2007 brought with it a year filled with articles and updates about the prevalence of foreclosures in the Greater Cleveland area. In this very negative atmosphere, it’s worth taking a look at the positive side of this situation.

Instead of leaving a property vacant for years as in the past, many lenders are opting for a quick sale. While the initial low sale price of some of these properties may bring concern to other homeowners on the street, there can be an upside. Properties that have been on the market for an extended time because they are in need of extensive repairs, are being purchased by investors and rehabbers for low enough prices that they can do a quality rehab- replacing roofs, windows, furnaces, kitchens and baths. Many are also upgrading plumbing and electrical in order to make the properties more attractive for resale. For example, one of these properties is a 2-family home on Bunts that is being converted into a spacious single family home.

Once the rehab is completed and marketed with a realistic asking price, these properties are successfully selling and moving quickly on the market. This is truly a win-win situation. The new homeowner gets an updated home at a reasonable price; the investor makes a profit; the other homeowners on the street are no longer looking at an eyesore. In addition, the City of Lakewood has been improved and another tax-paying resident added. This cycle may truly be the silver lining in today’s housing market.