Forbes Least Expensive U.S. Cities For Homeowners

Forbes Least Expensive U.S. Cities For Homeowners
September 23, 2008

Behind the Numbers:
To determine America’s most and least expensive places to own a home, we used data from the U.S. Census Bureau’s 2008 American Community Survey, released Tuesday. It reported the 2007 median monthly home ownership costs in the country’s metro areas with a population over 65,000. Home costs include monthly mortgage payments, real estate taxes, various insurances, utilities, fuels, mobile home costs and condominium fees.

In some areas of the country–particularly in big cities on the coasts–the costs of owning and maintaining a home are higher than ever before.

10. Cincinnati, Ohio - $1,353 a month
9. Charlotte, N.C. - $1,336 a month
8. St. Louis, Mo. - $1,299 a month
7. New Orleans, La. - $1,296 a month
6. Nashville, Tenn. - $1,256 a month
5. Indianapolis, Ind. - $1,232 a month
4. San Antonio, Texas -$1,216 a month
3. Pittsburgh, Pa. - $1,187 a month
2. Columbus, Ohio - $1,060 a month
1. Cleveland, Ohio - $978 a month

Go Cincinnati!

$7500 First Time Buyer Credit May be the key to Jumpstarting the Cincinnati Market

Local Realtors and home builders believe a $7,500 tax credit available to first-time homebuyers is the one prong of President Bush’s Housing and Economic Recovery Act of 2008 that could provide the biggest stimulus to Cincinnati’s housing market.

The federal legislation, approved Aug. 6, includes a series of measures to stimulate home sales, prevent foreclosures and neutralize the weak economy’s effect on the housing market.
First-time buyers, or those that haven’t owned a home in three years or longer, may qualify for up to a $7,500 tax credit on their 2008 income taxes. They’ll have to pay the credit back over a 15-year term, with no interest.

But the key is in raising the confidence of buyers who might have doubted their ability to qualify for a loan without the attractive zero-percent-down offers of the last few years, said Karen Schlosser, president of the Cincinnati Area Board of Realtors and sales manager at Re/Max Unlimited. The tax credit will be retroactive back to April.

Industry groups, brokerage firms and home builders are desperate to spread news like this to the Cincinnati market, said Dan Hendricks, president of the Home Builders Association of Greater Cincinnati. Building permits have dropped from 7,000 per year to 3,600, he said.
Inventory levels have spiked. A Cincinnati home, on average, sits on the market 8.5 months, according to the Cincinnati Area Board of Realtors’ June 2008 report.

In a stable market, homes sell within five or six months, said Schlosser.

“We need first-time buyers to come in and take a layer of housing out so those people selling can move up,” she said.

Schlosser added that buyers purchasing a home for the first time represent 40 percent of all sales.

A new marketing tool
Couple the tax credit with measures to encourage use of Federal Housing Administration loans, and builders have a new tool to use in marketing their homes, said Terry Sievers, Midwest region president for Drees Homes.

The legislation ups the maximum loan government-sponsored enterprises Fannie Mae, Freddie Mac and the Federal Home Loan Banks can provide to $625,500.

It also increases the maximum FHA-insured loan to 115 percent of an area’s median home price to a maximum of $625,500 with a minimum down payment of 3.5 percent, up from 3 percent.

“They are appealing to a lot of buyers that would not have used FHA financing a couple years ago,” Sievers said. “In the ’70s, it was all about financing. People would walk in to buy a home and the first thing you’d discuss is what the interest rate and payments would be, not the features of the home. In many cases, it’s a return to that.”
Schlosser’s Re/Max Unlimited group will host an information session for its Realtors next week to provide tips on marketing the legislation to past, present and potential clients.

They’ll also discuss Ohio Housing Finance Agency measures, like low interest loans for first-time buyers in Ohio and the Ohio Heroes Program, in which full-time police and fire officers, paramedics, health care workers and teachers can qualify for a rate that is one quarter lower through the agency.

“We need people to be confident to come into the market and buy a home,” Schlosser said.

“Getting information out to as many people as we can is so important.”
Group Realtors is contacting its clients who have purchased homes over the past few months to encourage them to pursue the credit and spread the word to others, said the firm’s owner Marilou Butcher Roth.

Fischer Homes hopes the act stimulates sales in its Maple Street Homes division, in which 50 percent of buyers are purchasing for the first time.

“Do I think that it’s the miracle cure for the housing industry? Absolutely not. But it’s a lot about what’s going in people’s ears versus the facts,” said Fischer Director of Marketing Brian Fannin.

Fischer will advertise parts of the bill through direct mail and e-mail blasts to customers.

“We’re just trying to say, ‘you owe it to yourself to look at the window of opportunity,’” Fannin said.

