Lot Links: Transforming the vacant lots in Dayton

May 24th, 2010

Note: This post was first published on December 4 2008, and the information remains the same, however, I’ve expanded my thinking about this since recently talking to the new head of the Lot Links program, Jonathan Cain. Dayton now has 15,000 vacant lots. It’s staggering to think about, but Dayton is selling those lots for $235.00, or $635.00 for a buildable lot- that’s pennies for the opportunity to own land. As a Realtor, I see first hand what property ownership can do for an individual, but the meme that moves me most passionately about property ownership is what Ohio President William Howard Taft said, ““Next to the right of liberty, the right of property is the most important individual right guaranteed by the Constitution and the one which, united with that of personal liberty, has contributed more to the growth of civilization than any other institution established by the human race…” I take on this subject in some detail, including my thoughts on what I call “micro-development” over at DaytonMostMetro. Seemed like a good time to bring this original Lot Links post back to the top.

Lot LinksThe city of Dayton Ohio has real estate issues. We have vacant homes, vacant lots, vacant office buildings. Like so many cities in the mid-west, the loss of population means that we now get to deal with abandonment, but I believe that there are opportunities in every situation, and this is no different. The ability to see opportunities requires some creative thinking and some bending from the community, but we are in need of creative and positive solutions and I think even the City can see that now, so they are beginning to adjust their thinking accordingly.

One of the innovative ideas is called Lot Links. A neighbor to a vacant lot can buy that property from the city of Dayton, for cheap in many cases, and create something beautiful there. Care for it, maintain it, garden it, nurture it into a beautiful oasis in the middle of the city.

Some details from the Lot Links pdf:

In order to be eligible, a property must be unoccupied, at least two years certified tax delinquent, and located within the Dayton city limits.

How it works:
Abandoned or foreclosed lots that have become property of the City of Dayton may be available for acquisition through Lot Links. The City manages the legal process of transferring property ownership, using the Real Estate Acquisition Program (REAP) in partnership with Montgomery County (as authorized by Ohio law) and other resources.

You can read the pdf, and get more details here.

Watch a video here.

Why first-time home buyers in Dayton Ohio should consider a duplex

May 21st, 2010

I’m connected to Realtors all over the country and in a variety of real estate specialties. Many of them are like me- they use their websites to share valuable and updated real estate information with their readers. Today I’m sharing information from Memphis Tennessee Realtor, Joe Spake. His post on 4 Reasons First-time Home Buyers Should Consider a Duplex is pertinent to the Dayton real estate market, and first-time home buyers in Dayton Ohio.

I don’t generally even mention duplexes to the first-time home buyers I work with.  First-time buyers usually have a dream home in mind – the first nest – and that’s what we search for.  But, with most coming out of dorm living, apartment living, or living in a room at the parents’ house, it seems logical to defer the dream home for a bit and move to the somewhat similar situation of a shared building.

Here are some things to consider about owner-occupied duplexes:

Price – In this market, per-square-foot prices for duplexes are about half the prices for single family homes.  This is due to a number of factors including demand and commercial (income based) valuations. (*Note: Joe is referring to the Memphis TN market, for details about duplexes in Dayton Ohio, contact Jennifer Core, 937-239-0373. -TL)

Mortgage – Owner-occupied duplexes are eligible for FHA and conventional mortgages.  With FHA the buyer can get into a home for a 5% down payment.  Conventional loans require a higher down payment, but both types of loans allow the seller to contribute limited amounts to buyer’s closing costs.

Income – Find a good tenant and get half of your house note paid via rent, while enjoying the tax benefits of home ownership and the rental portion of your property. [Note:  I am not an accountant or attorney- you will need to contact the appropriate professional for tax and legal questions]

Investment – So, it’s time to move on to your second home.  Chances are your financial condition will be much better after your stay at the duplex.  After all, you have been saving half your house note.  When you are ready to move up, why not keep the duplex as an investment property and enjoy extra income for years to come?

Read the entire post here.

I’d like to add another reason to consider a duplex which I mentioned briefly in a comment on Joe’s blog, Memphis Real Estate Buzz: Foreclosures have forced many people out of home ownership and into rental status. People are looking for good rentals, and often these are people who have had years of home ownership. They understand how to care for a home and want to create a “home” environment and continue to maintain the roots they’ve laid down in terms of a neighborhood school or community activities. Joe’s response to that: “I think people are going to be looking at home ownership quite differently in the coming years. I am thinking a duplex would be a nice retirement purchase also.” Realtors across the country, as well as Dayton Ohio, are seeing a large number of people combining households- this is a growing trend and a duplex would be a nice way to allow parents and children to live together, without too much togetherness.

If you are looking for your options to home ownership in the Dayton Ohio area: Single family homes, duplexes, 4-unit investment property, contact Dayton Realtor Jennifer Core, Exit Realty Central, 937-239-0373.

