Sure, Westlake real estate has been affected by the challenges of a national economic crisis. However, Westlake is weathering the storm.
Statistics from the Ohio Regional Multiple Listing Service for Westlake indicate that the average sales price for single family homes has decreased during the recession. The average price from the beginning of November 2007 to the end of October 2008 was around $311,215. During the same period a year later, the average had dropped to about $288,505. Though it seems bleak, we have not seen as steep a decline in property values as found in the Northeast, Southwest, California and Florida. This is because our homes were not overly inflated in market value when the recession began.
The fact is that homes in Westlake continue to be bought and sold. Westlake has long been a destination city for buyers looking for an upscale community that "has it all." And, with the decline in average sales prices and favorable interest rates, many homebuyers who have longed to own a home in Westlake now have a great opportunity to fulfill their desires.
In 2008, Westlake became even more desirable for both Westlake residents and businesses. After decades of planning, the major link between I-90 and I-480, the Crocker-Stearns extension was completed. We now have direct access to all major arteries: I-90, I-80 (the Ohio Turnpike), Ohio Route 2 and I-480, making it easy to travel North, South, East and West. And, the trip to and from Hopkins Airport is a breeze.
Westlake offers a wide array of amenities and services from medical facilities and shopping centers to restaurants and educational institutions. These amenities and services attract new businesses and residents and improve the quality of life of existing residents, making Westlake a prime location regardless of the stormy economy.
â€“ Â Â Â By Pat Pribisko, RealtorÂ®, ASP, Keller Williams Greater Cleveland West, Westlake OH, As Published in the 2009-2010 Westlake Area Community Guide by Image Builders Marketing, Inc. Â