Red Bank location attracts more tenants

Friday, August 15, 2008
Business Courier of Cincinnati - by Jon Newberry Staff Reporter

Two mixed-use office and retail developments along the busy Red Bank Road corridor have picked up key occupants in recent months. Reisenfeld & Associates, a law firm currently located on Reading Road just north of downtown Cincinnati, is building a two-story, 38,000-square-foot building at Miller-Valentine Group’s Red Bank Village in Fairfax.

It will be the second office building at the site and is expected to be completed by the end of the year. The first office building at the complex, adjacent to Reisenfeld’s, was recently completed.

Reisenfeld has tripled in size over the past three years and also acquired the Sojourners Title agency. The agency will also be relocating to Red Bank Village. Brad Reisenfeld said the firm will own the building and conducted an employee survey before settling on the site.

“It’s the perfect location for us. It’s a very central location and an up-and-coming area,” he said, citing easy highway access and a desire to work with Miller-Valentine as key factors.

The office buildings are part of a larger project anchored by a proposed Wal-Mart Supercenter that’s being developed by Regency Centers Corp. The Wal-Mart was announced in 2006, but its opening was pushed back to 2009. Construction likewise has yet to get under way on a planned 30,000-square-foot retail strip center and on three available retail outlots along Red Bank Road.
Red Bank Village is at the southern end of Red Bank, about nine miles from downtown via Columbia Parkway.

Neyer Properties also has been adding buildings and tenants at Red Bank Crossing. A Goddard School day-care center recently opened in a single-story, 10,000-square-foot building that lies to the south of a two-story, 30,000-square-foot office building that’s just been completed. The first, 40,000-square-foot office building on the site was completed a couple years ago and is fully leased to medical and health-related tenants.

Jeff Chamot, project manager for Neyer, said the newest office building is a LEED-certified “green” building and, as such, affords tenants a 100 percent tax abatement for 12 years from the city of Cincinnati.

The environmental design also reduces utility costs by about 20 percent, he said, and studies indicate that people who work in green buildings are more productive, use fewer sick days and are happier at their jobs.

All the monetary benefits flow directly to the tenants since they’re responsible for property taxes and operating expenses, Chamot said.

Tenants have been attracted to the project because of the location and the 30,000 cars a day that use the Red Bank Expressway, he said. Red Bank runs between Wooster Pike/Columbia Parkway on the south end, to Interstate 71 on the north, with major intersections at Erie and Madison Road in between.

“I’ve always thought of it as the East-North connector,” Chamot said.

Red Bank Ready
Projects: Red Bank Village, Red Bank Crossing
Costs: More than $15 million
Developers: Red Bank Village Office LLC, Neyer Properties
CMs: MV Construction, NPI and Reece-Campbell
Architects: McGill Smith Punshon, PSA

$250 Million Developement Planned for Liberty Township

More than $250 million in retail, restaurants, apartments, hotels and offices are planned for a 110-acre plot of land just west of Interstate 75 in Liberty Township.

Liberty Township-based developer George Flynn, Bob Hutsenpiller of Hutsenpiller Contractors Inc. and Brian Brockhoff of Bailey Capital Partners have spent the last three years quietly acquiring 22 parcels along Hamilton-Mason Road. Earlier this year, they brought in Miller-Valentine Group to assist with development and land acquisition and Columbus-based Steiner & Associates as lead developer of the project. The team plans to build more than 2 million square feet of development there over time.

The first phase, which could begin as early as 2009, includes 250,000 square feet of office space, an upscale theater, two hotels, restaurants, three department stores, additional retail and about 200 apartments - 1.2 million square feet of total development costing about $200 million.

"We're essentially building a community gathering space," said Mike Duffey, a Steiner spokesman. "It will become a hub for the entire community."

Liberty Township, located almost halfway between Dayton and Cincinnati, has spent the last few years preparing itself to handle the rush of developers seeking land positions in its boundaries. As the West Chester corridor has become saturated with offices and retail, it became evident to Liberty officials that the rural bedroom community would be next.

"Development is going to happen. We thought, 'What can we do to control it?'" said Dina Minneci, township administrator.

To prepare for even more population growth, expected to top 60,000 over the next 20 years from 35,000 today, the township created a master plan and four overlay districts that focused on commercial development for 18 percent of Liberty's total land area.

"The criteria we have is it has to be a sustainable, long-term commitment with a 30-40 year life cycle," said Pat Hiltman, president of Liberty Township trustees. "If we're going to bring retail in, it needs to be the crown jewel of Butler County and Southwest Ohio."

