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Old 05-15-2017, 11:30 PM
 
Location: CA
1,002 posts, read 872,010 times
Reputation: 764

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I showed my wife the article about CLE being #1 for RE Investment. She finally saw what I've been saying for 2 years!!!!

"We should buy a place..." My face said it all, but I was pleased to hear her say these words.

We are not going to live in or near CLE at this time, but in years, I don't want to go to CLE and pay double.

Anyway, if you had a budget to buy something and afford payments of about $1500 per month if not rented (always plan for the worst), what area would you buy?

This home will not have kids in school by the time we live in the home so schools not an issue.
An area moving positively is key- westside (Lakewood, Gordon Arts Dist, Tremont,?)

Home price: Up to $1500 per month. Down payment 20%, but don't want to push it so maybe 120-200kish?

Personally, I LOVE the older homes (CLE HTS, Shaker, and Lakewood Colonial). The taxes in Shaker and the Hts scare me a bit and I'm more familiar with the westside from frequent visits.

A duplex and renting out half is also an option so we have a place to stay when we visit.

Sorry, this is totally rambling, I know.


It's an investment or "anchor" property for later.
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Old 05-16-2017, 07:58 AM
 
120 posts, read 81,321 times
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Gordon Sq, Lakewood, Tremont, Duck Island and Ohio City are going to continue rise in value. Cle hts and Shaker are nice places to live but it's going to take a lot of time and work to get those areas growing again.

This "western rim" along with Downtown and University Circle is where the growth of the region is going to be over the next couple of decades:

http://www.crainscleveland.com/artic...velopment-boom

Prices are getting insane. These are SOUTH OF LORAIN!

https://www.zillow.com/homes/for_sal...59_rect/13_zm/
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Old 05-16-2017, 08:01 AM
 
Location: Beachwood, OH
1,135 posts, read 1,582,969 times
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It's not worth the risk of plans changing, the hassle of renting, etc. for whatever price appreciation risk you're taking. Prices aren't going to double in 10 years so on a $150-200K house, you're probably at most going to be out a price higher by $50K. Just buy when you're ready to move.


IMO.
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Old 05-16-2017, 09:36 AM
 
9,618 posts, read 6,371,621 times
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Perhaps check with property managers for suggestions.

You know Cleveland sufficiently well to know your priorities. Do you want to be near downtown, University Circle, or natural areas? E.g., Willoughby and surrounding suburbs (Holden Arboretum, Lake Erie beaches, Lake Metroparks, etc.), would be good for the latter.

If you like culture and pro sports and want to live near the great clinics, living in or near University Circle within walking distance of the Red line rapid or the Healthline would be a good choice.

I don't see how you can manage a rental property from CA without a property manager. They might have some suggestions.

Researching: Honest and Reliable Rental Property Co.

If you're not going to rent a property, a very safe neighborhood or a condo would seem appropriate. Downtown Willoughby has great condos, some units with personal elevators, but I'm not certain if they can be rented under the by-laws. They might be too expensive for your budget; I'm not certain.

Duplexes are only common in certain neighborhoods. There are many, relatively cheap duplexes in Euclid, but I'm not certain that's a high appreciation area.

Good luck!
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Old 05-16-2017, 10:28 AM
 
Location: Cleveland, OH
378 posts, read 234,329 times
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I think some of the above sentiment is correct in that you wont see a massive appreciation in value in neighborhoods where you can buy now and be confident that they'll hold their value (Tremont, OC, D-S).

One option might be lower Detroit-Shoreway; W81 to W65 between Madison and Lorain. This area is less stable than Cudell so the housing is a bit cheaper (Cudell is still cheap, too).

If you're looking to see a huge increase in value, you need to be willing to risk an investment in neighborhoods that are moving towards stabilizing and are potentially on the periphery of seeing rapid valuation: Glenville, Slavic Village, Clark-Fulton, and maybe Buckey-Shaker/Larchmere.

Otherwise just go for a duplex in Edgewater or something.
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Old 05-16-2017, 10:42 AM
 
Location: CA
1,002 posts, read 872,010 times
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Thank you. I'm not a big "I plan to make a killing on this property" type of person, but I am frugal. Paying 20K more in 2-3 years would bug me, more than not appreciation- especially if I live there.

