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Unread 09-29-2011, 02:45 PM
 
Location: Cleveland
55 posts, read 53,345 times
Reputation: 26
I think average sale price isn't the best thing to look at because that has too many variables to account for. Average price per square ft is much less volatile. I definately would look at a longer time frame like at least 10 years to map out price movements. 2003-2007 was an abberation that was proven to be inflated. However, most cities are back to their 2000 levels by now and that is probably more realistic of a point to slowly grow from.

For the record I also don't think North Olmsted is a good place to invest. It's a different type of community and not really comparable to many in the Cleveland area. The housing stock is 60's and 70's for the most part and built out. The Suburb buyer wants newer and choses places like Avon, Brunswick, Strongsville of North Ridgevile over N. Olmsted now. That outer ring suburb buyer is also fairly racist to be quite honest. They don't like the large arab population (just under 5% of the population) that gets the reputation of being much larger than it actually is. North Olmsted seems to follow almost the same trajectory as West Park in regards to average price per square ft.

Places like Rocky River, Bay Village and Avon Lake are above their 2000 level. Places like Fairview, Westlake and Lakewood are slightly below their 2000 levels. And Places like North Olmsted and West Park are below even more so. And on a gut instinct when I think of the most desirable places to live this just proves my own feelings. Rocky River is a the top of the list city, Lakewood isn't as nice for various reasons and third would be West Park. All are built out cities so they're apples to apples.
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