Cincinnati Ohio
What is a Reverse Mortgage?
February 6th, 2012 categories: Cincinnati Ohio, Informational
Aging actors on television pitching to Baby Boomers the unbelievable benefits of using their home equity as a way to get cash in this tight economy!
The reverse mortgage is a financial instrument aimed at home owners, 62 years old and up, who have decent equity in their property. Reverse mortgages to allow homeowners get money out of their home/condo and also free them from making future mortgage payments for as long as they live in their properties. One would think that this type of program would have people lining up.. however the opposite seems to be trend. In the conservative Cincinnati real estate market the lack of understanding, high fees and skepticism about the programs have added up to unenthusiastic potential participants.
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Personally I tried to research the ins-and-outs for my parental unit and decided….that too many of the details of the equation were missing. It appears if you don’t outlive your equity and don’t require further funds for alternate housing and medical care- then the reverse mortgage may be a great asset….. however without investigating the long term financial impact with the appropriate legal and financial representative- seniors may be short changing themselves. So for us-it’s not the best option at this time.
While demand is low and “potential” is high the government, through FHA (Federal Housing Authority) is trying to stir up activity for HECM Loans (Home Equity Conversion Mortgage). But like many government sponsored housing incentives, HECM back loans don’t seem to appeal to many lenders or consumers.
Bottom line, do your own research and consult with financial and legal specialists, before signing the dotted line for a reverse mortgage.
Related Article: US News and World Report, Valley News
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Living and Working in Over-the-Rhine!
January 20th, 2012 categories: Cincinnati Ohio, Informational
Mention Cincinnati’s Over-the-Rhine (OTR) in a conversation and watch what kind of response you get!
Chances are that if you live anywhere in greater Cincinnati you have visited Over-the-Rhine. Located within walking distance of downtown Cincinnati- loosely bordered by Dorsey, Sycamore, Eleanor, Reading, McMicken, Central Parkway and Vine Streets- the area is probably best know as the home of historic Music Hall.
The School for Creative and Performing Arts
In addition these well known popular spots, the area boasts a thriving and involved business community am you guessed it – a robust residential real estate market. Apartments, condos and single family homes are available. Much of the inventory (apartments, lofts, townhomes, flats, freestanding) are located in buildings which have been totally renovated/updated throughout. However since the location has begun to bloom again -sections with empty lots are already under construction.
One example is Pleasant Street which appears to have several empty lots on Google Earth…….
…today boast several active and pending sales of for brand new homes.
Many organizations and businesses have a vested interested in helping OTR. One of the better known is 3CDC which has spearheaded several improvement projects within the area.
In addition to being able to walk or ride a bike to work or shop at Findlay Market, OTR also has a lot of activities-not only in the evening but also during the day. Check out the OTR Gateway which provides a calendar of events and activities.
Once again talk of moving into the city sparks discussion in our household-not because of actual location- but because like many boomers one person wants a house in the woods (men) and the other wants to walk out the door to get a cup of tea and grocery shop at Findlay Market.
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Weekly Cincinnati Real Estate Update
January 17th, 2012 categories: Cincinnati Ohio, Pricing
Are you one of today’s Cincinnati real estate buyers who doesn’t think the right property has hit the market yet?
Well I have some good news for you…9320 single family homes and 1687 condos are listed in the Cincy MLS. Homes for sale have an average list price of $204,865 and $157,094 for condos. So lots of property at all price ranges is currently available for sale throughout greater Cincinnati. Tracking data for 6 key zip codes gives for buyers and sellers and idea about pricing, days on market and the number of single family currently listed for sale.
