Market Spotlight: Cleveland, Ohio – Capitalizing on the Rustbelt Resurgence

January 10, 2019 | By: Betterturnkey | 1

Cleveland, Ohio market overview

With its prime location, Cleveland served as a transportation hub on the Great Lakes, which helped it develop as a major commercial center. It also became important in the American manufacturing industry at the beginning of the 20th century. Cleveland reached a population peak of 914,000 in 1950, but by the 1960s the economy had slowed and residents fled to the suburbs. After years of decline, Cleveland is today viewed as a great example of revitalization, and it now ranks as one of the most livable cities in the United States.

Between 2000 and 2010, Cleveland lost 17% of its population, and some neighborhoods — including Glenville and Hough — lost up to 38% of their population between 2000 and 2007, although downtown Cleveland has gained population. This puts Cleveland in the same category as Youngstown, Ohio and Detroit in terms of population decline. However, like Pittsburgh, Cleveland has finally seen stability in the population.

Despite the bleak picture, Cleveland has been revitalizing its downtown area since the 1990’s and more than $3.5 billion has been invested in redeveloping the area. Forbes recently ranked Cleveland as one of the top 15 emerging downtown cities in the country. In 2013, downtown Cleveland also saw record growth, both in terms of its economy and population. The city’s core daily population has reached 125,000, which is the highest ever for the city. A recent study, “The Fifth Migration: A Study of Cleveland Millennials,” reveals a 76% increase in college educated millennials (aged 25-34) between the years 2000 and 2012. As of 2012, 63% of Downtown Cleveland residents were millennials – compared to 20% in the Greater Cleveland metro area and 23% of the overall U.S. population.

Economic development

  • Cleveland Clinic is the one of the Nation’s largest health care provider and is the largest employer in Ohio with over 125,000 jobs and located in the heart of Cleveland. It is also ranked #2 in best hospitals in the United States. The campus is over 170 acres in size and expanding.

 Other Economic Metrics that Point to Recovery and Growth

Planned or Under Construction

  • 925 Building-$270M Renovation
  • Garfield Building-$40M Renovation
  • Lakefront Development Plan-$280M New Construction
  • Nucleus- $400M New Construction
  • One University Circle-$116M
  • University Hospitals Rainbow Center for Woman and Children –$15M
  • Link 59-$50M New Construction-
  • Centric-$70M New Construction
  • Innova- $175M New Construction
  • University Circle Central District -$280M Planned Construction

Completed Projects

  • Schofield Building-$50M Renovation
  • Ameritrust Complex-$170M
  • Public Square-$50M Renovation & New Construction
  • Hilton Hotel Cleveland-$272M New Construction
  • Flats East Bank (Phase II) -$419M New Construction
  • Uptown-$66M New Construction
  • Drury Hotel – $41M Renovation
July 02, 2019
0

Difficult Market? Here’s How to Begin Investing Elsewhere

You want to get started in real estate investing, but your local market seems tough. Is it time to look elsewhere for opportunities? Probably! If so, when and how should you start investing from...

By: BiggerPockets

October 31, 2019
0

Test Post

sdasegsdsfdsdafdsafasdf zSFdZXv asefdsa asdfsd sdafgasdf asdfas  ...

By: VICTOR

May 21, 2019
0

The Wealth Function, Fed Cycles & Permanent Losses

By Daniel R. Amerman, CFA In the previous analysis we explored the relationship between a new generation of heavy-handed Federal Reserve interventions – and the highest asset prices in...

By: Betterturnkey

May 19, 2019
0

Top Real Estate Investment Strategies

Investing in real estate is one of the best ways to make money, partially because of the many options it gives to both part-time and full-time investors. However, due to the many different...

By: Betterturnkey

May 12, 2019
0

The Top Ten Cities For Investing Considering Risk Versus Reward

Here are the top ten cities to invest in according to Compound a New York-based real estate technology company which creates city-specific investment funds. Compound recently released its Q1 2019...

By: Betterturnkey

April 20, 2019
0

Why You Need to Stop Trying to Predict the Next Real Estate Market Crash!

Where’s the real estate market going in 2019? Everybody wants to know. It’s been a little squirrelly, going up and going down—it’s kind of all over the place. So a lot of people want...

By: BiggerPockets

April 12, 2019
0

Pay Less in Taxes: Essential Deductions for Rental Property Investors

Want to keep more of your hard-earned dollars in your pocket? Making sure you are maximizing tax deductions on your rental properties is one of the best ways to do that. How to Lower Your Tax...

By: BiggerPockets

April 11, 2019
0

Home Prices Up 0.6% in February—Smallest Year-Over-Year Gain Since March 2012

Prices fell more than 8 percent in San Francisco and San Jose, up over 10 percent in Newark, Milwaukee and Buffalo. U.S. home-sale prices increased just 0.6...

By: Betterturnkey

April 09, 2019
0

How to Find Deals When There Is No Inventory

You’re ready to buy. You’re searching for deals—but can’t seem to find any! What now? Well, I’m sorry to say that you’re out of luck—there is no available inventory in the U.S....

By: BiggerPockets

March 26, 2019
0

7 Principles to Becoming Wealthy, Keeping Your Wealth and Reaching Financial Freedom

Pay Yourself First The first part for me was learning, number one, I needed to pay myself first. Number two, what it meant. I always thought, “I get a paycheck. That paycheck’s mine. I’m...

By: Betterturnkey

March 11, 2019
0

Real Estate Over Stocks? Making a Case for Real Estate Investing

by Larry Alton | When it comes to investing, the average American has tons of options. There’s insurance, bonds, CDs, hard money lending, stocks, real estate, and more. But...

By: BiggerPockets

March 08, 2019
0

Retire with Rentals – Interview with Success Story Michael Zuber

See our 30 minute interview with millionaire and 200 door real estate investor Michael Zuber, retired at age...

By: Betterturnkey

March 05, 2019
0

What Infrastructure Should You Have in Place Before You Buy That First Property?

by Engelo Rumora Having the right infrastructure in place can mean a lot of things. It can mean who you have on your team, who your real estate agent or property manager is, or what maintenance...

By: Betterturnkey

March 01, 2019
0

3 Proven Ways to Build Wealth

Think about how much time you spend earning your money. Now, think about how much time you spend investing that earned money. Most people spend at least 40 hours per week – each and...

By: Betterturnkey

February 18, 2019
2

House Flippers Struggle in 2019

There’s no shortage of enthusiasm for house flipping. HGTV has a growing number of shows that follow house flippers in California, Nashville, Atlanta, Chicago and Indianapolis. To...

By: Betterturnkey

Comments

One Comment

Comments are closed.

Send to Friend

Email Agent