If you’ve been living in the City of Cincinnati, chances are you’ve heard about the tax abatement for new construction and remodeled homes. But, do you really know how it works??
Paul Yankie, President & CEO of Green Building Consulting sat down with us to give us a little crash course on the tax abatement & LEED Construction and why it’s been such a driving force in the Cincinnati residential real estate market.
Paul explains it best in our chat with him, but here are the main takeaways:
The Cincinnati Community Reinvestment Area (CRA) Residential Tax Abatement, as it’s called, offers property owners the ability to minimize tax implications when you build, add-on or invest in your home. This means that any improvements will NOT significantly add to the property tax bill. You would only pay on the amount of “pre-improvement” value, up to $275,000.
LEED Certification: This is the secret topping to the tax abatement. Basically, LEED Building = Green Building = Energy Efficiency.The City of Cincinnati is one of the BEST places to build a LEED certified home because it saves you even more money. The higher the rating, the more money you save. LEED Silver allows for up to $400,000 abated, LEED Gold is up to $562,000 and LEED Platinum is UNLIMITED. Of course, LEED comes with it’s extra building costs, but that’s specific to the home you build and how much money you can spend!
Find a professional (a builder or Build Collective or Green Building Consulting) that understands the tax abatement and construction process. They can help you determine what the best plan of action is for you.
Now that you’re armed with this information, doesn’t building and remodeling in the City sound that much better? Not only can you design a home specifically for you and your family, but you can save money in the process!
See How Much Money You Can Save on A New Home with Our Tax Abatement Calculator!
Empty Nester. Lifestyle Living. Moving Down. Right Sizing…What best describes what you and what you’re looking for?
Like it or not, these are all just fancy marketing names for all you baby boomers looking for a new home to fit your new lifestyle. Whatever you or they call it, you’re just ready to shed the home that you raised your kids in for something more your current style
So what’s important to you in a new home? One misconception that we always hear from non empty-nesters (like their kids!) is often that this move is ONLY about one floor living so you can get around easier now or in the future. Don’t get us wrong, we know this is a big part of it, but we know that’s not the only driver! The fact is that you are looking for a location to capitalize on this new found freedom. We’ve helped dozens of empty nester buyers looking for a new home and most often, the number one drive in their search is location because they want to be surrounded by things to do. Restaurants, walking trails, shopping, etc. so they can take advantage of the time they used to spend on their kids. This might not be in every case, but we’re seeing it more often than not!
Happy smiling family relaxing in autumn park
Of course, in addition to location, we know that you’ll be thinking about things like:
Function Living Spaces – One floor potentially or maybe a future elevator
No or Low Maintenance – Lock it and Leave it!
Close to your kids: Lets face it, we might need you guys more than ever!
NOW, HOW DO YOU FIND IT?
Even though you have the exact idea of what you might want, finding it is a different story! The search can be difficult because of the lack of options and inventory. That’s often why people come to us because of our less conventional ways to go about the search!
In fact, to make it a bit easier on you, we’ve outlined a few tips on how to go about your search:
Most Buyers start off searching for Existing Homes because it’s the path of least resistance. It would be ideal to find a ranch style home with one floor living, minimal steps and that’s fixed up enough that you won’t have to do much to it. However, you’ll see that the inventory of homes like this is slim. Take Montgomery for example. Of the 51 single family home listings in Montgomery, only 7 are ranches, and of those 7, only 3 are existing homes.
TOWNHOMES & CONDOS:
Condo living is fantastic! You can lock it and leave it since there’s NO maintenance. In areas like Montgomery, Blue Ash, Oakley, Hyde Park, there are quite a few new condo developments (and existing ones) to choose from. For instance, the Allora on Madison is an excellent example of a new community that has been a magnet for empty nester buyers. With low HOA fees, elevator options and located smack dab in the heart of Oakley, this development literally checks ALL boxes!
As you look as these options though, there’s a few key items to consider:
HOA fees – These can range monthly from $100 to well over $600 so keep an eye on what they cost and what’s included!
Functionality and size of your floor plan – If you’re coming from a larger single family home think about the culture shock of going from 4000 ft to 2000 ft.
