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Cleveland News June 2023

‘Re-Imagine Euclid Ave.’ Study Focuses on Pedestrian Safety, Congestion on University Circle Corridor One of the most congested areas on Cleveland’s East Side could see a major road revamp in the next year, a recent study presented Tuesday foretold. “Re-Imagine Euclid Avenue,” a new transportation plan backed by NOACA and the RTA, suggests that the main artery linking Midtown to Uptown is in need of a restructuring, from dedicated bike lanes to an extension of RTA’s HealthLine further into East Cleveland. The Superior Avenue Midway, a centre lane bike corridor which will connect Public Square with East 55th, will be the city’s first modern cyclist corridor of its kind when its constructed—as planned—in 2025. And Shaker Heights’ $23 million Lee Road Action Plan, which was approved by council in March, will give the street its own road diet, adding a sidewalk-level, two-way cycle track, along with expanding sidewalks, seating and boosting lighting. University One, a recent high rise luxury apartment complex close to Euclid, along with the proposed Infinium on East 117th, Circle Square off Stokes Blvd., and a redesign of the nearby branch of the Cleveland Public Library, will only beckon for the fruits of the re-imagining: to enhance University Circle’s walkability. On and off its roadways. Cleveland City Council approves $10 million for waterfront projects Cleveland City Council just approved $10 million for four projects aiming to improve the city’s waterfront. The four projects — Irishtown Bend, expansion of an East Side fishing pier, Euclid Creek Greenway and the Northcoast Connector project — will receive funding through American Rescue Plan Act dollars. Legislation approving the four projects was approved without any no votes during a City Council meeting. The North Coast Connector project aims to connect downtown Cleveland to the lakefront by creating a land bridge from the downtown mall to the lakefront, improving access to the Rock and Roll Hall of Fame and Cleveland Browns Stadium. The $3 million approved would partially fund engineering of the project, which is estimated to cost between $8 million and $10 million, according to city documents. The city says its $3 million contribution is needed to leverage other investment in the project design. Council also approved $1.5 million for design work to improve and expand the East 55th fishing pier. When seeking public comment on how to improve the lakefront, one recurring theme was the need for an improved fishing area, Cleveland City Councilman Anthony Hairston said. The pier improvement is part of the CHEERS project. CHEERS, which stands for Cleveland Harbor Eastern Embayment Resilience Strategy, is a $300 million project designed to improve lakefront access east of the Burke Lakefront Airport. The project plans to do that by reusing dredge material from the Cuyahoga River to expand parks and improve the shoreline. Council approved spending $1.5 million in ARPA funds to design the project’s early implementation phase, which will include adding four to six acres of parkland, fixing a break wall and improving fishing areas, according to city documents. The Irishtown Bend project aims to stabilise a hillside in Ohio City and transform it into a 17-acre park. Cleveland City Council approved putting $5 million in ARPA funds toward the project, which has an estimated total cost of $95 million. The Euclid Creek Greenway would carve a two-mile trail from Euclid Creen Parkway to the lakefront. The multi-phase project is a “missing link” between the city’s East Side and the lakefront, said Joyce Pan Huang, Cleveland’s director of city planning. Council approved $500,000 toward the project which has a total cost of $800,000. The design and engineering phase is expected to go through 2024, as trail routes are not yet finalised If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

Housing supply has started to plunge in some US States.

