Latest News

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.

Cleveland, The Investors Hotspot

If you’re looking to invest in real estate, you may have heard of the growing market in Cleveland, Ohio. Known for its rich history, diverse culture, and thriving economy, Cleveland has emerged as a hotspot for real estate investment. In this blog, we will explore why Cleveland, Ohio is becoming a top choice for savvy investors looking to capitalise on the opportunities in the real estate market. Affordable Real Estate Market: One of the biggest draws for real estate investors in Cleveland is its affordability. Compared to other major cities in the United States, Cleveland offers relatively low property prices, making it an attractive option for investors looking for affordable entry points. Whether you’re interested in single-family homes, multi-family properties, or commercial properties, Cleveland’s real estate market offers a wide range of options at affordable prices, allowing investors to maximise their return on investment. Strong Cash Flow Potential: Cleveland’s real estate market presents strong cash flow potential, which is a key consideration for real estate investors. With relatively low property prices and a steady demand for rental properties, investors can benefit from positive cash flow through rental income. The city’s diverse economy, which includes healthcare, manufacturing, and technology sectors, provides a stable job market, supporting a consistent demand for rental properties and ensuring a reliable source of rental income. Appreciation Potential: Cleveland’s real estate market has also shown appreciation potential over the years. While property prices may not rise as rapidly as some other markets, Cleveland has experienced steady appreciation, making it a stable and reliable market for long-term investments. As the city undergoes revitalisation efforts and attracts new businesses and residents, property values are expected to continue to rise, providing investors with the potential for equity growth. Economic Growth and Development: Cleveland’s economy is on an upward trajectory, with significant growth and development in recent years. The city has seen a surge in new businesses, particularly in the healthcare and technology sectors, which are driving job creation and economic growth. In addition, Cleveland has seen substantial investments in infrastructure and revitalisation projects, such as the development of the Cleveland waterfront, which has further boosted the city’s economic potential. A growing economy translates into increased demand for real estate, making Cleveland an attractive market for investors. Favourable Investment Climate: Cleveland offers a favourable investment climate for real estate investors. The city has a landlord-friendly legal environment, with reasonable property taxes and landlord-friendly laws that protect the rights of property owners. Additionally, Cleveland has a relatively low cost of living, making it attractive to both residents and businesses alike. These factors contribute to a stable and favourable investment climate that can benefit real estate investors in terms of cash flow, appreciation, and overall return on investment. Diverse Neighbourhoods: Cleveland is known for its diverse neighbourhoods, each with its own unique charm and character. From trendy downtown areas like Ohio City and Tremont to historic suburbs like Shaker Heights and Lakewood, Cleveland offers a variety of neighbourhoods that cater to different demographics and lifestyles. This diversity presents opportunities for investors to find properties in neighbourhoods with high growth potential or those that are already established and offer stable returns. Conclusion : In conclusion, Cleveland, Ohio is becoming an attractive hotspot for real estate investors due to its affordable real estate market, strong cash flow potential, appreciation potential, economic growth and development, favourable investment climate, and diverse neighbourhoods. As with any investment, thorough research and due diligence are essential, and it’s recommended to work with real estate professionals who have a deep understanding of the Cleveland market. With its growing economy, diverse neighbourhoods, and favourable investment climate, Cleveland presents a compelling opportunity for real estate investors looking to capitalise on the potential of the Midwest market. Should you have any questions relating to any of the above or if you would like to have a call with one of our experts, please email the team at : invest@globalinvestmentsincorporated.com

Cleveland still going strong after 5 years & 1700 sales

As a company Global Investments Incorporated have been selling houses in the USA for over a Decade and have over 6000 sales under there belt. For the past 5 years the companies most demanded and best selling product has by far been Cleveland Ohio. Like when the company sold in Detroit after this period of time in one market it would be normal for new markets to emerge with maybe a lower price point and higher CAP Rates or expected ROI. This is however not the case with Cleveland and after 5 years and over 1700 sales the demand for the city is bigger than ever and right now Cleveland Ohio still provides some of the best valued houses with solid CAP rates and returns for both the overseas and Domestic investors. Coupled with great on the ground management companies that Global have been working with for many years these types of buy to let houses really do tick a lot of boxes for most seasoned or new investors. As a company we would have probably expected that after prices have increased over the past 5 years and investors can sometimes get bored seeing the same product or sometimes think they have missed the boat etc that we would have had to ventured into a different market. We did try a few areas like Chicago and Memphis etc but surprisingly enquiries and demand is still highest in Cleveland. With the average single family home selling at around the $58-60k mark and Duplex’s around $70-80k and net returns anywhere between 15%-20% there are still great opportunities for investors and we expect to at least get another 2-3 years selling in the city before prices hit a high and we have to look elsewhere. I also believe that unlike areas like maybe Detroit, the investment into the city is still pouring in and investors still see after this period of time that the city still has a long way to go and prices will continue to rise giving not only a solid ROI but potential growth as well. Companies like Key Corp, Morgan Stanley, Sherwin-Williams and individuals like Dan Gilbert are still investing heavily in the city. The City itself also spending millions of dollars improving the lower income neighbourhoods. All of these factors making Cleveland still a hot investment area for this year and into 2024. Mike Moodie CEO Global Investments Incorporated. The Future is bright and strong for CLEVELAND OHIO. If you would like more information on what is going on in Cleveland or any of our current opportunities please email Mike or any of the team at Global at invest@globalinvestmentsincorporated.com

