Tag: Cincinnati condos
Edgecliff 1 Bedroom Condo with River views
Condo Buyers Checklist: 3 Tips to Make Buying a Condo Less Stressful
People make the decision to purchase a home for a variety of reasons. For some, it’s all about the location. For others, it’s about pricing and amenities, but most of all, it’s about potential return-on-investment in the future. Regardless of what you are looking for, the home-buying process can be an arduous one. Here are a few tips that, if applied, will make your condo purchase less stressful.
1. Evaluate your finances
This may seem obvious but the importance of preparing your finances when before a home purchase cannot be understated. Condos, in particular, come with some unique financial challenges, due to varying Homeowner Association rules. To help avoid confusion, both buyers and sellers should make sure to utilize the Condominium and Homeowner Association Checklist provided by the Cincinnati Area Board of Realtors. You should also ensure that your own financial statements show a history of good credit and on-time payments. For a deeper dive into how to boost your credit rating, check out Credit Repair’s recent article on “How to Fix your Credit to buy a Home.” In addition, make sure that you have saved up enough to fund at least a 5% down payment (although 20% is typically preferable) on your home
2. Research, Research, Research
You can be prepared for many of the curveballs that the condo-buying process will likely throw your way by doing lots of research. The best advice we can offer is simply to start early. Even if you may not be looking to purchase a new home right away, the more time you have to familiarize yourself with the area the better off you will be. Look at price ranges, appreciation likelihood, availabilities, and amenities. Then, create a list of must-haves for your new home, and continue to proactively add and subtract from that list throughout the process
3. Get help from a professional
As a potential home-buyer, it is in your best interest to find help from a licensed real estate agent. Not only can they help you decide which home to buy, they can offer much-needed help and advice throughout the purchase process.
Here at Cincinnati Condo Connection, we understand the intricacies of purchasing a Cincinnati condo for-sale. We have a proven track record of quality with both buyers and sellers and often know when new units will be available before they reach the market. Contact us to begin your search for a Cincinnati condo today!
Looking Back: What 2017 Showed Us About Buying a Home in Cincinnati and US Real Estate Market Trends
It is no secret that 2017 was a year of tumultuous political and economic change for the US, both on a local and national level, changes that had a direct influence on the US Real Estate Market.
At the beginning of 2017, Forbes predicted the following for the United States housing market:
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Prices will continue to rise, albeit more slowly than in recent years.
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Affordability will worsen, particularly in cities like Seattle, WA and Austin, TX, which continue to see huge amounts of real estate and job market development.
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More Millennials will become homeowners.
Now that we are a few weeks into 2018, here at the Cincinnati Condo Connection we decided to do a little research to determine how those predictions played out on both a national and local level.
According to an article published by Trulia in October of 2017, demand for homes across US markets has continued to rise. In fact, the share of inventory sold in the US surpassed its peak for the first time since the recession of 2008. Unfortunately, that increase has done little for the affordability of homes on the market. A recent study by Realtor.com shows that the median list price for a home in the US in December of 2017 was $270,000, 8% higher than the median price in December of 2016. However, earlier in 2017, the median list price was at $275,000. These numbers show that Forbes’s prediction was correct, and that, while prices are still higher than they were in 2016, they are rising more slowly than in past years.
Numbers here in Cincinnati show a similar pattern. However, Cincinnati condo and home prices are actually rising more sharply than the national average.
According to a report released by the MLS of greater Cincinnati in November 2017, the median sales price for a home in Cincinnati was roughly $170,00 0up about 10.41 percent from November 2016’s estimated $150,000.
Although most 2017 pricing reports are still being collated, research by CoreLogic from April 2017 shows that home values were indeed increasing across the United States, rising by 6.9 percent as compared to April 2016. However, it is worth mentioning that these numbers can vary vastly by market. According to 2017 data from the Federal Housing Finance Agency, Cincinnati trends show a home value gain of 6.5 percent over the last 10 years. While, in more quickly growing areas such as Austin, Texas home values have grown 65.8 percent over the last 10 years.
So the final question remains, did more Millennials actually buy homes in 2017? According to the 2017 Home Buyer and Seller Generational Trends Report, the answer is yes. In fact, buyers 36 years of age and younger made up the largest share of homebuyers in 2017. However, that overall number is down 1 percent from 2016’s 35 percent. Are you a millennial interested in buying a home in Cincinnati this year? Research shows that an investment in “The Queen City” will be a smart one in 2018 given that Cincinnati was named one of Trulia’s top 10 best markets for Millennials who want to buy a home in 2017. The report evaluated housing market viability for Millennials based on the following criteria: job growth, vacancy rates, starter-home availability, online listing searches, and the percentage of people in the vicinity under age 35.
Overall, research from multiple sources shows that the housing market is finally beginning to even out, even in the nation’s most popular and expensive markets, and that the outlook for home values, prices, and inventory in 2018 is a relatively positive one.
