Greater Cleveland Real Estate Blog

Why Would You Be Waiting For Spring Time To Sell Your Beachwood OH Home?

It's not a secret that many home sellers in Greater Cleveland postpone listings of their homes till Spring time. Usually it is worth it because our winters may be not so pleasant, and it's harder to show the houses during snow days.

Selling homes in winter may be also challenging because there are usually  fewer home buyers on the Winter market than in Spring time.

Not this year. Working with home buyers, we run into situation when it's more buyers than matching homes. And I'm not talking about serial Deal seakers. I am talking about the first time home buyers or moving up buyers who need a good place for their families to live.

Let's look at the popular Beachwood OH Real Estate market. Per NorthEastern Ohio Multiple Listing Services (NORMLS), there were 78 single family homes sold in 2011. As of 01/28/2012, only 29 houses in Beachwood are offered for sale. Most of these houses have been on the market for a while - we see even the one with 934 days on the market. Average DOM (Days On Market) is 204, Cumulative average DOM is 249 days.

Winter Buyers' activity is pretty high, that's why we have 18 houses which are currently under the contract - in contingent or pending status. BTW most of these homes found their buyers after long time on the market - average DOM of over 230 days. That's a good news.

Bad news is that there are not enough homes for the active and ready buyers. Let's look at the market data. In 2011 therer were 31 homes sold in less than 60 days on the market. And 17 homes sold in less than 30 days!

Dear owners of Beachwood OH homes!

If you need to sell this year, if your house is in a good marketable condition, if you know that you need to move, please don't hesitate to call us and put your home on the market. 877-70-5551 x 801 is the right number to call. It's 24/7 Hotline, and we'll be happy to answer your questions about the pricing, marketability, staging and marketing for the best possible sale of your home.

Why would you wait till Spring when competition will be more harsh? Buyers are on the market. They may be waiting for your home.

Call 877-770-5551 x 801 now.

Is Fannie Mae a Good Landlord? Should it be?

We all read about new governmental initiatives allowing Fannie, HUD and the banks to rent out their properties. Let me share my first experience in representing the buyers who are buying the property from Fannie Mae with the tenants in place.

      First, the sellers want tenants to stay at the house at least for 3 months after title transfer. That sounds reasonable to my clients. That sounds not bad to me. Except one little thing: I know that the City has an ordinance which requires new rental registration when either there is a change in ownership or a change in tenants. All our clients are aware of this and know that   they should be in compliance.

So, we ask the sellers's agent to provide us with the lease agreement which we receive. It's a good written agreement, nothing is unusual or odd about it. There is a high chance that new owners might want to keep these tenants if they make their payments and bring no troubles. Why not?

Surprises start when we call the City.

- Tenants in the house your clients buy are squatters! - that's exactly what I heard today from the City official.

- What do you mean? I know that there is a legitimate Lease agreement between Fannie Mae and the tenants.

- It's never been registered, house has never been inspected and certified for rent. Tenants may be in a big trouble because of these owners' negligence.

Oops!

Hopefully, these tenants will not get in troubles because we notified the seller's representative immediately, and, hopefully, they will take care of bringing their rental in compliance with local ordinances.

Hopefully, future tenants will not suffer because the big guys in Fannie just ignore local rules.

More hopefully, there will be no such thing as governmental housing. It's a private market, and let the private owners and private investors deal with the tenants, their rights and responsibilities. That's the only way to keep it alive.

Twinsburg Real Estate.

What's Your Abram's Farm and  Firelands Neighbor's House Selling for?

Twinsburg Real Estate market is one of the most active and healthy ones in Greater Cleveland. Latest additions to Ethan's Green located South of Post Rd. present Firelands, Meadows of Ethan's Green and Abram's Farm subdivisions. It's a very popular and desirable destination for many young families, mostly professionals. Since new University Hospitals, Cleveland Clinic and Rainbow Hospitals locations have been opened nearby, many health professionals started settling in these developments, too.

Let's look at the number and quality of sales in 2011. It was 25 homes sold in last year for the respectable prices between $217,000.00 for the 1,990 sq. ft. house at 3055 Appleby Ln. to $378,000.00 for the 3,944 sq. ft. home at 9277 Sasha Ct.

Currently we have just six houses offered for sale in this part of Twinsburg:

9803 Burton Dr offered for $217,900

9379 Sasha Ct - $269,900

2987 Zenas Ct - $295,000

9791 Firelands Dr - $339,000

3221 Evans Way - $345,000

9298 Jason Dr - $459,900.

One property is under the contract. Looks like we have a lack of inventory in this beautiful Twinsburg neighborhood!

