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Can this new construction strategy fix Cleveland's housing shortage?

By
Real Estate Agent with Russell Real Estate Services 2020009093

A few months ago I stumbles upon the listing you see in the main picture for this blog post...

My initial thoughts were "Wow there's no construction happening in Cleveland for under 400k?" You see - our average price point for resale here in Cleveland hovers somewhere in the high 200s - but - new construction is usually 400k+ due to the cost of building in the current real estate environment. 

I was intrigued to say the least...and it just so happens that an article was soon after published in "Crain's Cleveland Business" detailing the new projects beginning in Cleveland aimed to help our inventory issue with sub 400k homes aka "first time buyer price point." You can see the full article here ----> read the full article.

The project is utilizing "modular construction" to speed up the process of building but also keep costs at an affordable rate. This home has been on the market for some time without selling....I believe this is due to the area it's built in (315k is a high price point for the neighborhood). 

Regardless, I'm excited to see what this new project does for the Cleveland housing market. Check out all the new construction Cleveland has to offer!

 

Until next time,

Connor

 

 

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Connor - adjusting and adapting may play roles as communities address housing needs.  It's an important issue for current as well as prospective residents. 

Dec 21, 2023 12:14 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Welcome to the Rain. Enjoyed your blog page, and I added you as a follower. I would love the follow back. Also, then we both get 50 points. Bill

Dec 22, 2023 02:47 AM