Lakewood Real Estate Statistics
(According to Multiple Listing Service)
By Andy Tabor - Realtor, GRI - Prudential Lucien
January 1 – June 30, 2010 Real Estate Statistics
Single Family Sold YTD 192
Single Family Pending (Under Contract) 28
Single Family Contingent (Under Contract) 15
Single Family Active 262
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Our Inner Ring Suburb
When you walk through Lakewood, and I know you may be a bit jaded to the whole mystique of wonderful, walkable Lakewood, pause and look around. What do you see? If you lived elsewhere would you be capable of seeing so many different things? I know you have heard the litany many times but it bears repeating, a new library, the YMCA, fabulous dining establishments, brand new school buildings, a park, a skateboard park, a dog park ( at least for the moment) Georgian architecture, early twentieth century bungalow, shopping , other people walking, and least we forget, a very large lake, and all are within a ten minute walk of anywhere in Lakewood.
So what does this have to do with inner ring suburbs? Quite a lot actually. If you google the phrase inner ring suburb, the search results will be one tale after another outlining the death of the inner ring suburbs, followed by scholarly articles on how we must reinvent and re-imagine these cities in order for them to survive at all. You will read of how it is vital to keep these cities going before they become a part of the vast urban wasteland. There was one article that posited it was more economical to have a larger mortgage in an inner ring suburb than to have a smaller one out in the outer burbs when you add all the actual costs of gasoline, car upkeep, lack of family time and less social activity. Is this what you see when you stop to look around?
Wikipedia defines a Block Party as “a large public party in which many members of a single neighborhood congregate, either to observe an event of some importance or simply for mutual enjoyment. The name comes from the form of the party, which often involves closing an entire city block to vehicle traffic.”
We can all agree that Lakewood homes are grand in size and in our hearts. So the big question is how do you make the most out of a challenging room size? Follow these 5 simple tips. First, it’s all in the paint brush; painting both the crown molding and ceiling the same color opens up the space and creates a wider illusion. To trick the eye even further install flooring in either wood or tile into a diagonal pattern. Mirror Mirror on the wall who can give me the most space of them all? Place large mirrors facing each other which will ultimately add depth and more light. Give the room some Bling Bling by adding reflective materials to brighten the room; stainless-steel appliances in the kitchen or a vintage crystal chandelier in the bathroom. No window no problem; hang a large landscape painting to fake the illusion of a picturesque view. With a little bit of creativity and TLC any small space can meet its match.
Every Fourth of July I am reminded of what a great community Lakewood is. I don’t remember exactly what year it started, but hosting the Fourth of July cookout has become a family tradition at my house. The porches become the place they were always meant to be. Every cushioned wicker chair with someone in it, a few people suspended in mid-air on the swing, conversation, and of course, lots of laughter. The smell of barbeque in the air, the sound of firecrackers letting you know that it’s not just you enjoying the day, but there is a whole community of families outside enjoying their front porches and barbeques too.
The front porch is the means by which your home says 'Hello...and Welcome!' Without question, a porch sets the stage and feeling of any home. Imagine comfy wicker with colorful cushions, rocking chairs, Boston ferns, and a handsome wooden swing with a familiar squeak. First impressions are generally lasting ones, of people as well as homes. If your home is on the market today, make sure that first impression is one that beckons the buyers to sit a spell and put their feet up, grab a favorite book or tune in to the Indians game after the lawn chores are complete. A home and its porch can conjure up memories of neighbors taking their evening stroll and stopping by for a friendly visit or even remembering that a first kiss was shared on that swing while parents watched the news inside.
Stainless Steel, Bangles, and Beads
In October of 1959, the City of Lakewood dedicated the modern $1,700,000 75,000 sq. ft. Municipal Administration building at Detroit and Alameda Avenues. During the many years of Lakewood’s existence prior to 1959, city services were housed in a variety of locations. City Hall had resided in the Rhodes mansion at Lakewood Park since 1918. The Police department, Council Chambers, and the Municipal Court were spread among several structures on Warren Road.
If you are a first time home buyer and you did not meet the $8,000.00 tax credit deadline don’t fret. Interest rates are very low and there are other first time buyer programs such as the OHFA program and the MCC program you can tap into.
