I’m looking for advice from some seasoned real estate investors. I live in Ohio near a large lake called Lake Milton. Property around this lake is high compared to other properties in the area but very low compared to other lakefront properties in U.S. The Lake itself is owned and maintained by the state and is rated the best in the state. The county is finishing a major water project which is bringing city water and sewer around the lake and should spur commercial development (restaurant, etc) which is virtually nonexistent at this point. The Lake is easily accessed by major highways from Youngstown, Cleveland, Akron
However, Ohio is not exactly a booming economy and since lake usage is mainly a summer thing here, would this be a decent place to buy or not? . Prices around the Lake are typically $400,000 for a 3/4 acres property with older home or $200,000 for lakefront condo property.
I am about 20 miles from Lake Milton. The problem I see with investing here is trying to determine who the target market for the resale would be. For me it appears to far away from Cleveland and Akron to justify the high prices.
I know there are some people from Cleveland who own condos. Depending on which side you live on, it is only about 1 hour away. I guess I was thinking of weekend getaways.
Also - I was talking to a lady and her husband who live in Naples. They come up here for the summer to escape the heat. Are Florida people a possible future market?
How is the Cleveland and Cincinnati markets. Any job growth there. I too have been looking in Ohio. Shaker Height is very nice and I found a nice income property there but the vacancy rates are high.
Ohio is a very different state, economically, depending on which city you are in. Northeastern Ohio was developed industrially and has a very different personality from the middle, western and southern parts which were originally more agricultural.
It actually takes about five hours to drive from Cleveland to Cincinnati, so the economies can be very different. Overall, Cincinnati has been healthier,economically but lately has been suffering from leadership problems.
Cleveland has seen a drain of industrial jobs and population. However, despite some east-coast snobbery against it, it has an amazing brain legacy. (I’m not fromCleveland, but have spent quite a bit of time there)
In the 1930’s Cleveland was the silicon valley of its time. Today the Cleveland Clinic foundation is in the top five most-funded charities in the country. Case Western Reserve Unversity is a leading research source . The Weatherhead School of Business is heavily involved in research initiatives to bring technology entrerpreneurs worldwide into the area.
As far as Cleveland goes, this is probably ground floor timing. However, it may take many years before this activity comes to fruition. Also, I believe the property taxes in Cleveland are very high. The public school systems in the suburbs are quite good, but the city schools are a mess and crime is a big problem.