It was a bittersweet moment when we moved out of office suite at the Millennium Business Systems Building in Symmes Twp on a cold, winter day in January. It wasn’t exactly the smoothest move with losing our original mover five minutes before starting (shout out to All My Sons Moving Company for saving the day!) and then Drew Mannix, our skilled videographer, slipped and fell off the delivery truck! But, we figured it out, wiped Drew off and settled ourselves into our new home at 9361 Montgomery Rd Suite D in the heart of Montgomery!
Moving into a new office is a lot like moving into a new home…it takes a while to get settled. Especially, since Millennium had become home for so many years. It was the place where Build Cincinnati grew from just being my Dad, Bill, and I to a team of many! We had fantastic neighbors, our friends at First Title, and incredible landlords, the copier and printer Mavens at Millennium Business Systems.
Now, with over a month under our belt in our brand new digs here at Montgomery Commons, we are now excited to call ourselves Montgomery residents. Being located smack dab in the heart of downtown Montgomery, we’ve already been enjoying the new neighborhood by eating at European Cafe and Napa Kitchen and grabbing a drink or three at Z Wine Gallery. Hopefully you’ll see our sign next time you drive by on Montgomery Rd.
We’d love to see you! Take a look at us working hard in the office below! Or feel free to come see us or give us a call at 513.260.0424 !
Did you realize that the Fall market is already here! It snuck up on us. It might not feel like it with these 90 degree days, but now that Labor Day has come and gone, we’re in the heat of the Fall market. Literally.
Over the years, we’ve seen an incredibly strong market in September and October because of lack of inventory and increasing demand. This year is no different, but there are some trends in the market that you’ll want to keep an eye on so you can see how they might effect your selling and buying plans.
To understand the market though, we first to explain how we view and track the local real estate market. We’ve all heard that real estate is all about location and that’s never been more true. We like to use the term “Hyper Local”. What does this mean? Well, each neighborhood has it’s own ecosystem if you will. Demand and supply can be different from one neighbor or another…heck, from one street to another. Monthly, our Build Cincinnati team reviews the sales, listings and trends for each area we focus to understand the health of that market. We even go as far as breaking each area up by price point.
An example would be looking at Montgomery and Hyde Park. Below, you’ll find a quick breakdown of home sales and listings at different price points and their average days on market. By going hyper local, we can best advise our clients on how to position their homes or buying plans.
Less Than $400,000 – 10 Listings
$401,000 – $700,000 – 26 Listings (2 New Construction)
$700,000+ – 40 Listings (18 Resale or Completed Homes & 22 New Construction)
Less Than $400,000 – 28 Listings
$401,000 – $700,000 – 18 Listings
$700,000+ – 25 Listings
Most people are under the impression that each of these areas are Seller Markets, meaning the lack of inventory gives Seller’s the edge. That might be true some cases, but in many, there is actually a growing amount of inventory. Before you worry though, Cincinnati in general only has 2.1 month absorption rate. This means that if there were no new listings, all of the homes would be sold in 2.1 months (theoretically, of course). A balanced market in Cincinnati is 4.5-5 Months, so we’re still well below that.
Here’s what this means to you:
For Sellers: the market is strong! Home prices are up 7.4% across Ohio. However, Sellers and Agents need to be care not to become over confident in a home’s ability to sell at any price. When pricing your home to sell, we need to be ever vigilant in finding that sweet spot on pricing. The first two weeks after listing are the most important and you only have one chance to do it right. We always arm our clients with list price range and of course, a suggested list price. When reviewing the competition and sales, be sure that you’re being objective.
For Buyers: Inventory is low in most cases, but there are great properties that come on the market (or we find through back channels) routinely! Our team is hungry to find new homes, lots and opportunities for our Buyers, but we all have to work harder than ever to find them. This means making yourself available as much as you can to see homes the moment they hit the market and being pre-approvaled! We’ll be sure to take care of you on this front!!