If you need to sell your Twinsburg home, please don't hesitate to contact Svetlana at 877-770-5551 x 801. Confidential and free Maximum home value audit will help you assess your selling needs, strength and areas of improvement. Call today!

Follow The Money. What Investors Buy in Greater Cleveland . 

Cleveland East Side.

Cleveland is a new Mecca for smart Real Estate investors. I am talking about smart investment, made for profit, not for pleasure :-). Unfortunately, we witnessed too many not so smart decisions and too bad consequences of not too smart decisions made by some of Real Estate investors in Cleveland in the past, up to the loss of the property to foreclosure.

What exactly today's smart Real Estate investors do?

- Analyze the market

- Strategize (short term or long term - rent or flip? whom to target as your tenants or buyes? )

- Set the goals

- Underdstand and assess right investment budget: acquisition costs, Point of Sale responsibilities, remodeling costs, marketing costs, holding expenses (property taxes, proper insurance, local government registration fees, exterior maintenance, utility bills), legal fees, other professional fees (Real Estate brokerage or property management, accounting, banking)

- Plan right

- Buy at the right price and conditions

- Hire the right crew to do the repairs or remodeling, if needed.

In most cases investors chose to buy for a long term and rent out the properties, in some cases with option to sell the house to the tenants. The reality of today's Real Estate market in Greater Cleveland is that cost of ownership is much lower than cost of renting the property. At the same time rental demand is very high.

Sounds tempting, doesn't it?

Do your research, investigate pros and contras, count your money and assess your time and skills - these are great assets! Then chose carefully with whom to work, and - have a great investment!

You may start searching homes right here. We prepared for you a special search for all bank owned and HUD owned properties on Cleveland East Side.

Just click on the picture above and start your property search. With any questions, please call immediately 877-770-5551 x 801.

Pick our expertise in helping tens of investors to successfully buy and rent out their properties.

Solon Real Estate. Signature of Solon listings and sales.

What's Your neighbor's House in Signature of Solon selling for?

If you are fortunate to live in the Signatures of Solon, both Signature I and Signature II, you may be wondering how the market was doing in 2011, and what to expect in 2012.

Let's take a look at 2011 sales and active listings in Signature of Solon I and Signature of Solon II, just similar to what we did in our posts dedicated to the Chagring Highlands  and Thornbury Real Estate markets.

Signature of Solon is a prominent development built and developed in 2000s. It features Country Club, golf course, Club House, distinctive homes, pride of the best builders of Greater Cleveland. It's one of the most upscale and prestigious places to live.

Signature of Solon was hit by financial meltdown, some homes went to foreclosure, even before being ever occupied. However, it did not really lowered attractiveness and desirability of this beautiful development.

It was 16 houses sold in both Signatures of Solon in 2011. One house is currently under the contract. Houses sold at the average price of $662,393.00. Lowest price was $330,000.00, the most expensive sale closed at $825,000.00.

Seven houses at Signature of Solon I are offered for sale. Prices vary from$669,000 for 7598 Royal Portrush Dr. and $1,294,000 for 7395 Vahalla Dr. Great inventory of outstanding properties!

Signature of SolonII also offers beautiful homes, priced from $464,900 for 7239  Annadale Dr, and $1,299,000 for 36950  Broadstone Dr:

If you want to preview or get more information on one of these wonderful homes, please don't hesitate to call Svetlana anytime at 877-770-5551 x 801.

For Solon homeowners, confidential price and condition assessment of your house and for discussing a marketing plan for selling your Solon home timely and for a top dollar is still available. Just call 877-770-5551 x 801 or simply go to www.Local-n-Global.com and order your home evaluation on-line.

Solon Real Estate. Thornbury.

What's your neighbor's House Selling For?

Let's continue our review of Solon Real Estate market, which we started from analyzing sales in Chagrin Highlands of Solon.

Solon is a wonderful destination for families with kids, young professionals and for everyone who value  a convenience and good accessibility of this well developed city. Excellent school system, shopping, restaurants, South Chagrin Reservation Metro Park, movie theater, health facilities, extraordinary Recreation Center - what else should I mention to confirm that Solon well deserved its high ranking among Cleveland suburbs and among the best American places to live?

Thornbury is one of the most desirable developments located on the Eastern border of Solon.

It was built in 2000s and it's comprised of 250 single family and cluster homes. Economically, Thornbury is one of the healthiest developments in whole Greater Cleveland. Back in 2009 I wrote in this blog about Foreclosure and Short Sales opportunities in Thornbury. Where are those days?

Two years after we experience a strong, healthy market in Thornbury of Solon. Only one of sales in 2011 was bank owned.

We currently have 4 active listings, in Thornbury, one under the contract, and it was 12  houses sold in 2011. Sounds like a lack of inventory!

