Home sellers do everything they can to make their house look as beautiful as possible, but appealing to home buyers’ other senses can be just as important, especially when it comes to the sense of smell.
Spring is already here and it has started with a lot of real estate activity. As of April 23rd there were approximately 288 single-family and 86 multi-family homes for sale in Lakewood. This is a large number of properties for sale in a city with a very compact footprint. Also, interest rates have now started to move back up the scale. The large amount of available real estate inventory coupled with the increasing cost of borrowing money will create a highly competitive housing market. This combination of factors presents some very specific challenges to successfully marketing a home for a quick sale at a good price for the homeowner.
Should I stay or should I go when my home is showing? Gently put, most agents say that when potential homebuyers come to see your home, it’s best that you leave the premises.
One of the most dreaded chores around the house is laundry. Maybe that’s why when selling a house; the laundry room is one of the most forgotten areas to get in shape. The machines are often dusty, with detergent dripping down the sides and lint and old socks on the floor.
Homeownership is in reach now more than ever, especially for first time homebuyers. Interest rates are extremely low and most people can purchase a home and have a monthly payment similar to a rent payment. As an added bonus, interest, property taxes and mortgage insurance are all tax deductible. Plus, you are your own landlord. There are no leases to sign so you can stay as long as you please!
At a press conference on January 3, 2012 Senator Brown, Former Cuyahoga County Treasurer Jim Rokakis, and others presented a serious problem facing our communities. Not only are banks foreclosing on families, they are in many cases then walking away from the foreclosure process they started. When this happens, the homeowner is left thinking that they no longer own the property when in fact, they do.
Our Howard Hanna Team Lakewood is asking for your help and your attendance to judge the many versions of our agent’s home-made Chili! What a wonderful opportunity in the middle of February to taste and see what you like AND support this charity. Many Lakewood residents and businesses came out in December to support the Annual Children’s Free Care Fund Event at the Carlyle, and we had our most successful event ever. This year we are starting early! Please come with your family and friends to the Howard Hanna office right here in Lakewood!
The U.S. Green Business Council recently reported that single-family homes are responsible for a little over 20% of the country’s greenhouse gas emissions. By living in a green home, people can help reduce these causes of climate change, and studies show that more homebuyers are looking to purchase homes that have eco-friendly features.
I have a dirty secret. My fall back television show is House Hunters. When there is absolutely nothing on and I cannot pry my butt off the sofa I will watch the show. Actually I will watch the last five minutes of the show and guess which home they choose. I’m pretty good at this, (Hint, go with the house the woman likes because, statistically speaking, she is the decision maker in such matters), and ninety percent of the time I am correct. I have noticed a trend over the last few years. At the end of the show they show the happy new owners in their new home. I really liked seeing what the new owners had done to make the house their home. Recently what we see is very little has been done to the home. The new owners have just moved their stuff into the home and that is that. Last evening I saw a show where the new owners were so happy because they had purchased the entire contents of the home they chose as well as the home. This is baffling to me. Why would someone want to live in a home that is a reflection of someone else? Why don’t they want to make a house a home?
A stressful part of putting your home on the market is trying to figure out what to fix and upgrade to get the very best price. An experienced agent will recommend projects to consider and ones to avoid. After all, just because you put money into a renovation project doesn’t mean you will recoup the money in a sale.
After being under water for all of September we have been basking in the late summer early fall warm and sunny weather and this may be a distraction from needed maintenance on your home in preparing for the coming cold season. There are several things you should attend to that will ensure a warm, safe and dry winter.
Turn on any financial news program and at some point you’ll hear the experts extolling the virtues of diversification. Real estate, even through the market downturn, has long been considered a conservative, long-term strategy to growing wealth.
The chill is in the air. Vacations are over and the kids are back in school. Most everyone is back to work. So how is the Real Estate market doing in Lakewood?
At the end of the first 8 months, there were 211 single family homes sold in Lakewood at a median price of $112,200. Comparitively, in the first 8 months of 2010, there were 239 homes sold with a median price of $115,000. Prices have fallen roughly 2.5% and the number of sales down roughly 12%. In 2010, the year ended with 322 homes sold at a median price of $113,750.
