Solon Ohio Real Estate: Luxury Home Marketing Report Feb. 2009

LUXURY HOME MARKETING REPORT JAN/FEB 2009 

Luxury Home

 

The Solon Ohio luxury real estate market has been somewhat active during the first 60 days of 2009. Luxury homes in the Cleveland metropolitan area are defined as those selling for over $500,000. Thus far, 5 luxury homes have officially sold this year in Solon. This is equal to the number of homes that sold during the first 60 days of 2008 as well. However, there is a slight trend this year compared to 2008. Here is a comparison:

  

 

  

  Ave. Sale Price Ave. Price Sq./Ft Ave. Market Time
2009 $592,400 $130,92 227
2008 $700,200 $158.99 161

 

SUMMARY: Even though we are even with last years figures in terms of number of sales, the average sale price of a luxury home here in Solon is lower than at the same time last year. The reason for this is that 4 out of 5 of the sales have been either bank owned or short-sale properties.

At this point, there is no need to be alarmed as we are only two months into the year. Statistics can be somewhat skewed with such a small number of homes being used in this report. Since we are expecting 40-50 luxury home sales in Solon in 2009, the number of bank owned or distressed properties should be low enough that it won’t have a great overall affect on end of the year statistics. The positive news is that luxury homes in Solon are selling.

 

Here is a list of all luxury homes sold so far this year in Solon: 

SOLDS JAN/FEB 2009  Sale Price
   
7401 Vahalla Dr $529,000
6709 Winston Lane $560,000
6749 Winston Lane $570,000
7387 Vahalla Dr $600,000
7508 Prairie Dunes Ct $703,000

 

Note: These homes were all located in the popular luxury home subdivisions of Thornbury and Signature of Solon. For more information on these neighborhoods or on Solon bank owned homes, please click below:

Real Estate in Cleveland’s Eastern Suburbs: Thornbury of Solon

Real Estate in Cleveland’s Eastern Suburbs: Signature of Solon – Luxury Gated Golf Course Community

Real Estate in Cleveland’s Eastern Suburbs: Solon Bank Owned Properties

 

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About The Authors:

Dan and Amy Schuman are Solon OH residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

For Ohio and Solon OH real estate and homes see Solon real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

VIEW ALL SOLON OH HOMES FOR SALE BY CLICKING BELOW

 

search all solon homes for sale

 

CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Solon Ohio Real Estate: Luxury Home Marketing Report Reb. 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©2009

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