Shaker Heights Condos

There are a wide variety of Shaker Heights condos.  From large, multi-building, multi-story developments which are close to 100 years old, to townhome-style condos built in the 1990s, and even a new high-rise development still being constructed.

Here is one aspect of purchasing and owning a condo in Shaker Heights that can be startling and seriously affect the price point you seek:

• Monthly Maintenance Fee. Depending on the age and updates required for some of the older condominiums, the monthly maintenance fee can be quite high, even when the asking price for the condo is quite low.  Let’s look at an example: The Moreland Courts Condominiums dates back to the 1920s, and there is currently (6/8/11) a 2 bedroom, 1 bath, 1,605 sf unit being offered at $49,000 and the monthly maintenance fee is $1,704 per month.  Even though interest rates are at historic lows, and prices are very moderate and have come down over the past several years, and inventory is high and there are plenty of properties to choose from, when the monthly maintenance fee can be potentially 2-3x higher than the monthly payment, this will serious limit the upper-end purchase price you will be pre-approved for a loan, so please take this into account right from the start.
• Property Taxes. Shaker Heights has the highest property tax rates in the State of Ohio. The residential property tax rate for 2010 is 3.61% as a percentage of market value.  For example: if a property is valued by the County at $100,000, your annual property taxes will generally be around $3,610.  This higher property tax rate may reduce the maximum loan amount a lender is willing to lend as the lender will “estimate” your property taxes into their calculations, so please ensure your loan officer is aware of the communities you are seeking to purchase in.  That said, the Shaker Heights city services, school systems, architecture and community amenities will impress even the most demanding of residents, so the residents in Shaker Heights receive an immense amount of city services for their tax dollars.

There are many additional aspects which are unique to purchasing a Shaker Heights condo.  Here are just a few items which must be understood and analyzed:

• pet restrictions
• lease/sub-letting restrictions
• % of ownership versus renters
• FHA approved
• monthly and annual fees
• pending lawsuits
• pending major assessments
• % of homeowners delinquent in paying fees
• converted from a coop? apartment building?
• noise
• views, under construction, zoning
• secure parking, # of spaces
• % building complete; rate of sales
• expected length of ownership if building is not complete
• if complete, absorption rate of units sold, month of housing supply
• stairs or elevators
• etc.

The Lofts at Avalon Station in Shaker Heights is a premiere and still under construction high-rise condo development in the heart of Shaker Heights. Built by Heartland Developers — one of Greater Cleveland’s inner-ring suburb developers with decades of successful development experience.  This condo development is an impressive, luxurious and has a roof top garden, secure underground parking, affordability, is adjacent to the Shaker Town Center retail area (with a Heinen’s upscale grocery store) and more.

Here is a small set of Shaker Heights condo photos. Enjoy!

Here is a link to all the Shaker Heights Condos currently for sale.

Here is a custom showcase of all Shaker Heights Condos with a minimum asking price of $100,000:

Whether your desire is to purchase a Shaker Heights condo or home, or even in the surrounding areas, I would be happy to partner with you and assist you in the purchase of your next home.  Our contact info is at the top of every page on our website, or feel free to e-mail Chris Olsen, Broker/Owner, REALTOR or call Chris @ 216.702.0537 (cell).