Northeast Ohio's Commercial Real Estate Market Benefiting From Natural Gas Reserves - by Terry Coyne
(appearing on
Ezinearticles.com December, 2011)
It seems that almost daily we hear reports on Utica or Marcellus Shale in the paper or on the news. There is a good reason for all the hype! Utica Shale alone has an estimated worth in the billions of dollars, much of which will go to landowners in Ohio, Pennsylvania, New York and West Virginia.
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CoyneReport Reveals Trends/Changes in Value Across Cuyahoga County CommunitiesSince the Cuyahoga County Assessor’s Office has last updated property values, almost 1,000 commercial sales have taken place. Utilizing the search power of the CoyneReport.com, we have compiled a list of all these transactions. Since the Assessor and the Board of Revision use sales comps to determine property values, we thought we’d take a look to see whether local communities can expect their commercial property values to increase or decrease in the 2012 reassessment. Commercial property values provide a significant portion of many cities’ property tax revenues, so this data is relevant to school boards, town halls, and concerned citizens alike. Our study revealed some surprising results.
The City of Cleveland has had the largest positive difference in property values, with buyers paying more than $26 million over the assessed values. Other cities that saw large increases were Berea ($9,734,301), Richmond Heights ($7,891,800) and Bedford ($4,740,971). Woodmere, Parma, Beachwood, Lakewood and North Royalton also saw significant gains.
Not every city saw gains, however. Where 21 cities recorded gains, 27 saw property values slip. The good news is that the county as a whole recorded $11,040,693 in gains. Shaker Heights (-$5,766,980), Solon (-$5,691,720) and Strongsville (-$5,559,400) recorded the biggest losses. Westlake, Brooklyn and Euclid all recorded negative differences between assessed values and sales prices as well.
The news of cities showing lower property values is not surprising; the last full reassessment was conducted in 2006, with an update in 2009. The Great Recession took its toll on commercial property in Cleveland in 2009 and 2010, so it is hardly surprising that property values in some communities would be lower. The news that the county’s commercial property values have increased, albeit slightly, is welcome good news. The City of Cleveland led the way as companies and investors purchased property, and the trend of downtown revitalization continues. Although not a perfect predictor of future events, this analysis would seem to suggest that the commercial real estate market is beginning to recover from the lows of the recession.
For this and other insights into the Cleveland commercial real estate market, please visit us at
CoyneReport.com. Read More >>
CoyneReport Reveals Trends/Changes in Value Across Cuyahoga County CommunitiesSince the Cuyahoga County Assessor’s Office has last updated property values, almost 1,000 commercial sales have taken place. Utilizing the search power of the CoyneReport.com, we have compiled a list of all these transactions. Since the Assessor and the Board of Revision use sales comps to determine property values, we thought we’d take a look to see whether local communities can expect their commercial property values to increase or decrease in the 2012 reassessment. Commercial property values provide a significant portion of many cities’ property tax revenues, so this data is relevant to school boards, town halls, and concerned citizens alike. Our study revealed some surprising results.
The City of Cleveland has had the largest positive difference in property values, with buyers paying more than $26 million over the assessed values. Other cities that saw large increases were Berea ($9,734,301), Richmond Heights ($7,891,800) and Bedford ($4,740,971). Woodmere, Parma, Beachwood, Lakewood and North Royalton also saw significant gains.
Not every city saw gains, however. Where 21 cities recorded gains, 27 saw property values slip. The good news is that the county as a whole recorded $11,040,693 in gains. Shaker Heights (-$5,766,980), Solon (-$5,691,720) and Strongsville (-$5,559,400) recorded the biggest losses. Westlake, Brooklyn and Euclid all recorded negative differences between assessed values and sales prices as well.
The news of cities showing lower property values is not surprising; the last full reassessment was conducted in 2006, with an update in 2009. The Great Recession took its toll on commercial property in Cleveland in 2009 and 2010, so it is hardly surprising that property values in some communities would be lower. The news that the county’s commercial property values have increased, albeit slightly, is welcome good news. The City of Cleveland led the way as companies and investors purchased property, and the trend of downtown revitalization continues. Although not a perfect predictor of future events, this analysis would seem to suggest that the commercial real estate market is beginning to recover from the lows of the recession.
For this and other insights into the Cleveland commercial real estate market, please visit us at
CoyneReport.com. Read More >>
