St. Vincent Charity Hospital on the south to the lakefront on the north. Within that 500-acre swath: Cleveland State University, Cuyahoga Community College and a sea of disconnected, underdeveloped neighborhoods, property and people.
The community development corporation now known as The Campus District can -- and must -- plow away the malaise and sew together the sprawling corridor along East 22nd Street, consultant Chris Ronayne told its board today.
The keys he identified to doing that: creating a new a streetscape spine bridging the Innerbelt, and combining the power of the institutions along that corridor into a redefined authority with new powers -- including the power to buy and redevelop land.
All of that will translate into new people -- new residents to repopulate the eastern fringe of Cleveland's central business district, said Ronayne, who is president of University Circle Inc. and formerly was a top City Hall official.
"We've got some real possibilities," Ronayne told board members and guests at the organization's annual meeting at The Plain Dealer.
When Ronayne finished his presentation, the former Quadrangle board voted unanimously to change a name that has never really gotten city-wide traction or identity.
Whether that board and the businesses, colleges and nonprofits it represents will rise to new prominence and power remains to be seen, said Campus District Inc. board member David Chilcote, president of The Chilcote Co. near CSU.
"Everybody has their own interests and agendas, but this is a good start," Chilcote said in an interview.
Among the "connection" strategies Ronayne said the organization should focus on:
•Persuading the Ohio Department of Transportation to build a "cap" over the Inner Belt at East 22nd Street. Columbus has already accomplished this over its Interstate 670 just north of downtown, Ronayne said. Doing so here would heal Interstate 90's deep cut between downtown and the fast-growing, 5,000-employee area around Tri-C and St. Vincent.
•Turning East 22nd into a two-way pedestrian- and bike-friendly "main street" into the CSU campus and downtown -- a north-south copy of, and complement to, the new Euclid Avenue.
•Extending the Regional Transit Authority's free E-Line trolley-bus line up East 22nd from Euclid Avenue to Orange Avenue to create a continuous loop between Public Square and the hospital/Tri-C campuses.
•Expanding the Campus District's staff, budget and authority so that the agency can offer new services to members -- lobbying, cohesive development planning, community affairs, endowment-building and grant-making, and special "signature" events such as a neighborhood fair. Ronayne suggested copying University Circle Inc.
The organization should conceive of a way to fund that expansion through dues, property assessments or fees for services, Ronayne suggested. Then it should work with developers to build according to unified design standards, and also work to promote a new image, or brand, for the area.
A start: today's launch of the new Web site: http//campusdistrict.org
Ronayne contended that a successful Campus District brand, and the progress needed to create and burnish it, could help counter the government bias toward suburban sprawl, which he called "one of the root causes of the financial meltdown of the last two years."
Urged Ronayne: "Make it a live-work space. Make it known. Brand the heck out of it, and sell, sell, sell this place."
Ward 5 City Councilwoman Phyllis Cleveland said she was excited at what she heard.
"It is a great vision," she said. "And we're at a point where we all realize we're on the same page, all dependent on one another and on the verge of doing some really good things here."
By Jim Nichols, The Plain Dealer
December 9th, 2009
CLEVELAND, Ohio -- The eastern-downtown area that has long wanted to be known as The Quadrangle now has a new name: The Campus District.
It also is moving toward a much more forceful mission: To create the next big, hip and exciting destination area in Cleveland, spanning from St. Vincent Charity Hospital on the south to the lakefront on the north. Within that 500-acre swath: Cleveland State University, Cuyahoga Community College and a sea of disconnected, underdeveloped neighborhoods, property and people.
The community development corporation now known as The Campus District can -- and must -- plow away the malaise and sew together the sprawling corridor along East 22nd Street, consultant Chris Ronayne told its board today.
The keys he identified to doing that: creating a new a streetscape spine bridging the Innerbelt, and combining the power of the institutions along that corridor into a redefined authority with new powers -- including the power to buy and redevelop land.
All of that will translate into new people -- new residents to repopulate the eastern fringe of Cleveland's central business district, said Ronayne, who is president of University Circle Inc. and formerly was a top City Hall official.
