by Jill Sell, The Cleveland Plain Dealer
Robert Myers, president of RHM Homes Corp./Myers Homes, says there is a common misconception about where luxury homes are located. Yes, there are certain neighborhoods and communities which have concentrations of higher-priced homes. But that doesn’t mean that those are the only places to look.
“There are luxury homes in almost all neighborhoods in almost all cities,” said Myers, who did, however, point to the Village of Bratenahl and Lakeshore Properties in general as being very desirable properties for luxury homes in Northeast Ohio.
It also depends on your definition of “luxury.” (For some people that means anything they can’t afford.) The desirability and value of a home is determined by many circumstances, not just the size, location or quality of building and materials alone. But for general purposes, Ryan Young, CEO of The Young Team Realtors with Keller Williams Realty, said luxury homes in Greater Cleveland start at about a half million dollars, or the top ten percent of the market.
In Northeast Ohio, the luxury homes market took a hit in the recent poor economy, as did other housing price points.
“The market suffered a crushing blow in the downturn, but now there are very specific places coming back,” said Myers. “Imagine popcorn. You put kernels in a pan, and for some reason, there is a first kernel to pop. Then a couple more, then they will all start popping. I’m very excited about Cleveland and the seven surrounding counties. There is a ton of projects going on and a lot of money being invested in infrastructures. Housing in general, including luxury housing, will be part of that.
“It’s just that all the kernels aren’t popping yet. We have the heat, the oil, the pot and the popcorn. So we just need a little more time,” said Myers. “But I am hearing through the grapevine that there are multiple offers out there and some homes are being sold for more than the asking price.”
Young said buyers who are re-locating to Cleveland are often amazed at housing values here and many can easily afford to buy in the luxury range. He sees the eastern suburbs of Moreland Hills, Pepper Pike, Hunting Valley and Gates Mills, as well as lakefront properties, “getting a shot in the arm” because of buyers’ interests.
“When looking for a luxury home, remember it’s not just the home you are buying, but the property and the amenities. Do you want acreage, privacy, or to be in the heart of town?” asked Young. “One of the great things about the Cleveland area is that we have everything from century homes to mid-century modern to new construction choices – and at phenomenal value.”