Building Buyers: Cost is going up so get it now before it gets even more expensive to build! Over the past 12 months, the cost to build has gone up 8-10%. That’s purely the cost of materials and contractor work. Lumber, hardwood, labor, roofing, you name it! The longer you wait to build, the higher likelihood that the cost will go up even more. Land and lot opportunities are more difficult and more expensive to find too. If you’ve considered building, now might be the time to explore it a little more seriously.
With that, we’ll leave you with an interesting statement that sums up what many are seeing out there and to calm any of those that are throwing the term bubble around…
“We’re seeing the first indications that price appreciation may be slowing, but the underlying fundamental housing market conditions support a natural moderation of house prices rather than a sharp decline.” -Mark Fleming Chief Economist at First American
Something special can happen when a builder has enough passion for design that they find inspiration when they’re not looking. This is the case for Graeme Daley of Daley Design + Build. Recently, he began designing a new lifestyle home that is inspired by Mid Century Modern living.
If you don’t know Graeme, he is the president and owner of Daley Design + Build, hence the name of course. The company is relatively new, but he’s not new to building game! He’s been involved in real estate, specifically design and building for the better part of a decade. Recently, he set out on his own with a company that focuses on what he feels like has been missing in custom home: Thoughtful Design.
Fast forward to Fall 2018. Graeme has spent the 1st half of this year working with his architects to design new plans that are truly inspired. They’re as much about as the look and feel as they are function. His most recent market home design is a take on the much loved Mid Century Modern. He’s spent hours trying to perfect the roof pitches and window placements to be sure that Carl Strauss would be happy. When you walk through the home, you’ll have angle ceilings with wide open spaces and light pouring in from the walls to ceilings.
Entrance of Orchard Trail
This specific plan is meant to be built on a lot in Orchard Trail, which is a lifestyle community just off Montgomery Rd near Weller. It’s designed to complement the existing craftsman style homes that have been built by using compatible materials, roof heights and presentations. We’re particularly excited to watch this home take shape and see Graeme carefully revive one of the past few centuries most cherished home designs.
Take a look at the Orchard Trail Web Page and let us know if you’d like to talk with Graeme about designing an incredible home in Orchard Trail or any of his other areas (Madeira, Montgomery or Indian Hill)!
Ashford & Build Cincinnati’s Lot Launch – Sunday July 16th – 12 – 2pm
Have you been struggling to find that perfect house or perfect lot? You’re not alone! Inventory levels are at all time lows, especially in areas like Montgomery, Madeira, Blue Ash and Hyde Park.
Well, we might have a solution to this problem! Build Cincinnati and Ashford Homes’ upcoming Lot Launch is promising to bring some exciting new properties. We’ve been struggling to keep these properties a secret over the past few months and can’t wait to share them with you on July 16th!
Date: Sunday July 1612-2PM
Location: 7009 Summit Ave in Madeira
Bonus Tour: Check out Ashford’s latest finished home with all the bells and whistles. This sold home has design features we promise you’ll want to steal!
Here’s what’s in store for Sunday…
Meet the Builders – Jack Rupp and Michael Ward from Ashford Homes will be there to tell you all about Ashford, their process, and their upcoming availability.
Tour 7009 Summit – This is one of our favorite homes in Madeira and you have the rare opportunity to tour a finished and sold home! This exquisitely designed home features a lighting package to die for, a gourmet eat-in kitchen, hardwood floors throughout the home and so many other features you NEED to see.
VIP Launch of New Homes & Lots – This Lot Launch will feature BRAND NEW properties: homes that are almost finished, under construction and blank slate lots for you to design your own home on. Don’t fight the masses for the best lot…find out about them before they hit the market.
Learn about the Infill/Teardown Market – As Cincinnati’s leading infill acquisition and sales team, Build Cincinnati Reps will be there to teach you all about the process. Come with questions so we can help you navigate this constantly changing market.
With all of that to offer, we’re pretty sure there’s no where better to spend a couple of houses on Sunday! Hope to see you there! Questions? Call us at 513.260.0424!
Here it is! One of the top listings that will hit the market this year. The address is 7740 Jolain in the City of Montgomery and it’s one of the most complete, luxury homes around. Complete might sound like a random adjective for a home, but it has LITERALLY everything you could want in a home so it just works.