Steiner & Associates Inc. is best known for its mixed-use development of Easton Town Center in Columbus, a 90-acre project. It recently built the 72-acre mixed-use development in Dayton, called The Greene, and is known locally for Newport on the Levee, a late 1990s project.

Miller-Valentine Group became a financial and development partner to help with land
acquisition and development. The firm's local expertise in health-care office, hotel and residential development would be an asset for parts of the project.

"We're out of land at University Pointe and it's been a big success. This will be the office location in the northern market," said Brian Copfer, Miller-Valentine's vice president of development services.

The developers submitted plans to Liberty Township Tuesday, requesting a zoning change to planned unit development. Pending approval, plans will go before the Butler County Planning Commission in June and to Liberty Township trustees in late July.

Local Home Data for Cincinnati and Northern Kentucky

Greater Cincinnati and Northern Kentucky homes sales are still down by double digits year over year, but some positive trends are surfacing.

The Cincinnati Area Board of Realtors reported that 1,635 homes were sold in April, down 17 percent from 1,968 in April 2007. Gross volume fell 26 percent, to $249.3 million from $335.8 million, while the average sale price was down 11 percent, to $152,471 from $170,625.

The organization noted, however, that the number of home sales has risen for three consecutive months, while the inventory of unsold homes has diminished, to 9.5 months of inventory in April from 13.3 months in January.

Year to date, home closings fell 17 percent, to 5,655 from 6,805. Gross volume was down 22 percent, to $883.7 million from $1.13 billion a year ago. And, the average sale price dropped 6 percent, to $156,271 from $166,826.

Across the river, the Northern Kentucky Multiple Listing Service said 454 homes were sold in April, down 17 percent from 547 in April 2007. Total volume decreased almost 8 percent, to $77.6 million from $84.2 million in the year-ago period.

But the average sale price rose 11 percent, to $170,830 from $153,894, the multiple listing service said in a news release.

For the first four months of 2008, home sales in Northern Kentucky were down almost 14 percent, to 1,643 from 1,901 in the same period a year ago. Total volume was down 5 percent, to $284.4 million from $299.7 million, while the average sale price was up almost 10 percent, to $173,092 from $157,635.

The average mortgage interest rate in April was 6.14 percent, down from 6.33 percent a year ago, the CABR said in a release.

Home sales unexpectedly rise in April - Yippee!

By MARTIN CRUTSINGER, AP Economics Writer 11 minutes ago

Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years.

The Commerce Department reported Tuesday that sales of new homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units.

But the government revised March activity lower to show an even bigger drop of 11 percent to an annual rate of 509,000, which was the weakest pace for sales since April 1991. Economists believe that new home sales will remain weak for some time as the housing industry struggles with falling prices and rising mortgage foreclosures, which are dumping even more homes on an already glutted market.

The Commerce report showed that the median price of a new home sold in April dropped to $246,100 in April, down 4.2 percent from April 2007.

A separate report showed home prices falling during the first three months of this year at the sharpest rate in two decades. The Standard & Poor's/Case-Shiller index fell 14.1 percent in the first quarter compared with a year earlier, the biggest year-over-year decline since the index began in 1988.

The Commerce report on new home sales showed the April rebound was led by a huge 41.7 percent surge in sales in the Northeast. Sales were up 8.3 percent in the West and 5.8 percent in the Midwest. The only region which saw a decline in sales in April was the South, where sales fell by 2.4 percent.

The inventory of unsold new homes edged down slightly to 10.6 months' supply at the April sales pace, compared with 11.1 months in March. However, the April level was still about double the inventory level that was normal during the five-year housing boom.

That boom ended in 2005 and since that time the housing industry has been struggling in a tough environment with falling sales and prices and rising mortgage defaults.

Economists believe that home prices will remain under pressure until the sizable level of inventories is worked down to more manageable levels. Many analysts don't expect to see a rebound in prices until sometime next year.

Housing Project on Tap Near UC

MetLife Inc. and Trammel Crow Co. are planning a $24 million apartment project on Jefferson Avenue near the Cincinnati Zoo, with up to 140 units and a mix of amenities aimed at attracting graduate students and hospital workers.

"With the university shutting down a couple of their grad-style dormitory buildings, we hope to build something that will be attractive to that clientele," said Richard Dickason, a vice president in Trammell Crow's student-housing practice based in Boston. "We're looking to start construction first part of next year and be ready for a fall 2010 opening."

Dubbed The Stratum on Jefferson, monthly rent will range from $800 for studio apartments to $1,500 for two-bedroom units. Amenities will include a fitness center, media rooms, business center and a parking space for every bedroom. Under a venture with insurer MetLife, Trammell Crow has opened similar projects near Drexel University in Philadelphia and the University of Memphis.