December sales activity was high in Thornbury, too. Four houses sold in December, 2011:

38105 McDowell Dr - sold 12/01/11 for $585,000

38125 Kerrington Way - sold 12/06/11 for $423,000

39700 Patterson Ln - sold 12/28/2011 for $575,000

38710 Flanders Dr - sold 12/30/2011 for $490,000.

Good time to start preparing your house for sale!

Call Svetlana 877-770-5551 x801 to arrange for a confidential price and condition assessment of your house and for discussing a marketing plan for selling your house in Thornbury timely and for a top dollar.

Twinsburg Real Estate. Ethan's Green.

What's Your Neighbor's House Selling for?

Real Estate market in Twinsburg, OH is pretty stable. Although the housing storm somehow hit Twinsburg market, during 2011 it's been doing pretty well.

One of the best planned and the most desirable communities of Greater Cleveland is Ethan's Green development in Twinsburg, OH. Conveniently located on the border of Solon and Cuyahoga County, in the vicinity of major highways, on a wonderful Gleneagles Golf course, Ethan's Green offers a good mixture of well built, yet reasonably priced condominiums, cluster homes and single family houses built in 1990s - 2000s. 

As of 01/03/2012, we have 10 single family and cluster homes offered for sale in Ethan's Green.

It was 21 houses sold in 2011. This ratio of active / Sold listings shows a pretty balanced market. Average sales price for closed homes in Ethan's Green was a little bit over$250,000. It took on average about 100 days to sell the house in Ethan's Green. Sellers received about 96% of the last asking price on their houses, which is a sign of a healthy market.

Market of condominiums sales is tougher than the market for houses, even in more or less well-being Twinsburg Real Estate.  Let's look at the numbers. We have 16 condos currently offered for sale in Ethan's Green. 14 condos sold in 2011, one condominium is under the contract, pending on closing of escrow. Quiet a large inventory to chose from!

It took about 110 days in 2011 to sell the condo in Ethan's Green, however average time on the market for active listings is over 166 days. In many cases we see the substantial price reductions and even bigger discounts on sales prices. It's not the rule, though that the buyers are willing to negotiate over the prices. In few cases we saw the quick sales for full prices. That confirms the rule that in Real Estate price is not the only thing buyers are looking for. It's always a combination of price, condition and good marketing.

In December of 2011 there was four houses and condo sold in Ethan's Green of Twinsburg:

2952 Framingham Ln (condo)  -sold 12/02/11 for a full price of $129,000

2934 Mathers Way - sold 12/02/11 for $250,000

2837 Mathers Way - sold 12/12/11 for $233,000

9962 Jania Way - sold 12/16/11 for $336,000.

Need to sell your home or condo in Twinsburg?

Want to research the best ways how to prepare your property for a quick and profitable sale? Call Svetlana 877-770-5551 x 801. Let me help you assess your needs and desires, and present to you the plan of marketing your property for a quick and the most profitable sale.

Don't hesitate! Call 877-770-5551 x 801 right now!

Solon Real Estate. Chagrin Highlands.

What's Your Neighbor's House Selling For?

This year we decided to start the monthly series "What's your neighbor's house selling for?".

Winter is traditionally not the most convenient time to list your Solon Real Estate or any house or condo in Greater Cleveland for sale. However, this year may be a bit different. We experienced an unusual buyer's activity during few last weeks of 2011. As a result, we don't have enough inventory to satisfy the buyer's demand.

Let's look at Chagring Highlands in Solon OH.

This is traditionally a very popular upscale development that offers a variety of large, well designed and quality built single family homes situated on spacious lots. Part of Chagrin Hihglands has been designated for luxurious cluster homes - Aberdeen Homeowner's Association in Chagrin Highlands offers beautiful one and two storied homes on a smaller lots.

  It was six homes in Chagrin Highlands sold during 2011:

36905 Aberdeen Ln - sold 04/18/11 for $$325,000

38665 Gaelic Glen - sold 04/18/11 for $400,000

6112 Penfield Ln - sold 06/20/11 for $$655,000

6212 Chagrin Highlands Dr - sold 09/15/11 for $430,000

6229 Penfield Ln - sold 12/16/11 for $$265,000

6174 Penfield Ln - sold 12/16/11 for $475,000.

As you can see, two out of six homes closed in December, 2011. Currently we have one home under the contract, pending for closing, and two active listings:

If you own the property in Chagring Highlands of Solon and think about selling it in 2012, please call Svetlana 877-770-5551 x 801. It's a good time to plan your successful selling. One of the most important parts of right planning is the honest and qualified assessment of your needs and of the market attractiveness of your property.

Don't wait too long. Call today! 877-770-5551 x 801.