Three Tips for Flipping a Condo in Downtown Cincinnati
With the ever-growing popularity of HGTV shows like Flip or Flop and Fixer Upper, home flipping as a source of income is becoming more and more popular. While for some, it can be a great and lucrative investment; home flipping is not for everyone. Interested in flipping a home or condo in downtown Cincinnati? Check out the following tips to help you get the most bang for your buck.
1. Understand the home flipping market and the costs involved
Presently, the home flipping market in the United States is a saturated one. Atom Data Solutions’ Q2 2017 U.S Home Flipping Report, showed a home flipping rate of 5.6% of all home sales during the quarter and a gross flipping profit of $67,516. Inventory is tight nationwide, which makes flipping anywhere a tough investment. Before buying a home, make sure that you have done your research on the area in which you are purchasing. Check multiple sources to see what comparable properties are renting or selling for, and gauge the level of necessary repairs around those numbers.
The importance of understanding the growth potential of the neighborhood in which you are purchasing cannot be understated. For instance, a condo for sale in Over-The-Rhine may be more expensive and need fewer repairs than one in Oakley. However, given the rate in which home prices in Over-The-Rhine have grown in the last 20 years, a condo flipping project in that area is likely to be the better investment.
2. Be Wary of Costly Repairs
Allow your research to inform which repairs you undertake on your newly acquired property. While research shows that an upgraded kitchen and bathroom are large selling points on most homes, they are also the most costly upgrades, given that typically they will require plumbing work. Although some costs will vary by market. According to HomeAdvisor, the average kitchen repair will cost anywhere from $4,000 to $50,000. While the average bathroom repair ranges from $2,500 up to $23,749.
3. Work with the right contractor and construction team
Do your homework to find the best, most reliable contractor for the job. Check references, look at past projects and thoroughly interview everyone you bring on your team. The right contractor can also be a great sounding board for cost – effective re-model ideas but, be careful not to overdo it. Choose a few, impactful repairs that will help you to improve the value of the home without paying an arm and a leg and, do your own repairs where you can. The best way to save money on a home improvement project is to do-it-yourself.
Although the house flipping market is a saturated one, it is possible to make a decent profit given the right tools. Here at Cincinnati Condo Connection, we have condos for sale in a variety of price ranges, some of which may be a great flipping investment. Contact us today to begin your own project!
Best Neighborhoods for Millennials in Cincinnati
With fifty-two diverse neighborhoods, the city of Cincinnati has something for everyone looking to purchase a new home in 2018. Not to mention there’s never been a better time to invest in a home or condo in Cincinnati. Trulia real estate trends show a 4% year-over-year increase in home prices, and according to the most recent U.S. Census Report, Cincinnati has seen consistent population growth over the last five years. According to Trulia, the median age in Cincinnati is 38 —a reflection of the city’s popularity among millennials.
So, what makes our lovely home city so popular with the younger demographic? Recent studies have shown that in more congested, urban areas, millennials look for an easy commute, walkability, and easy access to restaurants, coffeeshops, nightlife, and amenities. Of course, Cincinnati’s many neighborhoods offer these features in spades, but which are the best for the discerning millennial home-buyer? With prices ranging from $125,000 all the way up to $750,000, the following neighborhoods offer excellent options for every price range.
Although Over-the-Rhine is one of Cincinnati’s most historic neighborhoods, the area has seen a great deal of growth and development in the last 20 years. Many of the homes for sale in Over-the-Rhine are newly constructed condos, with price points spanning the full range from $125,000 to $750,000. The neighborhood’s proximity to downtown makes nightlife and restaurants easily accessible.
The Eagle is a hot spot for fried chicken and socializing. Also check out historic Findlay Market, one of the country’s oldest public markets for farmers and artisans. One Mercer is a good building.
The Allison is a new building in OTR with private parking on a tree lined street. One of the better values in OTR.
Adjacent to the University of Cincinnati, Clifton is one of the city’s most sought-after areas, with a populace made up mostly of current and former students. Among young graduates, condos are some of the most popular homes for sale. Given the proximity to the University, the area boasts numerous walkable streets with a plethora of shops and restaurants on Ludlow Avenue. In addition to great rental options, the homes here cost anywhere from $62,000 to $695,000. Don’t forget to stop at Graeter’s Ice Cream Shop before heading to Esquire Theatre for a movie.
Located on the I-71 Corridor, Oakley is a popular suburban area. There are a lot of really fun spots to walk to such as Mad Tree Brewery Tap Room and Deeper Roots Coffee. Due to the older housing stock the single family homes this area tend to be smaller than those in other neighborhoods, and prices tend to be slightly higher, in the $250,000 to $600,000 range. Competition is also fierce in this area, and many of the homes that enter the market are quickly gobbled up by interested buyers. There are plenty of great apartments in Oakley but not a lot of condos.