What’s happening with Downtown Dayton?

May 19th, 2010

Dayton does have momentum, there is transformation happening.

My experience as a Realtor, working with home buyers in Dayton Ohio is that they want to live in Dayton, they want housing alternatives like modern homes at a variety of price points. They want alternatives to cars as transportation. They want to live close to work, and to play. As a lifelong Daytonian, I’m excited about this plan as it addresses many of the issues that keep people from moving to Dayton, and adds more of what brings people into Dayton.

Increase security around your Dayton home with “jaggy” bushes

May 14th, 2010

Berberis_gagnepainii_thorn Always looking for ways to use landscaping to increase value in our home, I came across this article from Scotland. Police and the horticultural society in Scotland have joined together to create a list of plants that can be used to deter burglaries. It’s called a “secure by design” initiative and it makes sense to me. The idea is to use “jaggy”, spiny, thorny, or sharp-edged plants in strategic places around your home, making intrusion a literal pain in the arse. From the article:

The force’s top ten list of “anti-personnel” shrubs includes: the fearsome berberis, which has some of the sharpest spines in the garden; acanthus, which produces spines on the flower heads and is ideal for “vulnerable access points”, pyracantha, which is good for hedging and under windows and has a “beautiful display of red or orange in winter”, rambling rose, which is good for drainpipes; and pampas grass, which is handy in a vulnerable corner and has razor-sharp leaves.

Sgt Robert Shiel said: “Using jaggy bushes is a way to add extra protection to a home without having to put in expensive burglar systems.

“Residents can keep thieves from gaining easy access to fences or windows by planting one of these bushes in front of them.

That’s good to know. I’ve often seen a row of nice bushy shrubbery around a home, or landscaping that will create convenient privacy screens for a would-be burglar. We know that’s to be avoided, but there’s another reason to put spiny plants in strategic locations:

“With the advances in DNA technology, there’s always the possibility that a thief will get a scratch and allows us to do a blood lift from a window or wall.”

Ha! Take that you bastards.

While this list of plants might not be appropriate for Dayton Ohio homes and the climate zone at your house, it should get you thinking about the landscaping and any security issues at your own home. Ask at your local independent nursery for plants they would recommend based on your needs: Sunlight, soil type, security concerns, and gardening skills.

Photo of Berberis gagnepainii thorn
Photo credit: =MPF

Beavercreek Ohio Real Estate Market Report, March 2010

May 11th, 2010

Year # Sold Avg List Price Avg Sale Price % List/Sale Price Avg DOM
2010 24 $245,680 $235,023 95% 117
2009 21 $269,230 $255,611 95% 138
2008 26 $217,464 $209356 96% 116
2007 32 $261,663 $253631 97% 121
2006 20 $242,615 $235,760 97% 100

Beavercreek Ohio Hot Sheet for Sold Properties for March, 2010

 

 Address  Sale Price
3090 Old Heritage Way $157,300
2438 Obetz Dr $158,000
1480 Edenwood Dr $158,450
1231 Whitetail Dr $167,000
3111 Don Quixote Dr $170,000
1887 Hickory Ridge Dr $173,900
339 Dove Dr $178,000
4384 Frontenac $194,000
1020 Whitetail $195,000
1138 Katy Meadow Dr $199,900
2452 Trotter $208,000
3515 King Edward $210,000
1433 Bareback Trl $214,000
680 Wayfield Ct $220,000
4437 Havasu Ct $222,000
3825 Maple Grove $242,500
267 Wilkes Ct $263,000
1936 Highgate Ct $267,000
1225 Ankeney Rd $270,500
2117 Raceway Trail $272,000
2095 Raceway Trail $287,500
2409 Edgewater Dr $322,500
1943 White Tail $377,500
1460 N Huntland Ct $512,500

This Beavercreek Ohio real estate market report is for March, representing homes with a selling price of $150,000 and above. This represents single family residences only including the subdivisions of: Fawn Ridge, Country Acres, Hunters Pointe, Royal Pointe, Farmbrook Estates, Tara Estates, Summerfield, Stone Falls, Hickory Hollow, and Stonehill Village. If you’d like specific information about your neighborhood in Beavercreek or any other Dayton Ohio neighborhood, give Jennifer Core a call, 937.239.0373, and let’s talk!

This information has been culled from the Dayton Area Board of Realtors Multiple Listing Service. All information deemed reliable but not guaranteed.

Note: This market report was compiled and produced exclusively for TheBrickRanch.com and clients of Jennifer Core and Theresa Lussier and may not be reproduced for any reason.

Properties listed in Hot Sheet and Market Report are representative of all brokerages within the Dayton Area Board of Realtors, and may not have been sold by Exit Realty Central, Theresa Lussier, or Jennifer Core. All information deemed reliable but not guaranteed.

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