Best area to purchase a house in the Cleveland area from a ROI perspective (Lorain: sales, real estate)

[spalam01]

Please advise what is the best area to purchase a house in the Cleveland area from a ROI perspective. For example, if I end up selling the home in say 5, 10, 20 years from now buying a house from which area (city) within the Cleveland metro I can expect the growth (For example due to schools etc.,)... as my intention is not to stay in the Cleveland area say after retirement....

[Cleverfield]

I’m a real estate broker, and in my opinion I’d say look for areas with highly rated schools and low taxes, or up and coming urban neighborhoods. For the first set, Solon, Brecksville, Rocky River, Westlake, Medina, Mentor, Hudson, Aurora, Twinsburg, Chagrin Falls, Pepper Pike, Moreland Hills, and Beachwood come to mind. The second set includes areas with lower rates schools and possibly higher property taxes but have more restaurants and activities. These include Lakewood, Ohio City, Tremont, Detroit Shoreway, Downtown Cleveland, West Park, and Kamm’s Corner.

[bjimmy24]

The hot areas now are going to be the same in 5 years. In 20 years... who knows??

[WRnative]

In the past 20 years, likely Tremont and Ohio City neighborhoods in Cleveland have been among the best ROI performers in Greater Cleveland.



Using this as a model, my hunch would be that highly price depressed areas of Hough and Glenville, perhaps even in East Cleveland, that are in close proximity to University Circle, Cleveland Clinic, etc., would have the most upside over the next 20 years. Perhaps even the housing actually in University Circle, north of Case Western, will see large increases even though not as deeply depressed in price currently.


On the west side of Cleveland, the Edgewater neighborhood would be my pick for the greatest price appreciation.


https://www.zillow.com/edgewater-cle...h/home-values/



If the Great Climate Change migration begins in earnest in the next 20 years, any housing in Greater Cleveland that is relatively cheap now might have the greatest ROIs. So many communities in Lorain County and in the Painesville/Painesville Township/Grand River (Painesville City and Riverside school districts) and Fairport Harbor areas of central Lake County might see significant price appreciation.


Keep in mind that throughout the U.S. there exists a shortage of affordable housing, even for lower middle class families. So "bargain cities" have inherent upside, and much of Greater Cleveland's housing market is a bargain compared to other U.S. markets.



https://www.theatlantic.com/ideas/ar...merica/606046/



Some of these markets already are "very hot," according to Zillow.


https://www.zillow.com/cleveland-oh/home-values/



https://www.zillow.com/glenville-cle...h/home-values/


https://www.zillow.com/cleveland-oh/home-values/


https://www.zillow.com/lorain-oh/home-values/


https://www.zillow.com/elyria-oh/home-values/



https://www.zillow.com/painesville-oh/home-values/


Interestingly, Euclid is one of the hottest markets in Greater Cleveland, and may offer some significant appreciation potential given its long shoreline and quality housing stock north of Lakeshore Blvd., especially as it is launching a major effort to develop its coastline. Euclid over the years also has been mentioned as a terminus for an expansion of the Red Line rail rapid. Robust bus service along Euclid Ave. through southern Euclid offers RTA connections to the Stokes/Windermere station, the current terminus for both the Red Line rail rapid and the 24/7 Healthline bus rapid. The Stokes/Windermere station currently has much room for improvement. I know of a young couple that received an incredible value on a home purchase in southwest Euclid, where there are some surprisingly nice properties.


https://www.zillow.com/euclid-oh/home-values/


https://www.zillow.com/homedetails/2...33626817_zpid/


Given its amenities, including proximity to Lake Erie, downtown, University Circle, excellent metroparks, massive retail center in Mentor, relatively good mass transit offering point-to-point service and service to Cleveland, both I-90 and Route 2 corridors, all of Lake County may be a beneficiary of a climate change migration.



https://www.zillow.com/mentor-oh/home-values/



There is a possibility with ocean beaches undergoing inundation elsewhere in the country, that any lakefront property will experience very high appreciation rates. Of course, any purchaser of Lake Erie shoreline now must deal with the record/near record water levels and accompanying erosion risks.


Some communities in Medina County and Geauga County also should be good markets for 20-year appreciation. Geauga County may be a major beneficiary of the decline in the ferocity of Greater Cleveland winters as it currently is the snow capital of Ohio.



https://www.zillow.com/medina-oh/home-values/


https://www.zillow.com/chardon-oh/home-values/


The oft-discussed annexation of East Cleveland by Cleveland could be a catalyst for higher prices there.


https://www.zillow.com/east-cleveland-oh/home-values/


https://www.city-data.com/forum/clev...nnexation.html


Meanwhile, check out Miami Beach, FL, where hundreds of millions are being spent in an effort to "adapt" to accelerating sea level rise.


https://www.zillow.com/miami-beach-fl/home-values/


However, over the next 5-10 years, many experts expect higher U.S. interest rates and inflation, and also a weaker U.S. dollar. This may precipitate a significant correction in asset prices, including for real estate.

[mbowes80]

I'd make a pitch for some other west side neighborhoods: Clark-Fulton, Cudell, and West Blvd. All are very reasonably-priced right now, and logical next places to grow and see development now that many have become priced out of Ohio City, Tremont, and D-S (none of which would be good candidates, unless "buying high" is your strategy.) CF should be poised for lots of investment. I agree with WRNative that some east side neighborhoods are also good candidates, but they seem a bit more risky to me (but also much cheaper currently and with potentially much more ROI, if they do turn around?)

[ECBeastor]

If you want to gamble, there is a neighborhood in Detroit-Shoreway just west of the very hot Gordon Square and just east of the Edgewater neighborhood. Values are still depressed and it's a little rough. Its boundaries are between West Blvd and Lake Ave., North of Detroit. You could buy 2 or 3 houses there for the price of 1 in Tremont. I have no idea if it will be the next hot area but people are going to get priced out and if I had to guess, this area would be where I'd go next. It's right on the entrance to the shore way and Eddgewater Beach. Easy access to downtown, and the popular spots like lakewood and gordon square.

Also, there was an article in the plain dealer not so long ago that showed the highest increases over the past 10 being in Maple Heights and Lakewood. Two cities going in opposite directions if you took an anecdotal poll.

[WRnative]

You can find histories of median home sales prices for each neighborhood in Cleveland and for Cuyahoga County suburbs here:

https://www.city-data.com/forum/clev...le-prices.html

[spalam01]

What is a tax abatement program? What is a nicer and safe neighborhood that would have such tax abatement program?

[216facts]

Tax Abatement | City of Cleveland

Neighborhoods where this may make sense: Edgewater, Tremont, Ohio City, Gordon Square/W65, Kamms corners. You could also consider North Collinwood and Slavic Village - these places are less safe and the prices indicate this. You have to be more of an urban pioneer in these areas.

[usaf_1832]

Probably Edgewater, Cudell, Detroit-Shoreway ... tons of investment and gentrilifaction happening already, and many houses are still direct cheap.