"We've got some real possibilities," Ronayne told board members and guests at the organization's annual meeting at The Plain Dealer.
When Ronayne finished his presentation, the former Quadrangle board voted unanimously to change a name that has never really gotten city-wide traction or identity.
Whether that board and the businesses, colleges and nonprofits it represents will rise to new prominence and power remains to be seen, said Campus District Inc. board member David Chilcote, president of The Chilcote Co. near CSU.
"Everybody has their own interests and agendas, but this is a good start," Chilcote said in an interview.
Among the "connection" strategies Ronayne said the organization should focus on:
•Persuading the Ohio Department of Transportation to build a "cap" over the Inner Belt at East 22nd Street. Columbus has already accomplished this over its Interstate 670 just north of downtown, Ronayne said. Doing so here would heal Interstate 90's deep cut between downtown and the fast-growing, 5,000-employee area around Tri-C and St. Vincent.
•Turning East 22nd into a two-way pedestrian- and bike-friendly "main street" into the CSU campus and downtown -- a north-south copy of, and complement to, the new Euclid Avenue.
•Extending the Regional Transit Authority's free E-Line trolley-bus line up East 22nd from Euclid Avenue to Orange Avenue to create a continuous loop between Public Square and the hospital/Tri-C campuses.
•Expanding the Campus District's staff, budget and authority so that the agency can offer new services to members -- lobbying, cohesive development planning, community affairs, endowment-building and grant-making, and special "signature" events such as a neighborhood fair. Ronayne suggested copying University Circle Inc.
The organization should conceive of a way to fund that expansion through dues, property assessments or fees for services, Ronayne suggested. Then it should work with developers to build according to unified design standards, and also work to promote a new image, or brand, for the area.
A start: today's launch of the new Web site: http//campusdistrict.org
Ronayne contended that a successful Campus District brand, and the progress needed to create and burnish it, could help counter the government bias toward suburban sprawl, which he called "one of the root causes of the financial meltdown of the last two years."
Urged Ronayne: "Make it a live-work space. Make it known. Brand the heck out of it, and sell, sell, sell this place."
Ward 5 City Councilwoman Phyllis Cleveland said she was excited at what she heard.
"It is a great vision," she said. "And we're at a point where we all realize we're on the same page, all dependent on one another and on the verge of doing some really good things here."
Wednesday, December 2, 2009
Universitycirclecondos.com - a neighborhood and real estate guide brought to you by you know who
Progressive Urban Real Estate's new website features neighborhood and real estate guides that include a history of each community, a list of features and amenities, and a desciption of available housing options including new developments. Check it out at http://www.universitycirclecondos.com. On the PURE website, you can also learn about other neighborhoods in the city of Cleveland, as well as inner ring suburbs such as Cleveland Heights.
Wednesday, November 18, 2009
Cleveland Ranked Among the Smartest and Safest U.S. Cities
The Daily Beast determined their list of the smartest US cities by looking at a variety of factors, such as nonfiction book sales, the ratio of higher education institutions, and political engagement. Cleveland was given a score of 97 and ranked 31st (tied with West Palm Beach) out of 56 cities that were ranked. The Daily Beast listed Case Western Reserve University as one of the Cleveland's strong points.
The study by Forbes Magazine determined that Cleveland is the 10th safest city in the US. To determine the list, Forbes looked at the country's 40 largest metropolitan statistical areas across four categories of danger: violent crime rates from the FBI's 2008 uniform crime report, 2008 workplace death rates from the Bureau of Labor Statistics, 2008 traffic death rates from the National Highway Traffic Safety Administration, and natural disaster risk, using rankings from green living site SustainLane. Cleveland was ranked behind cities such as Minneapolis-St. Paul, Milwaukee, Portland, Boston and only a few others.
The study by Forbes Magazine determined that Cleveland is the 10th safest city in the US. To determine the list, Forbes looked at the country's 40 largest metropolitan statistical areas across four categories of danger: violent crime rates from the FBI's 2008 uniform crime report, 2008 workplace death rates from the Bureau of Labor Statistics, 2008 traffic death rates from the National Highway Traffic Safety Administration, and natural disaster risk, using rankings from green living site SustainLane. Cleveland was ranked behind cities such as Minneapolis-St. Paul, Milwaukee, Portland, Boston and only a few others.
