Monthly Archives: October 2009

Cleveland Ohio Homes – First Time Buyer Credit Extention Defined But Not Finalized

Cleveland Ohio Homes – First Time Buyer Credit Extension Defined But Not Finalized

With the first time buyer credit about to expire on Dec. 1, 2009, senate negotiators have reached a deal to extend the tax credit. However, this is only a tentative deal and has NOT been finalized. Here are details of the proposed extension that could greatly affect first time buyers in Cleveland as well as move-up buyers:

*     Extending the existing credit to first-time buyers through July 1, 2010, but homes must be under contract by April 30, 2010

*     Offering a new credit of up to $6500 for existing homeowners who have been in their current home for a consecutive 5 year period in the past 8 years

*     Increasing income limits from $75,000 to $125,000 for singles and from $150,000 to $250,000 for couples

*     Possible change in the way buyers report their purchase to the IRS due to fraud and abuse currently being reported

This extension is being discussed in order to better boost the weakened real estate market. While there have been signs of recovery in the housing market over the past few months, legislators are concerned by the recently report of a decrease in September new home sales.

Please keep in mind that this has NOT yet been approved by the Senate. First-time buyers here in Cleveland who are racing to make the current November 30, 2009 deadline should continue to move forward with their plans as the extension may not materialize or could become significantly changed from the present proposal.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans service both the East and West sides of Cleveland and have worked with numerous professional athletes, business owners, and executives who are relocating to Cleveland. They specialize in the Cleveland Ohio luxury home market and also enjoy working with first-time buyers as well.

If you are looking to buy or sell Cleveland real estate, including the surrounding suburbs, please contact the Schuman Team at 216-346-3235. 

SEE ALL CLEVELAND AREA HOMES FOR SALE BY CLICKING BELOW:

view all Cleveland luxury homes

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Cleveland Ohio Homes – First Time Buyer Credit Extension Defined But Not Finalized is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct 2009   

Buying A Home In Cleveland – Where To Buy, East Side or West Side?

Buying A Home In Cleveland – Where To Buy, East Side or West Side?

East side or West side?

If you are relocating to Cleveland and don’t know the area, it can be difficult to figure out where to buy a home. The last thing you want to do when buying a home in Cleveland is rush into buying in a location that you will later find to be less than ideal. Many people relocate here and make the mistake of buying without giving a lot of thought to location. This article will discuss the importance of location and some key things to consider before buying.

To begin, Cleveland is geographically divided by a major highway that runs North and South ( I77) and unless you work and live downtown, you will be either to the East or West of this interstate. Therefore, you are known as either an “East Sider” or “West Sider”.  It is a strange phenomenon that we first encountered when we relocated here from Washington, D.C. 14 years ago. 

There seems to be a mental barrier here in that people are reluctant to cross into the East or West sides very often. The main reason is that most people from Cleveland don’t like to drive more than 20 minutes to get somewhere. While those relocating to Cleveland from larger cities, like we did, are used to spending a lot of time in their car to get places, native Clevelanders are not. Although it doesn’t take more than 20-30 minutes to get from the suburbs of one side to the other, people here just don’t like to venture to the “other side” very often. Knowing this may help you decide where to live when relocating to Cleveland.

Whether you look East or West, here are some factors to consider when determining where to begin your Cleveland home search:

1. Location of work – You may want to at least consider searching for a home on the same side of town as your work place. Downtown and central locations such as Independence allow easy access to both sides of town.

2. Location of friends and family – Many buyers want to live near their major sphere and if your family and friends all live on the East side, moving to the West side may not be ideal if you plan to see them a lot.

3. Schools – A buyer who wants their child or children in a certain school district will need to buy a home within that specific area. A buyer who is considering one of the many private schools in the area does not have such geographical restrictions but the drive time from home to the school should be a consideration.

4. Desire for waterfront property – For those buyers seeking a waterfront home, Cleveland offers spectacular choices on both the East and West sides, although there are more waterfront homes on the West side.

