Cincinnati Homes for Sale (Daily Activity Report weekend review)

24-Hour Market Watch
New Listings 223  
Back on Market 39  
Price Increases 5  
Price Reductions 184  
Pendings 131  
Solds 120  
Expireds 46  
Inactives 38  

3 Feet from Gold

          

        My inspiration to become a real estate developer started while constructing a research project in college. The project was designed to build a company with nothing. During months of prep, I came across an article online about a local developer that went from nothing to top of the food chain. His name is David Imboden, DCI properties and the developer of several upscale condos and townhouses in the East End of Cincinnati.

His story was fascinating to read and awe-inspiring to understand drive, vision, and persistance. I have since created a vision of my own built with the same drive, passion, and persistance that Mr. Imboden used to create his success. During the research project I  continued to uncover his story, how he acquired the property, a day by day log of his progress , an understanding for his critics and sympathizers of how he was removing history to create the future. House by house, option by option, Mr. Imboden cut, tore, dug, poured, hammered, and marketed his way to create Riverside Drive as we see it now in 2010.

His story didn’t stop on the Ohio side, he gathered options on river front property on the Kentucky side as well, developing what we know today as Manhattan Harbor in Dayton, Kentucky. He then continued gathering options on the old Highlands School building and 9 additional acres on Riverside Dr, both of which had future development plans. Over the course of 10-12 years the East End along with parts of the Kentucky riverfront altered from vacant rundown structures, tall weeds and garbage sprawled along the banks, to plush beautiful waterfront condos, townhouses and landscapes. Many of the passersby of the area today take sweet eye candy notes to the alterations of what was the small communities of Fulton and Pendleton; both were big thriving communities located exactly where DCI has developed. During the early to mid 1800′s these riverfront towns were the backbone to constructing fleets of riverboats, steamships, paddle boats and all other water going vessels of the era. DCI’s master plan was taking full effect, molding our riverfront, shaping our views and creating a pleasure piece for the areas residents.

However, today has created perhaps more of burden to some, then for the actual people who financially support its creation. In the reading of “Think and Grow Rich” by Napoleon Hill, he speaks of story about a gold digger from the 1800′s who stopped digging in a mine near the Rocky Mountains of Colorado. He stopped digging after years and years of back-breaking work with only small portions of gold and abandoned the mine. The mine was then re dug by another many years later, who after only 3 feet further struck it rich! The story as true as it is, left me with thoughts of never stopping in my continued drive to become an inspiring real estate developer. Especially today, after discovering that DCI has put up for sale 9 acres of riverfront property and a several thousand square ft school along Riverside Dr in the East End both of which still honor the signs that read “DCI Properties Future Development”.

Published in: on March 27, 2010 at 12:52  Leave a Comment  
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Cincinnati Homes for Sale (Daily Activity Report)

New Listings 182  
Back on Market 8  
Price Increases 6  
Price Reductions 142  
Pendings 107  
Solds 67  
Expireds 31  
Inactives 41  

 

We are in the midst of activity reaching heights of what we experienced in Oct 09. October 09′s activity resulted in a November sold volume that gave us our highest local sales in 15 months. That volume also dropped our absorbtion rate (inventory) to under 8, at 6 the housing market is considered to be stable. 

HFN is seeing traffic on our inventory resulting in multiple showings weekly and offers pouring in. The buyer traffic being generated by our internet marketing campaigns  are up over 45% over the past 30 days. This traffic spells out the opportunity for sellers have to move their homes. Sellers on the fence need should quickly meet with a Real Estate Marketing Specialist and review a market case study on their homes now! In addition to the case study a full marketing plan needs to be delivered for review! Its time to list, its time to move up and its time to move on with your real estate plans!

URGENT Reminder about UPMI!

Reminder…

Another reason for buyers to purchase and take advantage of the tax credits!

Beginning on April 5th Upfront Mortgage Insurance Premiums for FHA loans will increase from 1.75% to 2.25%.

Example on a $150,000 purchase price utilizing maximum FHA financing the financeable UFMIP will increase by $723.00 (again this is a financeable expense). This will increase the loan amount for all borrowers going forward (premium is calculated based upon the actual base loan amount with a minimum 3.5% down payment).

Greater Cincinnati MLS Feb 2010 Sale breakdown report

Cincinnati Homes for Sale (Daily Activity Report-Weekend Review)

New Listings 234  
Back on Market 20  
Price Increases 10  
Price Reductions 162  
Pendings 162  
Solds 74  
Expireds 36  
Inactives 40  

New Listings: 237

Avg LP: $182,078

Pendings: 165

Avg LP: $186,823

Solds: 75

Avg SP: $163,532

Cincinnati Homes for Sale (Daily Activity Report)

New Listings 224  
Back on Market 15  
Price Increases 9  
Price Reductions 163  
Pendings 93  
Solds 56  
Expireds 34  
Inactives 45  

 

New Listings: 224

Avg LP: $206,789

Pendings: 93

Avg LP: $155,621

Solds: 56

Avg SP: $156,278

Cincinnati Homes for Sale (Daily Activity Report)

New Listings 234  
Back on Market 25  
Price Increases 7  
Price Reductions 182  
Pendings 106  
Solds 80  
Expireds 50  
Inactives 36  

New Listings: 234

Avg LP: $216,827

Pendings: 106

Avg LP: $175,781

Solds:81

Avg SP: $122,272

FHA increasing UPMI

IMPORTANT INFORMATION FOR ANY FHA QUALIFIED BUYER …

If you have buyers looking purchase a home soon, or anyone on the fence
about buying sooner than later, let them know that the UPFRONT MORTGAGE
INSURANCE PREMIUM (UMIP) on FHA loans is increasing as of April 5th!
Currently, there is a 1.75% premium added to the base loan amount … As of
April 5th, that will increase to 2.25% on all loans registered beginning
April 5th. 

What does this mean for your buyer?  On a $150,000 base loan amount, the
increase equates to an additional $750 (from $2250 to $3375) financed into
the total loan amount!!

In order for FHA loans to be registered with an FHA case number, they need a
fully executed contract and full loan application.  It can close after that
date, but HAS to be registered by April 4th!!   

And, don’t forget, we have WELCOME HOME FUNDS available for first time home
buyers!~

Courtesy of Kathy Lamb-Union Savings Bank

Cincinnati Homes for Sale (Daily Activity Report-Weekend Review)

New Listings 285  
Back on Market 38  
Price Increases 5  
Price Reductions 186  
Pendings 133  
Solds 91  
Expireds 70  
Inactives 64  
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