I have a home equity line at 3.5% and have not used it a ton. I could literally write a check for the right place.

I DO want to be near downtown and a duplex with a rental manager makes sense. My wife is also not afraid of a condo, but I've always been scared of paying those monthly dues, but were you guys are, they seem to cover a lot more (utilities). Here? Monthly dues are insurance, roof, and exterior grounds...that's it. If the place has a pool, you are paying about $500 per month before any utilities.

I'll look over my finances and talk to my wife later today with your comments. Thanks!
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Old 05-16-2017, 10:43 AM
 
120 posts, read 81,321 times
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Quote:
Originally Posted by j_ws View Post
I think some of the above sentiment is correct in that you wont see a massive appreciation in value in neighborhoods where you can buy now and be confident that they'll hold their value (Tremont, OC, D-S).
This is where we disagree. Home prices in the areas you've mentioned are going to continue to rise, especially as vacant lots and houses in need of rehab disappear. You're vastly underestimating current and future demands.

I'm a real estate Research Analyst at CBRE. Studying national and local trends/analytics is my area of expertise. If you had access to the data I see daily, you would probably be singing a different tune.
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Old 05-16-2017, 10:58 AM
 
Location: Cleveland, OH
378 posts, read 234,329 times
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Quote:
Originally Posted by C-rob2727 View Post
This is where we disagree. Home prices in the areas you've mentioned are going to continue to rise, especially as vacant lots and houses in need of rehab disappear. You're vastly underestimating current and future demands.

I'm a real estate Research Analyst at CBRE. Studying national and local trends/analytics is my area of expertise. If you had access to the data I see daily, you would probably be singing a different tune.
I don't believe we disagree that they'll continue to amass value.

In general, I think the three neighborhoods in question have reached levels where it's not going to be possible to buy something for 10% of what it's value will be in a few years. It was a general sentence and it probably would have been helpful for me to quantify "massive." Unless one of these areas somehow pulls an appreciation in the next five years equivalent to the market in places like German Village in Columbus I don't think my basic sentiment is incorrect. The one exception I noted was D-S south of Madison which could potentially see a much more rapid increase in value, especially if the concentrated development effort on Colgate Ave takes root.
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Old 05-16-2017, 02:38 PM
 
120 posts, read 81,321 times
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^ Understood. I misread your first response. I agree with on you about D-S south of Madison and Cudell increasing rapidly as well.

I do think you're going to see housing values on the near westside rival (if not pass) GV over the next decade. Our infrastructure and amenities are far greater than anything Columbus has to offer.
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Old 05-16-2017, 02:52 PM
 
Location: Cleveland, OH
378 posts, read 234,329 times
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Quote:
Originally Posted by C-rob2727 View Post
^ Understood. I misread your first response. I agree with on you about D-S south of Madison and Cudell increasing rapidly as well.
There are some indicators that the process is already decently underway.

7909 Colgate Ave (extensively renovated) sold for 130k, verified by the auditor's site. Pics are still on Zillow (https://www.zillow.com/homes/for_sal...t/18_zm/1_rs/_

2111 W 101 (renovated) just sold for 148k. Sale is on the auditor's site but not reflected on Zillow. (https://www.zillow.com/homes/for_sal...ct/18_zm/1_rs/)

The W101 one is particularly telling, as it shows that the Cudell market is now at a point where a house that isn't nearly as high-end as the one on Colgate can sell for higher. I'm interested to see if the one for 139k next door will sell soon.

There is also an ornate Victorian house next to Cleveland Lumber that went for 175k, so it shows that being architecturally interesting or significant is also enough justification to pay high above neighborhood median.

Speaking anecdotally, the Mega Convenient Mart at Madison and W99th just re-opened after a renovation and includes a hot food counter, sells some craft beers, etc and that would generally indicate a change in the shopping patterns of the neighborhood that reflect further stabilization.

Last edited by j_ws; 05-16-2017 at 03:14 PM..
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