Enrollment boosts rates

Trammell Crow recently signed a purchase contract for a site owned by the Uptown Crossings Community Urban Redevelopment Corp., a nonprofit that bought the property from the zoo in 2005. The group has worked with UC and local hospitals to attract various projects, including a failed bid to land a $70 million National Institute of Occupational Safety and Health research lab.

But Monica Rimai, UC's senior vice president for administration and finance, said rising enrollment is having a positive impact on rental rates near campus. That could help the new project in the long run.

"This is a tough market. We have to be patient," she said.

UC is stimulating new demand for off-campus housing by closing two dorms for renovation this summer. Todd Duncan, UC's director of housing and food services, said the $10 million renovation will convert two buildings now used primarily by grad students to one that houses younger students. The buildings, near the corner of Jefferson Avenue and Martin Luther King Boulevard, are known affectionately on campus as the "ugly sisters." After the renovation, the buildings will employ a "twin bed approach" for up to 900 students.

UC enrollment is expected to reach a 17-year high this fall of 37,300 students. Duncan said its 3,200 on-campus beds were 95 percent full this year.

The New Investors Guide to Rental Property: #1 Why should I get into landlording?

I'm still shocked at how often people are surprised by the fact that I manage rental property. They all hear the horror stories and ask me how I can handle the "stress." I've been managing properties for about 4 years and have 10 units all together.

As with every job or any hobby, it takes a little time before you get over the learning curve and the tasks involved get easier and easier. Landlording is the same way and I hate to let the secret out of the bag, but it's actually a lot easier than everyone thinks!

In this guide, I hope to provide a series of tips and strategies for investors to follow so that they can learn from my mistakes and experience.

Investing in rental property can be a very smart financial move for your overall wealth. Using the power of leverage, you can earn a larger cash on cash return when the market appreciates than with most stock market investments.

For example, you can buy a 4-family property in Reading for about $125,000. To finance this property, you'll likely need to put down 10% or $12,500. If the building appreciates 10% over the next 5 years, you'll have a gain of $12,500. This is a 100% return on the money you invested or 20% return per year.

Another great benefit is the tax write off associated with your property. You can write off the interest on the loan as well as the taxes and any business expenses that come with managing the property. The interest on a $112,500 loan for that building in Reading would be about $9600 per year. Taxes would be roughly $2,000 per year, and business expenses may be around $5,000 for the year. The total write-off would be $16,600! A sizeable savings will result.

Last but not least, you will hopefully earn some cash flow from the month to month mangement from the tenants. And as rents go up, your 30 year fixed mortgage will stay the same. So every year will get a little more profitable until you finally pay the building off. Then it's on to easy street!

Cincinnati is a great market to build a portfolio. Feel free to contact me for information on how to start your own investing and check back in the future to read more tips and techniques on how to become a top notch landlord.

City West Development has revolutionized the West End

The largest housing project in Cincinnati since World War II is on the cusp of completion.
City West, which includes 686 rental units, 211 for-sale homes, 20,000 square feet of retail space and a park on 14 acres of land, has transformed the blighted, low-income area of the West End into a mixed-income development that is breathing new life into the region.

"We have put a mark on the city of Cincinnati map," said Dale White, president/CEO of D.A.G. Construction Co. Inc., the general contractor for the project. "Crime has gone down a lot, more people are moving into that area and new houses are being sold."

Construction started on the project in 1999, with the award of $66 million in grants under the federal Department of Housing and Urban Development's Hope VI program.

"Blight, litter and crime are significantly better," said Pete Witte, a board member of the Cincinnati Metropolitan Housing Authority, which owns City West. "We scraped the earth and built all-new."

Before the City West development, the area it sits on was home to 1,800 units of public housing. The units, built in the 1940s, were outdated, with small rooms, common hallways and interior courtyards. Former Cincinnati City Council member Jim Tarbell said the tenants of those homes were economically mixed when they were built, but it devolved into mostly non-working, welfare-dependent tenants over the years.

Changed atmosphere

"City West is the most dramatic example where we are making an attempt to correct the planning mistakes we made in World War II," Tarbell said. "We're trying to compensate for those mistakes, and it's critical because of what it is, where it is and how much money was spent."

Gone are the small, cramped units, replaced with townhomes complete with separate entrances and garages accessible by a private access alleyway.

The atmosphere is changing.

"There is now a park, Laurel Park," said Lindsay Wilhelm, marketing director for D.A.G. "It was used for buying, selling and using drugs. Now it is a park where kids go out and play."

White said there is a mix of low,- middle- and high-income residents living in the development.
"The yuppies have moved in," he said. "The houses are selling at around $175,000. That's unheard of in the West End."