| 90-day stats for Single Family properties in WEST CHESTER, OH45069 as of February 3, 2012 | |||
|---|---|---|---|
| Median List Price: | $231,518 | Average List Price: | $298,142 |
| Total Inventory: | 249 | Price per Square Foot: | $86 |
| Average Home Size: | 2,868 | Median Lot Size: | 18,242 |
| Average # Beds: | 3.71 | Average # Baths: | 2.89 |
| Homes Absorbed: | 10 | Newly Listed: | 8 |
| Days on Market: | 192 | Average Age: | 35 |
| 90-day stats for Single Family properties in MASON, OH45040 as of February 3, 2012 | |||
|---|---|---|---|
| Median List Price: | $324,508 | Average List Price: | $422,749 |
| Total Inventory: | 286 | Price per Square Foot: | $100 |
| Average Home Size: | 3,026 | Median Lot Size: | 16,697 |
| Average # Beds: | 3.83 | Average # Baths: | 3.05 |
| Homes Absorbed: | 13 | Newly Listed: | 10 |
| Days on Market: | 183 | Average Age: | 36 |
| 90-day stats for Single Family properties in FAIRFIELD, OH45014 as of February 3, 2012 | |||
|---|---|---|---|
| Median List Price: | $150,325 | Average List Price: | $163,824 |
| Total Inventory: | 165 | Price per Square Foot: | $71 |
| Average Home Size: | 2,052 | Median Lot Size: | 14,514 |
| Average # Beds: | 3.37 | Average # Baths: | 2.29 |
| Homes Absorbed: | 7 | Newly Listed: | 6 |
| Days on Market: | 173 | Average Age: | 35 |
| 90-day stats for Single Family properties in HAMILTON, OH45011 as of February 3, 2012 | |||
|---|---|---|---|
| Median List Price: | $176,892 | Average List Price: | $187,798 |
| Total Inventory: | 464 | Price per Square Foot: | $77 |
| Average Home Size: | 2,249 | Median Lot Size: | 17,374 |
| Average # Beds: | 3.46 | Average # Baths: | 2.33 |
| Homes Absorbed: | 18 | Newly Listed: | 17 |
| Days on Market: | 190 | Average Age: | 35 |
| 90-day stats for Single Family properties in CINCINNATI, OH45233 as of February 3, 2012 | |||
|---|---|---|---|
| Median List Price: | $149,615 | Average List Price: | $201,283 |
| Total Inventory: | 83 | Price per Square Foot: | $67 |
| Average Home Size: | 2,302 | Median Lot Size: | 17,092 |
| Average # Beds: | 3.47 | Average # Baths: | 2.35 |
| Homes Absorbed: | 3 | Newly Listed: | 4 |
| Days on Market: | 245 | Average Age: | 49 |
| 90-day stats for Single Family properties in CINCINNATI, OH45208 as of February 3, 2012 | |||
|---|---|---|---|
| Median List Price: | $319,033 | Average List Price: | $432,374 |
| Total Inventory: | 141 | Price per Square Foot: | $152 |
| Average Home Size: | 2,237 | Median Lot Size: | 7,434 |
| Average # Beds: | 3.54 | Average # Baths: | 2.55 |
| Homes Absorbed: | 7 | Newly Listed: | 5 |
| Days on Market: | 219 | Average Age: | 25 |
A wide range in median prices for homes and a good reflection on conditions in the local Cincinnati real estate market when you look at days on market. Unfortunately days on market only counts the current listing period and some of these properties have been listed by several companies over the many months.
Happy house hunting…if you can’t find what you’re looking for….maybe I can help!
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CitiRAMA 2011 in Bond Hill
September 15th, 2011 categories: Cincinnati Ohio
I’m looking forward to another hit with this year’s CitiRAMA 2011 in Bond Hill which opens to the public on Saturday, September 17th and runs through the 25th. This year’s show will feature 6 homes priced from $225,00- $325,000 located in the Villages of Daybreak development.
Just like last CitiRAMA 2010 the homes offer 10 year tax abatement from the county and feature lots of upgrades you find in upscale homes. It’s hard to find affordable new construction which also has easy access to downtown Cincinnati and CitiRAMA offers both.
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Rubber Duck Regattas and Fireworks- It’s Labor Day in Cincinnati Ohio
September 2nd, 2011 categories: Cincinnati Ohio
This weekend brings it all home in downtown Cincinnati. The WEBN Fireworks and the Rubber Duck Regatta!
On September 4th, watch things go boom in the sky and help the Freestore Foodbank at the same time!
The Annual Riverfest attracts lots of Cincinnatians downtown to celebrate the Labor Day Weekend and one my favorites events is the “Rubber Duck Regatta” where 100,000+ bright yellow ducks soar (actually they are dumped) off the “Purple People Bridge” during downtown Labor Day festivities. This year the ducks are leaping at 3pm on Sunday, September 4th.
All the proceeds benefit the Freestore Foodbank who distributes over 12 million pounds of food each year through a dedicated network of over 325 local Member Agencies.
A $5 donation buys a numbered duck and if your rubber ducky floats across the finish line first- you win a car. If you have a few extra dollars $25 buys 6 ducks. So in addition to helping others- you get the opportunity to cheer on your duck in the race- a win/win.
Have a safe and fun Labor Day Weekend!
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