Residential real estate trends continue to change, but one thing almost always stays the same. The 13 communities that comprise the Chagrin Valley remain desired communities.
According to Sharon Friedman, broker, associate and Realtor at Berkshire Hathaway HomeServices Professional Realty in Moreland Hills, and Debbie Garson, Realtor/broker at Keller Williams Greater Cleveland in Pepper Pike, there are reasons for this.
“The schools are still in great demand, so I’m seeing that be a large factor,” Garson said. “Also, years ago, people didn’t go to farther communities like Auburn because it seemed completely remote. People look into those communities now because they can get so much more for their money. So, the Valley is in great demand.”
One of the trends Friedman has observed relates to top-dollar homes, especially properties selling for more than $500,000.
“Some of the homes are selling, but the house has to be in prime condition to sell, and anything over has been a bit sluggish,” she explained. “Also, interest rates are holding. It’s an excellent time to buy because of that and the market has recovered mostly since the downturn.”
Friedman also said the school districts create an “ever-desirable market.”
Garson said many clients are attracted to the valley’s “small-town feel,” which translates to constant buying and selling interest.
“A lot of families like the small town feel of the valley but a lot of people also like the contemporary look in other communities,” she stated. “There is truly something for everyone out here.”
Both professionals said the strong real estate market is something that has always been unique to the valley’s communities.
Friedman added other communities are beginning to follow suit, though.
“The schools and communities are highly rated, which translates into sales,” she said. “Also, there is a lot of new construction, especially in Bainbridge. These new projects appeal to empty nesters. And there is a need for that, so I wish other communities would follow suit.”
Garson said the long-standing strong market is unique to the valley. For example, she said a lot of people from out of town tend to settle in the Cleveland Heights area, but when people look in Chagrin Falls, they realize all the options they have there.
Though the market has always been strong, the professionals said it hasn’t been without various changes.
“It changes for the positive,” Friedman stated. “Although there is still new construction, it is largely becoming developed. The (State Route) 422 interchange has really been a boon in activity from the developments to the highway.”
It also helps the communities have aspects that haven’t changed as well, according to Friedman and Garson.
“In the Chagrin Valley area, there is an area called the Chagrin Valley trails, which are beautiful, but have had their own competition,” Garson said.
Friedman added, “You still have the focal point being Chagrin Falls, which has all the restaurants, amenities and parks. It’s unparalleled as far as a little village and everything around it. You have the best of both worlds here.”
Both professionals said the market will remain strong into the future, but not without natural changes.
“Though I wish I had that crystal ball, I do think as new areas are developed, people and developers are desperately seeking land so they can put up empty nester homes,” Garson said. “So, when people are looking to downsize, there will be extra homes available. That is sparking an interest in all these communities.”
Friedman added, “The market will continue to be strong. Markets work in cycles, but at least for the relatively near term of three or five years, it should still remain strong. You can’t move Chagrin Falls, the attraction is still there. So, the surrounding communities will continue to see that growth no matter what.”