New developments and housing updates in Northeast OhioMichelle McQuade | November 12, 2021
For the past several months, homes throughout Northeast Ohio have been selling for record-breaking prices. However, new data shows the real estate market beginning to taper off and correct itself.
According to data from MLS Now, the average home sale price leveled off to $223,000 last September, following months of significant growth. Homes are also staying on the market for a longer duration, and are now averaging over 30 days for the first time since May.
One of the best places for retirement
The latest rankings released by US News & World Report includes Cleveland in its list of best cities in the United States to retire in 2021.
The list evaluates 150 of the country’s most populous metro areas based on how well they’re able to meet the needs and expectations for retirement for most Americans, taking into account key factors such as health care, housing affordability, and overall quality of life.
New apartment complex on Cleveland’s West Bank of Flats
A new residential development named Silverhills at Thunderbird is set to rise in the West Bank of Flats in Cleveland. The planned five-story, 300-unit apartment complex will be designed by Dimit Architects and developed by Silver Hills and Edwards Communities.
Located in the Scranton Peninsula section near downtown Cleveland, Silverhills at Thunderbird is targeting young professionals working downtown and looking to live in a walkable, convenient, and well-connected community.
Part of the project also includes the construction of four three-story carriage-type flats, together with a five-story, 310-space parking building. The development will feature a mix of one and two-bedroom units, along with spacious dens that are designed to support the thriving work-from-home movement. The units range in size from around 600 to 1,100 square feet.
Ohio City’s new residential developments
Cleveland’s Ohio City neighborhood has experienced tremendous growth in recent years. The neighborhood’s three corridors – Detroit, Lorain, and West 25th – are all currently undergoing major development.
Among its most exciting developments is the $145-million “Intro” apartment building on Lorain and West 25th, south of the West Side Market. Intro holds the distinction as the country’s tallest mass timber-frame building, with nine stories, 300 apartments, first-class amenities, entertainment venues, and retail spaces.
Designed by Hartshorne Plunkard Architecture of Chicago, Intro’s structure consists of glue-laminated beams and columns, and cross-laminated floor panels. The building is set atop a single-story concrete ground floor, with eight of its stories structured out of wood. Once completed, almost half of the building’s interior surfaces will feature exposed structural wood, including precisely cut columns, beams, and ceilings.
The developers used a lot of creativity to turn Intro into a successful project, working closely with the city of Cleveland and the state of Ohio to ensure building codes will be able to accommodate a mass timber building of this scale.
Looking for more information on upcoming developments in the Cleveland real estate market? Work with the best Cleveland Realtor! Get in touch with me, Michelle McQuade for your real estate goals in the area.