We have wrote articles before about limited supply of properties in the US but now we can say supply is starting to plunge in some States. Mortgage rates are causing havoc in the US housing market, the 20 year high is splitting the market. According to realtor.com home inventory fell in 21 of the 51 cities. The divide seems to be between Northern and Southern States, property in the South tend to be more affordable where Buyers are more willing to enter the housing market which means there are more listings and more inventory available. In the North your will find larger Metropolitan areas, like New York, Chicago, Cleveland and Baltimore, the higher borrowing costs have stunted many prospective buyers causing local demand to fall. 85% of mortgage holders are locked in to sub-5% mortgage interest rates, which discourages current homeowners from selling their home and buying another at today’s elevated interest rates.The housing market has been the sector hardest hit by aggressive Federal Reserve interest rate hikes that are aimed at quelling high inflation by dampening demand in the economy. “Dampened affordability remains an issue for interested homebuyers and homeowners seem unwilling to lose their low rate and put their home on the market,” said Sam Khater, chief economist at Freddie Mac, in a press statement. “If this predicament continues to limit supply, it could open up an opportunity for builders to help address the country’s housing shortage.” Housing supply holding steady at near historic lows has propped up demand compared to other downturns, consequently sustaining higher home prices.“Inventory is approximately 46% below the historical average dating back to 1999,” says Jack Macdowell, chief investment officer and co-founder at Palisades Group. But going back to the South again the picture looks different, the Southeast market is incredibly active , which holds 18 of the 20 hottest housing markets, according to Bankrate’s Housing Heat Index. Research shows metro areas in Georgia, Tennessee, Florida and North Carolina are at the top of the list of the country’s strongest seller’s markets. Lawrence Yun, chief economist at the National Association of Realtors, sums up the Sun Belt boom this way: “It’s all about job growth and affordability.” In April 2023, Southeast home prices were up 2.5% compared to last year, selling for a median price of $405K. Miami was the most popular destination among Southeast homebuyers followed by Philadelphia and Boston. 71% of Southeast homebuyers searched to stay within the Southeast metropolitan area. The Wall Street ran article which sums up the situation very well, we are looking at A Tale of Two Housing Markets, one market stagnant with limited inventory while the other is booming with plenty of inventory, so is the South always sunnier ? It depends on your reasons for purchasing a property, if you are going to live in the property well then the South seems like the obvious answer, more inventory to choose from a selection of different areas. But if you are buying the property for an investment the North looks like the better option, limited inventory has pushed up rental demand which has pushed up monthly rental payments. The problem is getting the property in the first instance, in Cities like Cleveland and Detroit properties are being sold within a number of hours not just days. If you want to see our latest properties in Cleveland and Detroit, two of the best Northern cities please email invest@globalinvestmnets.com

Detroit housing market 2023

Investing in the Detroit housing market has been a source of contention for investors for a long time. When considering whether or not to add properties in the Motor City to your portfolio, keep these three current trends in mind. The city of Detroit is one of the most populous in the Midwest. It also serves as the county seat for Wayne County. When it comes to residential in Detroit, home prices are exceptionally low. Detroit is the most affordable city. The rentals can generate extremely high returns on investment. Since the purchase price of a Detroit single-family home is significantly less, it presents a fantastic opportunity with significant returns and cash flow. It is also the fastest-growing city in the metro for rent. The Detroit housing market has seen a lot of fluctuations in the past few years. The city has been slowly but steadily recovering from the Great Recession, which hit the area particularly hard. In this blog post, we will take a look at the current state of the Detroit housing market, based on the most recent data available. We will analyse key metrics such as home prices, days on the market, and buyer/seller competition to provide insights into what to expect in 2023. Median Sale Price Data by Redfin show that the median sale price for all home types in Detroit in January 2023 was $76K, up 1.1% compared to the previous year. This modest increase is a positive sign for the city’s housing market, indicating that demand for homes is stable. Overall, Detroit’s housing market seems to be recovering but it is still far from pre-recession levels. Buyer/Seller Competition The Redfin Compete Score rates how competitive an area is on a scale of 0 to 100, where 100 is the most competitive. Based on this metric, Detroit’s housing market is somewhat competitive, with a score of 63. This means that while homes in Detroit receive 3 offers on average, some homes still get multiple offers, making the market somewhat competitive. Detroit, MI Housing Market The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded. Detroit, Michigan has had its fair share of ups and downs, but when it comes to the housing market, things are definitely looking up. According to the latest report, the median listing home price in Detroit was $79.5K in February 2023, up 6% year-over-year. In addition, the median listing home price per square foot was $69. While the median home price may seem low compared to other major cities in the United States, it’s important to remember that Detroit is still in the midst of a renaissance. With companies like Amazon and Google setting up shop in the city, and a growing tech industry, it’s no surprise that housing prices are on the rise. Despite the increase in prices, Detroit has still considered a buyer’s market as the supply of homes is greater than the demand for homes. With 180 neighbourhoods in Detroit, there’s a wide range of options available for buyers. While Detroit may be a buyer’s market, that doesn’t mean that sellers won’t be able to sell their homes for a fair price. With housing prices on the rise, sellers may be able to get more for their home than they would have a few years ago. Location matters. As with any housing market, location matters in Detroit. Those looking for a high-end home in a prestigious neighbourhood should expect to pay more, while those looking for an affordable option may need to look in less expensive neighbourhood’s. The rental market is also on the rise. With the influx of new businesses and industries in Detroit, the rental market is also experiencing growth. This could be a great opportunity for investors looking to purchase rental properties. Overall, the Detroit housing market is showing promising signs of growth. Whether you’re a buyer, seller, or investor, there are opportunities to be found in this city. With the right research and guidance, anyone can navigate the Detroit housing market successfully. According to Neigborhoodscout, over the last decade, Detroit real estate has appreciated 89.70 percent, which equates to an average annual appreciation rate of 6.61 percent, placing Detroit in the top 30% of all cities for real estate appreciation. In the last twelve months, Detroit’s appreciation rates have remained among the highest in the country, at 20.95 percent. Short-term real estate investors have found success in Detroit over the last twelve months. Detroit’s appreciation rates were 0.87 percent in the most recent quarter, equating to a 3.53 percent annual appreciation rate. Detroit Real Estate Investment Overview Detroit, Michigan is a city with a rich history, known for its role in the automobile industry and its contributions to music, art, and culture. In recent years, Detroit’s real estate market has been on the upswing, making it an attractive destination for real estate investors looking for long-term returns. Investing in the Detroit rental market offers several advantages for long-term investors. One advantage is the potential for long-term appreciation in property values. As the city continues to grow and improve, property values are expected to increase, leading to a significant return on investment for those who invest in rental properties now. Another advantage of investing in the Detroit rental market is the relatively low cost of entry compared to other markets. With lower prices for rental properties, investors can purchase properties at a lower cost, increasing their potential return on investment. Additionally, the high demand for rental properties in Detroit offers the potential for a consistent stream of rental income. As more people move to the city and job opportunities continue to grow, the demand for rental properties is likely to increase, providing a steady source of income for investors. Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional continues to be a

