About 100 years ago, several prominent businessmen came together to create a community in Cincinnati that would be geared to a higher class of people and have a reputation of an exclusive area. These businessmen planned to screen all residents looking to build in the community and deem only those found to be suitable for the area, permission to build a home. Houses would be showcases of grand scale and luxury and the businesses would remain small and quaint. The overall goal was to bring the reputation of the famous Hyde Park area in New York, to Cincinnati.
A century later, Hyde Park still honors many of the principles it's designers had intended. The homes are still well maintained and much of the beauty still remains within both the homes and the tree lined streets. Residents include doctors, lawyers, presidents of companies and civic leaders. The retail in Hyde Park remains small and full of character.
Combine those factors with Hyde Park's low crime rate and its proximity to major arteries such as Interstate 71 and Columbia Parkway, and the east side neighborhood becomes an attractive location for single people and families, middle and upper class. A special charm like many city neighborhoods, the boundaries of Hyde Park are loosely defined. Though the city considers Ault Park to be in Mount Lookout, Hyde Park considers this jewel of a park to be its own.
Picturesque Hyde Park Square is more than the neighborhood's business district. It is the heart of Hyde Park. The square itself - a grassy, bench-lined park with a fountain at the center - is on Erie Avenue between Edwards and Michigan roads.
Lining the streets around the square are banks, dry cleaners, salons, exclusive clothing shops and gourmet food stores. The area is in constant activity. People jog through the square, families walk the sidewalks with strollers and dozens of others window shop as they eat ice cream from the Graeter's store on the square. The Echo, a diner that has served home-style cooking for 50 years, is considered an institution even beyond Hyde Park. Increasingly, those who shop at the boutiques and dine at the microbrewery (it's in a renovated bank and is aptly named Tellers) and other restaurants are from outside the neighborhood. Many patrons also are visitors who had heard about the square, either from friends or staff at the downtown hotels.
In the last three years, the businesses on the square have spent $2.5 million in renovations. At least 60 percent of the businesses are sporting fresh paint jobs, and the park in the square has gotten a makeover, with flowers and trees. Stability is a plus. Another attractive aspect of Hyde Park is the stability of the neighborhood, where homeowners are almost guaranteed to turn a profit when they sell. In 1990, the median home value was $132,099. According to the Cincinnati MLS, the median sales price in Hyde Park in 2007 was $295,000.
The only downside to owning a home in Hyde Park is the house will not be a new structure with modern amenities. You have to like old houses, you have to like hardwood floors and high ceilings, because BY and large, if you're going to come to the area, you're going to have an older home. The residential values are good, and they keep appreciating. Though it is often regarded as an oasis for wealthy people, Hyde Park is more than an upper-class community. Granted, there are secluded, sprawling million-dollar homes lining Grandin Road and surrounding streets. But the more visible - and accessible - parts of Hyde Park are filled with older, two- and three-story homes with porches, detached garages and hardwood floors. The combination of classes contributes to the neighborhood's appeal.
Some Other Quick Tidbits about Hyde Park:
* Hyde Park is part of the Cincinnati Public School system and includes a Montessori school - Clark Montessori School, 2 Catholic schools - St Mary's and Summit County Day, and one other private school in the area - Springer School and Center.
* Hyde Park is a strong rental market for young professionals and professionals families with short-term stays in Cincinnati. As a result, a large portion of young professionals buy their first home in Hyde Park or the surrounding areas.
* Investment properties in Hyde Park are abundant but hold a premium price for the location and appreciation capability. It's rare to find a multifamily property that allows for immediate cashflow with less than 10% down. It is also difficult to find investment properties to "flip" as so many investors watch the area that most good deals breed strong competition.
* Arthur's Restaurant is a hamburger joint right off of Hyde Park square on Edwards Avenue. It has the best hamburger that I have ever tasted.