Tarbell said the biggest challenge facing City West is filling the retail space and having enough people living in the area to support it.

"It's drastically better than it was, but is it as good as everybody had hoped? Not yet," Tarbell said.

In the Oct. 19 issue of the Business Courier, Lou Mitch, the top local official for City West developer The Community Builders, said it was better than 90 percent occupied.

Witte said the commercial side hasn't been going as well as planned. "Once it all comes together and we fill the commercial space, it will create a good neighborhood for the city of Cincinnati," he said.

Lifestyles
• Construction on City West began in 1999 with $66 million in grants.

• Crime was a major neighborhood concern. In 1999, police got 13,559 calls. There were 932 Part 1 crimes, such as murder, rape, aggravated assault, auto theft and larceny.

• In 2007, there were 10,952 calls to Cincinnati police and only 657 Part 1 crimes, a drop of 20 percent and 30 percent, respectively.

• Commercial space houses a PNC Bank and plans call for an ice cream parlor and small grocery store.

• City West reduced the community's density to 897 housing units, down from 1,800.

Keystone Parke - New Development at the Dana Exit off I-71

As the first building in the $100 million Keystone Parke project conspicuously rises at Dana Avenue and Interstate 71, its developers hope the campus takes root at another intersection, this one theoretical: where classical and urban design meet the forward-thinking and eco-friendly approach of the Leadership in Environmental and Energy Design rating program.

"Neyer (Properties Inc.) wanted to tap into the urban Cincinnati market, and we tried to contemporize that urban setting with a campus feel," said Jason Williams, principal with PDT Architecture/Planning/Interior Design, which designed Keystone Parke. Equally important, he said, is that Neyer is seeking Silver LEED certification for all the campus buildings from the U.S. Green Building Council. Such recognition requires that buildings earn points in categories from energy and water efficiency, to sustainable construction, and use of materials and resources.

The project's master plan includes three buildings with a total 465,000 square feet of Class A offices, a four-story public parking structure and space for a restaurant and retailers. A fourth building, where the Cincinnati Area Chapter of the American Red Cross has said it will establish its headquarters, is also in the planning stages.

The entire Keystone campus is in the city of Cincinnati. It's being sold as a perfect spot for companies that don't want to leave the city yet aren't interested in being in the downtown area.

"The highway visibility and convenience to downtown is extremely important," said Bill Schneller, vice president at CB Richard Ellis, the leasing company.

The first building will house Neyer's headquarters. The four-story, 65,000-square-foot structure is the smallest on site and is street-level and approachable.

"We opened up the building so there was a connection to the park and the center courtyard in order to encourage people to get out and mingle," Williams said.

The designer "took clues" from the classical architecture of downtown, he added. The windows serve not only to make the building appear modern but also to provide natural light.
Future phases will rise higher, with the second building at seven stories, 160,000 square feet, and the third at 10 stories, 240,000 square feet. "It is that way so the eye is drawn up through the park," Williams said.

Charlie Pond, Neyer's director of building development, said the company is using recycled materials throughout construction as well as paints and coatings that contain minimal volatile organic compounds (VOCs), which have been the target of the green movement because of way they contaminate air, particularly indoors.

The green focus is largely about educating the community about efficient office construction, Pond said. "We feel this region of the country does not yet really understand how it can be done affordably."

Keys to Green
• Keystone Parke includes a landscaped boulevard, park-like area and a hiking and biking trail.

• A second building will break ground by early 2009. The schedule for future buildings will depend on the market.

• Evanston Playfield will get an upgraded swimming pool and athletic facilities.

Home-sales Slide Continues, Region in Step with the National Pace

Home sales took another deep dive across the region in March - falling nearly 20 percent compared with the same month in 2007, according to data from local boards of Realtors.
All told, 2,072 homes were sold last month in Southwest Ohio, Northern Kentucky and Southeast Indiana - a decline of 19.6 percent over March 2007 sales activity.

The region's average sale price for a home also dipped in March, dropping 3.3 percent to $164,541.

Year-to-date through the end of March, home sales were down 17.1 percent and the average price dropped 4.7 percent to $165,281, compared with the same period of 2007.

The local decline was in step with the national average sales pace. Sales were off 19.3 percent in March across the U.S., according to the National Association of Realtors.

The median sales price - the point at which half the homes sell for more and half sell for less - also slipped nationally last month, falling 7.7 percent, to $200,700, over last March, according to the NAR.

Locally, Greater Cincinnati saw the greatest decline in median sale price, with a 4 percent drop to $129,650 in March, according to the Cincinnati Area Board of Realtors. The local industry trade group collects data representing roughly 80 percent of the region's market.
Year-to-date through the end of March, the median sale price in Greater Cincinnati fell 6.8 percent to $123,500.

