Ohio City renaissance (Cleveland, Cleveland Heights: apartments, for rent, condo)

[bjimmy24]

Originally Posted by WRnative

I suspect the house described in post 1 easily would sell for over $1 million in German Village.

What I wonder is if Ohio City has emerged as a very desirable urban neighborhood, perhaps as would be indicated if this house even sells for over $600 k. Half a century ago, few, if any, houses in German Village sold for over $100k. Now, persons will put millions into a renovation project. E.g., this project has been completed.

Plan would turn old German Village school into enormous residence | The Columbus Dispatch

Personally I'll take ohio city over German village any day. German village is pretty homogenous and in my opinion quite boring. Sure it's nice though. Ohio City can't fetch prices like that (thank god), hopefully wont. It's just not the nature of Cleveland I think.

[j_ws]

Originally Posted by bjimmy24

But does anyone want that?

I would be shocked if it sold for over 600k.

True. It's still anomalous for the market, but all that needs to happen is one buyer doesn't find it as absurd.

This house on Madison, next to Cleveland Lumber, just sold for 175k after only a few months on the market.
https://www.google.com/maps/@41.4770...7i13312!8i6656

Obviously it's way less than 820k or even 600k, but it does show an example of how far a house can stretch if it's architecturally unique.

Maybe the OC house will sell at a discount of over 50%, but I think there's still potential it'll go for much higher.

[bjimmy24]

Originally Posted by j_ws

True. It's still anomalous for the market, but all that needs to happen is one buyer doesn't find it as absurd.

This house on Madison, next to Cleveland Lumber, just sold for 175k after only a few months on the market.
https://www.google.com/maps/@41.4770...7i13312!8i6656

Obviously it's way less than 820k or even 600k, but it does show an example of how far a house can stretch if it's architecturally unique.

Maybe the OC house will sell at a discount of over 50%, but I think there's still potential it'll go for much higher.

Anyone who might even have tons of money and really like the architecture isn't an idiot though. They know the neighborhood isn't worth that much just by googling home sales in Ohio City for 10 seconds. And there is no shortage of great architecture (which is supposedly the reason to pay this much) in places like Shaker Heights. Only those mansions cost LESS!

[j_ws]

Originally Posted by bjimmy24

Anyone who might even have tons of money and really like the architecture isn't an idiot though. They know the neighborhood isn't worth that much just by googling home sales in Ohio City for 10 seconds. And there is no shortage of great architecture (which is supposedly the reason to pay this much) in places like Shaker Heights. Only those mansions cost LESS!

Not discrediting any of that argument. Just saying that the weird near west side markets aren't alien to some uniquely odd real estate deals, and this house could very well be one of them.

I would argue, though, that Skaker Heights and Ohio City are two vastly different types of neighborhoods for reasons beyond general housing stock. Shaker doesn't have the geographic proximity or some of the concentrated amenities that OC has, especially ones like the area right around this listing.

And obviously, by some metric used to appraise the house, it was determined that there is some level of value in the market despite what the general opinion might be.

[bjimmy24]

Originally Posted by j_ws

Not discrediting any of that argument. Just saying that the weird near west side markets aren't alien to some uniquely odd real estate deals, and this house could very well be one of them.

I would argue, though, that Skaker Heights and Ohio City are two vastly different types of neighborhoods for reasons beyond general housing stock. Shaker doesn't have the geographic proximity or some of the concentrated amenities that OC has, especially ones like the area right around this listing.

And obviously, by some metric used to appraise the house, it was determined that there is some level of value in the market despite what the general opinion might be.

I'm not saying Ohio City isn't great (I'd rather live there than Shaker) but this goes well beyond any reasonable sense of proportion. Is anyone actually willing to overpay by 500k just to live nearby a coffee shop and breweries that everyone has been to and has access to? It's not like they are private breweries in the basement.

14302 Shaker Blvd, Shaker Heights, OH 44120 | MLS #3864867 | Zillow
^ This is right on Shaker Blvd, can see Coventry green line station out the window probably. 0.4 miles to Shaker Square with restaurants like Edwin's, Fire, and the Balaton (some of my favorites in the entire city). Also walking distance to the Shaker Lakes, which Ohio City has no answer to, not even remotely. 350 k!!!!

Or this in Lakewood: 13890 Edgewater Dr, Lakewood, OH 44107 | MLS #3806261 | Zillow
^Still 200k less than the Ohio City place.

I get that it's a cool house in a cool neighborhood. But I don't think it's worth that much to anyone. I see on spot crime.com, there was a motor vehicle theft in the last couple weeks on the same street, actually the same block. In the neighborhood, a few assaults too. Other homes in the area don't even sell for 1/3 the asking price, so obviously the neighborhood isn't worth 500k to anyone else, if that's what they think is gonna be the breaking point. Like I say, the architecture can be found elsewhere. That's why I think they'd be very fortunate to sell for like 600k.

But hey, I hope they make a lot of money. They did great restoration work and the neighborhood is fun.

[WRnative]

The glut of great homes selling below replacement cost in Shaker Hts., Cleveland Hts., Lakewood, etc., probably does put a ceiling on the value of Ohio City properties. I don't see similar competition in Columbus for German Village, especially given the great mass transit connections in Shaker Hts. and now even Lakewood with Cleveland's newest bus rapid.

It's probably easier and safer to get downtown or the Market District by rail rapid from many Shaker Hts. mansions than to take mass transit from the Ohio City mansion listed in post 1 downtown.

[JR_C]

I'm not a real estate professional, but if you look at the $/SF of other properties currently for sale, and properties that have recently sold, the asking price for the house in the OP isn't that out of line.

[dr_j_planning]

This property (3101 Clinton Avenue, Cleveland OH 44113) sold on June 27, 2017, for $725,000. The purchasers are both physicians (surgeons), one at Cleveland Clinic and one at University Hospitals (UH).

[C-rob2727]

Four rehabs sold near my house on w57th from between 304k-600k in June. Real estate is getting crazy on the near westside.

[Minervah]

Originally Posted by JR_C

I'm not a real estate professional, but if you look at the $/SF of other properties currently for sale, and properties that have recently sold, the asking price for the house in the OP isn't that out of line.

For sure. Find someone wanting to relocate from the West Coast and they'll think that's a pittance for so much house.