5. Desire for a luxury home – There are luxury home communities on both the east and west sides although styles and features do differ.

The reality is that there are many wonderful areas to live in Cleveland, but your location will end up determining where you spend most of your time and who you see most often.

If you are relocating to Cleveland, think about these things before you buy. A good local real estate agent will be able to educate you on the different areas of Cleveland and help you find an area suitable for your needs.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans service both the East and West sides of Cleveland and have worked with numerous professional athletes, business owners, and executives who are relocating to Cleveland. They specialize in the Cleveland Ohio luxury home market.

If you are looking to buy or sell Cleveland real estate, including the surrounding suburbs, please contact the Schuman Team at 216-346-3235. 

SEE ALL CLEVELAND AREA HOMES FOR SALE BY CLICKING BELOW:

view all Cleveland luxury homes

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Buying A Home In Cleveland – Where To Buy, East Side or West Side? is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct 2009   

Solon Short Sales

Solon Short Sales

solon short sales

Over the past few years, we have had numerous calls from buyers looking to buy a home in Solon and wanting a deal. They often mention their interest in bank owned and short sale homes. This post is for those who are looking to buy a home in Solon and are especially interested in Solon short sales but would like to learn a little more about what the process entails and where to find these particular homes. We have used the popular question and answer format in this post.

IS THERE A DIFFERENCE BETWEEN SHORT SALES AND BANK OWNED HOMES?

Bank owned homes and properties going through the short sale process are very different. If you are interested in a bank owned home, we can certainly assist you in finding them and walking you through the process as we have had a lot of experience in Solon banked owned homes. In fact, we covered this topic in great detail earlier in the year and highly recommend you reading “Cleveland Real Estate: Buying A Bank Owned Home, The Good, The Bad, and The Reality. This article will give you a very good foundation on the topic of buying a bank owned home.

In this particular post, we will focus on the short sale process and particular Solon short sales.

WHAT IS A SHORT SALE?

One of the popular definitions of a short sale is “the sale of real estate where the proceeds from the sale are not enough to cover the entire mortgage balance owed, thus causing a shortage.”  For example, let’s say a homeowner owes $450,000 on a loan, yet the home could only sell for $400,000 on the open market. A seller in this situation is going to be “short” on funds and has a few options:

1. Sell the home and bring money to the closing table that will satisfy the shortage. In this case, approximately $50,000. 

2. Let the property go into foreclosure

3. Negotiate a short sale with the mortgage holder ( s ), getting them to accept less then is owed 

Since most people don’t have the funds to bring to the table, sellers typically concentrate on the other two options. While walking away from a home and allowing the bank to simply foreclose may seem like an easy way out of a tough situation, many sellers consider #3 as the best option. 

WHY WOULD A SELLER WANT TO SELL THEIR HOME THROUGH A SHORT-SALE?

Settling with the bank prior to foreclosure can help a seller avoid having a foreclosure on their credit. In addition, if the bank has to foreclose and take a loss, this monetary loss could be pursued by the bank in terms of a deficiency judgment. In other words, if the bank takes a $50,000 loss, as in the above example, they could come after the seller for that money at some point in the future. The thought of this judgment hanging over their heads is enough to motivate many sellers to try to negotiate with the bank up front and avoid the foreclosure process.

WHY WOULD A BANK WANT TO SETTLE INSTEAD OF FORECLOSING?

A bank will settle up front rather than foreclose if they think it makes sense financially. While there is often emotion involved on the sellers end, the bank or lender just looks at the dollars and sense. They simply must answer one basic question: Will they be better off settling for less than is owed and cutting their losses, or would going through the foreclosure process net them more money?

In the past few years, most banks were content to foreclose as they assumed they would sell the home and recoup their money. Today, financial institutions are a little more realistic. Given the current financial climate, more and more lenders are open to settling with the sellers and allowing them to sell their home as a short sale.

