Real Estate Information

University of Cincinnati Named to "World's Most Beautiful Campuses" List 

Architects and designers were recently asked to judge the World's Most Beautiful Campuses by Forbes Magazine.  Powerful natural landscapes played a part in establishing the character of some schools.  The University to Oxford was described as an architectural wonderland.  For large Universities, a clear diagram of organization helped them achieve recognition.

The University of Cincinnati's distinction is due to a strategic plan implemented over the past 10 years that used "signature architects" to design new buildings.  Architects of note included are Michael Graves, Frank Gehry, Peter Eisenman, Thom Mayne, Bernard Tschumi, Eric Sueberkrop, and others.

Other schools on the list were Kenyon College, Oxford University, Princeton University, Scripps College, Stanford University, Trinity College, Tsinghua University, University of Bologna, Yale University, Wellesley College, University of Virginia and University of California, Santa Cruz.

The Home Builders Association of Greater Cincinnati announced that Homearama 2011 is ON!  Put June 11-26th on your calendar!  Six builders have signed up for the show and there are 5 other lots available.  Homearama is the largest high-end home show in the region. 

It is expected that the homes will be in the $550-850,000 price range.  Homes will be built in the Foxboro subdivision in West Chester.  Cobblestone Development and Drees Co. are the developers.

According to Dan Dressman, Executive Director, "The community sits on one of the highest points in the township providing sweeping vistas of the countryside and the alluring, evening lights of downtown West Chester.”

Artisan Estate Homes has pre-sold its show home.  Other builders signed up at this point are Daniels Homes, Greystone Homes, Hensley Custom Building Group, Jack H. Wieland Builders and Zaring Premier Homes.

For more information, check out their website at www.cincybuilders.com.

Hyde Park or Oakley?  Hyde Park or Oakley?  Residents of Hyde Park East are miffed with the decision made by the Cincinnati Area Board of Realtors to use CAGIS as the decision making body on street locations. 

Streets off of Erie Avenue, including Ashworth, Hampton, Broadview and Forest Hills are affected.  After being called part of Hyde Park in MLS for the past 40+ years, they are now being put in MLS as Oakley.  All because of CAGIS.

So, what is CAGIS?  They describe themselves in part as:

"The mission of the Cincinnati Area Geographic Information System (CAGIS) is to create a revolutionary computerized information sharing system that enables the fundamental transformation of government and utility service management and delivery. CAGIS is to offer government, utility companies, groups, or citizens a new, intelligent, and cost effective tool to make informed decisions based on shared data within a standard framework.

In 1995 CAGIS established the foundation for automating the functions of government and utilities whose activities create the inventories of sewers, land records, water, drainage, electrical systems, streets, right of way, etc. supporting the community.  CAGIS is a consortium of the land and infrastructure agencies in the City of Cincinnati, Hamilton County, Cincinnati Bell Telephone and Cincinnati Gas & Electric, plus specific departments served within the City of Cincinnati and Hamilton County."

Multiple Listing Service Point of View

The MLS decided to use the CAGIS system (http://cagis.hamilton-co.org) as a source for the neighborhoods of the City of Cincinnati.  From now on, MLS will review all listings and verify that the area location placed in the Multiple Listing Service information corresponds with the CAGIS System.

You can expect that properties affected most by this change in policy will be those close to the border of various neighborhoods. So, is it Westwood or Covedale, Silverton or Columbia Township, Kennedy Heights or Pleasant Ridge, etc.? Prior to CAGIS, there was no source of accurate neighborhood lines.  Authorization follows census tract data and community councils and city planning guidelines.

Why should you care?

This will affect average and median prices in both Hyde Park and Oakley.  So, is MLS going back and changing all these listings back in history as well?  No one knows for sure.  Also, the Hamilton County Auditor taxes these areas based upon a Hyde Park location...would taxes then go down?

Do you live on a street affected by these changes?  Maybe you know the exact line between Hyde Park and Oakley, or between Hyde Park and Mt. Lookout, or between Mt. Lookout or Columbia Tusculum.  Do you even know if your street could be considered part of another neighborhood? I have lived in the area since 1970 and specific streets have been disputed for all that time.

