CLEVELAND AND DETROIT – TWO GREAT NORTHERN CITIES
Detroit has lead the way over the last 12 months as the hottest investment property market in the US, with New York coming in second and Toledo Ohio coming in third. Things look like they could start to change over the next 12 months, with house prices on the rise in Detroit investors are now seeking other cities that offer great rental properties but also sustain a high return on their investment. One city that has now caught the investors eye is Cleveland Ohio, the reason for this is simple, Cleveland Ohio offers investors low priced properties which attract high rents in a bustling city. Cleveland is located in Northeast Ohio and currently is undergoing more than $12 billion in major capital investment, it currently possesses a $170 billion economy. 70% of the Fortune 500 companies have a presence in this region and it has the fastest growing healthcare economy in U.S. In Greater Cleveland there are more than 51 thousand small businesses which are pushing rents upwards. So you may ask if there is so much going on in Cleveland Ohio why isn’t everyone investing there ? well the answer is they are. Cleveland News 19 recently ran an article – WARREN BUFFETT WANTS TO INVEST IN CLEVELAND The 2nd richest man in America has been focusing on the rejuvenation of this region and looking at investing in the Goldman Sachs 10,000 Small Businesses program. Detroit billionaire Dan Gilbert who poured nearly $2 billion of his own money into revitalisation of Detroit is the owner of the National Basketball Association’s Cleveland Cavaliers, Gilbert has invested close to $1 billion in and around downtown Cleveland. If you walk around Cleveland today you will see various sites and buildings under construction or planned for near-term development, most notably the redesign of Public Square. Cleveland like Detroit is changing and is becoming bigger and better, there is a 95% housing occupancy rate in downtown Cleveland and it is now among the Top 10 job markets for new college graduates. Cleveland still has a few turbulent years ahead, local house prices universally have been rising in Cleveland but prices across much of Cleveland and some surrounding communities remain far below their peak, many homeowners in Northeast Ohio believe that the real estate recovery still hasn’t arrived. Investment is about timing and like Detroit the time is right for Cleveland, Global Investments have teamed up with some of the best brokers in Cleveland and are currently working on launching our new division in downtown Cleveland, like Detroit we will be offering well priced properties under great management and in the right locations. But is not just about property sales, we will ensure that our properties are well maintained and add value to surrounding communities, we will work with local companies and builders to make sure we contribute to the redevelopment. Cleveland Ohio is a fantastic city, we feel as passionate about Cleveland as we did about Detroit four years ago, 2017 will be a big year for Cleveland and we are looking forward to being part of it.