Northeast Ohio
Real Estate
September 16. 2022
Happy Friday!
Thank you for checking out my update. I hope you enjoy the upcoming gorgeous weekend!

Go Guardians and Browns!
‌
Housing Inventory and Sales Pace Improve for Buyers

Data from Realtor.com's August Housing Trends Report included some good news for would-be homebuyers. Property sales slowed, turning in their first year-over-year increase in days on the market since June 2020.

Homes stayed on the market five days longer for a total of 42 days. Buyers also had more inventory to consider when compared to 2021 numbers, as homes for sale climbed more than 26%. While listing prices increased by double digits, the overall sales pace did slow for the third consecutive month. Ultimately, the median listing price reached $435,000 nationwide, nearly 37% higher than in August 2019.
Downtown Cleveland Poised to Grow as Residential Hub in NEO
The emptying out of downtown office buildings is a phenomenon that’s impossible to deny. A quarter of downtown offices are currently thought to be vacant. Gallup tells us that the number of vacancies is higher than at any time in the last 30 years. A poll taken at the end of last year by the Partnership for New York City found that just 8 percent of downtown workers were back in their offices five days a week.

The attraction of young singles and couples to central-city living is equally easy to demonstrate. The residential population of Manhattan’s Financial District has tripled in the last two decades. In 1980, there were 18,000 people living within the boundaries of downtown Chicago. Now there are more than 100,000. Cities as different as Cleveland and Denver have witnessed similar changes. Salt Lake City’s downtown has nearly 4,000 apartments under construction and almost that many proposed. None of this means that millennials are flocking to America’s downtowns en masse. It merely suggests that more of them have wanted to move there than have been able to find appropriate places.

There is a solution to the problem. A study by the Los Angeles real estate industry reported recently that the conversion of hotels and offices to apartments could add 72,000 living units to the area, many of them close to the city center. The New York City real estate board concludes that in midtown Manhattan alone, some 14,000 new residential units could be created.

There is nothing particularly new about the demand for downtown living. Chicago Mayor Richard J. Daley, the elder of the two Daley mayors and not someone renowned as a visionary, realized 60 years ago that the commercial heart of the city could not thrive year-round without a much larger residential population. So he saw to a massive increase in downtown apartment living. Most of this was in newly constructed towers, not converted office buildings. But it was a clear demonstration of how many people wanted to be close to the center. Daley is a large part of the reason central Chicago did not deteriorate like central St. Louis or Detroit,

Check out the full story ---> HERE
Listing of the Week

3860 W 44th St, Cleveland, OH 44109
Check out on of the most unique Cleveland listings of the last few years, new on the market yesterday.

Own your own CASTLE in Cleveland. Original features include, hardwood floors throughout, massive hearth, raised panel walls, exquisite leaded and stained-glass windows, Rapunzel tower, and so much more. This handyman's special is truly one of kind with so much character throughout and so much potential. Would make a one-of-a-kind AirBnB experience once it is finished.
Would love to show you if you are interested!

Click for the listing---> LINK
Pat Barmann
216.990.5719