Solon, OH Real Estate News

By Svetlana Stolyarova, Local-n-Global Realty, Broker 216-548-4663
(Local-n-Global Realty, Cleveland and International Real Estate Solution)
More Solon homes for sale needed! Solon Real Estate market is very active. Buyer's activity in June, 2009 created a very interesting situation. Inventory shrank, more and more properties sell very quickly. It is customary for Solon to entertain year by year a high season activity in May-June. What is remarkable for Real Estate market in Solon circa 2009? Inventory went down to less than 6 month supply. Buyers start feeling uncomfortable. More good Solon homes for sale needed for qualified buyers. Please take a look at Solon homes market statistics for June 2009 (data provided by NEOHREX) As you can see, there are currently 186 active homes for sale in Solon. 38 houses sold in June 2009. 36 homes are in pending status and 20 houses are contingent. I am very glad that two houses out of 38...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
THE PRESERVE OF SOLON OHIO The Preserve of Solon is an upscale subdivision that offers great location, wonderful homes, and is located within a neighborhood setting.   LOCATION The Preserve of Solon is a large development located just south of Aurora Road ( Route 43 ) in the central part of Solon. There are two entrances located off Liberty Road and another entrance located off Pettibone Road. The Preserve is just minutes away from the highway and also located in close proximity to local attractions such as the Solon Community Center, Solon Center for The Arts, local shopping, and the highly rated Solon Schools.       HOUSING There are approximately 222 single family homes located within the Preserve of Solon. Homes here were built between 1992-2003 and range in price from around $300,0...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
SOLON OHIO SCHOOLS: SOLON ON NEWSWEEK'S TOP SCHOOLS LIST   Already known as one of the top rated public schools in Ohio,  the Solon school district received yet another distinction as making Newsweek's list of top-rated schools in the entire US. Officially, Solon was ranked 214 on the list of 1500 top high schools in America. The formula used by Newsweek to rank the schools was created by Jay Mathews. It consists of AP, International Baccalaureate and Cambridge courses taken by all students at a school and dividing by the total number of graduating seniors. The Solon school district is a great source of pride for the local community and is a big draw for those relocating to the Cleveland Ohio area. The community of Solon is consistently ranked among Cleveland Magazine's top suburbs to l...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
Solon Real Estate: Monthly Marketing Report May 2009   May was a decent month for Solon real estate in terms of actual sold homes here, evidence of things picking up during the spring market. Specifically, 13 homes officially sold last month at an average sales price of $293,639. Last year, 20 homes sold in May for an average of $309,975. Last month, only a few sales were bank owned homes, which is drastic change from the beginning part of 2009 when a large percentage of sold homes were bank owned. This means that there are less investors and bargain shoppers, and more serious end users looking to buy Solon real estate. The number of bank owned homes on the market has significantly decreased as well. In addition, 3 of the homes that sold last month were considered luxury homes as they s...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
CHAGRIN HIGHLANDS OF SOLON OHIO Chagrin Highlands is a luxury subdivision in Solon, Ohio that offers great location and beautiful homes situated on 1 acre wooded lots, all located within a true neighborhood setting.   LOCATION This is a vast development located in the central part of Solon. The entrance is located off Liberty Road, just north of Bainbridge Road.  Chagrin Highlands offers easy access to the local highway and is also close in proximity to local attractions such as the Solon Community Center, Solon Center for The Arts, local shopping, and the highly rated Solon Schools. HOUSING There are approximately 154 single family homes located within the Chagrin Highlands subdivision. There is also a small area of 19 cluster homes as well located on the left hand side of the beginnin...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
BANK OWNED HOMES IN SOLON, OHIO During the first quarter of 2009, many of the home transfers here in Solon were bank owned homes. While there are still quite a few bank owned homes available in Solon, they still account for less than 10% of the total inventory. Here is an up to date list of streets where bank owned homes are located in Solon, Ohio. Some of the homes are in pre-foreclosure or estate sales.      ADDRESS LIST PRICE PRIOR SALE PRICE       Aurora Rd. 84,900 167,900 March '05 SOM Center Rd. 114,900 176,000 March '07 Pettibone 129,000   Timberlane 139,000   Edgemoor 159,900 144,000 Aug '98 Forest Glen 162,900   Huntington 169,900   Flanders 449,900   Pepper Drive 349,500 444,500 July '04 While many bank owned homes in Solon have sold in recent months, there are still great bar...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
April was somewhat slow in terms of actual sold homes, but was extremely busy in terms of contracts. A detailed explanation will be given in the summary comments below. Specifically, 12 homes officially sold last month compared with 18 sales in February 2008. However, a real indication of buyer activity is better measured by the fact that 34 homes went under contact in April. While most of these homes haven't transferred as this time, this does show that buyer activity is picking up.  Here is an unofficial list of all homes that SOLD in April, 2009 here in Solon.   SOLDS APRIL 2009 SALE PRICE     33826 Linden Drive $106,000 7270 Liberty $116,000 6615 Solon Blvd $120,000 6614 Edgemoor Ave $130,000 6280 Sunnywood Drive $168,500 33462 Warwickshire $179,000 6610 Brookland $185,000 32336 S R...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
GUIDE TO LOCAL AREA CHILDREN'S BIRTHDAY PARTIES Whether you have lived in the Solon area for a long time or have recently relocated here, finding a suitable venue for your child's birthday party can be a challenge. With that in mind, we have put together a list of places that have been kid tested and approved. Many of these businesses are located in or near Solon and are locally owned and operated. Most also have special packages and pricing specifically for birthday parties. A few are seasonal so availability will depend on the date of your child's birthday party. Whatever you decide to do, we advise you to plan well in advance just to make sure your child isn't shut out and disappointed. Click on the name of the company and you will find more specific information on their party packag...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