The Hyde Park East Group has been formed to try to get the affected streets back in Hyde Park by CAGIS and then changed by MLS.  If you are interested, you can watch a video they have prepared that shows the history of the area at:

http://home.fuse.net/ward7/HPE.html

They have already requested that the Oakley Neighborhood Council declare that these are streets they do not serve.  The organization will be having a neighborhood meeting at the Oakley Community Center (near Biggs in Hyde Park Square)...is this confusing or what!...on August 3 at 5:30 PM.

If you cannot attend the meeting, but want to comment, you can contact:

Jeff.orschell@hydeparkeast.com

ward.Smith@hydeparkest.com

terry@hydeparkeast.com

Turn your Fourth of July weekend into three days of celebration.  All over town, villages and cities are providing us an opportunity to celebrate our nation's beginnings.  Just so you don't miss them, here is information about some of the excitement.  Since my birthday is July 4, I'm sure you are also celebrating my birthday!

JULY 2

Madeira - Downtown Madeira all the way to Sellman Park. This is part of Madeira's celebration of its Centennial. There will be floats in the parade starting at 6:30 pm with fun and food in the Park until fireworks at 10 pm. Free.

JULY 3

Coney Island Park - LaRosa's Balloon Glow -Starting at 1 pm until fireworks at 10 pm. Coney Island comes alive at the 11th Annual LaRosa’s Balloon Glow! Live music, family entertainment and Coney's Classic Rides make for a fun-filled evening. New this year, see the Wallenda Family Thrill Show at Sunlite Pool! Later, the evening sky illuminates when as many as 20 hot air balloons of every color “glow” for all to see. The grand finale for the event is a spectacular Rozzi’s Famous Fireworks display over the banks of Lake Como beginning at 10pm. Entrance is free.  Fees for pool, rides and parking.

Mason -  Red, Rhythm and Boom - At the Corwin Nixon Park, the fun starts at 2:30 pm and continues until fireworks art 10:30 pm. Features parachute jumpers, clowns, carnival rides, balloon artists, face painting and food.  Music all day. Free 

Anderson Township - "Hometown Pride" Independence Day Parade - Over 100 entrants will cover the route along Beechmont Avenue to the Anderson Towne Center, starting at 11 am.  Afterwards there is a vintage car show, games for children, and  food.  Entertainment from Robin Lacy and DeZydeco.  There are prizes for the best floats or displays. Categories include: most spirited, most patriotic, best business, best neighborhood, and best float.  Additionally, there is a photo contest, where judges will choose one photo taken during the parade that best exemplifies this year's theme.

Mount Washington - Parade -The American Legion Post 484 and the Mt. Washington Community Council are sponsoring the parade that starts at 10 am from Stanberry Park to the Legion Hall. Decorate your bike or trike and be at the Park by 9:15 am to participate in a "best decorated" contest.  Then join in the fun as part of the Independence Day Parade.

JULY 4

William Howard Taft National Historic Site - Ice Cream Social - Tour the former home of William Howard Taft and enjoy the ice cream social on the lawn.  Wonder if they will make us turn a crank style ice cream maker to make our own.  I remember doing that with some mighty fine ice cream my mom made.  Makes you wonder if the 27th President and 10th Chief Justice of the United States ever made ice cream on the lawn of his boyhood home!

Fountain Square -Music, Movies and Fireworks! -Oh, My!  11 am is the starting time for the 2010 Pride Parade, starting at Sentinel St. traveling on Fifth and ending on Race Street.  Immediately following is the 2010 Pride Festival on Fountain Square.  There will be an entertainment stage with a great lineup of live music, a dance floor and full service bars. From 6-9 pm, an evening of gospel, soul and R&B will be a fun way to lay back and relax.  Musicians featured include Adam Joseph, Alfred Beasley & Purple Rose and DJ Easz.  P & G is sponsoring the Rozzi's Famous Fireworks show at 9:15.

Hyde Park - Ault Park Fourth of July Celebration- The Cincinnati East Tea Party could not let this 50 year tradition go  by the wayside.  They have taken over the event.  A Bike/scooter Parade for ages 12 and under will start at noon with registration by 11:30 am.  Helmets are required.  Games and prizes start at 6 pm.  Patriotic Independence Day recognition at 7:45 pm followed by music from Blue Stone Ivory.  Rozzi's Famous Fireworks at 10 pm.  Any profits will benefit the Nashville Flood Relief program with the American Red Cross. 