The foreclosure process is very expensive for a bank, and avoiding this often makes more sense. Also, during the short sale process, the owner often still lives in the property. This means basic maintenance is being done on the home, which in this case, is the bank’s asset. If the home goes through foreclosure, the home could sit vacant for months or even years, leaving the bank with a devalued asset, often in need of costly repairs.

When all is said and done, taking a loss up front may be better than taking a bigger loss after foreclosure.

HOW LONG DOES THE SHORT-SALE PROCESS TAKE?

There is really no defined time frame for a short-sale as it depends on a variety of factors. Some can close in 60 days while others can take 6 months or longer. Some banks and lenders are easier to work with than others, so finding out who holds the mortgage (s ) is important. It is also critical that the seller has the proper team assembled to navigate them through the extensive and often frustrating process of negotiating a short sale with the bank. If the agent listing the short sale property is experienced in doing short sales or if they have a professional negotiator working on their behalf, the process can move along quickly. If the listing agent does not have experience with the process, things could take a very long time.

A short sale that has already been negotiated can close relatively quickly and is ideal for those in a hurry to close. Your agent can assist you with finding the short sale status of homes.

WHERE CAN A BUYER FIND SHORT SALE HOMES?

Working with an agent who can send you listings through their Multiple Listing Service ( MLS ) is the best way to get accurate information regarding short sales. In order for a bank to consider agreeing to a short sale, they must see that the home is actively being marketed by a real estate agent. In fact, the listing agreement is one of several documents that banks require to see prior to agreeing to a short sale. Therefore, all short sales are listed by real estate agents, and the MLS is the most accurate database of homes here in the Cleveland real estate market.

CAN’T I JUST BUY A LIST OF BANK OWNED AND SHORT SALE HOMES?

Some consumers will buy lists of bank owned and short sale properties, but these are not always accurate. List companies don’t have access to any special information. They are merely reselling public information to consumers for a fee. Some of these companies also give outdated information. The real estate database of homes found in the MLS is the most accurate and current database available.

CAN ANY AGENT HELP ME WITH BUYING A SHORT SALE?

Yes, any licensed agent in the state of Ohio can assist you with buying a short sale property. However, you may want to make sure the agent you choose has experience with short sales as these transactions can be complicated.

Also, keep in mind that the listing agent, the agent that is selling the home and representing the seller, does not represent you. Therefore, it may make sense to have your own buyer’s agent so you can have someone represent your interests. Since the seller pays the real estate commission, you don’t have to pay a buyer’s agent to get your own representation.

CAN’T I JUST WORK DIRECTLY WITH THE LISTING AGENT?

A buyer certainly has that right to do that here in Ohio, but it is important to understand that a listing agent cannot  represent only you as they represent the seller. A qualified agent can sit down with you to dicuss Ohio agency laws and how it pertains to you as a buyer. Remember, buying a home, whether it is a short sale, bank owned, or traditional transaction, is major financial commitment. Therefore, you should become familiar with your rights as a consumer regarding a home purchase. 

 

While short sales may present a great opportunity to get a good price on a home, there are other ways to get a deal as well. Sitting down with an experienced real estate agent will help you determine all the options available to you. 

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in luxury homes, working with buyers relocating to Solon, and buyers looking to buy distressed properties in Solon.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

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

VIEW ALL SOLON HOMES FOR SALE BY CLICKING BELOW

 

search all solon homes for sale

 

CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

* Please note that the Schuman Team, Amy and Dan Schuman, are licensed real estate agents in the State of Ohio but are NOT licensed to practice law. We want to be clear that while a real estate agent can assist with a buyer and seller during the real estate transaction, the process, especially buying a short sale or bank owned home can be more complicated than a traditional transaction. Therefore, we welcome consumers to seek the advice of a qualified real estate attorney prior to signing any legal documents.