Cleveland Property News May 2023

Chicago developer turns scrap into luxury living with its first Cleveland apartment building From scrap yard to deluxe living, a Chicago developer believes its first entry into the Cleveland apartment market will offer something unique. The TREO Apartments on the 2400 block of West 25th Street on the edge of the Tremont and Ohio City neighbourhoods is the first Cleveland endeavour for Chicago-based Mavrek Development. The land was the former home to a scrap yard owned by Sass Automotive and Wrecking until Mavrek paid $1.2 million for it in 2021. Construction was completed earlier this month and residents have begun to move in. TREO has 170 apartments on four residential floors with floor plans offering studios, one-bedroom apartments, two-bedrooms apartments, and two baths. There are also junior size one-bedroom units of up to 612 square feet, or 200 square feet less than the other one-bedroom units. Rent ranges from $1,223 to $2,160 a month. Some features include dedicated work areas, motion lights in every closet, in-unit washer and dryers and balconies for all but 10 of the units. Cleveland native Adam Friedberg of Mavrek said he believes the apartment building offers some new things to the Cleveland market. “We did some custom stuff at TREO that we hadn’t seen elsewhere in Cleveland. I think we’ve done a really good job at that and so far the feedback has been really, really positive,” Friedberg said. A rendering of the TREO Apartments ahead of completion of construction on April 1.Mavrek Development : One of the units in the TREO Apartments : Friedberg said that Latch, a full-building operating software and security system, will allow residents to use an app to access their apartments and other amenities. Latch also offers residents a package tracking system that gives them codes to pick up packages in a designated place. Other amenities include a large front courtyard, a sizeable gym, private Zoom-rooms for Zoom meetings on the main floor, a fifth-floor activity room that includes a table beer tap that residents can access with their phones, and a fifth-floor patio with unobstructed views of the downtown Cleveland skyline. There is 2,100 square feet of commercial space on the main floor, which Mavrek hopes will eventually be home to a local coffee shop or another business that would act as an amenity to the building. Space would also be open to the community. No.1 most expensive home sold in Cuyahoga County, April 17-24 was in Shaker Blvd, Hunting Valley. Hunting Valley is an eastern suburb of Cleveland, it is part of the Cleveland metropolitan area. The Village of Hunting Valley was incorporated as a village in 1924. The Village is comprised of eight square miles in the Chagrin River Valley, a suburb in the Greater Cleveland area. Known for its picturesque landscape and land conservation. The most expensive home sold in Cuyahoga County, April 17-24 was 3030 Shaker Blvd. The price was $1,600,000. The house was built in 1954 and has a living area of 4,667 square feet. The price per square foot is $343. The deal was finalised on April 6. Financing lined up for Ohio City high-rise apartment, hotel building Bridgeworks, a mixed-use high-rise planned in Cleveland’s Ohio City neighbourhood, has received approval on bond financing from the Port of Cleveland. Two bond financing resolutions were passed by the Port of Cleveland to aid Mass Design Group, M. Panzica Development, and GramMar in constructing the 15-story building. One resolution authorises the issuance and sale of $80 million in taxable Lease Revenue Bonds. The other resolution authorises the issuance and sale of about $4.1 million taxable Bond Fund TIF Bonds through the Port’s bond fund. Bridgeworks Project Rendering : If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

