Coming out of the most unprecedented period in real estate, the Cleveland market has started to stabilize with residential pricing adjustments in the higher price point markets as well as fewer extreme bidding wars, says Ted Theophylactos, president of Ted & Co. Real Estate Team at Howard Hanna Real Estate Services.
“Slowly but surely we’re seeing some improvement in pricing,” Theophylactos says, adding that sales are still strong and it remains a seller’s market. “We are still attracting a lot of people to the city neighborhoods. And this is creating some more opportunity for people to get a home.”
Theophylactos says he’s thrilled to announce that he has an 11-unit project coming in Ohio City. Then there’s North Park Place, a new development of 34 residences on a tree-lined neighborhood in University Circle, walking distance from world-class institutions, museums and attractions. New construction of luxurious, curated, higher-end single family homes in the highly coveted Clinton Avenue District and Duck Island neighborhoods are providing more options.
He’s especially excited about The Residences at The Guardian, which is the first of its kind development in more than 15 years. This Downtown high-rise of 14 luxury condos offers spectacular city views, a prime location at E. 6th and Euclid and the rare chance to own a piece of Downtown with attractive tax abatement incentives.
“There are more equitable chances coming in the tax abatement program as well to encourage buyers to invest in the city,” he says.
