Archive for the 'Mount Lookout' Category

Loan Reduction of One Percent, Perfect for this Mt. Lookout Starter Home

Amy August 14th, 2007

Wells Fargo offers Summer Buyers a 1% Rate Reduction now through the end of August 2007. Why would Wells Fargo do such a thing? They want YOU to BUY a home! Take advantage of this great rate reduction for one entire year and buy in this buyers market! Never before did investing in Real Estate become so easy.

Just this summer I have helped more than 15 home buyers, some first time buyers, purchase homes in this buyers market in Cincinnati, Ohio and its East Side urban areas of Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum and several have taken advantage of this great rate reduction.

Have you been thinking about becoming a home owner and reducing your taxable income with the interest deductions of a mortgage? Don’t wait any longer, as the market and the 1% rate reduction may just pass you by.

There are so many motivated sellers in this market looking to sell their homes to buyers who are pre-approved with lenders. This is such a great time to buy your first home. I have several properties currently For Sale that are offering this 1% Rate reduction. This is the best time I can think of that buyers can get a break on their rate for a year, and buy homes that are aggressively priced to sell!

Sharon Natarus with Wells Fargo in Cincinnati Ohio is offering this special rate through August 31, 2007 to qualified candidates. Sharon can be reached directly at 513-587-3524 or emailed at Sharon.Natarus@wellsfargo.com. Learn more about Sharon’s extraordinary customer service and creative style here.

Looking for a home with a 1% rate reduction in the first time buyer price range? I just so happen to have several for sale, and the rate promotion will last through August 31st 2007.

I recently listed the cutest starter home in walking distance to Mt. Lookout Square. This home is located at 1015 Kinmont Avenue (map). It is an adorable cottage home and tree house atop the hill on Kinmont Avenue. The home can be entered from a private street behind the house providing easier entry, with no stairs necessary. The one car garage in the rear of the home, with a potential second parking spot to the left of the garage gives you plenty of space, so you never have to take the stairs! This home is adorable, with updated furnace, air conditioner, water heater and replacement windows, giving you, the new owner great efficiency!

The living room is so very charming, with 12 foot ceilings, a beautiful stone gas fireplace, the original architectural arched front door and screened door. The hardwoods gleam throughout the house. The decor is very neutral allowing you to be able to move right to this cottage today!

The kitchen has been remodeled, with new white cabinets, some with glass front, stainless steel fixtures, new lighting, updated counter tops, tumbled marble back-splash, ceramic tile floors and under cabinet lighting. The appliances are all newer and white, all included with the home. There is a step in pantry in the kitchen great for plenty of storage! The lower level is located off of the kitchen and provides great bright open space for laundry and workshop areas. The dining room is also just off of the Kitchen and the flow of this house is great for entertaining throughout the whole home!

There are two bedrooms in this home. Both rooms have hardwood floors and window blinds. Each with great closets. This room pictured is used as a study or guest bedroom and has beautiful wainscoting surrounding the perimeter, giving the room a stately feel, appropriate for a home based employee, or a very nice guest bedroom.

The Master Bedroom has such charm with the front windows and window box just outside. A large closet, and hardwood floors make it a great place to rest. The remodeled full bath is nestled between these two bedrooms, with new flooring, fixtures and glass doors for the shower/tub.

There is a rear entry to the home, with the white picket fence gate, the mailbox and the one car garage in the rear private street. The rear yard has a beautiful paver patio, and a great usable yard for picnics, entertaining or a great place for a doggie to run and play! We look forward to seeing you soon! Click here for a virtual tour of the home.

For more information or to schedule a private showing please contact me at 513-377-3637.

Market Analysis: Apprectiation and Treating Your Home As An Investment

Amy April 14th, 2007

Real Estate is an Investment in Mount Lookout, Hyde Park, Oakley and East Cincinnati

Cincinnati Real Estate is an exciting industry, or hobby, depending on your current occupation. For me, it is both, as I am a Full Time, Resident Realtor, with a focus on Mt. Lookout, Hyde Park and Oakley, and the East side of Cincinnati in general. As a Certified Residential Specialist as well as a Hyde Park area resident, I find the numbers I am about to show you as vital as the air we breathe. I don’t think I have been involved in a conversation in a social setting in the last two years where the Real Estate market wasn’t a large topic amongst my local friends and acquaintances, in the midst of buying or selling in this market.

It is somewhat of a buyers market still, I would venture to call it a Price Correction Period, but even with that, we are seeing great appreciation figures over 5, 3 and 2 years after purchase. Let me show you some specific information that was compiled through several MLS searches I run on a regular basis to help me and my buyers and sellers understand the current market.

Area Comparison - Quarter 1, 2007
This information was complied through the use of the Cincinnati MLS, creating a 90 day snapshot of the local market, and later in the article, a look 5 years back at the average increase in values over time. I hope you will find this information informative and unique, and should you have any additional questions, you can reach me. See each of these charts attached to this blog, the first pertains to the Market Analysis and is called Q1 Area Numbers, and the second group of figures can be found in 2006 Area Appreciation.

