Cleveland Ohio

7 Replies

Why Cleveland Is America's Hottest City Right Now!

" LeBron James famously declared after the Cleveland Cavaliers won their first NBA title this past June that “It’s Cleveland Against The World”.

If you haven’t been paying attention since then, Cleveland is still on a winning roll. And I’m not just talking about the Cavs or the Indians, who are playing the Chicago Cubs in the World Series this week vying to win their first baseball championship in 68 years. This past July, every hotel room downtown was sold out for the week when the Republican National Convention came to town. "
Forbes...

Mieshawn Singleton -

Originally posted by @Mieshawn S. :

Why Cleveland Is America's Hottest City Right Now!

" LeBron James famously declared after the Cleveland Cavaliers won their first NBA title this past June that “It’s Cleveland Against The World”.

If you haven’t been paying attention since then, Cleveland is still on a winning roll. And I’m not just talking about the Cavs or the Indians, who are playing the Chicago Cubs in the World Series this week vying to win their first baseball championship in 68 years. This past July, every hotel room downtown was sold out for the week when the Republican National Convention came to town. "
Forbes...

Mieshawn Singleton -

 I CANNOT agree more! This city has seen such a turn around over the last 10 years. Things look much different than they did in 2006. They can't built apartments and housing fast enough in the city! It seems every time you look a nice business is moving in our a new entertainment attraction is opening up!

It seems Cleveland will keep things moving!

Tom Ott, Real Estate Agent in OH (#2016003865)
440-749-4043

The city was built for over 1 million in population! We only have about 399,000.. Tons of room for growth, they better get in early 😊

@Brian Smith Let's meet and discussyour opportunities! 

Anyone able to educate me as to why Cleveland continues to build so many new condos and apartments in all sizes when there is sooooo much vacant and other wise available inventory there? I'm interested in investing there, but concerned that perhaps the local market is only interested in newly built housing. Thanks!

The realtors on here could probably answer Charlene's question better than I can but I'll take a shot.

Like all things RE - location is king.

In hotter areas on West Side of the city you have younger professional types buying their first home and they want to be "in the city" but either themselves don't want to deal with a 1908 built house or their parents footing the down payment don't want the hassles of an older home. Those new condos are $300k to $500k+++ in the areas I'm thinking of. You also have empty nesters wanting to get back into city life and they may be buying those condos too not wanting to deal with yard work and an "older" home.

In those same areas an ok move in ready but not really updated house can be bought for around $150 to $200k - or a fully gutted gorgeous rehab for $350k to over $400k. (The high end rehabs DO compete with those condos you are speaking of).

Many houses in ok move in condition outside the "hot" areas on the west side can be had for $40 to $120k. These are prime for rental as they can bring $600 to $1200 or more in rent! A lot of people that would like to buy those one's don't have the credit or down payment to buy them so...they rent!

I guess I'd sum that up to say - it's a hotter market for several different RE models.

Originally posted by @Charlene McNamara :

Anyone able to educate me as to why Cleveland continues to build so many new condos and apartments in all sizes when there is sooooo much vacant and other wise available inventory there? I'm interested in investing there, but concerned that perhaps the local market is only interested in newly built housing. Thanks!

 The new condos are being built up in the areas closest to downtown. You don't see much new condo development in the suburbs. Ya see all the old housing stock in city core is functionally obsolete when you are trying to attract a six figure earner who is willing to spend $300k+ to live in close proximity to the lake, downtown & things of that nature.

James Wise, Real Estate Agent in OH (#2015001161)
216-661-6633

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