Solon Short Sales is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009

Cleveland Real Estate – Local Agent Receives “Green” Designation

Cleveland Real Estate – Local Agent Receives “Green” Designation

cleveland green real estate agent

The Schuman Team, Keller Williams Realty Greater Cleveland, would like to congratulate Amy Schuman, a veteran of Cleveland real estate, for earning the Ecobroker® designation, the premiere green home designation for real estate professionals.

EcoBroker® is the first and largest green real estate training and communications program in the world. Agents who have earned this prestigious designation assist clients in their pursuit of properties that provide affordability, comfort and a healthier environment (reducing carbon footprints).

In order to earn the EcoBroker® Designation, real estate agents must fulfill a rigid set of requirements including completion of a very intense energy, environmental, and marketing training program. Amy Schuman is one of only 6 agents in Ohio to have earned this very coveted designation.

Working with an Ecobroker® can be a tremendous help for those buying and selling Cleveland real estate, including access to over 35,000 green businesses that are affiliated with the Ecobroker® program. Here are just a few additional benefits of working with an agent who is Ecobroker® Certified:

BENEFITS FOR BUYERS

*  Work with an agent who is knowledgeable about energy efficiency and cares about the environment.

*  Make your new home a healthy environment.

*  Complete cost-saving energy upgrades.

*  Make an investment in a green home.

BENEFITS FOR SELLERS

*  Sell for more money and faster.

*  An Ecobroker® can help market affordability and environmentally-sensitive features of a home.

*  Assist in efforts to appeal to today’s green home buyer.

*  Help make pre-sale improvements that will help you sell in today’s market.

Amy Schuman, along with her husband Dan, operate and manage The Schuman Team, Keller Williams Realty Greater Cleveland. They are both also founding members of the prestigious Luxury Home Consultants of Keller Williams Realty Greater Cleveland.  Keller Williams Realty is currently the third largest real estate franchise organization in the US with over 73,000 agents and 600 offices located throughout North America.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans have worked with numerous professional athletes, business owners, and relocating executives and specialize in the Cleveland Ohio luxury home market.

If you are looking to buy or sell Cleveland real estate, including the surrounding suburbs, please contact the Schuman Team at 216-346-3235. 

SEE ALL CLEVELAND AREA HOMES FOR SALE BY CLICKING BELOW:

view all Cleveland luxury homes

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Cleveland Real Estate –Local Agent Receives “Green” Designation is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct 2009  

Pepper Pike Home Statistics

PEPPER PIKE HOME STATISTICS

Here is an unofficial list of all home sales during the third quarter of 2009 in Pepper Pike, Ohio. A summary with a state of the market will follow.

 

28099 Fairmount Blvd $140,000
2467 Windy Hill Dr $150,000
2461 Windy Hill Dr $160,000
3013 Brainard Rd $165,000
31999 Pinetree Rd $188,000
2891 Alvord Place $189,000
28888 Shaker Blvd $225,000
3085 Lander $235,000
29349 Bryce Rd $250,000
28575 Settlers Ln $299,900
2907 Alvord Place $300,000
29499 Gates Mills Blvd $330,000
30575 Brookwood Dr $336,000
30900 Gates Mills Blvd $357,500
16 Pepper Ridge Rd $480,000
31159 Shaker Blvd $500,000
5100 Muirfield Dr $515,000
5 Laurel Hill Ln $560,000
31339 Shaker Blvd $615,000
33349 Fairmount $675,000

 

SUMMARY

Third quarter sales of Pepper Pike real estate here in 2009 are similar to those of 2008. In the third quarter of 2009, we have had 20 home sales at an average sales price of $333,520. Last year we had 17 homes sell during the third quarter at an average price of $399,232.

Year to date figures in terms of number of sales are similar as well. So far this year there have been 52 homes sell at an average price of $373,403. During the same time period in 2008, there were 54 sales at an average price of $459,337. 