Mount Lookout Local Market Analysis and Absorption Rate

In the last 90 days the Mount Lookout market has seen 127 homes go on the market, sell or go pending. Of those 127, 35 were sold in the last 90 days, 20 are pending a closing and 72 remain for sale today. The average home sold in Mt. Lookout is priced at 466,475 and the average sold home sells for 323,932. The average home has 3 bedrooms, 2.97 bathrooms and remains on the market for an average of 73 days. 54% of the time, homes in Mt. Lookout sell in less than 30 days, at about 95% of their list price.

Let’s take a look at what these numbers mean to you, the Mt. Lookout seller. Based on the figures above, 18 homes go under contract each month in Mt. Lookout. If there are 127 people in line to sell their homes, and 18 go under contract each month, there is a 3.9 month supply of homes on the market in Mt. Lookout. This means that if no other homes come onto the market, it will take your Mt. Lookout home about 3.9 months to go under contract on the long end, 73 days average, and 54% of the time in 30 days or less, giving your home a 25.5% chance of selling in 30 days.

Hyde Park Local Market Analysis and Absorption Rate

Hyde Park remains to be the solid anchor keeping Mount Lookout and Oakley planted in strong Real Estate Values and Sales in Cincinnati. In my recent assessment of the Real Estate of these three beloved cities of Cincinnati I have always found most consistent the Hyde Park area.

In the last 90 days, Hyde Park has had 195 homes enter the market. Of these 195, 49 have sold, 26 have pending contracts, and a remaining 120 are still for sale. In Hyde Park the average list price is $466,218 almost identical with Mount Lookout, but in Hyde Park the average Sale price is $511,250. The average days on the market for these Hyde Park homes are 83 days. In Hyde Park 44% of the homes sell in 30 days or less, with 24% taking more than 120 days to sell. The average list to sale price percentage in homes selling in Hyde Park is 91%. The average Hyde Park home has 4 bedrooms, and 2.86 bathrooms.

Let me put these numbers into perspective for the Hyde Park seller. This means that of those 195 sellers, 25 of them go under contract each month. If there are 195 people in line to sell their homes, and 25 go under contract each month, there is a 4.8 month supply of homes on the market in Hyde Park. This means that if no other homes come onto the market, it will take your Hyde Park home about 4.8 months to go under contract on the long end, 83 days average, and 44% of the time in 30 days or less, giving your home a 20.8% chance of selling in the next 30 days.

Oakley Local Market Analysis and Absorption Rate

Oakley is known in the Hyde Park area as the starter home neighborhood. The average home prices are lower, but the return on investment beats both Mt Lookout and Hyde Park in a 5 year period! The homes are generally a bit smaller than the neighboring two areas, and therefore, its resident’s tend to move up to the Hyde Park and Mt. Lookout area as their families begin to grow! Not too many people desire to leave our little triangle where shopping, restaurants and parks are so convenient and friendly; you just can’t imagine living anywhere else!

In the last 90 days the Oakley market has seen 124 homes go on the market, sell or go pending. Of those 123, 42 were sold in the last 90 days, 23 are pending a closing and 59 remain for sale today. The average home sold in Oakley is priced at $197,703 and the average sold home sells for $184,368. The average home has 3 bedrooms, 1.73 bathrooms and remains on the market for an average of 71 days. 30% of the time, homes in Oakley sell in less than 30 days, at about 94% of their list price, and another 28% take more than 120 days to sell, at about the same 94% of their list price.

Taking Hyde Park, Mt. Lookout and Oakley under the same umbrella, the Oakley market is much different from its bordered areas, for the better and for the worse. In Oakley, we see more first time buyers finding some great homes with wonderful appreciation rates. The average sale at $184 is an excellent price point for the first time buyer.

Let’s take a look at what these numbers mean to you, the Oakley seller. Based on the figures above, 21 homes go under contract each month in Oakley. If there are 124 people in line to sell their homes, and 21 go under contract each month, there is a 2.7 month supply of homes on the market in Oakley. This means that if no other homes come onto the market, it will take your Oakley home about 2.7 months to go under contract on the long end, 71 days average, and 30% of the time in 30 days or less, giving your home a 36.7% chance of selling in 30 days. More people can afford the average price of the homes, therefore more people will be able to buy, and more do in Oakley!

