Greater Cleveland real estate prices (Parma, Lakewood: sales, 2015, condo)

[WRnative]

Close-in Cleveland suburbs are booming. This article features Cleveland Hts., but look at Lakewood and Bratenahl as well.

Home prices up in most Cuyahoga County cities; Cleveland Heights posts biggest increase | cleveland.com

Does anybody know why Westlake has seen such weakness? Are lower prices in Lakewood sapping market interest from Westlake?

Price gains in Parma, Parma Hts., Mayfield, Mayfield Hts., and Euclid also are interesting.

[L2DB]

Good news. I have two houses in Cleveland Heights I'd be happy to get rid of.

[ZnGuy]

good to see that the market in CLE is increasing. It seems that the real estate mkt has been pretty anemic for 10+ years. Lots of areas of the country are seeing bat*hit price increases, certainly here and ridiculous amount of building. I suppose some of building can be supported by the migration but it sure feels like it can't be sustained and feels like a bubble to me..

[bjimmy24]

Originally Posted by WRnative

Price gains in Parma, Parma Hts., Mayfield, Mayfield Hts., and Euclid also are interesting.

I'm really interested in Euclid, but don't have a lot of experience there. What's been going on in Euclid that might be responsible for a stronger housing market?

[WRnative]

Originally Posted by bjimmy24

I'm really interested in Euclid, but don't have a lot of experience there. What's been going on in Euclid that might be responsible for a stronger housing market?

Postitives: Relative bargain prices (check average sales price), great location. Convenient for downtown (OK mass transit), Lake County and I-271 corporate corridor. Five to 10 minutes from Shoregate shopping center. 15 minutes to Great Lakes Mall, Mentor big boxes via Route 2 and Vine St. Ten minutes from downtown Willoughby. Good recreation, library. Euclid has a very strict building code, like Shaker Hts., keeping its housing stock in relatively good shape. Sims Park on the lakefront is nice.

Negatives: challenged school system with large minority enrollment, likely highest municipal income tax rate in Greater Cleveland.

Wells Place on Lloyd Road at Lakeshore has relatively new homes in a nice enclave. Bonneville Tower on the lakefront has condo units selling well below replacement cost, but limited enclosed parking.

Things may be on the downside in Euclid, however, after reading this story. This is very different than anything I remember in Euclid.

http://fox8.com/2016/07/18/teen-kill...-beach-sunday/

There likely are some real bargains among Euclid duplexes.

A real threat to the Euclid economy is if Lincoln Electric ever moves its headquarters.

[bjimmy24]

Originally Posted by WRnative

Postitives: Relative bargain prices (check average sales price), great location. Convenient for downtown (OK mass transit), Lake County and I-271 corporate corridor. Five to 10 minutes from Shoregate shopping center. 15 minutes to Great Lakes Mall, Mentor big boxes via Route 2 and Vine St. Ten minutes from downtown Willoughby. Good recreation, library.

Negatives: challenged school system with large minority enrollment, likely highest municipal income tax rate in Greater Cleveland.

Wells Place on Lloyd Road at Lakeshore has relatively new homes in a nice enclave. Bonneville Tower on the lakefront has condo units selling well below replacement cost, but limited enclosed parking.

There likely are some real bargains among Euclid duplexes.

A real threat to the Euclid economy is if Lincoln Electric ever moves its headquarters.

What are the odds of Lincoln Electric leaving, do you think? Or is it just something that might not be likely, but can never rule out?

I've just seen some unbelievable deals in Euclid, a block from the lake. Is there something wrong with these houses? I'm talking about the area from about E. 205-220. Or is something else about this area not ideal?

I used to play hockey at CE Orr off Babbitt and would go to Euclid Creek metropark with some regularity. Never seemed like a terrible spot to me, though I've heard others remark about crime and poverty. Schools aren't that important to me, since my family has a long Catholic lineage that I see myself continuing, but I'd still be concerned if there were a bunch of juvenile delinquents running around, regardless if they went to school with my kids or not.

[WRnative]

Originally Posted by bjimmy24

What are the odds of Lincoln Electric leaving, do you think? Or is it just something that might not be likely, but can never rule out?

I have no clue. It just seems unusual in this day and age for a large Cleveland corporation to stay in its very long-time headquarters or not be bought out. The only two that quickly come to my mind are Lincoln and Sherwin Williams, and arguably KeyBank as the successor to Ameritrust/Cleveland Trust/Society. There may be a couple of others. Lubrizol is still in Wickliffe, but it was purchased by Berkshire Hathaway.