IMPORTANT DISCUSSION ON EDUCATION FUNDING The Solon Schools are hosting two events to discuss necessary school funding changes with Ohio elected leaders. The first is a special Solon School Board Meeting on Friday, April 24, 2009 at 9 a.m. at the Board Office, located at 33800 Inwood Rd in Solon. The guest will be Ohio House Speaker Armond Budish. Speaker Budish and the House majority lawmakers just released a budget plan in response to the Governor's proposed budget, so this meeting in Solon is very timely and important.The second event will be an evening program. It is a Town Hall Meeting on Monday, May 18, at 7 p.m. in the Solon High School Lecture Hall, 33600 Inwood Rd, located on the left hand side of the Solon High School. This event will feature special guest Lt. Gov. Lee Fisher....
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By Svetlana Stolyarova, Local-n-Global Realty, Broker 216-548-4663
(Local-n-Global Realty, Cleveland and International Real Estate Solution)
Let's continue converastion started in my previous post Cleveland Real Estate: You can afford it but can you hold it? Low prices on houses and condos for sale in Cleveland  make them apparently more affordable for new homeowners. More and more people are looking forward to moving up as today's market support this idea. Let's talk about luxury homes in Solon, OH.   We have few very smartly designed and very well developed upscale communities in Solon. Three of them have been seriously hit by foreclosures and short sales: Thornbury Signature of Solon Chagrin Highlands.  That creates incredible opportunities for moving-up buyers. Let's review some details. • Currently there are nine (9) houses in Chagrin Highlands offered for sale via local MLS.                      Address Year built Orig...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
Buying a bank owned home seems to be a popular trend nationwide, even here in the Cleveland area. Home buyers are attracted to the idea of getting a good deal and believe a bank owned home is the best way to accomplish that. You can read all about the pros and cons of buying a bank owned home by clicking here, as it won't be discussed in this particular article.  However, we would like to discuss bank owned homes specifically in the Solon development of Thornbury as we are constantly fielding questions about it. Over the last few years, there were a lot of homes foreclosed upon in Solon Ohio, and especially in the upscale development of Thornbury. As an overview, there were a lot of people throughout the country, not just here in the local area, that were living beyond their means in th...
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By Svetlana Stolyarova, Local-n-Global Realty, Broker 216-548-4663
(Local-n-Global Realty, Cleveland and International Real Estate Solution)
Market analysis reports peparation and interpretation is important part of our job as Realtors(R). We work hard to present the best interests of our clients who buy or sell houses in Solon, Twinsburg, Pepper Pike, Aurora and other suburbs of Greater Cleveland. That's not a big secret that owners of Solon homes located in Thornbury, Signature of Solon, Chagrin Highlands lost a lot of equity due to high rate of foreclosures and short sales of the houses built after 2000. Sad for the sellers, this situation create an incredible opportunity for the buyers of Solon homes. While foreclosed houses may require substantial investments in repairs, short sale may be a real find for the qualified and patient buyers. Accurate analysis of market conditions is crucial when you submit the offer to the ...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
The first quarter saw 34 homes officially sell here in Solon, Ohio. The graph below shows the breakdown of the specific number of homes that sold during the first quarter in different price brackets.     Here is how the first quarter of 2009 compares with the same time period from 2008:   Year # Of Sold Homes Ave. Sale Price Ave. Market Time Ave. Price/Square ft. 2009 34 $273,418 117 $90.79 2008 41 $336,878 115 $116.98 Summary: The number of homes and market time aren't too far off from last year's figures. However, the average sales price is down from 2008. There are a lot more lower priced homes being sold and fewer luxury homes being sold, causing the average sales price to decrease. This may be a result of bargain hunters snatching up lower end homes during the winter months. The fi...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
LUXURY HOME SALES REPORT SOLON OHIO FIRST QUARTER 2009    The first quarter is now officially complete. The Solon Ohio luxury real estate market has been somewhat active so far in 2009. There have been a total of 6 luxury home sales in Solon. This is almost equivalent to the number of homes that sold during the first quarter of 2008, where we had 7 home sales.   A COMPARISON OF FIRST QUARTER HOMES SALES - SOLON LUXURY HOME MARKET 2009 VS. 2008   Ave. Sale Price Ave. Price Sq./Ft Ave. Market Time 2009 - 6 sold $595,333 $130,92 193 2008 - 7 sold $693,000 $159.08 130   SUMMARY: Even though the actual number of sales in 2009 is only 1 less than last year, the average sale price of a luxury home here in Solon is significantly lower. The reason for this is due to one specific factor: bank own...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
As both Solon residents and local real estate experts, we love to share some of what makes our city such a wonderful place to call home.  June 17, 2002 was a proud day for the city as the Solon Center for the Arts opened its doors for the beginning of its first classes.   This beautiful Georgian style building known also as the Old City Hall provides a charming atmosphere for this multi-purpose community arts center.   The converted and refurbished space includes a large art gallery, art studios, music studios, a ballet studio, and a wonderful 200 seat theater. It is conveniently located on the corner of SOM Center and Bainbridge Roads.   Classes and programming here offer something for everyone - from toddlers to seniors.  Art, dance, music, and theater classes are just the beginning. ...
