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I'm moving into the area (working in Solon) and I'm looking at Shaker Heights for my family (3 yr old daughter and wife) and we'd prefer a more urban feel and buying a condo/apt instead of a single family home. We are a somewhat diverse family (white & Asian) and I've seen for sale apartments in good walkable areas in Shaker Heights for very cheap sales prices. What's the catch? 13900 Shaker blvd has a 3 bedroom for under 75k. My guess would be that the HOA fee being over 1k is the reason. How is this area? Is it safe? I've only visited it once, but its seems nice and I am confortable with Shaker's school system. I understand its not the best around when you compare to Beachwood, Pepper Pike or Solon, but I like that its diverse (good mix of white, Asian and black students as well as international kids). Any thoughts/comments would be of help. If you know of a condo community in Shaker Heights that does have families living in it, that would be a real help. Thank you.
I'm moving into the area (working in Solon) and I'm looking at Shaker Heights for my family (3 yr old daughter and wife) and we'd prefer a more urban feel and buying a condo/apt instead of a single family home. We are a somewhat diverse family (white & Asian) and I've seen for sale apartments in good walkable areas in Shaker Heights for very cheap sales prices. What's the catch? 13900 Shaker blvd has a 3 bedroom for under 75k. My guess would be that the HOA fee being over 1k is the reason. How is this area? Is it safe? I've only visited it once, but its seems nice and I am confortable with Shaker's school system. I understand its not the best around when you compare to Beachwood, Pepper Pike or Solon, but I like that its diverse (good mix of white, Asian and black students as well as international kids). Any thoughts/comments would be of help. If you know of a condo community in Shaker Heights that does have families living in it, that would be a real help. Thank you.
That property apparently is located east of Shaker Square. Although in the Shaker Hts. school district, it appears to be located in the city of Cleveland, which means that it is patrolled by the City of Cleveland police force, not the Shaker Hts. police force.
Definitely ascertain the city of location, as well as the school district. Familiarize yourself with the municipal income tax provisions of the city of residence, especially the residential tax credit as you will be working in Solon. If in the City of Cleveland, understand that the city is proposing to raise its income tax rate to 2 1/2 percent. I don't know the proposed new residential tax credit, but you will pay at least an extra 1/2 percent (assuming Solon has a 2 percent municipal income tax rate) by living there.
Here's a description of a property that sold in that condo building last year. Note that the property sold apparently had a price one-third more than the unit you are looking at, probably because of one or more of the following: 1) floor height, 2) unit upgrades, including possibly an in-suite washer/dryer, 3) whether or not the unit is adjacent to an elevator or other mechanical units that may create noise, and possibly view (e.g., units facing Shaker Blvd. may not be preferred due to noise from traffic and possibly even the rail rapid).
If the unit condo fee is $1,000/mo., note that this apparently includes heat, water, sewer, trash removal, and check to see if it includes air-conditioning. If it doesn't, how is air-conditioning provided, unsightly/noisy window units? Utilities likely cost at least $150/unit/mo., mitigating the high condo fee. Given that heat and water are included in the unit fee, note that those unit owners who are conservative in their usage subsidize others. E.g., don't be surprised if some unit owners keep their windows open in the summer or winter to get "fresh air," knowing that other unit owners will subsidize this habit. Shaker Towers likely is a converted apartment building. More modern condos usually have separate HVAC units for each unit, encouraging thrift for all unit owners.
Are you familiar with condo law and regulations? Does this condo have an adequate reserve fund? If the reserve fund is minimal, beware of additional assessments for needed maintenance (the monthly condo fee may already include such assessments), perhaps to repay funds borrowed to pay for maintenance. Note that members pay $50/mo. per parking space. Are there adequate parking spaces for all units? Where is guest parking? Are there adequate storage units, and if so, what are the monthly fees? What fees have been incurred in recent years? Have the elevator(s) ever been replaced (this would cost hundreds of thousands of dollars and result in many weeks of inconvenience)? If this building has only one elevator, I would be very careful about purchasing there, especially a unit on a higher floor. When was the roof last replaced? When was the masonry last pointed? When were the hallways last carpeted? When was the HVAC equipment last replaced? Does the association maintain a maintenance schedule of needed major repairs/refurnishments, with present value calculations? Is such a schedule audited? Does the condo association have audited (preferably by a CPA) financial statements? Are monthly financial statements available to all members (some condo associations are run by a clique, sometimes one that may have some degree of corruption/incompetence and is unwilling to share information and provide candid assessments)?
How many of the units are delinquent in their condo fees? Under Ohio law, if a foreclosure action doesn't recover unpaid condo fees, other unit owners effectively must make up the difference. Are condo units allowed to be rented under any conditions? If so, what percentage of condo units are rented (too high a percentage of renters (over 20 percent?) may limit financing options and raise costs for prospective purchasers)? Get any information about the number of units currently rented in writing, as this is a very material number.