What Real Returns should I expect from my US Investment and where are the pitfalls

Investors from all over the globe are being attracted by the high returns advertised in the USA by companies selling in areas like Detroit, Cleveland, Chicago etc and sometimes we even see potential returns of up to 24%. From the layman’s perspective these types of investments with such lucrative returns seem like a real no brainer but the words “ too good to be true “ can come to mind. Are such high returns really possible? Global Investments Incorporated have been selling these types of investments for a decade now so who better to ask than the companies CEO Mike Moodie about what “ REAL “ returns which can be achieved by such investments and what are the pitfalls or mistakes if any that investors should be looking out for ? Mike was quoted in saying “ well the first thing that I would like to say is that there is no investment without risk, in my opinion good investment is about minimising the risks in certain types of investments. I think that there are several factors investors should consider and look at before entering such a market that maybe a lot of companies out there would not share. “ 1.Don’t just look at the ROI. – I think that investors sometimes can make the mistake of only concentrating on the net ROI of a property. Lets think about what makes a high return. Low price and high rent coupled with low taxes. Normally the lower the price of the property the lower the calibre of the location or the neighbourhood. I believe that investors should try and find a balance between price, location and return and not always being drawn to the lowest prices and highest returns. Sometimes we can forget about the potential uplift on the price and growth potential. Of course normally the better the location or neighbourhood the more likely you are to see potential growth in the coming years. Also another factor in this would be the exit strategy and again a property located in a better area would be easier to sell when the time comes to cash in on your investment. 2. The two unknown factors – There are two factors of this type of investment that you would rarely see on any companies marketing materials as they are impossible to predict but investors should be made aware of them as both of these can have an effect on any potential ROI. Vacancy – At some point like with any rental home any where in the world the house will at some point become vacant as tenants do not live in the property for ever. How can we minimise the risk of vacancy ? Well again we get back to my earlier point about location, the better the location and neighbourhood then the more chance you have of replacing a tenant quickly. The nicer the area then the more demand you would have for rentals. Also in relation to vacancy it is imperative that you have good management in place. ( I will come to this later ) Maintenance – the second unknown factor would be maintenance or repairs on your property which of course is the responsibility of the landlord. This is an impossible figure to quote any investor as it would of course vary from property to property and also depend on the condition of the property when the investor closes on the sale. ( This is one of the reasons we would always recommend the buyer carries out an independent third party inspection ) The way to minimise the risks of maintenance is firstly when we see the inspection before we close is for us to ask the Seller to take care of any minor maintenance issues that arise from the inspection meaning these repairs are not necessary when the new buyer takes possession. I think the main thing to look at when trying to avoid maintenance is buying a house that has been recently rehabbed or updated so the house is in a excellent condition when you buy it. Yes you may pay more for this in the long run but over time it would pay off as maintenance in the first few years of ownership would be minimal. 3. Management – In my opinion this is the single most important factor when trying to maximise your returns out of USA buy to let homes. It can also be the most challenging. Remember that you can buy the best located, tenanted home but if it is managed badly then it can turn into a bad investment. I have heard examples of good tenants leaving properties as they did not like the managing agent. As a company we only work with reputable companies in all the areas that we sell in and that have been in business for many years and have excellent knowledge of their given marketplace. This is key to making any investment like this work and also minimising the risks like maintenance and vacancy discussed earlier. 4. Get three quotes – Always ask your management company for three different quotes for any maintenance work needed on the property. Sometimes only saving 100 dollars here and there can have a massive impact on returns over long periods of time. Your management company should have no issue with you asking for this and maybe even involving third parties. I believe that the USA buy to let market provides excellent opportunities to investors both domestically and internationally. The market can be lucrative with excellent returns but investors have to understand the above can have an impact on their actual net return over time. From experience I think that you should always look to deduct maybe 3-4% off the advertised ROI so you can factor in any vacancy or maintenance that may arise in the given years ahead. So if the property is showing a 18% net Return then maybe look at that as 15% which is still a very healthy return on your money. Mike Moodie – CEO