In addition to the Allora, here’s a few links to some other options that are available now:
We wouldn’t be called Build Collective if we didn’t mention at least a couple of new construction options! Take for example Orchard Trail in Montgomery. Designed for lifestyle living, this community caters to the empty nester crowd by designing ranch homes, an all inclusive HOA and maintenance fee and plenty of room for outdoor entertaining without the burden of taking care of more than you need.
Things to keep in mind:
Cost Per Square Foot – Ranches tend to be more expensive because all or most of the living is on the first floor!
Lot Width – This is the most important feature to consider if you’re looking at lots!
Timing – Make sure you have adequate time to build, which can take anywhere from 6-10 months nowadays with the tight labor market
Montgomery – 10432 Radabaugh – (This lot is tremendously wide & perfect for a ranch!)
Whichever option you choose, try to think through the transition and location. It’s also key to keeping an open mind. Sometimes the best options never cross your mind until they’re right in front of you!
And, as you search, we’re hear to help. Having a good agent on your side is pivotal as they can find ferret out options for you and make your purchase MUCH smoother.
Download Our Guide to Moving Down to help you as well!
Making the decision to buy or sell a home can be an overwhelming. The team at Build Collective, Coldwell Banker West Shell can help you understand the process and make sure you get the most for your home in the shortest amount of time. Contact us at 513.686.7676 to get your new home journey started!
Everything you need to know about Walworth Junction
Site of HOMEARAMA® 2020
First LEED ND Certified Neighborhood – Greenest Neighborhood in the area!
39 Luxury, Single Family Homes
Site of HOMEARAMA® – July 2020
For the first time in, well, ever, HOMEARAMA® 2020 is coming to the City of Cincinnati. We’re especially excited with this site as it’ll be one of the most impressive and ground breaking (literally) that we’ve ever had the pleasure of being a part of. Why? Well because this happens to be an old railroad maintenance site that has been completely remediated by the developer and EPA to be the future site of 39 contiguous, luxury single family homes. It’ll be a one of a kind community in the City of Cincinnati for so many reasons…
Here’s what you need to know:
As a former railroad maintenance station, this site is rich in railroad history, formally known Pendleton Yards. Not to be confused with Pendleton outside of OTR, this yard and station saw it’s fair share of traffic and cars up to the mid 20th century. Over the summer of 2019, the developer in conjunction with EPA and Terracon, have been removing dirt to turn a former “brownfield” into a gorgeous new community!
East End Develepment LLC is comprised of two veteran developers, TJ Ackermann and Ralph Meierjohan. The two partners have developed countless communities over the years, including recent Citirama sites, Woodlawn Meadows and Springrose Meadows. Having decades of experience in development and building, they’re gaining national attention for Walworth Junction because of it’s site remediation, design and it’s location!
Located just down the street from the Precinct Restaurant on Delta, it’s ideally located on the edge of Columbia Tusculum in the East End and around the corner from Hyde Park and Mt. Lookout. All 39 homes are walkable to Eli’s BBQ, Hi Mark, Allyns and Pearls, not to mention countless other little shops and watering holes. This is the draw of Walworth Junction. And better yet, it’s a hop, skip and a jump from Downtown Cincinnati.
One of our favorite features of Walworth Junction is it’s own park. As you enter into the community, the park stretches hundreds of feet along Walworth and ends with a tunnel connecting homeowners and neighbors to Riverside Drive. Additionally, each home will have views of the River and the City of Cincinnati. It’s raised topography allows for these views from the 2nd and 3rd floors along with the rooftop decks, should owners go that route. AND…each owner will utilize the private drive, alley way for a rear entry garage, which means the front elevations and the streetscape isn’t dominated by garages on the front of homes!
With all of the homes being LEED Gold by Green Building Council, the tax rate is locked in for ALL 39 homes. This is part of the LEED ND (Neighborhood Development) certification, making Walworth Junction the first community in Cincinnati with that designation! In addition, there is an additional TIF Assessment on all of the lots for the EPA site mitigation, which is still being finalized. Details will be released in the coming months on this..