Choosing a Lender
Lakewood Real Estate Statistics
Spring has sprung – just ask any springtime allergy sufferer. We have moved from the season of cold air entering our homes to the season of pollen infiltration. There are many measures that can be taken to decrease exposure to pollen when it comes to your home (keep doors and windows closed during spring months, use an air purifier, vacuum carpet more often), but unless your house is airtight, outside air will still make its way into your home. During winter and spring months in northeast Ohio, it is tempting to curse an older home for all of its leaks, or, as Lakewood homeowners might say, “fresh air intake”. Rising energy costs and the availability of tax credits for improving energy efficiency have prompted owners of older homes to battle the leaks – to “tighten up” – by insulating their homes and replacing their old leaky doors and windows.
Our community has a decision to make and as a Lakewood citizen for over thirteen years I for one will decide yes. In 2009 our city was voted “Ohio’s Best Place to Raise Kids” by businessweek.com. The rating was based on among other things our schools. This Old House, another national publication rated Lakewood as being one of the top three places in the Midwest to own an older home. As Lakewood citizens we should be proud of this type of national recognition. On May 4th, 2010 a Lakewood schools levy will be on the ballot. As a realtor I am acutely aware of how important schools are when making a home purchase. It usually ends up on a buyers top 10 list. Contrary to what many might think it ends up as a top 10 even on buyers without children. Schools make a difference so on May 4th. Let’s all get out and make the right decision! Let’s do it for our kids, teachers, and community.
Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.
In the new world of real estate, one situation is occurring with a higher frequency than in the past. This is a short sale. This occurs when the market price of a home is not enough to cover the balance on the mortgage. Thus the seller is Short on funds to pay off the mortgage. The seller has to either come up with the needed funds or if that is not possible the lending institution will be asked to approve the sale without all the needed funds.
In medieval Europe, the corbels tucked under cornices and propping up porticos roofs were often grotesque, even scary, by design. The history of corbels in America is far less macabre. They were often positioned at a 90-degree angle between porch posts and the ceiling overhead and were integral to the “gingerbread” millwork decorating Victorian-era facades in the later 19 century. ( What could be less threatening than details named for cookies?) In Lakewood, we see many fine examples on the Queen Anne-style houses lining Grace, Cohasset, and Clarence Avenues. These exterior corbels are also common on Craftsman bungalows built in the early 1900’s and are sprinkled throughout our community. The Craftsman corbel designs are far simpler than the Victorian era ones, possessing clean lines and sharp angles that emphasize strength over ornament.
The March 7, 1918 edition of the Lakewood Press saluted several enterprising men and Realty companies who were largely responsible for Lakewood’s significant growth. A.B. Smythe Realty Company, Fowler-Worman & Kelly, the Mars Wagar Realty Company, the Cleveland Trust Company, L.H. Heister, Jr., Oscar Kroehle, and Phil Marquard were named as those who were not just in business to make money on real estate investments, but who actually resided in Lakewood and were largely responsible for making Lakewood a beautiful city. Lakewood not only had paved streets and well-kept lawns, but “character homes” that “kept one guessing as to the type of home they like best”. The Press predicted that Lakewood would grow to a city of 100,000 because of “the energetic, wide-awake, patriotic men” in the business community and the “class of citizenship found here”.
On Saturday, March 13, LakewoodAlive will join with the real estate community to showcase homes for sale within a 10-minute walk of Lakewood’s revitalized downtown district. Residences for sale within a half-mile of downtown will be open for viewing from 1pm-5pm. Participating properties can be found at www.lakewoodopen.com beginning in mid-February.
(According to Multiple Listing Service)
Will My House Sell?
If I had a crystal ball I could tell you the answer to that question, but I don't. However there are a few things you can do to make selling a reality.
First and foremost CLEAN. Walking into a really clean home is like a breath of fresh air when you are looking at ten plus homes. You need to not just sweep the floors and clean the cat box every day, but pay attention to the details such as light switch plates, door knobs, the storm door (as this is the first item any buyer will really look closely at), your kitchen, and bathroom. Cleaning is an area you can control and it costs very little.
