Incoming Residents Beware (Cleveland, Shaker Heights, Beachwood: foreclosures, for rent, mortgage)

[WestwardHO]

Incoming residents to Cleveland area beware as you are targets of sellers of homes with seriously declining home values. While this is a great place to live: cost of living, family values, etc., there is not a lot of incoming people in Greater Cleveland to purchase homes so most are targeting incoming residents/medical personnel and offering over-priced houses!
I know markets are tough all over the country, but I would do serious research if you plan to buy, or find a very decent home to rent instead and ride it out. Some are predicting this declining market will last through '09 and there is so much inventory on the market that you can rent a very nice home at a reasonable cost.
3/23/07 NYT:
Foreclosures Force Suburbs to Fight Blight
By ERIK ECKHOLM
SHAKER HEIGHTS, Ohio — In a sign of the spreading economic fallout of mortgage foreclosures, several suburbs of Cleveland, one of the nation’s hardest-hit cities, are spending millions of dollars to maintain vacant houses as they try to contain blight and real-estate panic.

Moderator cut: copyrights

[19hsm]

Thanks for the article. I'm finding this to be the case as we are incoming medical residents. Plus finding something relatively affordable (including taxes) is becoming outrageous. I am tempted to just low ball a bunch of offers and see if they bite. I'm finding quite a few houses that have been on the market for quite a while. The good ones seem to be snatched up.

[WestwardHO]

Originally Posted by 19hsm

Thanks for the article. I'm finding this to be the case as we are incoming medical residents. Plus finding something relatively affordable (including taxes) is becoming outrageous. I am tempted to just low ball a bunch of offers and see if they bite. I'm finding quite a few houses that have been on the market for quite a while. The good ones seem to be snatched up.

I watch a low price range (under $200,000, East Side, inner ring) pretty closely and I can tell you if something comes on the market at what I consider a fair price for today's market (2002 prices or lower) they can go pretty quickly. Some areas are hotter than others, of course. If they sit on the market a long time I do think they're overpriced. Tons of foreclosures in this area.

Docs who have or are moving on/up will particularly try to sell to residents so do your research (like you have a lot of time! :-). A good site is Cuyahoga County Auditor to find out what someone paid and when and what the taxes are: http://auditor.cuyahogacounty.us/repi/

Good luck, there are some nice homes for rent and a lot of homes that have been on the market are also rentable.

[bakkam]

Originally Posted by WestwardHO

Incoming residents to Cleveland area beware as you are targets of sellers of homes with seriously declining home values. While this is a great place to live: cost of living, family values, etc., there is not a lot of incoming people in Greater Cleveland to purchase homes so most are targeting incoming residents/medical personnel and offering over-priced houses!
I know markets are tough all over the country, but I would do serious research if you plan to buy, or find a very decent home to rent instead and ride it out. Some are predicting this declining market will last through '09 and there is so much inventory on the market that you can rent a very nice home at a reasonable cost.
3/23/07 NYT:
Foreclosures Force Suburbs to Fight Blight
By ERIK ECKHOLM
SHAKER HEIGHTS, Ohio — In a sign of the spreading economic fallout of mortgage foreclosures, several suburbs of Cleveland, one of the nation’s hardest-hit cities, are spending millions of dollars to maintain vacant houses as they try to contain blight and real-estate panic.

Moderator cut: copyrights

To read, about foreclosures, in Shaker Heights, considered to be one of the best areas in Cleveland, was a red flag.

[Hatless Wonder]

This is sad. I have family in Shaker Heights. I've considered moving there after I graduate because of the cheap housing and numerous opportunities in the medical field. It would break my heart to see Shaker Heights become another Detroit.

[MABCle]

Believe me the situation for people with subprime loans is bad, but Shaker is far from being Detroit. It would take world wars 1 and 2 plus 50 years of blight for Shaker to even resemble Detroit somewhat. Its still a damn shame about these loans. Its greed. Don't lend money to people who can't afford to pay it back, or loan what they can afford. If people stuck to that the whole nation wouldn't be in the mess these subprime lenders areabout to take us through.

[WestwardHO]

Moderator, sorry about the copywright issue, I should have thought of that!

Shaker is struggling as many cities in Ohio are struggling because of selfish creeps in the subprime mortgage business who thought it was o.k. to enrich themselves while screwing the less well informed or educated. If they happen to represent your friends or family be sure to tell them what you think about their practices!

Shaker is a beautiful city with most of the beautiful neighborhoods strong and vibrant. The schools are still well rated, neighborhoods safe and quality of life is exceptional. This STATE has the worst predatory lender laws in the country and now it's coming home to roost.....but it's affecting all the state, not just Cleveland area or Shaker.

Tremendous home values here compared to almost anywhere else in the country.

[chartbury]

The NYT article about Shaker Heights is under lively discussion here in Shaker Heights as it contained some pretty outrageous errors and reported that the routine maintenance the city does on the few vacant houses here (e.g. mowing the yard) is some kind of new thing to stem panic. Contrary to the NYT report, Shaker Heights is not installing alarms in vacant houses and never has.

Realtors are reporting the market is picking up somewhat and, in any case, Shaker's schools, services and proximity to downtown and the hospitals has meant that housing appreciation here is always healthier than in neighboring suburbs (such as Beachwood).

Gracious homes, good schools and pretty parks will never go out of style and homeowners are in no state of panic!

[bakkam]

Originally Posted by 19hsm

Thanks for the article. I'm finding this to be the case as we are incoming medical residents. Plus finding something relatively affordable (including taxes) is becoming outrageous. I am tempted to just low ball a bunch of offers and see if they bite. I'm finding quite a few houses that have been on the market for quite a while. The good ones seem to be snatched up.

On the flip side, to patients, please stay away from these new residents. Just kidding