HOUSINGNEWS REPORT
STATE SPOTLIGHT
CLEVELAND UNDERWATER HOMES BY ZIP
winds its way along the western edge of downtown Cleveland.
But Elvery, the Federal Reserve economist, cautioned that the rapid growth in real estate in and around downtown Cleveland also poses the biggest risk for the area’s housing market going forward. “I think the biggest risk is overbuilding high-end condos and apartments in and near downtown,” he wrote. “There are a lot of units that will be coming online in the next two years and, since the region’s population is flat, the investors are counting on rising interest in units in large buildings near downtown. If that shift isn’t as large as expected, supply will outpace demand and there will be downward price pressure.” Rokakis attributed the downtown renaissance largely to millennial buyers and renters. “Proximity to downtown coupled with unique historic housing has made them hot again,” he said, referring to neighborhoods such as Detroit Shoreway, Ohio City, Tremont, University Circle, Kamm’s Corner and West Park. “They’ve kind of been discovered by millennials, and millennials are flocking to them.
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The downtown Cleveland area has made such a roaring comeback. Because the downtown is so much fun, now you see investors like me buying up any lots in areas adjacent to downtown.”
Josh Cantwell | Real estate investor, coach and CEO of Freeland Ventures
left a lot of stuff that’s damaged. How do you clean that up?”
such a roaring comeback,” said Cantwell, noting that trend is driven by 25- to 40- year olds moving back to downtown and adjacent neighborhoods such as Tremont and Ohio City. “Because the downtown is so much fun, now you see investors like me buying up any lots in areas adjacent to downtown. “Both sides of the flats are seeing a rebirth with new condos, restaurants, night clubs,” Cantwell added, referring to the low-lying neighborhoods along both sides of the Cuyahoga River, which
Real estate investors are helping with that cleanup, but primarily in submarkets that are already recovering, according to Josh Cantwell, a real estate investor and coach who is also CEO at Freeland Ventures , a Cleveland-based private money lender for investors both in Cleveland and across the country.
“Cleveland is very affordable. For a lot of kids who are facing issues of
overwhelming college debt … you can live here very affordably for about one-fifth of the average rent you would pay in San
‘So Much Fun’ Downtown “The downtown Cleveland area has made
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