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By Svetlana Stolyarova, Local-n-Global Realty, Broker 216-548-4663
(Local-n-Global Realty, Cleveland and International Real Estate Solution)
Solon is one of the most popular communities in Greater Cleveland. Award winning Schools system, convenient location, shopping, entertainment, parks, South Chagrin Reservation, Solon Recreation Center, golf clubs, friendly business environment - all these features make Solon attractive and desirable designation for hundreds of homebuyers every year. As I mentioned in my post about the Twinsburg Real Estate market, Solon's statistics looks great in terms of units sold. Buyers of homes in Solon purchased 262 units in 2008 in comparison with 245 in 2007. However, average sold price was $326,776 in 2008 while it was $368,829 in 2007. Impressive almost 13 % loss. Although pice reduction does not encourage the sellers, buyers have a great chance to entertain unbelievable deals on very solid a...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
Construction on Bainbridge Road is to begin in 2010. The project will cost over 13 million dollars and will entail the installation of storm sewers and the widening of the road for a bike lane. It is also possible that the sidewalk will be extended East on Bainbridge Road toward the Solon/Bainbridge border. While constuction always means inconvenience for motorists and residents, some local Solon home owners are strongly opposed to the manner in which the construction will take place.   The city plans to build a temporary street over parts of the front lawns of Bainbridge road residents to allow the road to remain 2 lanes during the construction period ( see photo ). Many of those upset include Bainbridge Road residents who fear safety concerns of cars being too close to their homes. Th...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
Relocating To Solon - A Guide To Shopping If you are relocating to Solon, rest assured, there is plenty of shopping in and around the area. You will be able to keep up with the latest fashions and the local dining is sure to please even the most finicky of palates. The grocery shopping caters to all types of diets as well. Solon offers grocery shopping at Giant Eagle in Solar Shopping Center, and Mustard Seed Market and Café. Giant Eagle is a traditional grocery store while Mustard Seed is more known for natural and organic foods. Mustard Seed also offers prepared meals and has an eat-in restaurant inside. Solon offers some unique stores as well. Paper Palace is a specialty store for scrapbookers. Located next to Mustard Seed in Uptown Shopping Center, Play Matters is a specialty toy st...
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By Dan and Amy Schuman, Luxury Home Specialists
(Howard Hanna Real Estate Services)
POCKET LISTINGS FOR LUXURY HOME BUYERS   If you are looking to buy a luxury home in Solon, Ohio, there are usually many to choose from. In fact, Solon has more homes priced over $500,000 than any other suburb in the area. However, there is an entire "unknown" inventory of homes that you may not be aware of, called "pocket" listings. This article will define these types of listings and explain what is means to you as a luxury home buyer. The term "pocket" listing is typically known only to real estate agents.  Specifically, it describes a listing that a seller signs with their broker, yet it is never marketed publicly or put in the MLS ( multiple listing service ). Pocket listings exist in almost every market, especially ones with a lot of luxury homes such as Solon. The best way to find...
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By Svetlana Stolyarova, Local-n-Global Realty, Broker 216-548-4663
(Local-n-Global Realty, Cleveland and International Real Estate Solution)
Homes priced above $300K are in a big demand in Solon, OH. However, we still have a lot of potential buyers who are waiting for or dreaming about great deals. Looks like Solon Real estate market will support buyers' expectations of great deals. We still have many foreclosed or pre-foreclosed houses  in a segment of high-end homes in Solon. You can see the houses built in 2000-2006 and sold then for $700K-$800K, which are offered by the banks or on short sales for $500K-$575K. If you need more detailed information on Short sales or Bank owned homes in Solon, please call me any time 877-770-5551 or call my direct cell phone 216-548-4663 during business hours.   View Larger Map I am glad to announce that MLS Market Snapshot is back! You can do your research on-line by simply going to www.L...
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