Lakewood is one of the most captivating cities to sell real estate because of the variety of housing options. The market ranges from $20,000 studio condo to a $2,000,000 house on the lake. Each home has its own character with gorgeous woodwork, doorways, archways, and built-ins. About 229 homes have sold from January 2011 through the end of July 2011 making Lakewood one of the most active markets on the west side. There are opportunities for first time home buyers, move-up buyers and investors to purchase homes throughout the city so there is no need to look anywhere else.
When people enter your home they usually look down before up, so that first step is vital for attracting a homebuyer and making a great first impression. This is one reason why more people are installing hardwood floors in their homes.
The city of Lakewood has a first time home buyer down payment assistance program which offers first time home buyers down payment assistance dollars. In addition to the down payment assistance program the city is offering a low interest loan program. This program was created through government funding for neighborhood stabilization. The city is able to buy vacant homes in Lakewood, rehab the homes, and then sell them through a low interest program to people looking to purchase a beautifully restored home in Lakewood.
On May 31, 2011, Jody Conner opened an Assist-2-Sell® franchise office in the Cleveland area. The new office provides full-service real estate to homeowners while saving them thousands of dollars in commission. The office can be reached by calling (440) 773-4880 or by e-mailing jconner@assist2sell.com.
According to Americans for the Arts, nationwide the arts generate $166.2 Billion in total economic activity annually. This includes over 5.7 million jobs, $104.2 billion in household income, $7.9 billion in Local Tax revenues, $9.1 billion in State Tax Revenues, and $12.6 billion in Federal Tax Revenues annually. Think about that when you peruse the prints, ceramics, spoon rings, and yes, the personalized hand painted shower curtains at the next Lakewood Arts Festival. The arts are now being touted as the economic engine that can revive dying cities, a powerful tool that impacts not only your local professional theatre or art gallery, but also the food and beverage industry, the retail industry, and finally, the Real Estate Industry.
“It’s a buyer’s market." Everyone knows this. So goes the thoughts of everyone listing their home for sale. “Buyers will low ball me and I have to build wiggle room into my price so I don’t get taken to the cleaners.“ This makes sense at first glance. If I am to arrive at a fair market price I have to give myself some money to give away. However, when you look at the numbers, this is not the case; in fact you may be doing yourself more harm than good.
Have you heard that there are great deals on houses in Lakewood right now? Well there are, but along with that deal can come a good amount of fixing up that needs to be done. There are fifty six single family homes available in Lakewood under $100,000.00. However, if you are not a handy man or you don’t have the extra money or time it takes to do all the fixing up a good deal may not be such a good deal. What if there was a way to get a contractor to do all of the fixing up? And, what if you could get it all done within a few months time?
If you haven’t owned a home in the last three years you are considered a first time home buyer. If you are a first time home buyer contemplating a home purchase in Lakewood you may want to consider the City of Lakewood’s first time buyers down payment assistance program. This city program provides $10,000.00 of down payment assistance on a single family home and $14,000.00 down payment assistance on a two family home. There are specific criteria for the buyer and seller to meet but it is absolutely worth checking into. First Federal of Lakewood offers this loan program and can answer any questions you may have. They will also be able to assess each person’s individual qualifications and evaluate participants in the program.
It feels good to be home again. I grew up in Lakewood and bought my first home here. When the kids were gone, I moved to a ranch in Avon Lake. Now fate has brought me home again to Lakewood. You know the feeling when you return home from a trip or vacation and you sleep in your own bed for the first time in a while? There's no better sleep than that! But we have some good news that should help us all sleep better in Lakewood.
Several wronged homeowners have come together with the help of attorneys Marc Dann and James Douglass in order to file a class action lawsuit against law firm Lerner, Sampson & Rothfuss (LS&R). The suit alleges that LS&R routinely files un-provable foreclosure suits through the use of manufactured and incomplete documentation. The case was filed on January 4, 2011.
Tamara and Phillip Turner and two other plaintiffs all had foreclosure suits filed against them by LS&R. On behalf of various clients, the suits were dismissed after the court found LS&R’s clients did not have standing to file the suits. Despite the final victories, the Turners and two other plaintiffs all were forced to hire lawyers to defend themselves, incurring substantial legal fees. The plaintiffs and others who were sued by LS&R, representing lenders, also suffered significant emotional distress, and at least one formally moved out of their home even though the foreclosure complaints were eventually dismissed.