Don’t believe me, I’ll prove it to you. What do you think about these features…
An INCREDIBLE outdoor space with a pool, spa, outdoor kitchen, and covered pergula patio with outdoor TV. There’s even room for a giant trampoline! And with Summer right around the corner, we know where to find the future owner and their friends on a nice day.
It’s walkable to the Downtown Montgomery and miles of pathways! Not to mention that it’s on one of Montgomery’s favorite streets surrounded by other $1M+ custom homes.
A Wine Lovers Dream! The paint is still drying in study turned Wine Room. A brand new 1200 bottle capacity, temperature controlled wine cabinet system and plenty of room to enjoy the Vino!
A huge gourmet Kitchen open to the Hearth Room. We sell quite a few new homes in Montgomery so we know first hand that very few have a great room AND a hearth room. This added space for family and friends is sure to be used on a daily basis.
HUGE Finished Basement – In the basement, you’ll find an enormous rec room, walk behind bar and bedroom with a full bath. Did we mention it also has a steam room! On those rainy days where you can’t be outside, this area is a perfect alternative.
As if those features aren’t enough, you can rest assured that the house has been meticulously maintained by owners that truly cared for their home and will be sad to say goodbye! With so much to enjoy, who wouldn’t miss it.
So, if you’re in the market for a beautiful, luxury home in Montgomery, comes on by 7740 Jolain Drive, right off Zig Zag. We promise it’ll be worth your time!
Over the past several months, our phones have been ringing off the hook with inquiries for City of Montgomery or Sycamore School District lots. This might be a bit of an exaggeration, but it is certainly a substantial volume especially when compared to previous years and understanding that ½ acre lots are starting at $190,000. What’s even more intriguing is the lack of supply of available lots and land in the area. Since Montgomery has been fully developed for the better part of 3 decades, available properties often come with a premium attached. Properties often only last a few days before a new homebuyer, builder or investor snatches them up.
The question is: Why Montgomery? For residents, this is a no-brainer. They tell us it’s the convenience, walkability and school district that make it so desirable. Not to mention, the access to I-71/I-275 and community stability.
With all these attractive features, it’s no surprise that the good lots are going quickly. Having been a part of over 69% of the lot sales in Sycamore Schools over the past 12 months, we know first hand the difficulty in finding good quality lots. Despite that, we’ve been successful in finding our clients excellent properties by utilizing some unorthodox techniques not to mention a whole lot of patience. Additionally, our comprehensive understanding of the building environment and process allow us to best access the area. Here are just a few key concepts and facts that offer a glimpse into this specific 5.2 square mile market:
The Statistics: In 2011, there were 9 building permits issued, not including the Vintage Club Community. When considering that virtually all of these permits were homes priced 600,000 and up, 2011 was a solid year for Montgomery. This is especially true when comparing to prior years. In year to date 2012, there have already been 8 building permits issued (again, not including Vintage Club). We are expecting this number to finish around 12-13 permits, 25-35% higher than the previous year. We base this on our first hand knowledge of four to five additional new builds that have yet to obtain their building permit, but should be issued by the end of the year.
Teardowns: Since the majority of lot sales in Montgomery have come via teardown, the property price is not the only variable to keep in mind when building. Additionally, a buyer (or builder) can spend $6,000-$10,000 to tear down the old structure to make way for building. It has become so common place that we’ve developed specialize marketing and listing programs for homeowners that would like to sell there property as a home and lot to discover the highest market value.
The Builders: Although a variety of builders have had presences in Montgomery, there are a few that have become staples of the community. Copper Creek Homes (www.coppercreekhome.us), Terry Inman Custom Homes, Ireland May Homes and Zicka Homes are common names you’ll see or hear about as you venture through the community.
Keep in mind that the noticeable building activity is representative of only a sliver of the interest out there. Although new home permits will never reach an outrageous level with the lack of developable land, we’re very optimistic the level of demand will continue to stay strong as the tangibles and intangible attributes drive buyers to Montgomery.