Lof t project in the historic district around the corner from 4th and Plum. 304 McFarland street.
You already know that walking is good for your health. And you probably already know that neighborhoods with lots of foot traffic support a better quality of life for the people who live, work and play in those communities.
But do you know whether your home is rated as a “Walkers Paradise” or “Car Dependent”? Do you know how each of those ratings increases or decreases your home value?
Walk Score rates locations based on how walkable they are. They take into consideration walking distance from a specific address to services, art galleries and museums, clubs and nightspots, shopping, restaurants and delis, everything you need to live without a car.
So, What’s your Walk Score?
To take advantage of the information about a location’s walkability, just enter a street address on the Walk Score website. The site will populate a map of venues within walking distance on a map, and rate the walkability of the location. The Walk Score ratings are:
90-100 Walker’s Paradise – Daily errands do not require a car.
70-89 Very Walkable – Most errands can be accomplished on foot.
50-69 Somewhat Walkable – Some amenities within walking distance.
25-49 Car-Dependent – A few amenities within walking distance.
0-48 Car-Dependent – Almost all errands require a car.
According to Walk Score, the following characteristics make a community walkable: Read more →
Furnishing the model at The McFarland Lofts in the Downtown Cincinnati West Fourth Street Historic District.
Prices start at $199,000 and include garage parking, private balconies and conditioned storage.
Denise Guiducci of RE/MAX CityWide announced that the Le Brittany Condominiums in the downtown Cincinnati business district has sold out, giving another indication that the city’s urban core has strong demand for condominiums in the 180k – 230k price range.
RE/MAX CityWide has announced the complete sellout of Le Brittany Condominiums at 9th and Race in Cincinnati’s central business district. The 18 unit project has a mix of 2 bedroom 1.5 bath units and 1 bedroom 1.5 bath units, with selling prices between 179k and 240k. The project was originally an apartment building which was fully converted to condominiums.
Guiducci was recently selected by Cranewoods Development to list the McFArland Lofts project in the downtown Cincinnati West Fourth Street historic district.
“The McFarland Lofts is an exciting project for us. It has the advantage of being in the price-point ‘sweet spot’, and combines great location with inside garage parking, private balconies and 2 bedroom 2 bath contemporary floor plans”.
Cranewoods Development announces that it has completed the liquidation of a planned residential waterfront community on the shores of the St Augustine Inlet in Northeast Florida. “Properties are selling and inventory is being absorbed,” says consultant.
November 8th 2010 – St Augustine, FL Bank and Real Estate development consultant Cranewoods Development announces that it has managed the final property closing of a planned multi-phase waterfront community in St Augustine Florida consisting of a future multi and single-family development that included a 3500sf West Indies style luxury home.
The St Augustine market had been hit particularly hard by the real estate downturn, ultimately creating intriguing opportunities for investors and homebuyers willing to step in and buy while prices are depressed.
“Properties are selling and inventory is being absorbed. Those are the indicators that prices are recovering. Now it’s a question of how fast,” stated Andrew Howe, President of Cranewoods Development. “This project had terrific value just sitting there, our job was to let people know about it in a way they understood.”
In the November 3rd 2010 edition of the Engineering News Record (ENR), Andrew Howe of Cranewoods Development is spotlighted in an article called “Consensus Is Reached: Nowhere To Go but Up” for his take on how real estate developers have dealt with the economic crisis and how they see a way forward in an environment of tighter credit and slower growth.
ENR is the leading news magazine for engineers in the construction industry in America and they rightly point out, “For developers able to roll with the recession’s punches, some new activity in markets this fall has owners and lenders finally mustering some optimism and cautiously returning to the fray.”
The article points out that Cranewoods rolled with the punches by realizing their expertise in construction and real estate development financing was needed by troubled investors, lenders and borrowers. Cranewoods began consulting long before the world’s economic troubles but their unique knowledge was in greater demand when so many projects and loans had to adjust to the changing economic conditions.
Downtown Cincinnati lofts got another acknowledgment of their value, convenience and quality of life. Recently, Downtown Cincinnati Inc.(DCI) and the Greater Cincinnati Relocation Council hosted a conference entitled “Living Happens Here,” to promote the wide variety and high quality of downtown and Over-the-Rhine lofts and living options for relocating professionals coming to Cincinnati.
““Downtown has a fabric that is very diverse. It has the hustle and bustle of all different races and economic backgrounds,” said Arleen Koth, vice president of DCI. “It’s where your living room can spread out into Fountain Square… And even without white picket fences, children and pets are a part of this fabric.”
The conference was organized to address a lack of awareness or misperceptions many realtors and relocation specialists have about downtown Cincinnati lofts and real estate options. The program included a guided tour of the variety of housing options available in Cincinnati’s business district and Over-the-Rhine.
With the continuing housing slump and overall low growth economic conditions, commercial real estate nationwide isn’t expected to begin to turn prices around until 2011 but the local conditions in Cincinnati may have a brighter outlook.