In Northern Kentucky, the median price remained relatively unchanged in March at $137,000.
Year-to-date through the end of March, the median price dropped 1.7 percent to $135,000, according to the Northern Kentucky Multiple Listing Service. Median prices were not available for the Indiana market.

Across the nation and locally, Realtors and housing officials have begun calling for home-buyer tax credit programs to help boost the slumping housing market. Despite interest-rate cuts, a new set of lending problems has emerged in some parts of the country in light of the fallout of the subprime lending crisis, NAR president Richard F. Gaylord said. "It appears there is some overreaction on the part of some lenders now in requiring higher down payment percentages than may be necessary," he said.

However, Karen Schlosser, president of Cincinnati Realtors' group, said that doesn't seem to be the case locally. However, she said, "There's no doubt that there's been a change in underwriting guidelines to correct the situation that had been occurring, and to me it's been a very responsible move on the lenders' part."

With the spring home-selling season under way, Schlosser said the local market remains favorable for buyers.

In March, the Federal Housing Administration approved new lending guidelines - raising the maximum FHA lending amount for a single-family home to $337,500 from $256,500.
"Local buyers have a threefold window of opportunity: an ample supply of homes for sales, attractive home prices and low mortgage rates," Schlosser said.

"Fence-sitters who wait too long may lose some of that opportunity."

See the original article at:http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080423/BIZ01/804230377/1076

First Time Buyers' Dos and Don'ts

If you are a first time home buyer, you have a lot to learn.

Working from a blank slate you must build an understanding of the housing market, determine what you can afford, land a loan and hone in on a home that's a good fit for your lifestyle.

The transaction will likely become your largest asset ever so there's little room for error.
It is a daunting task, but you can ease your concerns if you take the process step-by-step, watching your footing as you move along the path toward the American Dream.

This list focuses on areas first-timers typically stumble over in their initial home buying attempt. Knowing what you could face will help you avoid some of those trip ups.

The Dos

DO browse for housing information. Begin your search by arming yourself with information. For example, Coldwell Banker's the Home Price Comparison Index allows you to compare average housing costs in over 400 U.S. markets. RealtyTimes Market Conditions gives you a snapshot of thousands of local markets. About.com's Home Buying/Selling section is chock full of the nitty gritty insight you'll need to get going. Stick with the known, long-time real estate information Web sites and you'll learn more than you need to know.

DO examine your credit standing. You need to know your credit standing. You may need to request corrections if there are errors. You may need to adjust your habits if your credit behavior is less than sterling. And you need to take those steps before seeking a loan. Your credit report is free from AnnualCreditReport.com, the federally regulated place to go. You can stagger retrieval of your credit report from each of the big three credit bureaus, getting one from a different agency every four months. Your report is free, but you may have to pay a nominal fee for your credit score (a numerical scoring of your creditworthiness) depending upon your state law and other factors. Learn more about your score at Privacy Rights Clearing House.
DO explore a mortgage pre-approval or commitment. An early green light on a loan will put you in a good negotiation position when you find your dream home. It will also help you shop within your budget.

DO line up a dream team of professionals. You may need a real estate agent, attorney, mortgage broker, home inspector and others to be your professional eyes during your home search.

DO buy for your lifestyle. Your first home may not be your last, so try to anticipate how long you'll live in your home and buy based on plans for the duration. Raising kids, starting a business, taking on a new job, housing Grandma could all impact the size or type of home you need first.

DO heed housing priorities. Separate your "wants" from you "needs" so you know where you can compromise to stay on budget.

The Don'ts

DON'T get taken by the first house or neighborhood you see. Keep an open mind and spend sufficient time finding the right fit in a house and neighborhood for your needs.

DON'T buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. It's better to live with a comfortable mortgage on a smaller home than to struggle every month paying a mortgage on a house with more room than you really need. The down payment, closing costs, monthly expenses and taxes must in total all be within your income and savings range.

DON'T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles which often aren't so predictable. Don't expect your home's value to skyrocket. Buy a home because you need a roof over your head, not for a quick profit.

DON'T try to time the market. Pinpointing the bottom of the market almost always happens after the market has started to turn up. How, otherwise, can you see the bottom? Focus on personal lifestyle needs, not market trends, in terms of timing your home buy.

DON'T sign for a confusing mortgage. Shop around for the best loan, read every detail of your loan contract and get some help understanding terms and provisions that confuse you. Avoid exotic, "creative financing," multi-option loans you don't understand. Again, lifestyle is key. Get a loan that fits.

Neyer Corp. Looks to give Middletown a Makeover!