I don't even know if Lincoln Electric has a rather new headquarters building or not. If not, that might increase the risk of a move.

Originally Posted by bjimmy24

I've just seen some unbelievable deals in Euclid, a block from the lake. Is there something wrong with these houses? I'm talking about the area from about E. 205-220. Or is something else about this area not ideal?

I'm not that familiar with that area. The problem might be a sewage treatment plant located in the area, I believe at the top of Babbitt Road/East 222nd. There used to be some very nice streets a little further west and north of Lakeshore Blvd. South of Lakeshore may be very different demographically these days.

Originally Posted by bjimmy24

I used to play hockey at CE Orr off Babbitt and would go to Euclid Creek metropark with some regularity. Never seemed like a terrible spot to me, though I've heard others remark about crime and poverty. Schools aren't that important to me, since my family has a long Catholic lineage that I see myself continuing, but I'd still be concerned if there were a bunch of juvenile delinquents running around, regardless if they went to school with my kids or not.

I'm not certain about the current quality/sustainability of St. Joe's/Villa Angela. My impression is that Lake Catholic has supplanted it, especially in western Lake County.

Euclid used to have amazing tennis courts and other facilities in the park that includes CE Orr. It seems to me that I checked them out several years ago and was surprised at their condition, but perhaps I'm wrong or it has changed.

[Nauticalbynature]

We looked in Westlake but ultimately settled on Bay. Westlake has a huge inventory of overpriced, outdated homes which frankly melded together after while. The tax savings was intriguing, but overall lack of character turned us off.

[chip2u2]

Thank you WRnative for posting the link to Cuyahoga County cities - it has been very helpful for me given that I'm moving to the area in a couple months or less. One thing that was apparent from the chart, the cities with the most activity (sales) saw the biggest increases. That's not surprising because often in an active market, where there are as many or more buyers than sellers, competition increases and buyers will look to neighborhoods that offer a better bang for the buck. I do realize that there are other considerations (schools, crime, etc.)

I think the other huge factor in monthly/annual housing cost is property taxes and as you know there have been several discussions on these boards that touch on property taxes. I was wondering if you or anyone could point me toward a city by city comparison of property taxes - in chart form would be ideal. I should mention that I cannot make any sense, or rhyme or reason as they say, as to why two homes in the same city have different taxes when the home that is smaller and/or has fewer bedrooms and/or a smaller lot has higher taxes. Similarly, prices don't have any relationship to tax amount. I read one thread where Minervah was comparing Lakewood to Cleveland Heights and property taxes came up and I believe it was stated that CH property taxes are higher than Lakewood's. I can't find any evidence of that. Anyway, if anyone has some guidance on sorting out property taxes it would be much appreciated.

On a similar subject, can anyone explain property tax exemptions/breaks for people over 65 (me!!) because so far it is clear as mud. It's a $25,000 deduction but from what - the purchase price, the assessor's valuation or ratio of some valuation?

I have other questions but I will wait to see if these are answered or if you suggest I will start a new thread. Thanks!!

[WRnative]

Originally Posted by chip2u2

I think the other huge factor in monthly/annual housing cost is property taxes and as you know there have been several discussions on these boards that touch on property taxes. I was wondering if you or anyone could point me toward a city by city comparison of property taxes - in chart form would be ideal. I should mention that I cannot make any sense, or rhyme or reason as they say, as to why two homes in the same city have different taxes when the home that is smaller and/or has fewer bedrooms and/or a smaller lot has higher taxes. Similarly, prices don't have any relationship to tax amount. I read one thread where Minervah was comparing Lakewood to Cleveland Heights and property taxes came up and I believe it was stated that CH property taxes are higher than Lakewood's. I can't find any evidence of that. Anyway, if anyone has some guidance on sorting out property taxes it would be much appreciated.

On a similar subject, can anyone explain property tax exemptions/breaks for people over 65 (me!!) because so far it is clear as mud. It's a $25,000 deduction but from what - the purchase price, the assessor's valuation or ratio of some valuation?

I have other questions but I will wait to see if these are answered or if you suggest I will start a new thread. Thanks!!

You can search any county to find their tax rates.

http://treasurer.cuyahogacounty.us/p...16%20Final.pdf

Homestead Exemption:

Ohio Department of Taxation > real_property > faqs > homestead_exemption_faqs

Ohio has had real property tax rollbacks for everyone, but the Republicans, while cutting state services and income taxes on the wealthy, have eliminated those rollbacks on new and replacement levies.

Ohio Department of Taxation > faq

Call real property here with any questions (216-443-7010):

Contact Information - Fiscal Officer