Look around for areas to invest in real estate these days and you’re likely to see an unexpected name pop up over and over again: Cleveland, Ohio. Granted, when most people think of an urban oasis or bustling metropolis, Cleveland is not the first name that comes to mind. Yet more and more people are buying into this up and coming city and deciding to stay.
Here are 5 reasons why a Cleveland real estate investment might be the best choice you ever make…
Burgeoning Neighborhoods…Cleveland is a city made up of many different neighborhoods, from the downtown shopping market to the trendier locales, and this variety of lifestyles is a big attraction for those who want to buy real estate. Currently, Detroit Shoreway, Ohio City and Tremont are at the top of the list of the hottest real estate markets. This is because there has been a revitalization of these areas, with urban improvements and attractions added to bring in a more diverse population.
Changing Population…no longer the providence of commuters who travel into the city for work, the population of Cleveland has become quite diverse, ranging from millennials and young families to empty nesters. Everyone is discovering that Cleveland has something to offer and as most real estate experts can tell you, nothing sells an area more than diversity. The more variety you find there, the more attractive an area becomes. Nobody likes to live in stagnation…the real estate market follows the trends and right now nothing is trending more than Cleveland.
Rampant Redevelopment…Nothing sparks interest in the real estate market like building and growth, and in recent years Cleveland has been at the forefront of that trend. Many of the city’s neighborhoods have seen major pushes toward renovation and rebuilding. Urban improvement projects have cleaned up the face of the city, making it that much more attractive to potential residents. The investment of corporate partners and the passion of Cleveland citizens have combined to make these urban development projects a reality and that kind of dedication only increases Cleveland Ohio real estate values.
Increased Investment…One of the clearest signs of improvement in any city is active investment in its design and upkeep. At the moment, there is about $4 billion dollars in construction activity going on in downtown Cleveland. That’s a major investment of both money and time, which shows just how dedicated the city government and business community is to making it a good place to live. And that investment has been reflected in appreciation of market values. In recent years, some neighborhoods have seen more appreciation in property values, which has gone a long way toward bolstering the Cleveland real estate market.
Outside Attention…all this growth and improvement has not gone unnoticed. In early 2015 alone, Cleveland made the must-see destination guides of several major national publications, including the New York Times, L.A. Times, Travel & Leisure Magazine and Fodor’s Travel. Each publication cited the thriving city life and mentioned such attractions as its museums, sports teams and such significant national events as the 2016 Republican National Convention and the 2014 Gay Games. There is a lot to do and see in Cleveland and that makes it a place people want to come and visit. The more attention these outside sources draw, the more its appeal as a place to live grows as well.
This is just a small sampling of the reasons why Cleveland has become the place to look if you’re looking to invest in real estate. Whether you want to build a business or make a home, you can’t find a better spot at the moment than the jewel of Northern Ohio. If you’re interested in real estate, give Cleveland a try…you won’t be disappointed!