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

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

Cleveland Metroparks announcing major progress on two East Side Cuyahoga County trail and park projects

EUCLID, Ohio — Cleveland Metroparks has been busy in recent years planning and building marquee trails and park amenities along Cleveland’s lakefront, on the city’s West Side, and in southern portions of Cuyahoga County. Now, the regional park agency serving Greater Cleveland has progress to announce on trails and parks on the East Side of the county. Metroparks held a groundbreaking for the first section of a four-phase project to extend the Euclid Creek Greenway north from the southern portion of the Euclid Creek Reservation to the reservation’s northern section, which includes the Euclid Beach, Villa Angela, and Wildwood parks on the Cleveland lakefront. The first phase of construction, along with a planned second phase, will bring the all-purpose trail north to Chardon Road about a quarter mile north of Euclid Avenue by the summer of 2023. The project will include reforestation and enhancements to the 17-acre former site of the Euclid School District’s Central Middle School on the north side of Euclid Avenue, which has reverted to Metroparks’ ownership after decades in which it was owned by the school district. In a second event, October 27 at 10:30 a.m., Metroparks will hold a ribbon cutting marking the completion of the mile-long Eastern Ledge Trail within the Euclid Creek Reservation. The event will take place at the Welsh Woods Picnic Area. The new Eastern Ledge trail provides new access to the southern portion of the Euclid Creek Reservation, where Metroparks added 63 acres in 2019. The $300,000 project includes a new pedestrian bridge over Euclid Creek, connecting the Welsh Woods Picnic Area to the eastern side of the gorge, where an overlook offers panoramic views to the west. The announcements also follow a raft of recently completed or ongoing projects either led by Metroparks or involving the agency as a partner. They include: – The 2021 completion of the $6 million, 2-mile Red Line Greenway on Cleveland’s West Side. The 2021 completion of the $6 million Wendy Park Bridge, joining Wendy Park on Whiskey Island to Cleveland’s Ohio City neighbourhood, plus the associated, $3 million Whiskey Island Trail. – The 2021 completion of the $1.5 million, 25-acre Brighton Park in Old Brooklyn. – The 2021 completion of the five-mile, $54 million section of the Towpath Trail in Cleveland. The project was undertaken in collaboration with Cuyahoga County, the City of Cleveland, the nonprofit Canalway Partners, and NOACA, the Northeast Ohio Areawide Coordinating Agency. – The recent launch of a $5.75 million project to create a shovel-ready design for the CHEERS project, which will add 70 to 80 acres of new parkland on Cleveland’s East Side lakefront. CHEERS stands for Cleveland Harbor Eastern Embayment Resiliency Strategy. Metroparks is undertaking the project with the Port of Cleveland, the City of Cleveland, and other partners. “Building better connections between community amenities including the lake, our parks, and our neighbourhoods has been a priority for the City of Euclid,’’ she said in a statement provided by Metroparks. “We truly appreciate the longstanding partnership and investment by the Cleveland Metroparks.” While building the first two sections of the Euclid Creek Greenway extension, Metroparks will develop a plan to complete the next 1.5 miles in phases III and IV of the project, which will bring the greenway north to the lakefront. In late 2021, Cleveland Metroparks was awarded $950,000 by the U.S. Department of Transportation to advance the planning and design of four trail and bicycle projects on Cleveland’s East Side including phases III and IV of the Euclid Creek Greenway. The continued Metropark’s investment on the East Side of Cleveland is great news for property owners in the surrounding areas. Popular suburbs Global Investments sell in such as such as North Collinwood, South Collinwood, Euclid, Richmond Heights, South Euclid & Cleveland Heights. If you would like more information and may be interesting in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com

