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Area's Hottest Zip Codes Defy Slumping Market
POSTED: 6:30 pm EST February 6,
2008
UPDATED: 8:30 am EST February 7,
2008
CLEVELAND -- For months now there's been a lot of national news coverage on the foreclosure crisis, and some of that's focused right here in our area.The latest data ranks Ohio sixth among all 50 states for foreclosure filings. But tucked within that data is another story: Instead of a cold real estate market, some hot neighborhoods are surviving the setbacks.Newschannel5 sorted through local sales data with the help of Howard Hanna Real Estate Services.Starting in the lowest price bracket, under $25,000, Parma, Euclid and Lorain are all holding their own. In Parma, sellers got almost 97 percent of their asking price over the last few months and on average spent 70 days on the market.In Euclid, the average house gets 97 percent of the asking price, but stays on the market longer. The average length of time on the market in Euclid there is 99 days. In Lorain, it's almost 96 percent of the asking price with an average of 102 days on the market.The city of Amherst in Lorain County didn't make the top three on the "hot" list but it's hanging in there.Buyers are getting more than 95 percent of their asking price, on average.Experts say now is a time to find a great deal.New home buyer Jay Valadez said, "With the rates dropping and the way the economy is right now we thought we should start looking and see what's affordable and where."Jay and his family are moving into a brand new house in Amherst and are paying almost $145,000 for what would have cost $175,000 before the housing market bottomed out.Valadez said the schools are good, there's a lake and a marina just five minutes up the road, there's a pool, and the price was hard to beat."I looked in Rocky River, I looked in Westlake, I looked in Bay. Just the price point for $30,000 less you get a brand new house," he said. Southeast in the city of Hudson, the houses in the $250,000 to $500,000 price range are still selling steadily.Hudson tops the price bracket with sellers getting almost 96 percent of their asking price, on average.Houses in Avon and Avon Lake are holding value too. Prices are actually going up for homes in Rocky River and Bay Village.Howard "Hoddy" Hanna, of Howard Hanna Real Estate Services, said right now the hot neighborhoods are not new neighborhoods.Hanna said, "Those are great communities with great history of housing values and consistency and because people historically want to live in those neighborhoods, that's a safer bet." And Hanna said when it comes to hot the higher-end homes are actually fueling the market."The market in the upper price ranges have been as strong as I've ever seen them," he said. In Hudson, Brunswick, Brunswick Hills and Shaker Heights houses are all still selling for more than $500,000 on average. Hanna said buyers can take advantage of the market, "we've got very affordable housing right now and great opportunity to purchase."For data on northeast Ohio home sales, click here.
Previous Stories:
- October 30, 2007: 44105 Has Most Foreclosures In Country
- May 24, 2007: Find Out Best Areas For Home Sales
- February 21, 2007: Mentor, Medina Among Top ZIP Codes For Housing Market
- December 5, 2005: Find Out Which ZIP Codes Are Considered Hot
- November 30, 2005: Housing Comparison Reveals Cold ZIP Codes
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