We LOVE working in #Cleveland and its suburbs. If you’re not from Cleveland you’re thinking “why, whats so special about it”. If you’re from Cleveland, you’re probably thinking, “of course you do!”
Cleveland, and its surrounding suburbs have become an impressive cultural and economic hub in the region specially in the last few years. In other words, Cleveland has really really been working on itself over the past few years. After Cleveland hit rock bottom from about 2008-2012, like much of the USA did with the economic crisis of the time, Cleveland rebounded as if it had just left a toxic relationship. It went on a detox, a diet, attended a whole bunch of self-help webinars that actually did help, and was hitting up the gym every. single. day. #winning
It has gone through an economic regrowth, and is currently investing a lot in itself. From massive redevelopment projects such as reinventing the lake front on the west side, to “Opportunity Corridor” around the formidable Cleveland Clinic area, and redevelopment of “Slavic Village”, Cleveland has been booming. It’s also attracted the attention of a lot of companies (such as Amazon that now has two massive distribution centers in the surrounding areas), and has had a very decent increase in companies being started in Cleveland. Old abandoned buildings, are being reimagined into storefronts, bars, yoga, and art studios - just to mention a few. The best part about this?
Housing, apartment buildings, and comercial real estate prices! While there has been an steady uptick in real estate prices over the last 5+ years, they are still about 11% below the national average! What does this mean for people looking to buy or invest? Buyers: you’re very likely paying more for rent than you would be paying if you bought, and could get a bigger place for less! Investors: rents are high in Cleveland, high enough that decent CAP rates can range from 8-12%!. While a lot of people are looking to buy instead of rent, specially now with historically low mortgage rates, not everyone can or wants to buy.
The bottom line is that regardless of what type of real estate you’re looking t buy in Cleveland, it is the perfect time to do so!
PS. It’s also a great time to sell 😉 find out why next week!
Thanks for reading, and see you next week for another update on all things about real estate in Cleveland!
“Stay in Cleveland, Move to Cleveland, Invest in Cleveland. A Place for Everyone”