10 Suburbs in Cleveland to find great investment properties

Cleveland is ranked as one of the best places to buy a rental property this year for investors seeking a balanced blend of cash flow and appreciation. Home values have increased nearly 23% year over year as of December 2021, according to Zillow, and many of the best neighbourhoods in Cleveland have more residents who rent rather than own. Although Cleveland used to be known as a manufacturing town, the economy has evolved into a well-balanced blend of high-tech, service, and blue- and white-collar employment. Home prices in Cleveland have increased by nearly 23% over the past year, which may be one reason more people rent than own in many neighbourhoods. In popular neighbourhoods, such as Downtown Cleveland, over 90% of homes are occupied by renters. Although housing prices have increased, popular neighbourhoods like North Collinwood and South Broadway still have median home sale prices of less than $100,000. A recent study by the Cleveland Foundation revealed that Cleveland has a fast growing population, including recent graduates. According to Zumper (as of February 2022), 55% of the housing units in Cleveland are renter-occupied, with rents for 3-bedroom homes up 12% year over year. Cleveland is home to over 2 million residents living in 40 neighbourhoods, so it can be difficult to know where to look first. To ease your search, Global Investments have listed 10 of the most popular suburbs of Cleveland that investors should seriously consider when properties become available. Specific data on each neighbourhood comes from Realtor.com, Niche.com, and Redfin as of December 2021 : Old Brooklyn Located south of Downtown Cleveland, Old Brooklyn is a highly ranked good neighbourhood for investors. The neighbourhood a very desirable area in Cleveland where new construction single family homes fetch over $400,000 Old Brooklyn’s most notable landmark, the Cleveland Metroparks Zoo is a 145-acre park and is one of the 16 nature preserve reservations of the Cleveland Metroparks system. Population : 32,813 Median sale price : $133,500 Change in sales price (year over year) : up 11.3% Renter-occupied households : 44% Median household income : $41,233 ZIP codes : 44109, 44144, 44134 North Collinwood North Collinwood is a unique Cleveland neighbourhood situated on the shores of Lake Erie. Residents enjoy miles of parks along the lake bluffs, which are adjacent to streets lined with beautiful old homes and charming cottages. North Collinwood’s commercial district has become a burgeoning artists’ colony, with the transformation of Waterloo Road and the growing Waterloo Arts and Entertainment District, a highly demanded area for investors : Population : 16,602 Median sale price : $128,000 Change in sales price (year over year) : up 6.0% Renter-occupied households : 59% Median household income : $31,646 ZIP code : 44110 South Collinwood The South Collinwood neighbourhood is a historical area on the East Side of Cleveland, Ohio. Originally a village in Euclid Township along the lakefront, prices have increased considerably due to the popularity and proximity of North Collinwood : Population : 10,076 Median sale price : $60,000 Change in sales price (year over year) : up 21.4% Renter-occupied households : 62% Median household income : $26,569 ZIP codes : 44110, 44119 Glenville Glenville is a popular neighbourhood on the East Side of Cleveland. To the north, it borders the streetcar suburb of Bratenahl and the Cleveland Memorial Shoreway. Glenville is very popular for renters due to the proximity of The University Circle. With its neighbouring town “ Hough “ Glenville has some of the nicest large detached single family homes available in Cleveland. Population : 14,456 Median sale price : $67,500 Change in sales price (year over year) : up 9.9% Renter-occupied households : 57% Median household income : $31,391 ZIP code : 44108 South Broadway / Slavic Village Located south of the city along I-77, the South Broadway neighbourhoods home prices are relatively affordable, and more residents rent than own. This area has been a hotspot for new build projects. Many houses were abandoned back in 2007 and since then been removed one by one. Capital appreciation in this area has been significant and investors willing to look long term will not be disappointed. Population : 16,415 Median sale price : $71,000 Change in sales price (year over year) : up 34.0% Renter-occupied households : 55% Median household income : $26,986 ZIP codes : 44105, 44109, 44125, 44127 Edgewater Edgewater is located along the lakefront, adjacent to the Detroit-Shoreway neighbourhood and just west of Downtown. Home to Edgewater park which features 9000 feet of shoreline, dog and swim beaches, boat ramps, fishing pier, picnic areas and grills. The neighbourhood is highly rated and has a very high percentage of renters: Population : 8,873 Median home value : $214,400 Change in sales price (year over year) : up 5.4% Renter-occupied households : 73% Median household income : $42,703 ZIP code : 44102 Detroit-Shoreway Located between Edgewater and Ohio City, the Detroit-Shoreway neighbourhood is ranked as one of best neighbourhood in Cleveland and It also has a high percentage of renter-occupied households. The Gordon Square Arts District is the hub of growth in this west Cleveland neighbourhood. life is centred around its anchor building—the Gordon Square Arcade, the cultural and artistic centre of western Cleveland. Population : 16,303 Median sale price : $246,000 Change in sales price (year over year) : up 20.6% Renter-occupied households : 64% Median household income : $32,167 ZIP codes : 44102, 44109, 44113 West Boulevard The West Boulevard neighbourhood is located just south of the I-90/Northwest Freeway, adjacent to the popular Jefferson neighbourhood. Bordering on popular neighbourhoods such as Edgewater, Detroit Shoreway, Clark-Fulton & Brooklyn. The area has a dense urban feel, and is another neighbourhood where more people rent than own. Population : 17,070 Median sale price : $108,000 Change in sales price (year over year) : up 22.0% Renter-occupied households : 54% Median household income : $35,441 ZIP codes : 44102, 44111 Mount Pleasant Mount Pleasant is a neighbourhood on the East Side of Cleveland, Ohio. It borders the neighbourhoods of Buckeye–Shaker

