Shaker Square 2011 (Cleveland, Shaker Heights, University Heights: sale, real estate market, foreclosure)

[NannoBee]

I am a single girl looking to buy a house in Shaker Square/Larchmere neighborhood (NW of the square. Question: Is it safe for a single gal like myself and what about resale? I have a car but will be using public transportation to take me to work (so I will be walking from rapid/bus stop) and the resale question was asked because I noticed that everything on the market today in Shaker has basically been on the market since summer. I plan on staying there at least 5+ years but don't want to buy if houses don't move (if you get my drift). I know there are a few forums on this subject but they are old; I want to know what it is like now in 2011. Thanks guys!

Just to clarify: I am not talking about Shaker Heights just the Square.

[Na zdrowie]

Originally Posted by NannoBee

I am a single girl looking to buy a house in Shaker Square/Larchmere neighborhood (NW of the square. Question: Is it safe for a single gal like myself and what about resale? I have a car but will be using public transportation to take me to work (so I will be walking from rapid/bus stop) and the resale question was asked because I noticed that everything on the market today in Shaker has basically been on the market since summer. I plan on staying there at least 5+ years but don't want to buy if houses don't move (if you get my drift). I know there are a few forums on this subject but they are old; I want to know what it is like now in 2011. Thanks guys!

Just to clarify: I am not talking about Shaker Heights just the Square.

I think the Larchmere area is a good investment. Besides being close to Shaker Square, it's maintained a good mix of businesses with some new restaurants and cafes opening recently, and you have access to the rapid lines as you mentioned. There are also new developments (school, library, single family houses) on the western edge of the neighborhood (around E.116) which is good for the overall area.

It's tough to predict what the next five years will look like with housing values in most U.S. cities stagnating or still declining. As far as safety, everyone has a different reaction to places - my advice would be to drive and walk around at different days and times to get a feel for the area.

[costello_musicman]

^ good advice.

IMO Larchmere is a street that is on the rise.

Shaker Square is attractive because it has the rapid stop.

One important thing to remember is that Shaker Square area, although part of Cleveland city, falls within the Shaker Hts school district, which means your property values will retain a higher value over time.

[NannoBee]

"One important thing to remember is that Shaker Square area, although part of Cleveland city, falls within the Shaker Hts school district, which means your property values will retain a higher value over time."

Actually, that NW corner of Shaker Square does not fall in the Shaker Heights school district. I looked it up on the SH school system....they are VERY strict as to who can go and if you don't fall in the perimeters (which I don't think I would) you can't go there. However, there is a very good charter school (Intergenerational) in the square that is supposed to be one of the best charters in the country. At least it was....

Thanks everyone for your responses.

[Na zdrowie]

Originally Posted by NannoBee

Actually, that NW corner of Shaker Square does not fall in the Shaker Heights school district. I looked it up on the SH school system....they are VERY strict as to who can go and if you don't fall in the perimeters (which I don't think I would) you can't go there. However, there is a very good charter school (Intergenerational) in the square that is supposed to be one of the best charters in the country. At least it was....

Thanks everyone for your responses.

I think there are 2 or 3 streets north of Larchmere in the northeast section of the neighborhood that are actually within Shaker city limits. I don't know exactly where the line is, but I'm assuming these streets would be within the Shaker school district since they're inside city limits (?).

[lemur_lass]

I can't comment on this Shaker Area in particular, but I have been watching the real estate market very closely in Cleveland and University Heights. Properties in good condition, priced right (from the get-go), sell relatively fast. I sometimes can't even get into to see the house before it has an offer on it! There are just soooo many overpriced, tired homes that are sitting forever on the market. From looking at the property records, many of these overpriced homes are from sellers who bought at the top of the market and trying to recoup as much as they can.
As long as you don't buy for more than it is worth, you should be fine. But then again, you never know exactly with real estate markets.

[costello_musicman]

^Cleveland Metro had the highest property value increase in the Nation again:

Home prices in Providence metro area climbed during the last 4 months - PBN.com - Providence Business News

"Topping the company’s Home Data Index was the Cleveland, Ohio, metro area where the index increased by 8.1 percent.
Nationally, prices slipped 1.6 percent. But Clear Capital said that U.S. home prices stopped declining in early January and rose for the first time since mid-August 2010."

[NannoBee]

New development....the house I was interested had the electrical and hot water stolen (the property is not a foreclosure but the owner has not lived there since last spring). Owner has lowered price and I talked to bank about rehab loan so that's taken care of. However, now I am reconsidering the area. Is this happening everywhere there is a vacant house or is Shaker Square not-safe?

BTW, that is interesting about the "good" houses going fast in other areas. I am only looking for <$50 houses in Shaker Square and everything there has been on the market since the summer ( and I am not exagerrating- almost every house on the market in Larchmere/Shaker Square has been on the market for over 6 months). Maybe I should wait one more year, look at finances, and see if I can increase my max price and buy in the Heights or something.

[Na zdrowie]

Originally Posted by NannoBee

New development....the house I was interested had the electrical and hot water stolen (the property is not a foreclosure but the owner has not lived there since last spring). Owner has lowered price and I talked to bank about rehab loan so that's taken care of. However, now I am reconsidering the area. Is this happening everywhere there is a vacant house or is Shaker Square not-safe?

BTW, that is interesting about the "good" houses going fast in other areas. I am only looking for <$50 houses in Shaker Square and everything there has been on the market since the summer ( and I am not exagerrating- almost every house on the market in Larchmere/Shaker Square has been on the market for over 6 months). Maybe I should wait one more year, look at finances, and see if I can increase my max price and buy in the Heights or something.

That's a bummer, but I wouldn't base any decision on the scrappers alone. This is unfortunately happening (and not just in Cleveland) more and more and not just in the "bad" neighborhoods.

There could be a glut of properties right now around Shaker Square (I don't know if there is or isn't), but it's not unusual at all lately for properties to be on the market for 6 months or more, and that goes for cities all over the country. Other than that, you're just going to have to go with your gut - what kind of neighborhood you want to live in, and what you want to pay. I think Larchmere is a good investment, but whether you'll see what you want in five years in terms of resale value I can't say.

If I were you, I'd use the incident as an excuse to negotiate an even lower sale price, but I'm not you. Good luck with your decision.

[shakeababy]

sounds like a good neighborhood to live in, even for a single gal. 15min. on the rapid to downtown!

yes, there are a few streets north of larchmere that are in shaker.