Al Neyer Inc. recently purchased a 60 acre plot along Interstate 75 in Middletown, OH. Plans are to develop up to $100 million in office space, shopping, and residential properties. The acerage is located in the Renaissance district of Middletown, across Union Road from the new Atrium Medical Center.

Al Neyer has already sold about eight acred to Herry McClain Cos., who is a developer with interests in building a 100-bed assisted living facility in the area.

Keep an eye out for this area's emergence.

Seriously?!?! The Banks Project in Cincinnati is for real?

Ground has been broken on The Banks, an 18-acre, $600 million mixed-use development on the Ohio River in Downtown Cincinnati. The initial part of the project’s first phase consists of about 300 apartments and 70,000 square feet of retail and restaurants; construction is scheduled for completion in 2010.

A spokesperson for the project told CPN that there is no retail preleasing yet, and that the retail will focus on “eatertainment” and on support retail for the residents.

The Banks’ master developer is Riverbanks Renaissance L.L.C., a joint venture of Carter & Associates Commercial Services L.L.C. and The Dawson Co., both of which are headquartered in Atlanta. The two companies will also handle project management for the construction of additional public infrastructure. The $74 million needed to finance Phase 1A will be provided by a $40 million senior debt financing commitment from National City Bank, a $10 million debt financing commitment from the Cincinnati Equity Fund, $12 million in equity funding led by Carter, Dawson and their investors, and $12 million in grant funding from the City of Cincinnati and Hamilton County for the residential portion of the project.

Subject to contingencies, the second part of Phase I will include an office building of at least 200,000 square feet and possibly a hotel. The private investment for phase 1B is estimated at about $75 million. Although the particulars of subsequent phases remain flexible, they could total 1 million to 1.8 million square feet of apartments and residential condos; 200,000 to 1 million square feet of office space; 200,000 to 400,000 square feet of restaurants, bars, and other retail; hotel development of 200,000 to 400,000 square feet; and parking for nearly 1,800 cars.

The Banks also includes a 40-acre riverfront park that will include playgrounds, a 12-acre “great lawn,” walking and biking paths, gardens, and a promenade overlooking the entire park. A focal point of the area is the existing National Underground Railroad Freedom Center, a museum and educational center.

The entire site is bookended by Cincinnati’s two major stadiums: the Bengals’ Paul Brown Stadium, which opened in 2000, and the Reds’ Great American Ball Park, which opened in 2003.

CPN reported in February that, according to a report by Property & Portfolio Research Inc., Cincinnati has one of the country's highest major market office vacancy rates. An 11 percent increase in office construction in Cincinnati this year should add 1.8 million square feet to the city's office space supply, pushing the office vacancy rate to about 20 percent by the end of 2009.

Tale of the Madisons (Madisonville and Madison Place)

We all know the Madisonville area from the terrible riots that occurred several years ago. But that history is long gone and Madisonville is quickly becoming one of the strongest neighborhoods poised to take off in the next several years!

Madisonville is tucked right in between Mariemont, Oakley, and the tip of Hyde Park. I can't think of a neighborhood with better neighbors! Outside of it's close proximity to these highly desired communities, the architecture is very similar to the homes found in Hyde Park, Mt. Lookout and Oakley. So once rehabbers run out of inventory in Oakley, they'll strongly start targeting the Madisonville area.

The area most likely to see the quickest growth will be the South East portion of Madisonville. All of these homes are within a 1/2 mile walk to Mariemont Square (which is absolutely incredible). Several of the homes are already well maintained but you can find distressed properties in the area ranging from $20,000 - $80,000. This affordability will draw in the young professionals who will help to shape and revitalize a once unpopular neighborhood.

Lastly, there is some strong development occuring on Red Bank Road, the western border of Madisonville. A new Super Walmart is being built, the Oakley Drive-In has been converted to a luxury Dog Spa and Medical Office Space, and Miller Valentine will be developing the area where the old Nu Tone plant used to operate (http://cincinnati.bizjournals.com/cincinnati/stories/2007/06/18/daily42.html?from_msn_money=1).

Just East of Plainville Road in Madisonville is an area called Madison Place that has already seen a lot of investor activity and above average growth. This area is within easy walking distance of Mariemont Square and the homes are primarily simple starter homes. Madison Place is known already as the place to buy for Mariemont Perks without the Mariemont Price.

Both neighborhoods are worth checking out for Investors or Owner Occupied Buyers. Feel free to contact me for any additional information regarding these neighborhoods as I'm excited to see them take off!

FINALLY - The Banks Project is Underway

It took 11 gold-painted shovels, two boxes of gold-colored hard hats, dozens of dignitaries, fireworks, speeches and a lot of dirt, but the physical birth of the Banks riverfront development finally occurred Wednesday.

