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Old 10-07-2008, 09:57 AM
 
14 posts, read 30,498 times
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We've asked our realtor about the Deer Park and Silverton areas (after spending a lot of time looking at Pleasant Ridge, Oakley and Anderson Twp), and this is what he had to say:
[SIZE=2]These two communities have been impacted by the high rate of foreclosures.[/SIZE]
Can anyone offer what they think the effect of the foreclosure crisis would be on the two areas? On one hand, I'm liable to think that there are deals to be had, but on the other, I'm worried that I'd be buying in an area on the decline.
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Old 10-07-2008, 11:52 AM
 
149 posts, read 386,020 times
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Quote:
Originally Posted by bobestes View Post
We've asked our realtor about the Deer Park and Silverton areas (after spending a lot of time looking at Pleasant Ridge, Oakley and Anderson Twp), and this is what he had to say:
[SIZE=2]These two communities have been impacted by the high rate of foreclosures.[/SIZE]
Can anyone offer what they think the effect of the foreclosure crisis would be on the two areas? On one hand, I'm liable to think that there are deals to be had, but on the other, I'm worried that I'd be buying in an area on the decline.
One thing you have to think about is that real estate is probably the best investment you can make. A few things go along with that as far as maintaining the property and and buying in a good area.

Foreclosures are a great deal if cheap enough and most usually need a little work so if you can fix up yourself it would be well worth your while. Get on websites and see what the going rates are for the area. If you can find a house well below that its pretty simple that it's a good deal. Also make sure you are in a good neigborhood as well and buy at least 3 bedrooms so if you decide you sell in the future you're not limiting yourself. I like Realtor.com it usually has everything I'm looking for.
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Old 10-08-2008, 10:42 AM
 
3,751 posts, read 10,211,776 times
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In the short term it may mean that the stability of the area changes - possibly becoming less stable as families are in turmoil, moving in/out of the community more quickly.

If foreclosures lead to a lowering of appraised values (if there are enough foreclosures) it will may mean changes in assessments and property taxes - which can effect community programs, including schools.

Buying one, "black sheep" foreclosuer in a great area to get a good deal - I would do.

Buying a foreclosure in a high foreclosure area - I might do as an investment for the long term (like a rental), but not to live in. Too many questions about the economic fortunes of that area.

Good luck, whatever you decide!
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Old 10-08-2008, 12:37 PM
 
Location: Deer Park, OH
246 posts, read 882,343 times
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bobestes, I live in Deer Park so please take what I say with a grain of salt. But I'm at least moderately plugged in to what's going on around town, and I can't say I've seen or heard of any evidence that foreclosures are affecting this community to any great degree.

Since you posted yesterday, I asked a few folks around town their thoughts on this matter, and everyone agreed that foreclosures just haven't been a particular problem. I also drove around the community this afternoon and didn't notice any more "For Sale" signs in yards than you'd normally expect to see in early October. (Rather fewer, to tell the truth.)

We've had some new businesses open in town over the past 12 months; school enrollment is holding steady; none of my kids report classmates suddenly moving away; etc. Heck, just on my little cul-de-sac two new young families have moved in since January.

The city is even in the process of implementing a community development plan. Read more about it here: City of Deer Park.

Of course, I'm not a Realtor and I haven't seen any hard numbers. Maybe you could ask your agent for some, if they're available. But for myself, I've see no reason not to continue to be a big booster of Deer Park.
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Old 10-09-2008, 06:24 AM
 
710 posts, read 2,649,718 times
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Quote:
Originally Posted by bobestes View Post
We've asked our realtor about the Deer Park and Silverton areas (after spending a lot of time looking at Pleasant Ridge, Oakley and Anderson Twp), and this is what he had to say:
[SIZE=2]These two communities have been impacted by the high rate of foreclosures.[/SIZE]
Can anyone offer what they think the effect of the foreclosure crisis would be on the two areas? On one hand, I'm liable to think that there are deals to be had, but on the other, I'm worried that I'd be buying in an area on the decline.
In my opinion Deer Park and Silverton are first ring suburbs that are likely to go the way of Golf Manor. The housing stock is past the half century mark, school enrollment at Deer Park is dropping rather quickly, and the first and second generations that initially purchased those houses are passing away or moving to nursing homes. I don't know what the group that replaces these homeowners will be. It may be young families starting out, or some of these houses will be purchased and turned into subsidized rentals. It is too early to tell
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Old 10-09-2008, 07:18 AM
 
Location: Deer Park, OH
246 posts, read 882,343 times
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Default School Enrollment in Deer Park

Quote:
Originally Posted by jlrosen View Post
In my opinion Deer Park and Silverton are first ring suburbs that are likely to go the way of Golf Manor. The housing stock is past the half century mark, school enrollment at Deer Park is dropping rather quickly,
According to figures I've seen from the Deer Park school board, enrollment in the district is expected to increase slightly over the next five years. Do you know something I don't?
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Old 10-09-2008, 09:44 AM
 
710 posts, read 2,649,718 times
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I had only looked at the past few years, not any projections
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Old 10-09-2008, 11:44 AM
 
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My gut reaction is that if you look at the pattern of history in the Cincinnati area, Deer Park/Silverton are more likely to go the way of Golf Manor or one of the west side communities than it is Oakley/Hyde Park.

Honestly, I wish I were in a position to take a chance on being wrong, but I am not entirely sure that I am.
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Old 10-09-2008, 12:14 PM
 
Location: Deer Park, OH
246 posts, read 882,343 times
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Default DP School Enrollment

Quote:
Originally Posted by jlrosen View Post
I had only looked at the past few years, not any projections
Here's some historical data on Deer Park school enrollment over the past 20 years or so (source: http://www.schooldigger.com/go/OH/schools/0438500834/school.aspx): (http://www.schooldigger.com/go/OH/schools/0438500834/school.aspx%29: - broken link)
Deer Park Jr./Sr. High

1987: 728
1988: 692
1989: 636
1990: 592
1991: 576
1992: 591
1993: 630
1994: 679
1995: 710
1996: 710
1997: 733
1998: 747
1999: 726
2000: 746
2001: 773
2002: 744
2003: 744
2004: 738
2005: 709

Amity Elementary

1987: 284
1988: 279
1989: 312
1990: 309
1991: 323
1992: 331
1993: 320
1994: 348
1995: 361
1996: 366
1997: 367
1998: 345
1999: 361
2000: 335
2001: 288
2002: 288
2003: 285
2004: 317
2005: 332

I didn't include the primary schools, but they're comparable.

Also, I received an email from the district school superintendent this afternoon, who tells me that several years ago a number of students were attending the Deer Park Schools illegally. That is no longer the case, but removing them from the rolls evidently caused a slight decrease in enrollment. Nevertheless, she confirms that district enrollment is holding steady if not ever so slightly gaining.

Don't know if this helps you, bobestes, or simply confuses you even more. To the relief of all, there'll be no more from me on this topic, though!

bobestes, have you spent much time in the community? It's often said that taking a little stroll around on a Sunday afternoon is a good way to learn the lay of the land . . . .

Last edited by tntnb; 10-09-2008 at 12:22 PM..
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Old 10-21-2008, 03:32 PM
 
10 posts, read 53,159 times
Reputation: 16
I think Silverton will benefit from Kenwood's massive expansion. These are subprime/CRA type neighborhoods. If you can get a good deal, you should be fine, but the price should be at 2004 or lower levels. If you can get something at 1996 levels then you will safe as long as the dollar still exists.
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