Just out of curiosity...why is real estate so cheap? (Cincinnati: section 8, sale)

[kjbrill]

Originally Posted by sandasene

That is an amazing house:
2823 Harrison Ave

If the rest of the mechanicals are anywhere near the shape of the apparent interior, this is one fine buy. This could be a house to even make me take a gamble on urban living, and what I would want - neighborhood preservation without the restoration. A beautiful house though I find it a bit of a stretch to list a breakfast room on the 3rd floor, even though there apparently a 2nd kitchen up there. Could be a natural for a family/parents combo.

[Sarah Perry]

Originally Posted by kjbrill

If the rest of the mechanicals are anywhere near the shape of the apparent interior, this is one fine buy. This could be a house to even make me take a gamble on urban living, and what I would want - neighborhood preservation without the restoration. A beautiful house though I find it a bit of a stretch to list a breakfast room on the 3rd floor, even though there apparently a 2nd kitchen up there. Could be a natural for a family/parents combo.

The photos are enough to make anyone drool. But have you spent any time around that stretch of Harrison Avenue lately? I guess if you don't mind a LOT of traffic noise, occasional gunfire, sketchy looking characters lounging around your house and are willing to install a security system and bars on all your first-floor windows, it'd be fine.

Yeah, before everyone jumps all over me, I may be exaggerating a little, but that house is an amazing cheap price for a reason. Saying the neighborhood might be better than it was 5 years ago....maybe it's true, but it has a long way to go before it gets anywhere near even passable.

[progmac]

Originally Posted by Sarah Perry

The photos are enough to make anyone drool. But have you spent any time around that stretch of Harrison Avenue lately? I guess if you don't mind a LOT of traffic noise, occasional gunfire, sketchy looking characters lounging around your house and are willing to install a security system and bars on all your first-floor windows, it'd be fine.

Yeah, before everyone jumps all over me, I may be exaggerating a little, but that house is an amazing cheap price for a reason. Saying the neighborhood might be better than it was 5 years ago....maybe it's true, but it has a long way to go before it gets anywhere near even passable.

Wait a minute. That stretch does have a lot of traffic but it is still in the "westwood triangle" of Harrison, Werk, and Boudinot. Harrison is the rattiest looking of those streets but that area is actually pretty decent and the price isn't out of line per square foot with the others in the neighborhood. I would certainly feel absolutely safe raising a family there.

[Sarah Perry]

Originally Posted by progmac

Wait a minute. That stretch does have a lot of traffic but it is still in the "westwood triangle" of Harrison, Werk, and Boudinot. Harrison is the rattiest looking of those streets but that area is actually pretty decent and the price isn't out of line per square foot with the others in the neighborhood. I would certainly feel absolutely safe raising a family there.

Everyone has their own personal threshold of what's okay neighborhood-wise, so don't "wait-a-minute" me. I don't like the look of the crime reports in that area, not do I like stuff I've personally observed within a several blocks radius of there. Granted, the worst neighborhoods are across the street but still too close for my comfort.

Would a middle class family's kids be safe inside their house there? Sure. Would they be able to get out in the neighborhood, go to friends' houses, ride their bikes, etc. safely like they can where I live? It's not something I'd choose for my kids; but as they say, YMMV.

I guess on this specific thread, though, kids aren't a consideration. Now immediately, anyway.

[kjbrill]

Originally Posted by Sarah Perry

Everyone has their own personal threshold of what's okay neighborhood-wise, so don't "wait-a-minute" me. I don't like the look of the crime reports in that area, not do I like stuff I've personally observed within a several blocks radius of there. Granted, the worst neighborhoods are across the street but still too close for my comfort.

Would a middle class family's kids be safe inside their house there? Sure. Would they be able to get out in the neighborhood, go to friends' houses, ride their bikes, etc. safely like they can where I live? It's not something I'd choose for my kids; but as they say, YMMV.

I guess on this specific thread, though, kids aren't a consideration. Now immediately, anyway.

But if your considering a house of that size and number of bedrooms, kids have to be factored into the picture just for resale value. If you are not contemplating having any kids, why would you want a house of that size other than just for prestige?

[Sarah Perry]

Originally Posted by kjbrill

But if your considering a house of that size and number of bedrooms, kids have to be factored into the picture just for resale value. If you are not contemplating having any kids, why would you want a house of that size other than just for prestige?

I don't know that the OP said anything one way or another about plans to have children, just that they don't have any at present.

I have acquaintances who stayed in their historic mansion that I think is probably somewhat larger than the Harrison Avenue house even after their children were grown and married. They enjoyed throwing frequent large parties, and they eventually moved one set of parents into what was essentially a private apartment on the third floor.

Letting friends move in for extended periods of time is getting to be more and more common what with the economic downturn, too.

[t45209]

I've been in 2823 Harrison. The house has great bones and some amazing features, but the pictures look a bit better than when you get close up. It needs some work. The third floor could be a self contained apartment, with a full bath and kitchen.

It's a stone's throw from the Gamble house (while it lasts), as well as some beautiful homes on Werk, and even McKinley.

It's what's on Harrison that is most worrisome. You're not that far from McHenry, which everyone says is the boundary between the good and the bad, but the bad bleeds over. There are a lot of shady apartments right across the street and up and down Harrison, and an abandoned house or two.

I have neighbors who just moved from that very vicinity a couple of years ago (Wunder near St. Catherine's)...just a block away from this house on the other side of Harrison. They talk about having gotten out just in time as the neighborhood in their opinion has deteriorated. I think the fact that St Catherine's now holds their festival at the Harvest Home Park in Cheviot because of safety concerns bears witness to this.

At $249k, the house looks like a great deal, but with the money you would have to put in it and being in that location makes it a questionable investment. I think that explains why it has been on the market so long. The house has an undeniable "wow" factor, but I think buyers are unable to come to terms with concerns about ever being able to get their money out of it if they had to. As others have said, location location location. It's a shame, but that's just my opinion.

[Sarah Perry]

You're going to see drug dealing out in the open just about anytime you're on McHenry, and since I wouldn't drive through there after dark on a bet, I'm talking about in broad daylight. With that goes petty crime and gun violence. The problems around St. Catharine's are no secret in the area, either.

[Sarah Perry]

How much are the insurance premiums on the place on Harrison, I wonder.

To the OP, one thing we haven't discussed here yet is property tax. For properties in the City of Cincinnati, it's currently 1.950% of assessed value, which is typically based on the latest sales price unless the homeowner can present a compelling reason otherwise. This tax rate is a LOT higher than where I came from. How it compares to your current rate or others around the country, I don't know. Worth taking into consideration as you decide how much house you can afford.

[t45209]

There is also a large Tudor just a block or two east on Harrison (near LaFuielle) of the house discussed above. This house is in very nice shape, but it languished on the market for months at $169,900. If I am not mistaken, I believe they finally just pulled it off the market a few weeks ago, unsold. That stretch of Harrison just doesn't lend itself to making buyers comfortable in any market. Progress is being made, I think, but in these economic times, that progress is shaky at best.