New Name- new start for Kenwood shopping center?
Finally! After five (?!?) years, the eye sore on 71 seems to be headed toward a new start. Kenwood Towne Place has a new name (Kenwood Collection) and new concept designs!
The Kenwood Collection will now include:
- 220,000 sf office space
- Health club
- Restaurants
- Panoramic views to downtown Cincinnati
- Free parking in the garage
- Retail shops on three levels
What else would you like to see? Any brands missing at the Towne Center that you’d love to have here?
Want to see full-color renderings of The Kenwood Collection? See the slideshow from the Courier here.
Photo courtesy of The Business Courier
Cincinnati’s downtown is top 15!
Forbes magazine has an article on the top U.S. cities with emerging downtowns and Cincinnati, Ohio made this list! Downtown Cincinnati saw a residential population increase of 12% in 2011.
The article also states that Cincinnati has…
- $1.3 billion in downtown projects invested
- 2.6 miles streetcar line under construction
- $120 million 45-acre riverfront park (Smale Park)
- 18-acre mixed-use Banks project with 98% occupancy for the apartments
- Horseshoe Casino ($400 million, 354,000 square foot gaming center)
Per this article, college-educated professionals between the ages of 25 and 34 tend to want to live in urban neighborhoods that are near to their work with entertainment and shopping options close by. These potential home buyers are in the forefront of the expansion of downtown living and play a key role in urban revitalization.
Says, Lee Fisher, president of CEOs for Cities for Forbes magazine, “The cities that capture the mobile, college-educated ‘young and restless’ are the ones who are most likely to revitalized their downtowns and accelerate economic progress in their cities.”
Do you have a favorite restaurant (Bakersfield’s fish tacos? Taste of Belgium for Brunch? Yummy!) , park or activity downtown? Are you thinking about moving downtown? Call me, I know lots of downtown properties available for sale!
Buy A Home Because Rents are Increasing!
Everyone has a monthly housing expense whether one owns or rents. The question is how that expense will change in the future.
With homeownership, that monthly housing expense is locked in (for the most part) for the length of the mortgage. When renting, the housing expense is impacted by movements in the supply and demand for rental properties.
Historically, residential rental rates have increased by 3.2% on annually. However, in the current housing environment, there is an increasing demand for residential rental properties. This increase in demand has dramatically impacted rates. A recent report has revealed U.S. rental rates increased by 4.5% over the last 12 months. Other studies have projected 4-5% rental rate increases for the next few years.
The only way to have control of your housing expense is to buy.
But Isn’t Buying A Lot More Expensive Than Renting?
Not right now! With home sale prices down and mortgage rates at historic lows, it is less expensive to buy than rent in most areas.
According to Economist Jed Kolko, “…Buying remains cheaper than renting in all 100 large metros. Even buyers who can’t get today’s lowest mortgage rates will still find that buying makes more financial sense than renting in nearly all local markets.”
However, Kolko went on to say that this opportunity may soon disappear: “Although buying a home is still cheaper than renting, the gap is closing. In 2013, home prices should rise faster than rents, and mortgage rates are likely to rise in the next year as the economy improves. By next year, buying could be more expensive than renting in some housing markets, even for people with the best credit.”
Again, the only way to lock-in your monthly housing expense is to take that decision out of the hands of a landlord by owning. With both prices and interest rates set to increase, the best time to buy is right now.
Article courtesy of The KCM Blog.
Today’s real estate market is seeing a “supply and demand” issue. Simply put, there are not enough homes for sale in relation to what the home-buying market is demanding.
Supply and demand in real estate is represented by the current month’s supply of homes for sale (the number of homes for sale divided by the number of homes sold in the previous month).
Here is a guideline for pricing in various housing-demand markets:
1-4 months supply – This is a seller’s market in which there are not enough homes for the buyers’ demand. Homes appreciate in this type of market.
5-6 months supply – This is a balanced market and historically home values appreciate a bit above inflation.
7-8 months supply – This is a buyers’ market in which the number of homes for sale exceeds demain. Depreciation follows in this type of market.
In our region, we are currently experiencing a 4.1 month supply of homes for sale. This is the fewest active listings in the past eight years!
Nationally, there is a 4.2 month supply of homes available for sale which is the lowest seen since April 2005.
If you are thinking about selling, now is the time! Call me!
Information courtesy of the KCM Blog.
Columbia Tusculum historic home tour
If you are a fan of homes found in older, established neighborhoods, mark your calendar. A public home tour is scheduled in historic Columbia-Tusculum for October 6, 2013. The tour will feature approximately 15 residences.
2013 is the 225th anniversary of this neighborhood’s establishment. It is the oldest Cincinnati neighborhood and many of the homes in Columbia-Tusculum were built in the late 1700s and late 1800s.
The area features many beautiful Victorian painted ladies among other attractive home styles. In the past few years, a revitalization has occurred in the area with beautifully built new homes that fit well among the older homes. Cincinnati’s first Greenarama took place in Columbia-Tusculum in 2011.
Columbia-Tusculum has developed into a walking neighborhood with many local dining and shopping opportunities.
Want to find our more about house styles around Cincinnati? You can see them here, here, here, here, here, here, here, here, and here.
Follow Columbia-Tusculum updates on Facebook here.
Interested in seeing homes for sale in Columbia-Tusculum? Go here.
Rent or Buy a Home?
When contemplating a home purchase consider the cost of alternative housing options, such as renting an apartment or house. 
Where are rental prices headed in the next few years? Typically, rental prices increase about 3% annually. Recent figures, however, are showing dramatic increases in rental pricing with 5.1% increases nationwide.
Multi-family housing demands as well as single-family rentals have increased since 2007 per Freddie Mac. With the theory of supply and demand, it is expected that rental prices will continue to increase substantially in the next few years.
The cost of owning a home now (with lower mortgage rates and home costs) might be the better alternative to a rental apartment or home that is more than likely to increase in price yearly.
However, the cost of owning a home will also begin to increase as both home prices and mortgage rates rise.
Now may be the best time to purchase a home or condominium, while the lower mortgage rates can be locked into for a long-term housing expense commitment. Call me at 513.377.1070, I can help you understand the costs associated with owning a home and whether now might be a good time to buy for you!
Florence Y’All
I was at the Florence Mall on a rainy cold Sunday letting my son get some energy out at the play area. The play area has mini-replicas of some Cincinnati landmarks like a paddle boat, airplane and the famous Florence Y’all water tower. Which got me wondering if the story I had been told about how the water tower got it’s instantly recognizable name, was true….a quick search of Google and I found out the answer and some more fun facts about the Florence Y’All Water Tower. 
The Florence Y’all Water Tower was constructed in 1974 in anticipation of the construction of Florence Mall. This tower was a necessary infrastructure to accommodate the water needs of the city’s expanding development.
Initially the top of the water tower said: “Florence Mall” (which was not built yet). But, with strict regulations from the Bureau of Highways concerning highway advertising signage promoting a non-existing business, those words could not stay. The City of Florence decided to repaint just a portion of the words (to save money) and history was made: Florence Y’all.
Florence Mall was built in 1976 and yet the words “y’all” stayed. In the years that followed this water tower became an icon for Florence, Kentucky.
Fun Florence Y’All Water Tower Facts:
- 120,000 cars pass the water tower daily
- The water tower is used as a travel landmark for vacationers heading north or south
- The Florence Freedom Ballpark has a mascot called Willy the Water Tower
- The City of Florence does not give out city keys – its gives city honorees a Water Tower bobble head
Read more about the tower here.
Thinking about buying a home in or around Florence, Kentucky? Contact me, I can help!