Cleveland’s 2022 Capital plan

The historical Euclid Beach arch, which still stands at the previous entryway to the previous lakefront theme park on Cleveland’s northeast side, will quickly discover a brand-new location. The City of Cleveland means to bring back the century-old archway and move it to a lower place of the old Euclid Beach theme park, now mainly inhabited by the Cleveland Metroparks in North Collinwood. Mayor Justin Bibb means to utilise $54 million in bond profits on about 25 particular tasks, in addition to lots of other regular yearly jobs such as fixing roofing systems on city structures, changing harmed play ground devices, and fixing tree-damaged ones, in his very first year of preparation capital tasks walkways. Officials have actually not selected a precise place for the arch, however council member Mike Polensek stated it is anticipated to be someplace within Metroparks’ lake home, which jointly consists of Euclid Beach Park, Villa Angela Park and Wildwood Park. The relocation will likely occur at some point next year, he stated. “We all concur that it requires to be moved over a walkway [or bicycle path] so that individuals can take a look at it, go through it and appreciate it,” stated Polensek. The arch has actually long been a tip of the theme park, which drew in countless Clevelander’s till it closed in 1969. The Cleveland Landmarks Commission provides the building and construction date as 1895, while Cleveland State University’s history blog site, Cleveland Historical, states it was integrated in the 1920s to change an earlier structure. The arch carefully covers East 159th Street, where traffic, consisting of large emergency vehicles consistently pass under it. This setup has actually led to several falls and resulting damage. The city’s resettlement efforts intend to protect the arch for future generations. The taking apart is an obstacle, Polensek stated, however a beneficial undertaking since of its historic significance. Future associated work might consist of widening East 159th Street. And with the Western Reserve Land Conservancy’s current purchase of a mobile house park surrounding to the Metroparks home, a redesign of the surrounding Lakeshore Boulevard passage is likewise in the works, although strategies are still in the early phases, Polensek stated. The arch is presently anticipated to cost $800,000 to bring back and move, however that number might alter. Moving of the Arch is just part of a $54 million capital strategy for Cleveland and here is a summary of a few of the bigger tasks allocated for the funds: West Side Market: $4.6 million for roofing system repair work and 3 replacement elevators Fire Station: $5.9 million for a brand-new fire station to change the present one on Kinsman Road Sterling Recreation Center: $4.7 million for a total remodelling Clark Recreation Center: $2.7 million for a total remodelling Woodland Recreation Center: $2.6 million for remodelling Police Stables: $2 million to prepare the website for future building and construction of brand-new stables and a park JFK Recreation Center demolition: $1.6 million. (The structure closed in December after the brand-new Frederick Douglass entertainment centre opened.) Calgary Park: $1 million for a total park remodelling at West 23rd Street and Calgary Avenue. Canal Basin Park: $750,000, covering part of the cash required for a structure and other enhancements Woodhill Choice: $6.8 million to build roadways for brand-new public real estate Circle Square: $1.5 million to reconstruct Euclid Avenue and the Reserve Court around the University Circle advancement Other roadway tasks, the majority of which are approximated at about $1 million each, will likewise be moneyed with the bonds. These areas consist of: Carnegie Avenue, in between East 55th and East 79th Streets East 140th Street, in between St. Clair and Lakeshore Avenue East 79th Street, in between Woodland and Chester Avenue Street Extensions by Frank and Hudson South and North Moreland Boulevards, in between Larchmere Boulevard and Griffing Avenue. If you would like more information and are interested in Cleveland property investments please email the team at : invest@globalinvestmentsincorporated.com