With HOMEARAMA® set for July 2020, the preferred builders have been set and homes will start coming out of the ground in Dec of 2019. Currently, the featured builders for Walworth Junction are:
Walworth Junction will be “the greenest” Homearama show ever! And did we mention, the first in Cincinnati to be LEED ND (Neighborhood Development) certified. Without getting too technical, this means ALL of the new homes will be LEED certified, there are points for the smart location and linkages being so close to the City, and due to it’s overall design. It will be the first subdivision that has mandated LEED Gold for every home…so you’re in good company as a resident of Walworth Junction.
So what are you waiting for? Now is the time to take a drive over to the community and meet with the builders so you can get your hands on one of the best lots!
Every once in a while a new development comes around and REALLY excites us. The Meadows at Peterloon is one of those! With a proposed 42 lots in The Village of Indian Hill, right off Montgomery Rd, on storied ground, this new community will be sure to make a statement and has already garnered much attention.
Located on 142 acres of ground still owned by a few of the descendants of the Emery family, the tradition and history runs deep. The development team is working to preserve this heritage and pay homage to it’s history by designing a community that their family would be proud of.
As you may know, Indian Hill has very distinct zoning districts, typically in 1, 3 and 5 acre zones. This acreage happens to fall into each of those. That means, there are lots as “small” as 1 acre and up to 5 acres. Over the 142 acres, there are sections of woods as well as open farm fields, many of which have sweeping views. In total, there are 42 lots in the entire community, 27 of which will be developed in the 1st phase off two cul-de-sac streets.
Situated on the northern portion of Indian Hill, this property has a few very unique selling features. Walkability it the one we’re most excited about. There aren’t too many areas in Indian Hill that you’re connected to sidewalks. Nestled up against the City of Montgomery, the entrance of Meadows of Peterloon is right across the street from the Montgomery City Building. This allows access for residents to capitalize on all of the sidewalks in the community as well as dozens of restaurants and watering holes! Pretty rare for an Indian Hill Community!
One less glamorous feature is the access to sewer and water! Indian Hill is often synonymous with on-site sewer systems because of it’s rural nature. But, there are NO on-site systems needed in Meadows of Peterloon! That saves buyers anywhere from $50-$75,000+ depending on the size of the home.
These are just a few of the reasons buyers are clamoring to get into Meadows of Peterloon. Many lots are already under hold as they begin to start the development. Although much is still subject to change, the layouts and designs are being finalized by the developer and Village of Indian Hill. The developer and their team tell us that they plan to have lots ready for building towards the end of the Summer 2020. That means you could be in by that time 2021…trust us, that’s not too far away.
If you’re considering building in Indian Hill, you owe it to yourself to consider this new community. And we’re happy to share information! Classic Living Homes and Sterling Homes are already working on plans for homes in the community and would be happy to sit down with you to discuss the options!!
Don’t wait as lots are being locked up as you read this!
With land prices going up across the board along with building costs, townhome living has become increasingly attractive to all sorts of buyers. Townhome living is nothing new as they’ve been around for decades, but recently, options are becoming more and more prevalent.
Now, it might be obvious, but what is a townhome? If you Wikipedia it, the history of a townhome is quite interesting considering why people often decide to live in a town home:
In the past, “a townhouse was the city residence of a noble or wealthy family, who would own one or more country houses in which they lived for much of the year. From the 18th century, landowners and their servants would move to a townhouse during the social season.”
It’s funny to see that even in the past, people we’re attracted to townhomes because of the social component. That couldn’t more true today. Since townhomes are typically vertical in nature with multiple floors of living, they tend to be clusters with many units in one complex. This can be very desirable when located around vibrant and bustling areas where buyers are looking to capitalize on their surroundings rather than focus on maintenance of their homes.
And, with pricing going up across the board and demand for living options near these walkable districts at an all time high, townhomes are becoming a great option when zoning allows. In the near future, we see townhomes and more dense units hitting the market in an effort to create more “affordable” or workforce housing options.
So, lets take a look at some of the top townhome projects in the works near in Cincinnati.
BROADWAY BROWNSTONES in Loveland
Priced from $399,000 • 1,900 Sq. Ft. • Only 1 Unit Left!
