Solon Real Estate- Bi-Monthly Marketing Report February 2009

After seeing the snowiest month on record in January, with relatively strong sales, the weather has been a non-factor here in February. The warmer weather has had little effect so far, as market activity has tapered off a bit, but we are only half way through the month.

At the midway point here in February, 9 homes have gone under contract and 5 homes have officially sold. Here is a list of all homes that recently went under contract along with their final list price.

6711 Edgemoor Ave $139,900
5650 Emerald Ridge $140,000
36092 Derby Downs $269,900
6123 Concord Ct $274,500
33860 Countryview $314,900
34392 Summerset $344,900
32765 Shadowbrook $439,500
7593 Royal Portrush $535,000
6709 Winston Lane $589,900

Summary: With so much uncertainty in the market, there are still a lot of buyers on the sidelines just waiting for a signal to buy. The recently enacted stimulus package, with an $8000 tax credit for first-time buyers,  is supposed to help over 300,000 people purchase a home in 2009. It may end up being just the right catalyst to get people to buy, which in turn will help home sellers and move up buyers as well. Overall, winter months can be a little slower in terms of real estate sales, but the serious buyers are always out looking and finding some very good deals.

Let’s look closely at some of the homes that recently went under contract. The homes on Edgemoor, Derby Downs, Countryview, and Winston were all either bank owned or distressed properties. That equates to almost one-half of all sales so far in the month of February. These homes are most likely priced much lower than other homes in the neighborhood giving the buyers a great opportunity to gain instant equity. The trend over the last few months has seen quite a few bank owned homes being sold, with few bank owned homes coming on the market to replace them. Whether this is an indication of a bottom in the housing market is yet to be determined.

Two of the homes under contract are also considered to be luxury homesas they are priced over $500,000, Royal Portrush is a new construction home and was at one time priced well above $600,000. Winston Lane was also priced above $600,000 and is a very nice home located in the Thornbury Subdivison. Buyers are no doubt seeing great opportunities to buy here in Solon, especially in the luxury market.

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If you are looking to buy or sell a home in BeachwoodMoreland HillsOrange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact us as we would be happy to show you why people love working with the Schuman Team.

Dan and Amy Schuman are Solon residents. We use our home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and our listings sold in less than 60 days. The Schuman Team specializes in luxury homes and are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market. We also work extensively with buyers and sellers who are relocating in or out of the area.

To see all homes currently on the market in the Cleveland area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

 

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