The shovels hit the earth at 4:40 p.m. for an event nine years in the making - the ceremonial groundbreaking for a project that many thought would never happen.

"Looking out upon you and this gorgeous sky and these wonderful surroundings, I hope you will forgive me for reverting to one of my former professions," said Gov. Ted Strickland, a former minister. "This is the day which the Lord has made, let us rejoice and be glad in it. You can feel the energy in this place!"

See the full story here: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080403/NEWS01/804030316/1077/COL02

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...

Xavier University Parents - Buy a Rental Property for your Kids!

I've come to realize that it's tough for parents to find information on how to find and buy a rental property for their kids to live in while they attend college. I wanted to publish an article for parents of Xavier University bound students to help guide them through the process and to promote the benefits of buying a rental property instead of paying a landlord. Above is a map of the greater Xavier University area with my recommended neighborhoods shaded in red. These neighborhoods have affordable homes, are safe, and although might not be next door to campus, will be quite reasonable for your children to occupy. As you search for listing at my website, http://www.cincyforsale.com/, or any other MLS site, compare the location of that Norwood, Evanston, or Avondale property to the above map. Seeing the neighborhood in person is of course the best way to determine if it's the right fit, so feel free to contact me for any showing needs.

If you're unsure about whether buying a home is the right move for you, consider these points.

• It's a Great Investment

If you purchased a $150,000 property and put down 20%, you'd have a monthly mortgage payment of roughly $750, including taxes and insurance. A 3 bedroom property will house two non-related students over three years of school who will be happy to call you landlord. The average rent per student in the area is $450/month. By collecting $900 per month, you'll cash flow $250.00 per month on the rental. At the end of 3 years of ownership, you will have cash flowed $9000 and paid down your mortgage by $4,496. You will also benefit with a $7250 tax write off from the mortgage interest, saving you up to $2000 per year on your taxes. The area has appreciated 3% per year on average for the last 20 years. You can expect your $150,000 home to be worth $163,500 when you sell. In the end, you'll have $17,996 of equity in the home, have saved $6,000 on your taxes, and cash flowed $9000 for a total monetary gain of $32,996. Sounds a lot better than wasting over $16,000 in rent for your child over their college career. (This does not take into account additional costs for utilities, your exact tax bracket, cost to maintain the property... but you get the point)

• Your child won't be living in a "dive"

College campuses are known for having poorly maintained rental properties with unsafe and unsanitary conditions. I know I got sick a lot more in college due to the sanitary conditions than I do now. Not only will your child appreciate the home, but so will you when you visit!

• It will teach your child responsibility

A child who has a link to the ownership of a property will take care of the property much more than they would a rental. You'll be surprised how your child will become your right-hand-partner to assist in maintaining the property. It will teach them responsibility and help prepare them to become a future homeowner themselves.

I currently live about .2 miles from campus and am surrounded by Xavier students. I know the area very well and will be happy to assist you in finding the right property for your son or daughter. If you're a first time investor, I do have several properties of my own that I manage and will be happy to assist you in getting your rental property up and running. Thanks and go Musketeers!

Xavier University is Truly Developing in Norwood, OH

Just when you think Norwood can't possibly take on another development, Xavier University has planned to expand it's own reign over the area by expanding to the east with a new development called Xavier Square. Quickly becoming the most predominant university in Cincinnati, the 20 acre development will truly bring a new sense of life to the campus. The Xavier Square development is a joint venture between the Xavier University and Corporex Companies. Xavier Square, also known as East Campus, will consist of :

• 120,000 Square Feet of Office Space



• 100,000 Square Feet of Retail



• 90 Room Boutique Hotel



• 550-600 Student Apartments



• 120 Market Rate Houses



• A New University Recreation Center, Bookstore, and Health Center

The development will be located on the corner of Dana Avenue and Montgomery Road, right on the edge of Norwood. The development will be located directly across from the neighboring suburb of Evanston. 7 of the 20 acres was donated by BASF Chemical Plant to the school after a fire forced the company to relocate. The Zumbiel Packaging Plant moved to Hebron, OH in 2004 and sold the 9 acre property to Xavier.

Demolition should begin in 2008 and the first phase of building will begin sometime around the first of 2009. Living only 5 blocks from the Xavier Campus, I'm truly looking forward to the change. The Xavier campus unfortunately borders an area of distressed and occasionally boarded up homes in Evanston. The real estate is prime for student housing, but there is an above average risk of vandalism and crime that keeps students and owner occupied buyers away. Hopefully this change will be the start of a residential renovation surrounding the development that will bring about families and young professionals to the area.

Cincinnati Suburb Spotlight: Hyde Park Real Estate Market

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.