While these Pepper Pike home statistics indicate similar buyer activity to last year in terms of number of sales, the average home price is significantly lower this year compared to 2008. The main reason is that there have been more sales of bank owned homes in Pepper Pike and other distressed sales in the under $250,000 range. In addition, there have been less home sales in the luxury home range, that being over $500,000. Last year through three quarters, we had a total of 7 home sales of $250,000 or less. This year so far, we have had 17 home sales of $250,000 or less. In addition, there have been only 3 sales this year over $750,000 where last year through three quarters we had 7.  

Pepper Pike real estate is still regarded as highly desirable. Thanks to the excellent rated Orange School District, great location, and picturesque wooded lots not found in many other area suburbs, homes in Pepper Pike are still sought out by local buyers and those relocating to Cleveland as well. 

As the Pepper Pike home statistics indicate, there are more lower end homes selling, bringing about a great opportunity for first-time buyers and bargain hunters. Overall, homes are still selling, although homes that are updated and priced well will sell quicker than those that are not. The sales of higher-end homes, especially those over $750,000, probably will not pick up until the economy shows more signs of improvement, thus keeping the average sales price lower than we have seen in recent years.  

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty.The Schumans are experts in the Cleveland Ohio real estate market and specialize in luxury homes, home staging, and working with buyers relocating to Cleveland.

If you are looking to buy or sell a home in  Pepper Pike or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235. 

VIEW ALL PEPPER PIKE HOMES FOR SALE BY CLICKING BELOW:

search all orange homes here

SEE ALL CLEVELAND AREA HOMES FOR SALE

 

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Pepper Pike Home Statistics is is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009   

Orange Home Statistics

Orange Home Statistics

 

Orange Village Gazebo

Here is an unofficial list of all home sales during the third quarter of 2009 in Orange Village, Ohio. A summary with a state of the market will follow.

 

4970 Lander Rd $87,500
3956 Brainard Rd  $109,900
29199 N Hilltop Rd  $161,000
28849 Orange Meadow Ln $177,500
28739 Orangewood Dr  $225,000
4189 Brainard Road $230,000
54 W Stonebrooke Dr  $230,000
29749 Orangewood Dr  $287,000
3942 White Oak Trl  $295,000
3835-3 Acorn Trl  $310,000
3917 W Meadow Ln  $348,000
3850 Beechmont Oval  $375,000
125 Orange Tree Dr  $525,000

 

SUMMARY

Overall, homes sales in Orange in 2009 are similar to those of 2008. In the third quarter of 2009, we had 13 homes sell at an average sales price of $258,531. Last year we had 15 homes sell during the third quarter at an average price of $311,590.

Year to date figures in terms of number of sales is similar as well. So far this year there have seen 25 homes sell at an average price of $273,700. During the same time period in 2008, there were 29 sales at an average price of $312,183. 

While these Orange home statistics indicate similar buyer activity to last year in terms of sales, the average home price is significantly lower this year compared to 2008. The main reason is that there are a few more bank owned home in Orange or distressed sales in the under $200,000 range, and less home sales in the luxury home range, that being over $500,000. Considering that Orange Village is such a small area and does not have a lot of homes that transfer in any given year, the statistics can often be skewed by even a few extra lower end properties selling.

Orange is still a community in high demand as the location, excellent rated school district, and amenities are sought out by local buyers. Homes in good condition that are priced well will still sell. Bank owned homes in Orange and surrounding areas will continue to show up in the marketplace over the next few years, keeping the average home price lower than they have been in previous years. However, once the economy picks up, there will be more higher end sales, thus helping to neutralize the lower numbers caused by distressed properties.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty.The Schumans are experts in the Cleveland Ohio real estate market and specialize in luxury homes, home staging, and working with buyers relocating to Cleveland.

If you are looking to buy or sell a home in  Orange or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235. 