If you are a first time buyer thinking of buying your first home in Lakewood what a great time to buy! Not only can you take advantage of the tax credit, you may also be eligible for Lakewood’s first time buyer down payment assistances program. The program offers a deferred payment, zero percent (0 %) interest second mortgage. The program offers $7,500.00 on condominiums, $10,000.00 dollar on single family home, and $14,000.00 on two family homes. The loan does not have to be paid back until you sell the property. Think about what that does for your purchasing power. For those first time buyers thinking of buying and living in a two family home the program offers an even greater incentive. Not only will you get the $14,000.00 dollar interest free second mortgage amount, but if you live in the home for at least ten years the loan is forgiven. You don’t have to pay it back!
This is it. It’s here. The 2010 Spring Market has officially begun.
Winter Wonderland:
The land between Larchmont Avenue and Riverside Drive/W. Clifton Boulevard, between Madison and Detroit and overlooking the Rocky River valley – once known as the “Fries Estate” and later known as the “Nursery Farm” – was subdivided and offered for sale by The Cleveland Trust Company in 1916. Out of 200 lots, only three remained unsold two years later. Homes on Fries Avenue, highly desired because of their proximity to the Madison streetcar line, ranged in price from $6,000 to $7,500, and were, “built for the buyer who desires a home embodying all modern innovations in high grade home construction.” Each house was constructed from a separate set of plans, and had features and fixtures that met a buyer’s demand for durability, low maintenance expense, artistry, and, “enough originality to refrain from 'freakishness', plus convenience in every detail,” according to W.H. Troph, Fries Avenue homebuyer and realty manager for Cleveland Trust.
L.H. Heister, Jr. was an “allotment operator” or real estate developer in 1918 when Lakewood’s housing boom was in full swing. He subdivided the tract of land that he named “Sylvanhurst” (north of Lake Avenue between Summit Ave. and Lakewood Park), pricing the lots low enough for the ordinary citizen to build a home close to the lake. He went on to purchase acreage and sell nearly 400 lots that were springing up along the Madison streetcar line. Writing for the Lakewood Press in March of 1918, Mr. Heister shared his opinion of the young city: “I know of no section in or around Cleveland that has the wonderful opportunities to develop that Lakewood has. Very low priced, but high class real estate, modern up-to-date and efficient schools and high schools--three street car lines one-half mile apart, progressive city officials who work harmoniously together, no better fire department or police department in the country. The very best class of people on earth live in Lakewood.”
A short sale generally happens when a seller finds themselves in a position of "we have to sell". It can be due to divorce, relocation, or other reasons. With the reality of declining markets many sellers find themselves in a position do to true market conditions that they simply owe more than what their home is worth. When this happens they find themselves negotiating with their mortgage holder or bank to see if they will take less than what the home is worth.
Development in Lakewood, as haphazard as it may appear to someone visiting Lakewood for the first time (where else do you see a large Tudor next to a four-square colonial next to an Arts & Crafts bungalow next to a stately Victorian?) was, in fact, carefully planned. A 1918 zoning ordinance was passed to prevent the ruin of certain residential sections of Lakewood by those who proposed the construction of “unsightly, cheaply built, congestion-breeding apartment houses”. Another ordinance was passed in 1920 to restrict business and apartment buildings to Detroit and Madison Avenues, and manufacturing to the southeast corner of the city. Struggles between homeowners and developers continued, yet City Council members kept the beauty of the city in mind as they made those long-range planning decisions – decisions that gave Lakewood a unique look that residents still enjoy some 90 years later.
Art is everywhere… and home styles are just one more form to enjoy! It’s been said that art imitates life, and the Victorian style certainly mirrors the time period named after Queen Victoria of England during the second half of the 1800’s. It was an age of change and paradox. The economy was booming, architectural detailing became more affordable because of mass production and there was a positive spirit. One of many cultural results was the Victorian design styles.