Homes and condo sales continued at a brisk pace in May, 2010 in Mt. Adams.  6 homes closed in the month of May.  There are currently 4 homes pending closing and 40 homes and condos that are actively listed for sale.

Mt. Adams is one of the few areas of Cincinnati showing signs of rebounding. Prices so far in 2010 are significantly above last year and 2005.  Most homes in Cincinnati are currently averaging below prices sold for in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is caused by the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold in the region.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

Homes and condo sales continued at a brisk pace for May, 2010 in Montgomery, Blue Ash, Symmes Township and Sycamore Township (Sycamore School district).  59 homes closed in the month of May.  There are currently 80 homes pending closing and 396 homes and condos that are actively listed for sale. 

Troubling issues raised by the above graph show that we are back to the average and median prices of homes and condos sold in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is caused by the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold in the region.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

Homes and condo sales continued at a brisk pace for May, 2010 in Anderson and Newtown.  48 homes closed in the month of May.  There are currently 73 homes pending closing and 464 homes and condos that are actively listed for sale. 

Troubling issues raised by the above graph show that we are still not back to the average prices of homes and condos sold in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is caused by the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold in the region.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

Homes and condo sales continued at a brisk pace for May, 2010 in Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum.  80 homes closed in the month of May.  There are currently 65 homes pending closing and 421 homes and condos that are actively listed for sale.

Troubling issues raised by the above graph show that we are still not back to the average or median prices of homes and condos sold in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is credited to the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.

May, 2010 home sales vs. May, 2009 home sales are up 24.4%.  That makes three months in a row where the number of closings exceeded the 2009 numbers. 

The major reason for this increase is related to the federal tax credit.  But, you say it ended in April!  Yes, the ability to write a qualifying contract ended on April 30, but buyers have until June 30 to close the loan.

At this point the House and Senate have a bill in front of them extending the time to close until August 30.  Why would it be extended?  Many builders accepted more contracts on new homes than they have been able to build in the time allotted.  Bank short sales and foreclosures often take months longer to close than predicted, delaying the closing dates again and again.  This legislation may or may not be pass in time.

Another major reason for the increase in sales is low mortgage interest rates.  The mortgage interest rate is down almost a full point since January.  Recent advertisements for loan rates for the best customers have touted rates as low as 4.75% for a 30 year fixed rate loan.

Another light at the end of this real estate tunnel seems to be reduced inventory.  In May of 2009, there was 8.37 months of inventory available in the Cincinnati market.  Today is stands at about 6.7 months of inventory.  A balanced market is in the 5-6 months of inventory range.  Anything above that favors buyers: below that favors sellers.

For the year, closings are up 13%, gross volume of sales is up 24% and the average price is up 9.9%.  All GOOD NEWS!

Did you know that the Ohio River Paddlefest is the largest on-water canoe and kayak festival in the country?  June 24-26 gives you multiple opportunities to get out on the Ohio River during Paddlefest Weekend.  There is something for everyone's taste...literally.  You might come for the Gold Star Chili Finish Line Festival, the Kids Outdoor Adventure Expo, the Ohio River Music and Outdoor Festival or other fun activities.

On Thursday, The Hamilton County Park District presents the Outdoor Adventure Expo at Coney Island and it is FREE!  They expect over 3,000 children to attend this year.  In fact, the Expo has become the largest water safety and environmental education program for children in the Midwest.  This continues an emphasis on getting children outside to enjoy nature in a way that also enhances their academic achievement in science, technology, math and engineering.  There are morning and afternoon sessions.  Kids will also get to paddle a canoe on Lake Como, interact with animals, and enjoy science presentations.

Friday night, the Ohio River Music and Outdoor Festival will bring in live bands, boat demos, paddling clinics, the Midwest Kayak Rolling Championship, the New Richmond Cardboard Boat Race, plus much more.   Bands at Coney start at 5 PM and include: Jake Speed and the Freddies, Rumpke Mountain Boys, Magnolia Mountain, Rubber Knife Gang and Blue Run.

Saturday, the flotilla of canoes and kayaks will float down the River starting at 7:30 AM.  Racers begin the day and more leisurely participants will follow.  A fun new race is the Poker Run, where Poker players pick up a card at five locations along the way, hoping to win with the overall best hand.  They will arrive at Yeatman's Cove between 10:30 AM and 2:30 PM for the live music and food from Gold Star Chili.