VIEW ALL ORANGE HOMES FOR SALE BY CLICKING BELOW:

search all orange homes here

SEE ALL CLEVELAND AREA HOMES FOR SALE

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

Orange Home Statistics is is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009   

Hiram House Camp Pumpkin Festival

Hiram House Camp Pumpkin Festival

What – Festival – Fun for all ages

When – This Sunday October 11th, 2009 from 10am – 5pm

Where – Hiram House Camp – You must park at Orange Schools on Chagrin Blvd. There will be a FREE shuttle service that will take you to the camp.

Hiram House Camp, Ohio’s oldest camp, will be having their annual fall PUMPKIN FESTIVAL this Sunday. This is always one of the most popular local fall events and attracts families from all over Northeast Ohio. There will be games, pets, crafts and more. In fact, here is a list of activities you can expect:

 

Hiram House Pumpkin Festival

 

   Petting Farm

Hay Rides

Kids Craft Corner

Candle Dipping

Face Painting

Petting Farm

Haunted Maze

Food and Refreshments

 

 

Admission is $4 for adults, $3 for children under 12, and children under 2 are FREE. Some activities do require an additional minimal charge as well.

All proceeds benefit Hiram House Campership Fund.

To learn more about Hiram House Camp, click here.

For more detailed information about the Hiram House Camp Pumpkin Festival, click here.

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans have worked with numerous professional athletes, business owners, and relocating executives and specialize in the Eastern suburbs and Cleveland Ohio luxury home market.

If you are looking to buy or sell a home in the Cleveland area, please contact the Schuman Team at 216-346-3235. 

VIEW ALL CLEVELAND AREA  HOMES FOR SALE BY CLICKING BELOW:

view all area homes

CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE


 

Hiram House Camp Pumpkin Festival is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009   

Beachwood Home Statistics

Beachwood Home Statistics

 Beachwood Home Statistics

 

Here is a list of all single family homes that sold during the third quarter of 2009. A market summary will follow.

3204 Sulgrave Rd  $135,000
26117 N Woodland  $146,500
23818 E Baintree $147,500
24111 E Groveland Rd  $166,000
3597 Beacon Dr  $186,000
23705 E Silsby Rd  $201,000
2627 Edgewood Rd  $205,000
2574 Edgewood Rd  $217,000
2556 Elmhurst Dr  $218,700
21911 Halworth Rd  $220,000
2790 Richmond  $221,000
2178 Cedarview Dr  $254,000
24430 Shaker Blvd  $255,000
2654 Ramsay Rd  $259,000
24950 Hilltop Dr  $264,700
25916 Hendon  $280,000
24400 Shaker Blvd  $285,000
25275 Shaker Blvd  $342,256
23109 Greenlawn Ave $345,000
25224 Cardington Dr  $372,500
26550 Bernwood Rd  $455,000
2532 Fairwood Glen $470,000
2509 Fairwood Ct  $535,000
25050 Twickenham  $555,500
2255 Halcyon Rd  $650,000

MARKET ANALYSIS AND SUMMARY

The Beachwood real estate market is holding its own in 2009. Despite negative market conditions throughout the country and in many areas in Northeast Ohio, the third quarter and year to date Beachwood home statistics look fairly decent.

Overall, we had 25 single family homes sell during the third quarter in 2009 compared to 24 home sales during the same period in 2008. The average sales price was also higher this year, $295,466 compared to $287,131 in 2008.  Adding in condos, which are somewhat prevalent in Beachwood, the numbers are still similar. There were total sales of 33 during the third quarter this year compared to 35 during the third quarter last year. The average sales price was still higher in 2009, $280,126 to $274,090 last year.

Year to date figures are similar as well. So far, Beachwood has had a total of 85 home sales at an average price of $254,851. Through three quarters of 2008, we saw 76 home sales at an average price of $264,881.

With a solid tax base, excellent rated schools, an active Chamber of Commerce, and limited housing stock, Beachwood real estate is usually in demand. The Beachwood community offers ideal location with easy access to I271, great amenities, and a moderately priced housing stock. The large depreciation seen in other areas has not hit Beachwood, according to our Beachwood home statistics.