Entire East Cincinnati Local Market Analysis and Absorption Rate

In the last 90 days the East Cincinnati market has seen 4092 homes go on the market, sell or go pending. Of those 4092, 866 were sold in the last 90 days, 618 are pending a closing and 2608 remain for sale today. The average home sold in East Cincinnati is priced at $323,651 and the average sold home sells for $226,599. The average home has 3 bedrooms, 2.56 bathrooms and remains on the market for an average of 88 days. 35% of the time, homes in East Cincinnati sell in less than 30 days, at about 96% of their list price.
Average East Side Prices
Let’s take a look at what these numbers mean to you, the East Cincinnati seller. Based on the figures above, 494 homes go under contract each month in East Cincinnati. If there are 4092 people in line to sell their homes, and 494 go under contract each month, there is a 5.3 month supply of homes on the market in East Cincinnati. This means that if no other homes come onto the market, it will take your East Cincinnati home about 5.3 months to go under contract on the long end, 88 days average, and 35% of the time in 30 days or less, giving your home a 19% chance of selling in 30 days.

In the areas that I concentrate on servicing, Hyde Park, Mt Lookout and Oakley, the market data shows a shorter time to sale, as well as a higher list to sale ratio, with a higher chance of selling in the next 30 days.

Cincinnati is always a conservative city, even in the Real Estate Market

Believe me when I say these numbers are great compared to other areas of Cincinnati and the USA. The actual buyers market is defined as when the supply of homes is more than 6 months in a given market. As you will see in the Hyde Park areas including Mt. Lookout, Oakley and in East Cincinnati, we are all under this 6 month supply. This is great news, but, we are still in a depressed market. We are just smart about it.
2,3 and 5-Year Appreciation

This Real Estate market that we are in today is about correcting the abundance of appreciation we have been seeing on the homes in this area. In California and New York where Real Estate was in a tremendous boom, selling 2 bedroom 2 bath flats for $800,000 in the early 2000’s have now plummeted to $400,000 or less is in much more of a stressed market correction. Being that the areas of Mt. Lookout, Oakley and Hyde Park are one of the better appreciating areas of Cincinnati, we feel this price correction a little more than the whole of Cincinnati, similar to California and NY feel it stronger than the rest of the US. In the past, we have thrived on selling our homes for $50,000 to $100,000 more than we purchased for a few years ago, getting our price and moving on. Today, it is not that way. Experiencing our own correction, in Mount Lookout, Hyde Park and Oakley, we need to be mindful of value, we are not getting the tremendous margins of appreciation we were seeing in the late 90’s early 2000’s, but we are holding our own much better than other areas of Cincinnati. So while we aren’t making as much as we did in the past, or we would like to be making on the sale of our homes, we are still ahead of most of the 100 other suburbs in the area in our return on investment. Compare these numbers below with the 2 year return on your Proctor and Gamble stock at 14.5%, or your Fifth Third stock at -11.6% of the S&P500 up 21%, all beat by our local Real Estate appreciation!

Mount Lookout Real Estate Appreciation and Return on Investment

Mount Lookout is the #7 area in Cincinnati for return on investment over a 5 year period with 39% return, and it is #6 in Cincinnati for highest average sale price at $387,511 in 2006. Mt. Lookout’s latest 3 year return on investment percentage is a strong 32%, and in 2 years, 25%.

Hyde Park Real Estate Appreciation and Return on Investment

Hyde Park is the #10 area in Cincinnati for return on investment over a 5 year period with 33% return, and it is #5 in Cincinnati for highest average sale price at $408,247 in 2006. Hyde Park’s latest 3 year return on investment percentage is a strong 41%, and in 2 years, 12%.

Oakley Real Estate Appreciation and Return on Investment

Oakley is the #6 area in Cincinnati for return on investment over a 5 year period with 40% return (beating out Mt. Lookout and Hyde Park). But, in converse, it is #28 in Cincinnati for highest average sale price at $191,721 in 2006. Oakley’s latest 3 year return on investment percentage is a strong 29%, and in 2 years, 12

Each of these three areas are clearly a great area to invest in your home for a long or short term.

Hamilton County Real Estate Appreciation and Return on Investment

Compare the numbers for the above areas to those of Hamilton County as a whole, where the average home sale in 2006 was $181,206. The five year appreciation in the entire Hamilton county was 8% followed by 5% for 3 years and 2% for 2 years. As you can see the Mt. Lookout, Oakley and Hyde Park areas provide a better return on your investment than the whole of Hamilton County.

Amy Broghamer, an Expert Realtor, will advise you to make the best Investment based on your goals

As a Certified Residential Specialist, I am trained and educated in analyzing the market the way no part time or new Realtor knows. I not only assess the market in the ways I have shared with you today, but countless other aspects of the area and home are taken into consideration when I price a home for sale, or help a buyer decide on an offer price in this area. What all buyers want to know #1, is this a good investment of my money and time, obviously in Mt. Lookout, Hyde Park and Oakley, the answer is YES!

If you would like more information on the Mount Lookout, Hyde Park Oakley or other East Cincinnati areas, home sales, or an idea of what your home might sell for in today’s market, give me a call and I will be happy to give you specific details of your home today’s market, where ever you might be living/investing!