Cleveland Oh Luxury Homes - Market Report First Quarter 2011

By
Real Estate Agent with Howard Hanna Real Estate Services

Cleveland Oh Luxury Homes - Market Report First Quarter 2011

 

 

Cleveland Ohio Luxury homes marketing report

 

The following is our first quarter market report for Cleveland Ohio luxury homes, specifically the east side suburbs including: Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Hunting Valley, Moreland Hills, Orange, Pepper Pike, Shaker Heights, and Solon.  In this report, we will first list all luxury home sales during the first three months of this year, make a comparison between the first quarter this year to the first quarter of 2010, and finally give our commentary. A luxury home in the Cleveland Ohio market is considered any home that sells for $500,000 or greater.

 

ALL LUXURY HOME SALES IN CLEVELAND OH ( EAST SIDE ) FIRST QUARTER 2011

 

3140 Courtland Blvd $500,000
75 Willow Wood Ln $515,000
2513 Fairwood Court $515,000
18501 South Park Blvd $525,000
2800 Attleboro $525,000
6452 Dorset Ln $525,000
4820 Glengary $537,500
3175 Montgomery Rd $550,000
110 Hunting Trl $550,000
6754 Winston Ln $575,000
3225 Crabtree Ln $620,000
25 Grey Fox Run $640,000
2289 Stillman Rd $700,000
37282 Tidewater Dr  $700,000
6040 Deer Run Dr $705,000
38267 Flanders Dr $715,000
3400 Old Brainard Rd $900,000
29227 Shaker Blvd $920,000
24875 Woodside Ln $1,100,000
2925 Som Center Rd $1,511,000

 

All Sales                          # of homes sold         Ave. Sales Price 

First Quarter 2011              20                         $691,425

First Quarter 2010              26                         $708,673

 

Source: NEOHREX

SUMMARY

While both sales and average sales price of luxury homes here in Cleveland were lower during the first quarter of this year, we are seeing some signs of optimism. There are currently 31 pending transactions, several over $2,000,000. These should transfer within the next 60 days and really make a difference in the overall numbers.

Recently, there have been many published reports regarding the attitude of luxury consumers. Overall, there is a feeling that they are feeling more comfortable now making large purchases compared to a year ago. The reason is mostly the recent gains in the stock market, decrease in unemployment, and a general better outlook for the economy. Here is Cleveland, we saw a 50% increase in luxury car sales during the first quarter of this year, so perhaps the luxury home sector will also see gains as we move forward.

There is still a rather large inventory of luxury homes available. This means that luxury home sellers must price their homes aggressively if they want to sell. From a buyers perspective, it has never been a better time to buy.

 

Below are other articles of interest pertaining to Cleveland Ohio luxury homes:

The Importance Of Hiring A Luxury Home Agent

What Makes A Home "Luxury"

Local Agent Receives Luxury Home Designation

 

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About The Authors:

Dan and Amy Schuman specialize in Cleveland Oh Luxury Homes and both have designations pertaining to their expertise in selling luxury homes. Dan is an Accredited Luxury Home Specialist and Amy holds the  Certified Luxury Home Marketing Specialist designation.

For Ohio and Cleveland Oh real estate and luxury homes see Cleveland OH Real Estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

 

Homes For Sale in Cleveland OH What's my Cleveland Home Value

 

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Cleveland Oh Luxury Homes - Market Report First Quarter 2011 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©April, 2011

 

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Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hello  Dan and Amy, I see your Luxury Homes were down for 2011, but there seems to be signs with all those pendings that the next quarter will be better. Best Wishes on getting them closed!

Apr 14, 2011 03:55 PM #1
Rainmaker
682,940
Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

I love that picture...such a nice looking home in the Cleveland area!!!

Apr 14, 2011 04:53 PM #2
Ambassador
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

One thing for sure.  Luxury home buyers today who take advantage of the current prices will thank their lucky stars that they purchased what they did when they did.

 

Apr 14, 2011 11:13 PM #3
Rainmaker
1,371,433
Cheryl Ritchie
RE/MAX Leading Edge www.GoldenResults.com - Huntingtown, MD
Southern Maryland 301-980-7566
I like your closing paragraph. There is not much settled over a million here recently so those numbers are very interesting.
Apr 14, 2011 11:22 PM #4
Rainmaker
323,845
Melissa Brown
Helen Adams Realty - Charlotte, NC
Realtor - South Charlotte NC Homes for Sale

This is a great summary post about luxury homes in Cleveland.  You've done a great job with your information and links!  

Apr 15, 2011 12:47 AM #5
Rainmaker
1,388,537
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Dan and Amy, it appears the people who can afford these homes are taking advantage of the market in Cleveland. Hope it continues in your area.

Apr 15, 2011 02:03 AM #6
Rainmaker
606,033
Brian Burke
Kenna Real Estate - Englewood, CO
Broker & Advising Expert-Denver Luxury Real Estate

I love checking out market reports for different parts of the country. It is definitely a great time to buy luxury homes. ~ Rita

Apr 15, 2011 05:09 AM #7
Rainmaker
301,963
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Jerry - Our winter weather never helps the cause during the first quarter so we anticipate things getting better.

Jane - I find it interesting to see pictures of luxury homes, or any home for that matter, in different areas of the country. A luxury home in Phoenix or Florida would look a lot different than ones here. Cleveland is such an old city that some luxury homes are over 100 years old and have very unique architecture. We have newer developments as well.

Lenn - There's no doubt about that. The prices are extremely attractive.

Cheryl - I'm actually seeing a little more activity in the luxury market than in some of our more affordable suburbs.

Melissa - Thank you so much for your kind words.

Michael - Thank you for reading and commenting. I hope more people take advantage of these ideal conditions as well.

Rita -  I think it's interesting to see what homes cost in different areas. I'm sure a lot of folks from cities like New York, LA and Chicago would love what they can get for their money in a smaller city like Cleveland.

Apr 15, 2011 10:00 AM #8
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