With 20 homes currently under contract, many due to transfer before the end of the year, sales figures in 2009 should end up higher than the previous year. For someone looking to buy or sell real estate in Beachwood, there should be peace of mind knowing that the Beachwood home statistics are solid.

Check out other articles of interest on Beachwood Ohio:

Beachwood Ohio Monthly Market Report April 2009

Beachwood Ohio First Quarter Market Report 2009

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ABOUT THE AUTHORS:

Dan Schuman is a proud member of the Beachwood Chamber of Commerce and has served on the Board of Directors for the past 7 years.

The Schuman Team, Amy and Dan Schuman, use their 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 their listings sold in less than 60 days. They also specialize in luxury homes and work extensively with buyers and sellers who are relocating to Beachwood.

If you are looking to buy or sell a home in Beachwood or surrounding suburbs you can contact the Schuman Team at 216-346-3235.

 

VIEW ALL BEACHWOOD AREA HOMES FOR SALE BY CLICKING BELOW:

view all Beachwood area homes

 

CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Beachwood Home Statistics is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009   

Solon Monthly Home Statistics

SOLON MONTHLY HOME STATISTICS

Solon Community Center

Here is a list of all homes that officially transferred in September. We will provide a summary of the first 3 quarters of 2009 after the list.

27855 Cannon Road $103,000
35993 Timberlane $155,000
6639 Forest Glen $155,000
33103 Cromwell $165,000
6855 Liberty $175,000
33020 Cromwell Drive $180,000
7067 Fox Hill $182,000
6882 Glenallen $215,000
37590 Bunker Hill $255,000
32690 Wintergreen $323,000
34756 Blue Heron  $337,000
7403 Capilano $410,000
38115 Flanders $490,000

 

There were 13 total homes that sold in September at an average sales price of $241,923. Last September saw 16 sales at an average price of $268,756. These Solon home statistics indicate that moderate priced homes are selling and luxury homes, those valued at over $500,000, are not. This is leading to a lower average sales price. In addition, 4 out of 13 of last months’ sales were bank owned. While we have not seen a high percentage of bank owned homes sell in Solon in previous months, the fall and winter months tend to bring out the bargain hunters.

THIRD QUARTER SUMMARY

Overall, sales and average sales price remain lower than in 2008. We have now completed the 3rd quarter and total sales numbers remain just below those from last year. So far, 176 homes have sold in Solon in 2009 with an average sales price of $301,475. Last year at this time we had 186 sales at an average price of $348,249. 

In regards to the Solon luxury home market, 2009 has seen a dramatic decline in both number of sales and average sales price. So far this year we have had 27 homes sell for more than $500,000 compared to 40 sales during the first three quarters of 2008. Furthermore, the average sales price of a luxury home in Solon has decreased from last year, from $669,023 to $600,069.

As has been discussed in previous Solon home statistics reports, the large number of foreclosures and short-sales that has occurred during this year, especially during the beginning of the year, has affected the average sales price. While the number of distressed properties in current inventory is much lower than it was in the earlier part of the year, we can still expect these types of properties to be a constant in the market for the next few years.

In addition, the Solon luxury home market, specifically homes priced over $750,000, is significantly down from last year. Although there are currently 5 homes in this price point under contract, the luxury market has been considerably slow throughout the year. The $500,000-$600,000 price range is still somewhat active. We do not expect to see the upper end of the Solon luxury home market recover until the economy shows more signs of life. 

Check out previous Solon Ohio market reports:

July and August 2009 Market Report Solon Ohio

May 2009 Market Report Solon Ohio

April 2009 Market Report Solon Ohio

Solon 2009 First Quarter Luxury Home Market Report

Solon 2009 First Quarter Market Report All Homes

February 2009 Market Report Solon Ohio

January 2009 Market Report Solon Ohio 

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and home staging.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

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

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Solon Monthly Home Statistics is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009