An interesting situation is brewing in the Cleveland
large number of properties up for foreclosure has caused home prices in general
to sink to lower levels. This early in 2008, a number of banks and lending
institutions have already begun to unload properties at incredibly low prices.
In fact, the current median home sale prices in the city has fallen to 75
percent. In comparison, the median prices in the first six months of 2007
ranged from around $62,000 to $15,500.
Some of the areas in real estate Cleveland that have seen
steep declines in the prices of homes are Maple Heights, Garfield Heights,
Euclid, Bedford Heights, Warrensville Heights, East Cleveland, Cleveland
Heights and South Euclid. These communities have been experiencing
unprecedented foreclosure rates in recent years.
Around forty percent of the single-family residential Cleveland West Side
properties sold in
in 2008 were bought for less than $10,000. In addition, only 27 percent of these
types of homes sold for more than $50,000, with more than 60 percent of those
located on the
Most of the people looking to buy and sell properties in Cleveland San Jose California Rapid , South Dakota Cleveland
speculators and companies from out-of-town that are aiming to make quick
profits on the city’s plentiful supply of homes in need of repair or more
extensive rehabilitation. Two of these companies are Stonecrest Investments
operating out of
and Blue Spruce Entities operating out of
City
These two companies in particular have been some of the most prominent buyers
and sellers of real estate property in
in the past year. Stonecrest actually bought 62 single-family properties in
2008 at the average price of just a little more than $1,500.
Blue Spruce Entities for Cleveland East Cleveland California
its part began purchasing homes in
beginning in early 2007. The company has since sold 35 single-family
residential properties for an average price of a little less than $1,200. Many
of Blue Spruce’s acquisitions have been sold to TSE Properties LLC operating
out of
If you were to look at the real estate figures, the numbers Cleveland
by themselves would make it seem as of the housing market in
fall way below the past levels. There are many in the industry who feel however
that things are not as bad as the numbers would indicate. Certain research and
county property records show for example that most of the sales of property
activity in the city are of homes that are due for foreclosure. Property owners
who have equity in their homes on the other hand are mostly waiting for the
housing market to experience an upturn.
In fact a few lending institutions have begun to develop
programs that will allow borrowers to combine the purchase price and repair
costs of their homes into a single loan. These programs are a boon to
first-time property buyers and people who are willing to put in the work to
repair their homes.
Well Ephren, I was drawn to this article specifically because my husband is working in Cleveland consulting for the water company. I wasn’t aware that prices were so low, although I had seen some homes with foreclosure signs advertising $29K and lower. It’s very interesting and inspiring what you’re doing.Allison
Well Ephren, I was drawn to this article specifically because my husband is working in Cleveland consulting for the water company. I wasn’t aware that prices were so low, although I had seen some homes with foreclosure signs advertising $29K and lower. It’s very interesting and inspiring what you’re doing.Allison
We just picked up some homes for as low as $600.00!
Very nice post I love your blog carry on the great posts