The Broadway Brownstones are located directly on the Little Miami Bike Trail in Downtown Loveland. With an bustling downtown district with Breweries, restaurants, candy shots, and an awesome new jewelry shop (shout out to Welling and Co!), Loveland is a force to be reckoned with! Dont miss the chance to live at Broadway Brownstones. Only One Unit Left… Builder Model! Check out the full website here
THE ALLORA ON MADISON in Oakley
Priced from $495,000 • 2,000 Sq. Ft. • Only 4 Units Left!
The Allora has been one of the top selling townhome project in the Cincinnati area. It’s no surprise through given that it’s in the core of downtown Oakley next to St. Cecelia and steps from the Madtree, Crossroads, and pretty much every possible convenience you could ask for. Check out the available units here
PARK MANOR in Blue Ash
Priced from $600,000
Luxury living in the heart of Blue Ash! Luxury, Convenience and Carefree living in a beautiful master planned community that offers something for everyone. Learn more about the Park Manor Townhomes here!
If you find that townhome living sounds like the perfect solution for you, reach out to us! We can give you more information on the featured townhomes above, or help you find another community that is perfect for you!
If you’ve driven through Madeira over the past few months or even few years, I’m sure you’ve noticed all of the new construction popping up. It comes as no surprise to residents in the community since they know that Madeira is such an attractive place to live with it’s walkability, downtown district and proximity to Downtown as a suburb. And, of course, we can’t forget to mention the highly rated school district – one of the top in the State!
But, how do you sift through and compare all of the new construction opportunities? This is a request of our clients all the time and it’s simple to breakdown. You just have to break Madeira up into sections and understand the key players….
So, let’s take a closer look:
In Madeira, there are quite a few great builders: Ashford Homes, Legendary Homes, Buckhead Homes, & John Henry Homes to name a few. These builders each have their own strengths that draw clients in their own way. We’ve had the opportunity to work with virtually every builder in the area and know how great they are.
Let’s dive into one builder in particular so we can explain Madeira and it’s opportunities. John Henry Homes is one of Madeira’s most active builders with almost a dozen lots and half a dozen homes under construction. Before you ask, yes, we represent John Henry in Madeira, so of course we’re biased.
If you don’t know, John Henry is not a person. It’s two people. Josh (Henry) Blatt and John Blatt are brothers that have been building for 25 years. They have built all around the Cincinnati area for hundreds of happy customers and pride themselves on offering a quality home with as little frustration as possible.
As you review John Henry’s lot inventory, you’ll see that they have homes ranging in the low end (for Madeira) at $550,000 to up over $700,000. These price point differences come from size of home to lot type and location. Jumping into a few examples we can break Madeira up into two sections:
East of Miami and West of Miami:
On the WEST SIDE of Miami, you’ll find larger lots in Madeira. Larger is relative, but this means they’re anywhere from 70′-80′ wide and homes start around $700,000 because the lots and teardown homes are more expensive.
Example: 7431 North Mingo by John Henry Homes. Although this home as not been set, it would most likely feature a 3 car front entry garage with 2800 ft. plus above grade for around $729,000.
List of lots available on the WEST side of Miami:
7431 North Mingo – 80′ lot
7210 Fowler – 80′ lot
7128 Mayfield – Smaller 60′ lot, exception to the larger lot
On the EAST SIDE of Miami, lots tend to be a bit cheaper and smaller. They range from 50-60′ wide and around 140′ deep. This allows for 2 car front entry homes at anywhere from 2400-2600 ft (sometimes more) and homes priced from $550,000. Historically, the further east you go the lesser expensive the lots, but this is NOT always true.
List of lots and homes available on the EAST side of Miami:
Keep in mind there are exceptions, like Southside, Summit, Fowler, Mayfield as I mentioned above. This section is south of Euclid on the west side of Miami.
That said, the above breakdown is a good basis to follow so you can know where to focus your search based on your price point. Of course, there plenty of great builders and we encourage you to meet with a few, but select your favorite lot! You can always change things in the house, but you CAN’T change the location or lot.