Detroit 2023 Property news

Detroit Aims to Spur New Housing, Boost Property Values With Tax Change Detroit city officials are weighing a radical change to the way the city taxes property, which proponents say will help revitalise the city and become a model for the Rust Belt. Detroit would be the largest U.S. city to introduce a so-called land-value tax. Like most U.S. cities, Detroit calculates property taxes by estimating the value of a property’s land and buildings and charging a fixed percentage each year. Under the proposed change, the city would replace some property levies with a single tax on the land value only, according to people familiar with the matter. That means owners of vacant land would see their tax bills skyrocket, while the tax bill for many homeowners and commercial-property owners would fall. That in turn would push up home values and encourage more property owners to build, said Roderick Hardamon, a local real-estate developer who supports the change. Black homeowners have been hit particularly hard by declining values in recent decades, and proponents say the change could help shrink the region’s racial wealth gap. The tax change has a couple of legislative hurdles to clear. First, it would need state approval. Then it would need to win a majority of Detroit voters through a ballot measure. Detroit Mayor Mike Duggan has said the city is “80% of the way to a solution” on a new tax system, a spokeswoman said. The speaker of Michigan’s house of representatives, Joe Tate, supports the new tax policy, which is also backed by a number of advocacy groups, economists and property developers. “Reducing the tax burden creates stronger communities, not only in Detroit but across the state,” Mr. Tate said. Other mayors and housing advocates see Detroit as a crucial test case for this tax policy, one that could open the door for other cities to follow. “I think this is a policy that works in any city in Michigan and works in a lot of distressed cities in a similar way,” said Nick Allen, a Ph.D. student at the Massachusetts Institute of Technology and former manager at the Detroit Economic Growth Corporation, who has been pushing for the tax change. Detroit has many vacant lots and a lack of development. Investors, many from out of state, bought up land and kept it vacant, waiting for prices to rise, according to developers and community activists. A declining population pushed down home values and property-tax income in recent decades, leading the city to raise tax rates to make up the shortfall, causing more people to leave and pushing home values lower. In a study published last year, Mr. Allen and John Anderson, a professor of economics at the University of Nebraska-Lincoln, estimated that more than 96% of Detroit homes and small rental buildings would see their property-tax bills fall as a result of the proposed change. That, along with an expected increase in development, could help push up residential-property values, they said. If you are ready to invest in the Detroit housing market, or wish for a call and more information on the latest properties Global Investments can offer then please email us today at : invest@globalinvestmentsincorporated.com

Cleveland is No. 2 on Zillow’s list of hot housing markets in 2023

Cleveland has a prime spot on Zillow’s annual predictions for the hottest housing markets of the year. The tech-driven real estate marketplace just released its top 10 for 2023, and Cleveland is at No. 2, behind only top-ranked Charlotte, North Carolina. The rest of the top 10, in order: Pittsburgh; Dallas; Nashville; Jacksonville, Florida; Kansas City, Missouri; Miami; Atlanta; and Philadelphia. Zillow said its list is “based on an analysis of forecast home value growth, recent housing market velocity and projected changes in the labor market, home construction activity and number of homeowner households.” Pushing Charlotte to the top of the list, Zillow said, is its “forecasted annual home price growth,” while Cleveland’s second-place rank “can be attributed to its high market velocity and job growth.” Anushna Prakash, economic data analyst at Zillow, said in a statement, “This year’s hottest markets will feel much chillier than they did a year ago. The desire to move hasn’t changed, but both buyers and sellers are frozen in place by higher mortgage rates, slowing the housing market to a crawl. Markets that offer relative affordability and room to grow are poised to stand out, especially given the prevalence of remote work.” There are only four holdovers — Charlotte, Nashville, Jacksonville and Atlanta — from last year’s Zillow top 10, which the firm said is “an indicator of how much the housing market has changed in just one year.” Some previous high-flyers — San Jose and Sacramento, California; Minneapolis–St. Paul; Denver; and San Francisco — make up the five coolest large markets in Zillow’s 2023 projections. Home Values In Cleveland Have Increased 18.8% Yoy The Cleveland, real estate market has seen steady appreciation in recent years. According to the latest Akron Cleveland Association of Realtors report, the average home value is $236,873. The current inventory of available homes is 1.3 months, down 7.9% from the same period a year ago. As a result, rental property is in high demand. Over half of the housing units in Cleveland are occupied by renters. This trend has created a huge demand for single-family rental properties. Rental property can offer both cash flow and appreciation over the long term. Downtown Cleveland has seen rapid growth over the past several years. $19 billion in development has been completed or planned downtown since 2010. The city recently redeveloped a ten-acre green space. Additionally, there are many jobs in the Cleveland metropolitan area. Many of them pay well, but there are not enough qualified candidates to fill them. It seems the investment potential for Cleveland is still going strong and shows no signs of letting up. If you would like more information and may be interesting in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com

