US Playing Cards May Leave it's Norwood Site

Thought this article was interesting as it may open up a huge 21-Acre plot of land in the Eastern Part of Norwood, large enough to

Below is the first portion of the article, go to http://cincinnati.bizjournals.com/cincinnati/stories/2008/03/24/story1.html?b=1206331200^1608456 for the full article:

Friday, March 21, 2008
U.S. Playing Card may leave Norwood

Business Courier of Cincinnati - by Jon Newberry Staff Reporter

"United States Playing Card Co. is exploring relocation options and could make a decision to move out of its 108-year-old plant and headquarters in Norwood by June.

The company has more than 600 employees overall, including more than 400 in Norwood, and the 600,000-square-foot compound is its only U.S. manufacturing site.

Phil Dolci, president of the 114-year-old business, said it's looking at unspecified locations in Ohio, Kentucky and Indiana and has been in contact with state and county economic development officials in all of those places. No decision has been made yet, and at this point "everything is a possibility," including remaining in Norwood, he told the Business Courier.
"Ideally we'll make a decision in the second quarter," Dolci said.

Asked if any of the locations under consideration are outside the Cincinnati metro area, Dolci said "Indiana would be" but declined to be more specific about any of the possible relocation sites.
The timing of the actual move, if that's the decision, would depend on whether U.S. Playing Card relocates to an existing facility or to a new building, along with any site preparations or building changes related to the chosen location. Dolci said the consideration of alternative locations was prompted by a desire to improve on its current manufacturing facilities.

"Manufacturing on four different floors in six different buildings isn't the paragon of efficiency," he said. If the company moves, nothing has been determined about the future of its 21-acre complex on Beech Street at Park Avenue, where the ornate entrance is topped by a four-story, neo-Romanesque bell tower that was added to the brick building in 1926.

"Everything is TBD," Dolci said.

Norwood doing what it can
Real estate industry sources said CB Richard Ellis is representing the company in its search efforts. Ken Murawski, managing director of the Cincinnati office, couldn't be reached for comment.

Norwood Mayor Tom Williams said the city is trying anything it can to keep the company. There are no other sites within the city that are large enough, but officials are exploring options at the current location...

Southeast Norwood is the next Hot Neighborhood in Cincinnati!

Well, not the entire city of Norwood. But there is a 1 ½ square mile area south of the Norwood Lateral, West of I-71 and East of Montgomery Road that is creating quite a buzz for investors and homeowners in the area. According to the Cincinnati Multiple Listing Service, properties in this area of Norwood have appreciated by 45% over the past 7 years. That’s more than double the average appreciation for Cincinnati as a whole.

There are three main reasons why Norwood is seeing a sizeable increase in home values and experiencing a transition from blue-collar town to a desirable community for young professionals.

The first reason is Norwood’s great location. Norwood’s eastern neighbor, Oakley, experienced rocket appreciation during the early 2000s. Home after home was being renovated and sold for big bucks. The longtime dark shadow of Hyde Park was now becoming a hot neighborhood on it’s own. Today home prices in Oakley more resemble those in Hyde Park. The average sale price in Oakley was just over $190,000 in 2007. As a result, first time homebuyers are having trouble keeping up with the rise in home prices for this area and are slowly moving to more affordable alternatives. Southeast Norwood borders Oakley to the left and Hyde Park to the north. Southeast Norwood is about as far from Oakley Square and Hyde Park square as the neighborhood of Mt. Lookout. It also has easy access to I-71 and I-75 via the Norwood Lateral.

The second reason for Norwood’s success is it’s aggressive move towards commercial development. The city has aggressively marketed the town to developers resulting in several projects taking place; i.e. Rookwood Development (Rookwood Mall and Rookwood Commons), Surrey Square (located on Montgomery Road in the heart of Norwood), and Linden Pointe (just north of the Lateral, west of Montgomery Road). These developments are bringing more jobs and retail to the area and with that comes tax dollars for the city.

The third reason that Southeast Norwood is a hot neighborhood is because it contains beautiful streets with beautiful homes. The same home styles that you’ll find in Hyde Park and Oakley are also abundant in Southeast Norwood. Century old two and three story homes with tons of character are regularly being renovated and sold between $200,000 and $300,000. This area is ripe for both investors and homebuyers.

So next time you look for properties in Oakley and Hyde Park, be sure to add Southeast Norwood into your search.

Let's Compare the Hyde Park Market to the City of Cincinnati

This graph compares the average sales price movements for Hyde Park to the City of Cincinnati. Note that Hyde Park has experienced sporadic movement month to month regarding the average sales price but has continued to climb over the last 12 months. Similar to the stock market, Hyde Park continues to be a safe long term investment.

The City of Cincinnati on the other hand has remained pretty stable, even decreasing in value of about 2 1/2 percent over the last year. There are several neighborhoods that have contributed to that decline more than others. What you need to remember is that you're looking at an average value. There are nearly as many neighborhoods that have gained value as have lost.

The new campaign for the National Association of Realtors is that Real Estate is Local!. I want to drive the point home that not only is the City of Cincinnati's market different from Los Angeles, but also that neighborhoods within Cincinnati are different.

Contact me if you'd like to learn more about what Cincinnati neighborhoods will give you the best chance for appreciation over the next few years!

Cincinnati Real Estate - Trulia