Cleveland-to-National Housing Values (real estate market, foreclosure, rental)

[costello_musicman]

Interesting article from CNNmoney. In the wake of the real estate market collapse, CNN identifies only five major cities who will see a gain in the average value of an "upscale home (one that sells for double the local median price)" in the next five years.

Cleveland is listed--and is projected to be one of the highest gainers (most likely since we've been so low for such a long time)

Housing Woes - Fortune Magazine

[airics]

i want whatever the writer is smoking, in order for values to go up, you need people who want to buy, to get people who want to buy, you need jobs.. where are the jobs?

[costello_musicman]

Originally Posted by airics

i want whatever the writer is smoking, in order for values to go up, you need people who want to buy, to get people who want to buy, you need jobs.. where are the jobs?

Well these statistics seem to be more for those who have jobs most, "upscale homes--ones that sells for double the local median price." A $240,000 house in the Cleveland city limits is a decent amount. Not to mention, there are less of them than compared to most cities, which makes the increases much more plausible.

I personally haven't felt the effects of the "no jobs" schpeal. Everywhere I've ever applied for jobs I've been offered here in Cleveland. All I have is a BS in Chemistry, but it has carried me (well 2 for 2 to be specifc...). As we all know, there has been a huge shift in the type of economy over the last 10-20 years, and I guess many Clevelanders themselves have been slow to adjust and/or don't have the right education or job skills. I know it is tough to go from doing steel mill manual labor to being asked to do tech support or lab work, but Cleveland is starting to finally transition into being able to use local talent and not have to import people to fill the jobs. This article always comes to mind for example:

High-tech jobs go begging in Northeast Ohio - The Cleveland Plain Dealer Early Edition - Read tomorrow's stories today

[BelieveInCleve]

I guess thats good news I think. Cleveland was also like the 5th cheapest on the entire list though. Cleveland is at $249 and New York was at $1,100 whatever that means.

[costello_musicman]

Originally Posted by Cle440

I guess thats good news I think. Cleveland was also like the 5th cheapest on the entire list though. Cleveland is at $249 and New York was at $1,100 whatever that means.

It's listed as in thousands. And yes, I think the cheapness over the past couple decades has helped Cleveland in this particular study look good. And notice, the other "cheap" midwest property will be able to rebound much more quickly as well.

[Traveler87]

There are many from California moving in on these great deals.

[costello_musicman]

CLEVELAND was ranked 4th by CNNmoney in the Top 6 Places to Buy a Home for the next year.

Cleveland City Living: CNN Declares Cleveland as One of the Best Places to Buy a Home!

"Prices have stabilized and look ready to rise." -CNN Money Magazine

[NewToCA]

In looking at rental to cost ratios I can understand the relationships and projection. However, in looking at other things such as income growth and population projections, I have doubt this will come to pass.

I think that the market will stay flat.

[costello_musicman]

^Average income in Cleveland has actually been increasing for the past few years...number of total jobs not so much (thank the health industry for most of the growth)

The two biggest factors is Cleveland being so low for so long, and that we were hit first by the foreclosure crisis, allowing us to recover faster than the rest of the country.

[BelieveInCleve]

The Cleveland area is still very much a buyers market. Its good news that the values of the houses will be going up though. Compared to other major metros Cleveland is very inexpensive and affordable. Look at places like NYC, Chicago, LA, etc. all much higher than Cleveland.