The USA Housing Market – What can we expect this year ?

Last year we wrote a few articles on the US housing market about how high interest rates were starting to slow down the market while inventory also remained constrained. Now that we have entered a new year how are things shaping up now ? the answer really depends on who you ask. A lot of people in the housing industry will predict lower Buyer demand amid fears of higher borrowing rates, plus Buyers are still facing a shortage of inventory so the feeling is lets put 2023 on the back burner and see what happens. Others think the housing market will continue to outperform and grow as compared to the pre-pandemic. Nick Bailey, president and CEO of RE/MAX, LLC recently quoted “ One thing I can say for certain about the housing market in 2023 is that no matter the macro-economic conditions, Americans will continue to buy and sell millions of homes” Last year the US housing market started to face a downturn and so far this year things do not look set to change, the volume of transactions are lower than this time last year and we are staring to early signs of declining prices across age country. But predictions are a bit of an unknown and nobody can see 12 months in advance but what happens this year will depend on what happens in the broader economy. Will inflation continue to rise or will it fall ? are we going to see a recession or with the Federal Bank step in and soften the landing. Many experts are in agreement that likelihood is mortgage rates will start to fall this year and in this event we could actually start seeing price increases again, some are saying we can expect a 4% fall in prices at the start of the year but come the end of Spring we could be looking at price increases of over 5% or more. One thing bear in mind is that these general predictions are nationwide and not are not specific to a certain State or City, each State and City has its own unique combination of factors that is driving house prices and demand. Taking Cleveland as an example we seen the housing market decline in November last year due to rising mortgage rates both sales and new listings were down as compared to last year. But actual house prices are still rising by single digits. According to Realtor.com, Cleveland-Elyria, Ohio has been ranked 32nd among the 100 largest U.S. metros in their 2023 housing forecast. In 2023, Cleveland home prices are projected to increase by 4.3%, while home sales are projected to increase by 2.7%. In Cleveland–Elyria house prices rose 10.8% over the past year and rose 0.4% over the last quarter. The Cumulative change in the Cleveland house price index since 2007 has been +57.7%. Cleveland has a record of being one of the best long-term real estate investments in the U.S. The cumulative appreciation rate over the ten years has been 67.95%, which ranks in the top 50% nationwide. This equates to an annual average Cleveland house appreciation rate of 5.32%. There is general consensus that we have now entered a Buyers market but not in Cleveland, in Cleveland we are still seeing a Sellers market as there still is a limited supply of houses for sale and Buyers are still offered to compete with each other which is resulting in higher prices and quicker sales. When you have a high demand and limited supply this benefits the Seller when it comes to setting their price. The only way the the scales will tip in Cleveland is if we see an increase in inventory to more than six months inventory which is not very likely to happen in 2023 or maybe even in 2024. Even if mortgage rates do not stop increasing the likelihood is that Cleveland house prices will not decline given the volume of demand and low level of supply. If you would like to see some of our Cleveland inventory please email invest@globalinvestmentsincorporated.com

