If you are in the market for a condo, there are some critical pieces of information you should research with your real estate agent before making an offer.
1. Read Between the Lines Take a look at the minutes of the condo association board meetings to see what the building-wide challenges are. Even if there aren’t any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex — projects the seller may have neglected to mention.
2. Who is Paying Their Bills? Make sure the association is collecting the dues from everyone on time! . If people aren’t paying their association dues on time. Carefully consider buildings that are underfunded.
3. Planning for Repairs Associations take on a lot of building maintenance so make sure the repair fund for the new roof, driveway, and exterior are well thought out and funded.
4. Insurance, Insurance, Insurance! Gt a copy of the certificate of insurance, which is a summary of the association’s policy. First see if the replacement costs covered by the policy are an accurate estimate of the cost of rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done. Finally, make sure that you understand exactly what the association policy covers and what you are responsible for.
5. Legal Compliance Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there’s so much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the association. Also see if there are any pending cases by any residents against the association.
6. Can I rent My Unit? Certain associations have a limit on the number of units that can be rentals at any one time. If you plan on renting your out down the road make sure you know the rules and plan in advance.
7. Professional Management If the complex is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly.
8. Read The Books Read the condo documents for anything out of the ordinary and think in advance. Are there restriction on commercial vehicles, pets, loud music, or even placement of ‘Real Estate Signs’. Remember when you go to sell your condo you want to know you attract the next buyer.
Recently the artist Shepard Fairey launched an extensive art show in Cincinnati and as part of the exhibition he created murals on the sides of some buildings in and around Cincinnati. One of the murals was recently painted over because the property owner was upset by the images contained in the “Duality of Humanity 4 Pike Street”.
I wanted to offer some insight and opinion on murals and property values. Frankly – it depends. It depends on the neighborhood, it depends on the mural content. There are some instances where murals ad tremendous beauty and value to neighborhoods and showcase the diversity and vibrance of the culture. In some cases murals can be a distraction. If you or your community are planning a mural hire a professional and make sure you have buy in from the entire community and especially the building owner!
If you are looking for volunteer opportunities this May 2nd then you must look into the Cincinnati Give A Day program. There are 18 different volunteer projects taking place all over the city. They cover urban renewal projects, mural painting, volunteering for the Flying Pig, and working with the elderly.
Take a few moments to learn more about the projects and sign up and volunteer. It is a great way to give back to the community. Already there are over 300 participants and so many projects still need more hands so get involved and make a difference. Help out Keep Cincinnati Beautiful, the Peaslee Center, Starfire and many more worthy organizations. Click on Cincinnati Give A Day for more information.
I have a brand new listing in Clifton and am holding an open house this Sunday July 12 from 3:00 PM – 4:00 PM.
225 Hastings is a beautiful 3-story end unit town house on culdesac. It is walking distance from the many shops restaurants in Clifton. The owners enjoy 2 decks that offer fabulous city & river views. This home features large bedrooms, hardwood floors, Pella windows, a fire place and a 2-car garage. The master suite has walk-in closet & modern updated bath fixtures.
225 Hastings is located in Clifton. From the University of Cincinnati travel south on Vine Street and turn right headed West on Hastings. The Townhouse is at the end of the block.
If you have questions please call me at 518-1140.
If you plan on stopping by please leave a comment and let me know!
Urban Cincy reported this morning that Mayor Mallory has selected the development company that will finance, plan, design,construct, operate and maintain Cincinnati’s Modern Streetcar System. The location of the streetcar would be on the northern end of the Downtown/Over the Rhine circulator which would head uptown from there. This is great news for Cincinnati Real Estate. The addition of a streetcar in Downtown Cincinnati is great news for Cincinnati Real Estate. The continual development and success of downtown will continue to attract the creative class, which could eventually lead to new businesses moving their headquarters to Cincinnati.
Cincinnati sits atop the list of the most vacant properties in a city. WCPO reported that there are about $4 million vacant properties nationwide. Cincinnati’s Over-the Rhine Neighborhood has the highest vacancy rate in the Tri-State area. Vacant homes can have a substantial impact on home values depending on their status. Foreclosures in particular can bring down neighborhood values simply becuase they will often for less money at auction.
My professional opinion about this situation as a Cincinnati Realtor is that property owners in areas where vacancy rates are elevated, can face delated property values. Before purchasing a property you should always be aware of the sales trend and vacancy rates in that specific area prior to signing any contracts.
Since it is the start of the holiday weekend that kicks off the Summer 2009, I thought I would stray from my usual Cincinnati Real Estate informative postings and let people know where to have fun in Cincinnati this weekend! Please check back next week to hear more specific information about the first time home buyer tax credit, my new rental property portal, the Realtor credit union and much more. Happy Memorial Day!
TASTE OF CINCINNATI AND TASTE THE HYPE – MAY 23 – 25 The annual P&G Taste of Cincinnati USA is this weekend on Fifth Street downtown. Now the nation’s longest running culinary arts festival, the Taste features over 40 fine restaurants serving delectable menu items. Also, enjoy a music festival with continuous live entertainment from local and national recording artists. Admission is free and every entrée is $5 or less. Hours are Saturday, May 23 and Sunday, May 24 from noon to midnight and Monday, May 25 from noon to 9:00 p.m. For more information Click here
On Saturday, May 23 from 7:00 to 11:00 p.m. young professionals can receive VIP treatment at Taste the Hype which includes free parking at Fountain Square Garage, beer and wine, plus beer and wine sampling, food fetched by volunteers, souvenir refillable mug and a prime seat to catch the music of the Rusty Griswolds on Saturday night. This affair is only $25 per person or $40 for two ($20 per person). Click here to reserve your tickets now.
Cincinnati Metro launched six hybrid mass transit buses today on Earth Day. To celebrate the occasion there was a parade of the new buses from Eden Park to Downtown. This story was featured on CNN. It is great to see national news covering positive stories about Cincinnati.
The state of Ohio won Site Selection magazine’s Governor’s cup for the third year in a row. Leading the effort was Cincinnati, which was named the 4th most active metro for companies with 124 active investment development projects.
The Ohio Department Of Development has funded more than 3,600 economic and community development projects assisting in the creation of more than 53,000 jobs and retaining 195,000 jobs. Currently, about 800 economic development projects are in the pipeline, which could leverage an $15 billion in private investments, creating an additional 30,000 jobs and retaining an additional 50,000.
Cincinnati leads the state in these projects with 124, and is #4 across the country. The economic development projects include big name developments such as the banks, and smaller community based efforts. Cincinnati has succeeded in attracting investment because of its educated population, high quality of life and low cost of living.
Although it is looking like the Reds will not be contenders in the World Series, you can now take advantage of the fact that the stadium is no longer selling out. You can buy seats for $5 and hot dogs are on sale for only $1 for the next two games against the Milwaukee Brewers.The games are at 7:10 pm on Tuesday and at 12:35 pm on Wednesday.Tickets are available on the Red’s website, by calling (513) 381-REDS, or buy them at the ball park.
Enjoy one of the largest homes in Claiborne, Stunning hardwoods, contemporary fixtures, 4 full bedrooms and a gorgeous yard. Offered at $239,900
A move-in ready townhome in Mason. Two master suites with attached bathrooms, an upgraded kitchen and an open floor plan. Offered at $140,000
249 Hastings is a 2 bed 3 bath townhome minutes from from downtown and UC. Enjoy the newer construction, quiet cul-de-sac, and stunning 180 panoramic city and river views. Offered at $189,900
The state of Ohio won 