Pardon My Dust.
Tuesday is the day Realtors hold broker’s open house. This is when new listings are held open for real
estate agents to preview newly listed homes and see what’s new on the market. And, on a recent
Tuesday, I went out and previewed five homes and I returned from my travels sorely depressed. Every
home that I had seen was gross. I mean that. Dirty, as in tumbleweeds of cat fur rolling through the
kitchen, as in science experiments growing in the bathroom, as in dog footprints on the walls, furniture,
appliances, and every conceivable surface, as in light switches I would never touch, (please keep in mind
I am a former chef and am not afraid to touch anything), as in what are these people thinking!
It’s that time of year the tinsel, lights, gifts and holiday parties so instead of tensing up as you read this embrace it by reclaiming what the holidays are all about. Holidays have lost their true meaning over the years and in the age we live today it’s time to get back to a simpler way of life. Instead of running to the mall to begin your holiday season take some time to plan a family outing that will create memories to last a lifetime. Take advantage of the community that Newsweek called “the best place to raise your children” a place clevelandnites voted as the “best suburb to raise children”.This Holiday season take advantage of all Lakewood has to offer.
First time “old house” homebuyers are often overheard asking “What’s this?” when touring homes for sale in Lakewood. Between 1910 and 1940, buyers of Sears mass-produced kit houses pored over Sears catalogs to customize their houses to suit their own tastes. There were numerous options in flooring, trim, doors, lighting, and hardware, but the housewife often chose the most functional items: breakfast nooks, arch-topped telephone niches, and – “What’s this?” – the ultra-convenient built-in ironing board cabinet. Without an ironing board, these shallow niches now provide convenient storage or display space.
My husband and I (Kosta and Kelli Almiroudis) moved to the Lakewood area from NYC. We are residents as well as business owners in Lakewood. We loved Lakewood so much that we invested in a 45 unit commercial property on Detroit Avenue also known as the Highland Manor. It is a beautiful historical building built in the 1920's. It is a combination of Storefronts, Apartments and Townhomes.
When we took over this foreclosed property, it was only 30% occupied with alot of violence and drug trafficing. Since then, we have rehabbed all of the apartments filling the units with good tenants and families. We have currently reached 100% occupancy! In doing such a dramatic rehab and with steady managemnt, there are 75 new residents to Lakewood and two new businesses!
It’s a Buyers’ Market for Real Estate Investors, too
In a market like this who loves their realtor?
Dreams of owning a home? Tired of renting? The Lakewood HOME Program could be the answer you are looking for.
In these days of tough economic times, a two-family home may be an excellent housing option. Rental income assists the owner with a monthly mortgage payment and residents can enjoy flexible living situations. Closer proximity to friends or family members who are able to live in the same house, one-floor living and preference for friends to co-mingle without cohabitating are a few reasons people choose two-family homes.
Tax Credit? We don’t need no stinkin tax credit!
So, by the end of April many people had hurried up and purchased a home so they could take advantage of the federal tax credit for first time home buyers. Good for them. This helped sell homes which allowed those home owners purchase their new home (and, by the way, possibly take advantage of a federal tax credit of up to $5600) and so on down the line. So far so good. People bought new homes and had some cash to improve their new home, or buy appliances, or, if they were very thoughtful, pay down the principle on their mortgage by $8000.
But what about the rest of us HUMMMMMMMMMM? What if we never found the house of our dreams, or circumstances conspired against us, or we just couldn’t decide what we wanted to do? What about us?
Unless you’ve been living under a rock, or unless you’re very new to Lakewood, you are undoubtedly aware that Lakewood was selected by This Old House magazine as one of the Best Places in the Midwest to Buy an Old House in 2008. The article states “Queen Anne, Spanish Revival, Tudor, and Colonial Revival houses can be found with all their original details, including magnificent millwork and stained-glass windows.” True enough. But are Lakewoodites of one mind about maintaining their homes? Do the terms remodel, rehabilitate, restore, and preserve have the same value to every Lakewood homeowner? Probably not.
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.