According to a recent article in the Kentucky Post:
“If the market hasn’t bottomed out [in Cincinnati], it’s very near bottom,” said CB Richard Ellis managing partner Ken Murawski, adding that the first half of 2010 will show marginal growth. Then, he says, things will start to get better in the second half of the year.”
Beyond the effects of the national situation, Cincinnati’s circumstances may also be effected by staff consolidations from various spaces in the Central Business District as businesses, particularly American Financial, begin their long planned move into the new Queen City Square office tower. The glut of available office space has caused many landlords to lower rates and negotiate new long term leases before current leases expire.
Buyer’s and Tenant’s Market
All that means, it is a good time for forward thinkers to get into the market for investment and new leased spaces at historically low prices compared to long term trends.
“I think now is an ideal time for real estate investors to begin acquiring properties,” said Keith Yearout, also in the CBRE Investment Properties Private Client Group. He said smart investors will selectively acquire assets now, instead of waiting for the heard to come back to the market at some point in 2011.
“I think investors have to take a hard look at where market rents are, strength of tenants, length of lease terms, but for the deals that pass the little more stringent underwriting criteria, I think there are attractive values out there,” Yearout added.
There are also some cautions pointed out in the article so read the whole thing.
Cincinnati Real Estate Consultant Comments on Recent Listing in U.S. News report “Top 10 Cities for Real Estate Steals”
A recent article in US News and World Report ranking cities where there is potential for “real estate steals” prompted a discussion of the Cincinnati housing market and its prospects with Real Estate Development Consultant Andrew Howe of Cranewoods Development.
Cincinnati, OH (PRWEB) February 25, 2010 — Andrew Howe of Cranewoods Development gives local confirmation that Cincinnati is one of the “10 cities for real estate steals” as recently reported in U.S. News and World Report. Citing stable values during the recent boom and bust and a firm price to income level, Howe says, “Cincinnati real estate has always seemed to escape the dramatic boom bust cycles that devastate other parts of the country.” While the article predicts further price drops, it anticipates a bottoming in 2010 setting the stage for future appreciation.
Howe, a Cincinnati real estate development consultant and a successful developer and general contractor for markets in Ohio and Florida for over thirty years, transformed his firm into a development consultancy using his expertise in development, construction and finance to assist lenders and development groups in resolving problem projects and loans. Cranewoods primarily serves the Greater Cincinnati area and Florida’s Eastern shore.
Unlike Florida, Howe stated, “Cincinnati’s real estate stability moderates development profits in great years, but also limits the pain on the downside.” While Cincinnati has dodged the brunt of the crash, both lenders and developers have still been faced with stalled projects and loan defaults. The stabilization of the housing market has followed the same pattern as many other parts of the country, with the under 300k housing prices leading the market in sales. Although sales prices are at discounts to where they were in 2007-2008, the fact that there was an increase sales transactions during the second half of 2009 and 2010 is a positive sign for absorbing inventory, the first step in a market bottom and eventual recovery.
Howe points to downtown’s loft projects as a prime example. “Cincinnati’s loft condominiums in the under $300k range that are well designed and well located are starting to sell again,” Howe said, pointing to Hamilton County tax records showing a surge in downtown loft sales beginning in the 3rd quarter of 2009. “The real estate cycle will turn around as they all do. It’s a matter of survival while the market takes the necessary steps to recover.” Read more →
Cincinnati Ohio Real Estate has been recognized by U.S. News & World Report as one of the top ten markets for healthy real estate development investment and even potential “steals” (USNews).
In an article from February 12, 2010 entitled “10 Cities for Real Estate Steals”, U.S. News surveyed information primarily compiled by Moody’s Economy.com to search out markets where price-to-income ratios are most in line with their historical averages despite the challenging economic environment.
Cincinnati Real Estate Developers And Buyers
Certainly the news does not come as a surprise to the Greater Cincinnati real estate development community who have witnessed the near 30% downturn nation-wide and yet experienced very little of the trend locally. In fact, buyers and investors see, despite some near term fluctuation, that many properties in the market are actually undervalued compared to the long term trends.
“10 Cities for Real Estate Steals”
Concerning the Greater Cincinnati real estate development market, the U.S. News reporter, Luke Mullins, states:
“Home prices in Cincinnati have remained relatively affordable throughout the nation’s recent boom-and-bust cycle. The area’s price-to-income ratio actually increased from 2006 to the third quarter of 2009. Its most recent reading of 1.41 is slightly below the 1.46 average ratio of the 15 years before 2003. Although home price declines have moderated in recent months, Moody’s Economy.com believes further drops may be in store as additional houses go into foreclosure. Home prices in Cincinnati are expected to bottom out this year before creeping higher.”
Here is the recent view of one local Cincinnati real estate developer, “It’s challenging to get deals done out there, but there are spots around town that are very well positioned.” via
The Real Estate Development trend in Greater Cincinnati Ohio
Mortgage rates have recently dropped to 4.93 and added federal incentives continue for first time and current homeowners looking to buy so expect the current short term fluctuation in the greater Cincinnati real estate market to begin to get back to its historical trend by the end of 2010.