How many units and how many employees does this building have? A high-rise condo has higher fees because of greater common area expenses, such as cleaning hallways, maintaining elevators and more expensive HVAC equipment. What is the state of the plumbing and electrical systems? Some older buildings have plumbing failures which flood units and necessitate removing walls to replace pipe.
Check your commute time, especially during your work hours.
Note that Beachwood is closer to I-271, and though predominately Jewish, has a high percentage of blacks and Asians, especially in the small, but highly acclaimed school district. Beachwood also has a very robust tax base and lower property tax rates than almost all Greater Cleveland tax districts, and likely a full residential income tax credit. Compare relative property tax rates with Cleveland or Shaker Hts. school district (e.g., Cleveland/Shaker Hts. or Shaker Hts., depending upon the property's location).
Also check the school demographics in Solon, which has a significant minority population. If you lived in Solon, you wouldn't have to worry about a residential municipal income tax filing. Solon has one of the very best school districts in Greater Cleveland. Obviously, Solon doesn't have the easy access to mass transit offered in Shaker Hts., or even Beachwood.
If you consider Beachwood, note the presence of the Green Road rail rapid station on the border of Beachwood and Shaker Hts. It is served by several bus lines. If mass transit access to University Circle/downtown is important, check Google transit at the RTA web page for any proposed residential location.
Location: Cleveland, OH USA / formerly Chicago for 20 years
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Originally Posted by JakeinChina
I'm moving into the area (working in Solon) and I'm looking at Shaker Heights for my family (3 yr old daughter and wife) and we'd prefer a more urban feel and buying a condo/apt instead of a single family home. We are a somewhat diverse family (white & Asian) and I've seen for sale apartments in good walkable areas in Shaker Heights for very cheap sales prices. What's the catch? 13900 Shaker blvd has a 3 bedroom for under 75k. My guess would be that the HOA fee being over 1k is the reason. How is this area? Is it safe? I've only visited it once, but its seems nice and I am confortable with Shaker's school system. I understand its not the best around when you compare to Beachwood, Pepper Pike or Solon, but I like that its diverse (good mix of white, Asian and black students as well as international kids). Any thoughts/comments would be of help. If you know of a condo community in Shaker Heights that does have families living in it, that would be a real help. Thank you.
The immediate area is safe. Just be careful about wandering too far west or south. Sketchy areas are only a few blocks away.
Low price is probably due to sky-high condo fees.
FWIW, a local celebrity, Dorothy Fuldheim (grande dame of Cleveland TV news broadcasting) lived in Shaker Towers for quite a few years. She died in 1989, however.
WRNative......Thank you very much for the wealth of info you provide. I really appreciate it. I'm going to print out your comments on questions to ask when looking into condos/apt's to purchase once I move. You were dead on, in many of those questions/concerns that I've forgotten about. My mom lived in an apt building in Hackensack New Jersey not too long ago, and she had a number of issues with her building. The elevator was a big headache, as they only ran one out of the two, and when that one went down, it took half the day at least to repair. Condition of the building and units, number of renters vs buyers, current debit the management company has, lots of great questions you've provided. I think many times, peoples emotions get the better of them, and they might really like a place and want to be done with the whole moving thing or living out of a hotel/rental, so they forget many of these questions to ask.
I'm going to continue to look at all three, Shaker, Beachwood and Pepper pike (although not many condos in PP), and as much as I like the urban feel with diversity and having great access to downtown CLE, I need to also put family safety as my top priority. I think the best thing to do is rent a furnished apartment (were moving from overseas and don't have any furniture) in Beachwood for the first 6 months or a year, and explore the area.
I have read that article off of city data in the past, about that family who was here on a fellowship and their experience with living in the Beachwood area. That was well written and made me feel even more positive about the suburbs closer to downtown CLE. We will also look at Solon, as there is some diversity for sure there, esp with Asian's, and its an easy commute to work.
Thanks again. Appreciate your time, as well as thanks Andrew for your helpful feedback also.
I do think renting for a year or two may be a good option in order to familiarize yourself with Cleveland. It would give you a chance to buy some furniture and to decide where you want to put down roots for the long haul, if that's your plan.
Thanks WRnative. Sure, were going to rent in either Shaker or Beachwood and spend time getting to know the area, and research both schools, as well as my commute time to Solon. I have a feeling we will end up in Beachwood at first, as I did see some of the apartment communities have furnished units which we'd be interested in. I'm excited as I know the area somewhat, and I like it very much. Good people, nice sense of community and the food scene in and around Cleveland I think is great and very underrated.
Thanks WRnative. Sure, were going to rent in either Shaker or Beachwood and spend time getting to know the area, and research both schools, as well as my commute time to Solon. I have a feeling we will end up in Beachwood at first, as I did see some of the apartment communities have furnished units which we'd be interested in. I'm excited as I know the area somewhat, and I like it very much. Good people, nice sense of community and the food scene in and around Cleveland I think is great and very underrated.
Let us know where you end up. This is a common query in this forum. Again, good luck.
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