Just compare the crazy mansion portrayed in the Addam’s Family TV show to the more simple lines in the painting “American Gothic”, plus all of the many variations in between! We’re lucky- there are some wonderful, even award-winning examples to see on Cook, Grace, Clarence, Hilliard (and others) in eclectic and lovely Lakewood. A quote from architect James B. Garrison, from the New York-based architecture firm RMJM, is a perfect summary. Garrison said that, “Despite their many differences, houses of the Victorian genre shared an optimistic spirit, manifested by complex rooflines, rambling front porches, detailed ornamentation, and asymmetrical layouts. These design idiosyncrasies appealed to a growing number of constituencies—developers trying to outdo one another with curb appeal, construction professionals showing off skills with emerging technologies, and home owners displaying new wealth and individuality.” The designs of Victorian Homes are unquestionably unique, complex and even ‘rule-breaking’ - ignoring previous constraints. It's a terrific reflection of the time in history that inspired a style we can enjoy in our neighborhood today.
July 1 – July 31, 2009 Real Estate Statistics
Most first-time home buyers are likely aware of the opportunity provided to them by the American Recovery and Reinvestment Act of 2009. It authorizes a tax credit for the purchase of a principal residence on or after January 1, 2009, and before December 1, 2009. The tax credit that may be claimed is equal to 10 percent of the property purchase price up to a maximum of $8,000. A first-time home buyer is one who has not owned a principal residence for the three years prior to making a purchase. For married couples, both must be first-time buyers to qualify for the tax credit.
Clifton Park Celebrates AnniversaryVal Mechenbier In 1869, a group of men – including five real estate developers, two lake captains, a coal operator and a banker – signed articles of incorporation for the Clifton Park Association. The Association promoted the area as a respite from the grit and grime of Cleveland. Visitors came to the resort via the Rocky River Railroad to enjoy boating and bathing activities, as well as picnic areas and beer gardens. Within five years, the Association began transforming Clifton Park into a residential area by subdividing the land into 80 irregular-sized lots. Many homes along Clifton Park’s curved streets became summer residences for wealthy Clevelanders, complete with servants’ quarters. Happy 140th Anniversary, Clifton Park!
As an active walker of our community, I cover 3-4 miles of city streets about 4 times a week. There’s no better way to view our lovely neighborhoods, take in the beautiful flowers and landscaping and check out the latest home projects in progress. You cannot soak up this atmosphere while flying by in your car. Since early spring, as I’ve zig zagged my way along various routes, something became very clear…..I’m stepping aside of orange cones, hopping over yellow tape, or avoiding entirely those streets being repaved….and there are so darn many!.
Hello. I am happy to be here answering the many ponderings that arise during a real estate transaction. You may only buy one house during your lifetime,and certainly you arn't expected to know everything about the process, so I am happy to address any questions that may occur.
Single Family Sold YTD 138
Rockport had plenty of do-it-yourself handymen in the early-to-mid 1800s, constructing simple structures that anchored the large farm parcels in the community. When a professional carpenter named Stephen Phelps arrived from New York in 1840, he quickly became one of the busiest and most popular men in Rockport because of his ability to build log cabins and frame houses. Mr. Phelps’ ornate home was built on a 60 acre parcel which included the current Phelps Avenue, and contained a cow path to a lakeside grazing area, later known as Kenilworth Avenue.
It’s not surprising that two of the most popular rooms for home makeovers are the kitchen and bathroom. When potential homebuyers are searching for homes, they generally are more attracted to homes with updated kitchens and baths. These same rooms rank high in return on remodeling investment at resale, according toRemodeling Magazine’s Cost-vs-Value 2008-09 Study.
However, both can be pricey ventures. According to the same study, the national average for minor kitchen remodel was $21,246. A sample remodel at this cost includes replacing cabinet fronts, flooring, laminate countertops and oven and cook-top; installing mid-priced sink and faucet, adding wall cover and repainting trim.
*EDITOR: PLEASE NOTE
What a great time to buy a home! Not only is it spring, the traditional buying time, but there’s such good inventory, low interest rates and the $8000 tax credit for first time buyers. And the simple answer to this common question is “No”- in the vast majority of cases a Buyer has no out of pocket cost for the services of Realtor when purchasing a home.
Though submitted to the Observer by Maggie Fraley,
