Lakewood: The Shrinking Suburb

[Michael Deneen]

The latest census figures are out for 2015.

From 2010 to 2015, Lakewood population shrunk from 52,131 to 50,656.
We are among the three biggest losers of population in NEO, along with Cleveland, Parma, and Akron.

We are on track to fall below 50,000 population in 2020.
Why does that matter? Because if we fall below 50,000 people, we are no longer eligible to receive Community Development Block Grant funds from the federal government.
Among other things, CDBG money is used for street construction.

The loss of federal funds, along with continued loss of state funds (the GOP will control the state at least through 2022) and loss of the hospital spell significant long term financial problems for Lakewood.

[Lori Allen _]

Current homes, including condos and multi family currently for sale in Lakewood is about 270. People are starting to flee because of the decline in the city since Summers took over. We have Lord and Company whose only job was to see that the hospital sale went through, and it seems that they did not care if it was done legally or illegally. You can't always see the demise just by driving. You need to walk the streets to see it. Look at all the empty store fronts. Why don't we try to fill those before tearing down the quaint charms of Lakewood? Just one block east of the police department by Ridgewood, Madison Avenue Bi-Rite, East End Walgreen's,and the Symposium, you can see dope deals going down all the time. Please don't tell me the city administration doesn't see this! How about in Ward three, the gangs and all the graffiti? We now have failing schools that are over-budget, an Urgi Care that Lord Lakewood and Company keep trying to convince us is a real ER. Check out your water bill this month, more spew from Lord and Company. Sure, you can go to CCF Urgi-Care, and then you can pay for an ambulance ride elsewhere. We have leaders that only have CCF and their seemingly corrupt friends to serve here in Lakewood. Sorry Mike, Lord and Company are democrats. Besides, this is not a democrat, republican, Independent etc. problem. It affects all people in Lakewood and I think we should stop segregating the city by political parties.

[Bridget Conant]

Mike

Quit being such a negative Ned. We are dreaming BIG and we don't need no hospital or insurance companies or 1500 jobs. We've got NATIONAL developers coming in and building stuff! Why, we are going to be so busy shopping in all the new stores that we won't even miss those that are leaving.

Flowers are blooming, the sky is blue, we have the lake! We are so lucky in Lakewood! Don't fret over little details!

[Peter Grossetti]

Mike

Quit being such a negative Ned. We are dreaming BIG and we don't need no hospital or insurance companies or 1500 jobs. We've got NATIONAL developers coming in and building stuff! Why, we are going to be so busy shopping in all the new stores that we won't even miss those that are leaving.

Flowers are blooming, the sky is blue, we have the lake! We are so lucky in Lakewood! Don't fret over little details!

Not only that, but Lakewood is cool!!!

http://q104.cbslocal.com/2016/04/22/lak ... t-suburbs/

[Lori Allen _]

Welcome to Lakewood, the Vape and Alcohol capital of the world!

[Corey Rossen]

Welcome to Lakewood, the Vape and Alcohol capital of the world!

Growing up in Lakewood the joke was always a bar, movie rental store, church and drug store occupied each spot on any given street corner.

[Valerie Molinski]

Current homes, including condos and multi family currently for sale in Lakewood is about 270. People are starting to flee because of the decline in the city

Hmm, a tale of two Lakewoods. So crazy.... since I have been receiving flyers in the mail daily about putting my house up for sale. I would make quite a bit of $ but I want to stay in Lakewood so I'd have nowhere to go!

Word from my realtor friends is that housing inventory in Lakewood is only about 3 days right now, with houses selling for over asking within only days of listing.