Slavic Village’s Broadway News

The five-way intersection of Broadway Avenue, East 55th Street and Hamlet Avenue is the traditional centre of Slavic Village, once called Little Bohemia for its large Czech population. It retains all of its pre-World War I buildings. Reviving this area as part of the Broadway transit corridor is the goal of new planning and development by the Greater Cleveland Regional Transit Authority and Slavic Village Development Inc. The Broadway Avenue corridor in Cleveland’s Slavic Village could soon see new signs of life thanks to a federal grant that was awarded last week to the Greater Cleveland Regional Transit Authority (GCRTA). The $432,000 grant will allow the transit agency to develop plans to redesign the Broadway corridor from the Turney-Ella bus loop near Calvary Cemetery to downtown as a bus rapid transit (BRT) route with enhanced pedestrian and bicycle infrastructure. Once those plans are complete, it can then apply for federal funds to build that infrastructure. The planning work will also help guide land use decisions involving zoning, parking policies and public incentives to support local transit-oriented development ( TOD ). The city of Cleveland and Slavic Village Development Inc is a nonprofit community development corporation. On Nov. 17, the Federal Transit Administration announced the award of approximately $13.1 million from its Pilot Program for TOD to 19 projects in 14 states for 2022. The TOD planning grants support community efforts to improve access to public transportation. The grants help organisations plan for transportation projects that connect communities and improve access to transit and affordable housing. “The Greater Cleveland Regional Transit Authority will receive funding to plan for TOD along the proposed Broadway Avenue Corridor project, a multi-modal planning project that will incorporate bus rapid transit with bike and pedestrian infrastructure,” said the FTA in awarding the grant. “The TOD plan will increase bicycle and pedestrian access to transit hubs, recommend ways to incorporate green infrastructure, and analyse ways to revitalise commercial and housing opportunities near transit stations.” This is the second time GCRTA has been awarded funding from the FTA’s Pilot Program for TOD which has been in existence since 2015. In 2018, GCRTA won $336,000 to plan for TOD along the MetroHealth Line, a planned BRT line connecting downtown Cleveland with the city’s Old Brooklyn neighbourhood via West 25th Street to serve MetroHealth’s expanded health facilities plus growing residential and employment areas. The NOACA report also stressed the importance of TOD investment in what it called “the village centre” — the core of Slavic Village, which is an historic district surrounding the intersection of Broadway East 55th. This five-leg intersection including Hamlet Avenue is a traditional mixed-use neighbourhood centre, with commercial buildings, many featuring apartments above storefronts, fronting the main streets. Global Investments currently have 2 amazing properties currently for sale matching this criteria. Please see the following links : https://globalinvestsinc.com/property/cleveland-174900/ https://globalinvestsinc.com/property/cleveland-474900/ NOACA’s report noted this is one of only two intersections in Cleveland with pre-World War I buildings on all of its corners. This crossroads has 50 businesses and institutions, a post office, the offices of Slavic Village Development, Inc., and several churches, including the landmark Our Lady of Lourdes. The construction of multiple distribution centres nearby that will offer more than 1,000 jobs. One is already under construction — the $30 million, 156,775-square-foot Cleveland Cold Storage food warehouse at East 75th Street and Opportunity Corridor Boulevard. Another — the 182,000-square-foot Reserve Premier warehouse at 3000 E. 55th — is getting its site cleared in preparation for construction. Another big project is the possibility that the Cleveland Browns may seek to move the football stadium off the lakefront so it can be developed with year-round uses. Team owner the Haslam Sports Group reportedly has shown interest in building a new stadium on the current site of the Main Post Office along Broadway or possibly another site just south of the Municipal Parking Lot. The stadium would apparently be part of a “ballpark village” development district. If you would like more information or wish for a call regarding the latest properties Global Investments can offer in this location then please email us today at : invest@globalinvestmentsincorporated.