Walnut Hills and East Walnut Hills
Nestled between downtown, Mt. Adams and Hyde Park, Walnut Hills is the perfect blend of urban and suburban. There are numerous housing options from high rise condos, townhouses and single family homes. Although prices are going up, you can still snag a single family house or condo in the low $100,000s if you are quick! Walnut Hills and East Walnut Hills are a walkers paradise. Walnut Hills is centered around Eden Park which is one of the best parks in the city. The business districts of the neighborhoods are also experiencing a renaissance with lots of hip urban retailers, breweries and restaurants opening. Shop at HyBred for vintage clothing and then grab lunch at O Pie O. If you still have energy for a beer, pop across the street to Woodburn Brewery or coffee at Cafe DeSales.
The Verona is a lovely courtyard condo favored by millennials and close to historic Peebles Corner.
Sometimes compared to Brooklyn, this edgy neighborhood has one of the largest and most independent business districts. There aren’t many condos in this neighborhood. It’s mostly single family homes and duplexes. There are some graceful Victorian homes on tree lined streets and smaller Italianate row houses on others. It’s close to downtown but set apart from the other neighborhoods that millennials have typically gravitated. It’s full of trendy businesses and quirky independent minded people. Take a trip to Northside and experience it for yourself. Stop at Shake It Records to get your vinyl fix and then get a bite at Ruth’s Parkside Cafe
Is it Better to Buy a Condo Pre-construction or as a Resale?
This is often a topic of concern. I’ve heard many people state that condo values do not go up because condominiums are commodities. It’s not that simple. The same rules apply to single family homes. LOCATION. LOCATION. LOCATION. Got that?
New Construction
The Value of New and Choice
I’ve found that a lot of people really value the newness of new construction. They love choosing their finishes and living in a unit that no one else has lived in. You have the opportunity to pick the best view, floor plan and all of your finishes.
The Developer Needs You
Those first few buyers can often negotiate a bit more than later buyers. The developers typically need to presell a certain percentage of units (70%) to get financing for the project. While they are not inclined to reduce prices in a good market, they are often happy to give you some upgrades just to book the sales. They know that the first few are the hardest to sell, once they have sold a good percentage of them other buyers will hop on the train and buy too.
Lock in Pricing
In an upward moving market, you are purchasing tomorrow at the market price today. I’ll gladly pay you for a condo tomorrow.
Discounted HOA Assesments
If you aren’t there that long, this may be a good thing. The developer wants to sell unit and is not worried about putting the funds away today for problems that may develop 20 years from now. HOA payments will increase with time. They always do. Expect them to increase at the rate of inflation. It’s just good planning.
Tax Abatements
Many cities including Cincinnati offer generous tax abatements for new construction. 10 to 15 years at reduced prices. Leed Certified is the best but any tax abatement can save you a lot of money over the years.
Construction Noise & Mess
New construction can go on for years. Are you ready to live with the noise, dust and construction workers? Think about this if you are retired and home all day or if you work from home.
Who Controls the Building?
New construction is more complexity. How long will it take and when will the homeowners get control from the developer. The goal is for the homeowners association to run the building, but all new buildings are run by the developer until certain milestones have been met by the developer.
New Construction has More Complexity
How long will it take and when will the homeowners get control from the developer. Will it sell out or will it maintain it’s pricing? Will the developer have the financial wherewithal to complete the project? Low inventory today means less to worry about but that wasn’t always the case.
Reasons to Buy a Resale Condo
Location and View
Often the best locations and views are the older buildings. Most cities were developed a long time ago and people still want to be near downtown or to have views of water and minutes. River view and ocean view condos were usually built long ago. Park views are also sought after and the more established a park is the more expensive homes near it. There are always exceptions to this especially in newly revitalized cities.
Discount
Resales may have dated interiors or are being sold under a bit of distress. People get old and move to assisted living and sometimes their families are left to sell the units and aren’t as emotional as the owner. If you are willing to renovate, you can often get a very good deal and a good view.
The Community is Already Established
Once the building has been inhabited for a while, the community is established. They have institutional knowledge, a board and management with knowledge of the building. It can take a while to establish boards and processes. In a resale you can tell if the building is a quiet building made up of retirees and professionals or a rowdy building with young professionals and students. Some buildings are more social than others. It’s helpful to know which type of community you are seeking.
Size matters
New construction for the most part tend to be smaller units with higher SF costs. The exception is the luxury market. In Cincinnati, many of the new construction seem to be either 3,000 plus SF and over $1 million dollars or 1,000 SF and $300,000-400,000. Developers need to make money and are making smaller and smaller condos. Micro condos and one bedroom condos are becoming more prevelant.
Better Quality Building
Older buildings are often built better. Older condos were often made of better materials by better craftsman. Some new buildings can be pretty but not so well made. Take the time to learn about the developer. I’ve known more than one buyer who bought new construction only to find out that they can hear the neighbors walking above them. Consider a newly developed older building for the best of both worlds.