[Lori Allen _]

Maybe there really are two Lakewoods


http://www.realtor.com/realestateandhom ... 1592-49014

1295 Idlewood - listed at $79,000 – 547 days on market, originalyl asking $109,000, worth $87,000, paid $129,000. This guy will take a loss.

http://www.realtor.com/realestateandhom ... 7871-88183

1456 Coutant - listed at $82,000 – 401 days on market, originally asking $94,000 worth $85,000

http://www.realtor.com/realestateandhom ... dp-history

2184 Lewis - listed at $119,000 – 311 days on market, originally listed for $120,000, worth $115,000

http://www.realtor.com/realestateandhom ... 2127-11223

13897 Edgewater - listed at $444,500 – 294 days on market, listed for $488,000 originally, worth $339,000

http://www.realtor.com/realestateandhom ... dp-history

1420 Alameda - listed at $144,900 – 289 days on market, listed for $159,900 originally, worth $131,000

http://www.realtor.com/realestateandhom ... 1491-87209

1328 Fry, listed at $114,000, 282 days on market, worth 101,000

http://www.realtor.com/realestateandhom ... 6919-39871

1564 Warren - listed at $109,000 281 days on market, worth $122,000

http://www.realtor.com/realestateandhom ... 1793-42277

1501 Olivewood - listed at $99,000, 273 days on realtor, worth $100,000

http://www.realtor.com/realestateandhom ... 1195-98051

12500 Edgewater #901, listed at $99,500, 245 days on market, worth $114,000

http://www.realtor.com/realestateandhom ... 0435-38262

12700 Lake #1401, listed at $168,000, 209 days on market, worth $109,000

http://www.realtor.com/realestateandhom ... 8230-81872

13945 lake - listed at $399,000, 90 days on market, worth $379,000

[Bridget Conant]

Lori makes a good point. SOME homes are desirable and will sell quickly. Those homes are generally on a "good" street and updated nicely with new kitchens and baths and modern conveniences. Actually, some of the recent sales were "flips," so these are homes in "move-in" condition.

Is that the average home in Lakewood? I don't think so. Most homes in Lakewood need some updating. Even if you've kept your home clean and in good repair doesn't mean you've got the features buyers want today. From what I've seen, very few buyers today want to have to do anything - they want to move in! That's why you see so many homes languishing on the MLS despite it supposedly being a "hot" market. It's only hot if you've got the hot item.

[Michael Deneen]

Overall Lakewood is very much a sellers' market right now.

However, I'm worried about where we'll be in three years or so.
We'll need to raise property taxes again this fall for the schools....which makes homes here more expensive to retain.
As the revenue sources I've mentioned dry up, the city will need to raise taxes.
Even assuming a sound national economy, we're going to have big problems.
If there is trouble in the national economy, then it will be even worse.

[Amy Martin]

and let's not forget to mention the 5 year tax abatements the owners of these flipped houses are getting. It's absolutely insane. The new owners of the flip house on my street will save almost $50,000 over 5 years on their property taxes. So, those of us who lives in regular houses have to pick up the tab for these folks, paying for their city services and schools. I think if you can afford a $350,000 house, that you can afford to pay the taxes. If not, don't buy that house.

[Bridget Conant]

Amy

Wait til they get properly assessed at 350,000 and see what they will be paying! OUCH!

[Valerie Molinski]

Lori makes a good point. SOME homes are desirable and will sell quickly. Those homes are generally on a "good" street and updated nicely with new kitchens and baths and modern conveniences. Actually, some of the recent sales were "flips," so these are homes in "move-in" condition.

Is that the average home in Lakewood? I don't think so. Most homes in Lakewood need some updating. Even if you've kept your home clean and in good repair doesn't mean you've got the features buyers want today. From what I've seen, very few buyers today want to have to do anything - they want to move in! That's why you see so many homes languishing on the MLS despite it supposedly being a "hot" market. It's only hot if you've got the hot item.

I would say lori's evidence is about as anecdotal as mine. Most of the houses she listed are in the 80-130k range and those houses were selling decently during the downturn. The upper priced housing, 4-500 k and up is a very specific market that requires specific buyers. Those also continued to sell during the downturn.

I thought it would take high gas prices to push the Lakewood market, but that's clearly not the case. Overall the market is hot in Lakewood for whatever reason, so hardly people fleeing right now and the sky falling. But go ahead and cherry pick data all day long to continue the narrative.

[Amy Martin]

I realize that Bridget, but don't believe that I should support them for 5 years. Especially since our tax base will be/is already shrinking due to the loss of the Hospital.