Tuesday, November 17, 2009
I will stay if ... Cleveland Edition!
FOR IMMEDIATE RELEASE
“I Will Stay If...” CLEVELAND Edition
A local event connected with GLUE’s “I Will Stay If…” campaign.
On Wednesday, November 18th, 2009, GLUE (Great Lakes Urban Exchange) invites you to join community members and leaders in a conversation about what makes a city sustainable, the continuing issues and challenges facing our city, and the new developments that are putting Cleveland on the map. What will make YOU stay? What IS making you stay? We want to know!
We invite all Clevelanders to join us for an evening of networking and idea-sharing. Co-sponsored by http://www.facebook.com/l/b40d4;Cleveland365.com, this unique and high energy event will feature dynamic speakers and an interesting forum for young professionals and community members to talk about new and exciting happenings in Cleveland. Participants in the program include Matt Zone, Ward 17 Councilman and driving force behind the new Gordon Square Arts District; Randell McShepard, VP of Public Affairs at RPM International, Inc., co-founder and chairman of PolicyBridge; and Lillian A. Kuri, Program Director for Architecture, Urban Design and Sustainable Development for the Cleveland Foundation and key player in the Greater University Circle initiative.
The Great Lakes Urban Exchange (GLUE) was founded by a Pittsburgher and a Detroiter to catalyze conversations across Rust Belt communities about (among other things) the loss of population and sustainable economic activity. After two years of hosting multi-state conferences, building networks online, and creating opportunities for urbanists across the region to connect with a variety of policy and organizing experts, GLUE launched its “I Will Stay If…” (IWSI) campaign in Detroit earlier this summer. Pittsburgh’s event “Why Pittsburgh?” was held in September. (http://www.facebook.com/l/b40d4;rustwire.com/2009/09/14/i-will-stay-if-comes-to-pittsburgh/) Cleveland is the third GLUE city to host an event and plans for similar parties in Buffalo and Milwaukee are in the works.
IWSI parties aim to bring together a diverse crowd of people in a GLUE city to participate in this vital conversation. In Cleveland, we want to know not only what will make you stay, but what is working for you already. Why are you here? How can we attract others like you? We are documenting the answers you give through a photographic exhibit that will travel our region. Eventually, GLUE will use the photographs as a non-traditional data set to share with policymakers. In the meantime, this event is an opportunity to celebrate everything that makes our city special, and the reasons we live here.
Cleveland’s own IWSI party, “I Will Stay If…” Cleveland Edition will take place at Speakeasy (1948 W. 25th Street-under the Bier Markt, 44113, http://www.facebook.com/l/b40d4;speakeasy216.com) on Wednesday November 18 from 5:30 – 8:30 PM. Please join us and participate in the IWSI documentary project with acclaimed local photographers Bryon Miller and Suzanne Cofer. Food and drink specials are available to event participants. $5 suggested donations are welcome at the door. For more information about GLUE, please visit http://www.facebook.com/l/b40d4;gluespace.org. To learn more about what’s behind IWSI, please visit http://www.facebook.com/l/b40d4;iwillstayif.org. For donor, organization and event information please visit our website http://www.facebook.com/l/b40d4;iwsicleveland.blogspot.com or contact iwsicleveland@gmail.com.
“I Will Stay If...” CLEVELAND Edition
A local event connected with GLUE’s “I Will Stay If…” campaign.
On Wednesday, November 18th, 2009, GLUE (Great Lakes Urban Exchange) invites you to join community members and leaders in a conversation about what makes a city sustainable, the continuing issues and challenges facing our city, and the new developments that are putting Cleveland on the map. What will make YOU stay? What IS making you stay? We want to know!
We invite all Clevelanders to join us for an evening of networking and idea-sharing. Co-sponsored by http://www.facebook.com/l/b40d4;Cleveland365.com, this unique and high energy event will feature dynamic speakers and an interesting forum for young professionals and community members to talk about new and exciting happenings in Cleveland. Participants in the program include Matt Zone, Ward 17 Councilman and driving force behind the new Gordon Square Arts District; Randell McShepard, VP of Public Affairs at RPM International, Inc., co-founder and chairman of PolicyBridge; and Lillian A. Kuri, Program Director for Architecture, Urban Design and Sustainable Development for the Cleveland Foundation and key player in the Greater University Circle initiative.