Detroit business news 2022

Although things have begun to cool off a bit, the metro Detroit real estate market is still hot for sellers and frustrating for homebuyers trying to compete with investors. Inventory is still at record lows and the number of people looking to buy remains high. In comparison to other States prices are still attractively low. The 11-county Detroit region is home to more than 300 municipalities and 300,000 businesses, including 11 Fortune 500 companies and numerous educational institutions. Here is some of the latest business news from this week which is influencing the continued demand for Real Estate investment in The Motor City. General Motors GM has proudly been a part of Michigan for over 100 years – since 1908 A few important facts : Over 53,000 employees in Michigan Over $5.8 Billion in taxable wages. 1,985 Suppliers in Michigan in which General Motors spend on average $15.6 Billion with each year. News : General Motors Co. on Tuesday said it made $3.3 billion in net income in the third quarter, up from 2021’s third quarter profits of $2.4 billion despite a tight supply inventory still hindering sales and lessening demand amid economic uncertainty. GM’s revenue was $42 billion in the quarter, up from the $27 billion the company made in the same three months last year. The results beat investor expectations. “This week GM delivered solid 3Q results despite a very difficult supply chain environment and should be digested well by investors,” Wedbush Securities analyst Dan Ives said in a Tuesday note. “Total revenue of $41.9 billion was roughly in-line with the Street while impressively Adjusted EBIT was $4.3 billion vs the Street at $3.7 billion.” Wall Street reacted favourably to the automaker’s earnings report, with GM stock up nearly 2.5% in midmorning trading in New York. The Detroit automaker is still aiming to meet its projected guidance of net income between $9.6 billion and $11.2 billion, and adjusted pre-tax earnings of between $13 billion and $15 billion for the year. For the year so far, GM has made $7.9 billion, down from the $8.3 billion it had this time last year. “We’re delivering on our commitments and affirming our full-year guidance despite a challenging environment because demand continues to be strong for GM products and we are actively managing the headwinds we face,” GM CEO Mary Barra wrote in a letter to shareholders on Tuesday. On a call with media Tuesday, GM Chief Financial Officer Paul Jacobson said the company hasn’t seen “any direct impact on our products” from economic headwinds. GM’s average transaction price was $51,911 in the third quarter, according to Cox Automotive. By comparison, the automaker’s ATP was $40,053 in the third quarter of 2017. Earlier this month, GM reported its U.S. dealers sold 555,580 vehicles in the third quarter, up 24% from last year as inventory levels improved and demand remained strong despite rising interest rates. 2. Magna International, Inc. Magna International Inc. is a Canadian parts manufacturer for automakers. It is one of the largest companies in Canada. Magna has over 158,000 employees in 342 manufacturing operations and 91 product development, engineering and sales centres in 27 countries News : The Michigan Strategic Fund board approved Tuesday a total $10.2 million in state program grants for Magna International Inc. as the automotive supplier seeks to expand its footprint in Michigan and create more than 1,500 jobs. Companies under Magna International, Inc. applied for two new Michigan Business Development Program grants for projects in Highland Park and Shelby Township as well as additional grant funding for its facility in St. Clair, according to the Michigan Economic Development Corporation. “The board’s support of these investments will build on our efforts to position Michigan as a home for Magna and a continued leader in the future of mobility and vehicle electrification,” Quentin Messer Jr., CEO of the MEDC, said Tuesday. Michigan is Magna’s U.S. corporate home. Magna operates 35 facilities in Michigan, making it the state with its largest footprint. The company employs more than 10,000 Michigan residents, officials said. The MSF board approved Tuesday a $2.9 million grant for Magna Seating of America Inc.’s plan to lease a 114,000-square-foot seating facility at 12240 Oakland Blvd. in Highland Park. The project would create 490 jobs and result in a capital investment of up to $3.77 million, according to an MEDC briefing memo. The MSF board also approved a $1.3 million grant for Magna Powertrain of America Inc.’s plan to lease a 200,000-square-foot facility in the Shelby Commerce Centre in Shelby Township. The project would create 159 jobs and a capital investment of up to $96.17 million, according to the MEDC. The board approved for the project a 50% alternative state essential services assessment exemption valued at up to $369,837 for five years for its $81.7 million eligible investment. In St. Clair, the MSF board approved an increase in previously awarded Michigan Business Development Program grant funding from $1.5 million to $7.5 million. Magna Electric Vehicle Structures expects to employ 1,224, up from a previously announced 304 jobs for its facility at 1811 S. Range Road in St. Clair. The project will result in $196.4 million in investment, up from an originally proposed $70.1 million. Also approved Tuesday was a 100% state essential services assessment for Magna Electric Vehicle Structures for up to fifteen years valued at up to $6.3 million for its $287.6 million eligible investment. 3. Detroit sees record cruise ship activity in 2022 Cruise ships docked in Detroit more than 50 times during the 2022 season, a record and more than double the amount of dockings in Detroit in 2019, the Detroit/Wayne County Port Authority and a coalition of Midwest states, cruise lines and others said Friday. The announcement coincided with the final weekend of cruise ships docking in Detroit. Le Bellot, a cruise ship operated by the French cruise operator Ponant, was docked in Detroit on Friday. Ponant cruises in the Great Lakes go to locations such as Toronto, Mackinac Island and Milwaukee