The Great Lakes Urban Exchange (GLUE) was founded by a Pittsburgher and a Detroiter to catalyze conversations across Rust Belt communities about (among other things) the loss of population and sustainable economic activity. After two years of hosting multi-state conferences, building networks online, and creating opportunities for urbanists across the region to connect with a variety of policy and organizing experts, GLUE launched its “I Will Stay If…” (IWSI) campaign in Detroit earlier this summer. Pittsburgh’s event “Why Pittsburgh?” was held in September. (http://www.facebook.com/l/b40d4;rustwire.com/2009/09/14/i-will-stay-if-comes-to-pittsburgh/) Cleveland is the third GLUE city to host an event and plans for similar parties in Buffalo and Milwaukee are in the works.
IWSI parties aim to bring together a diverse crowd of people in a GLUE city to participate in this vital conversation. In Cleveland, we want to know not only what will make you stay, but what is working for you already. Why are you here? How can we attract others like you? We are documenting the answers you give through a photographic exhibit that will travel our region. Eventually, GLUE will use the photographs as a non-traditional data set to share with policymakers. In the meantime, this event is an opportunity to celebrate everything that makes our city special, and the reasons we live here.
Cleveland’s own IWSI party, “I Will Stay If…” Cleveland Edition will take place at Speakeasy (1948 W. 25th Street-under the Bier Markt, 44113, http://www.facebook.com/l/b40d4;speakeasy216.com) on Wednesday November 18 from 5:30 – 8:30 PM. Please join us and participate in the IWSI documentary project with acclaimed local photographers Bryon Miller and Suzanne Cofer. Food and drink specials are available to event participants. $5 suggested donations are welcome at the door. For more information about GLUE, please visit http://www.facebook.com/l/b40d4;gluespace.org. To learn more about what’s behind IWSI, please visit http://www.facebook.com/l/b40d4;iwillstayif.org. For donor, organization and event information please visit our website http://www.facebook.com/l/b40d4;iwsicleveland.blogspot.com or contact iwsicleveland@gmail.com.
Friday, November 13, 2009
Rates on 30-Year Loans Remain Below 5%
Rates on 30-year loans remain below 5%
By Associated Press business staff
WASHINGTON -- Rates this week for 30-year home loans stayed below 5 percent for the second week in a row.
The average rate fell to 4.91 percent from 4.98 percent a week earlier, mortgage company Freddie Mac said Thursday.
Rates hit a record low of 4.78 percent in the spring, but are still attractive for people looking to buy a home or refinance.
The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit. Rates on 30-year mortgages traditionally track yields on long-term government debt.
Last week, Congress passed a bill extending and expanding a key federal tax credit that has helped to boost sales.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers -- or anyone who hasn't owned a home in the last three years -- would still get up to $8,000. To qualify, buyers have to sign a purchase agreement by April 30, 2010 and close by June 30.
However, lenders remain cautious and credit standards are tough, so the best rates are available only to borrowers with solid credit and a 20 percent down payment.
Recent data show a housing market on the mend. The National Association of Realtors said Tuesday that third-quarter home sales outpaced the previous three months and the year-ago figures, and price declines are moderating. The same day, homebuilder Toll Brothers Inc. said contracts for new homes rose 42 percent in its fiscal fourth quarter.
Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, frequently in line with long-term Treasury bonds.
The average rate on a 15-year fixed-rate mortgage fell to 4.36 percent from 4.40 percent recorded last week, according to Freddie Mac.
Rates on five-year, adjustable-rate mortgages averaged 4.29 percent, down from last week's 4.35 percent. Rates on one-year, adjustable-rate mortgages declined to 4.46 percent from 4.47 percent.
The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year loans. The fee averaged 0.6 point for 15-year, five-year and one-year loans.
Subscribe to:
Posts (Atom)
