Ok.....I personally own a residence in THAT specific area you are talking about and have never had an issue. The location is convenient to the university, the highways, and quaint businesses. The homes are so unique and have LOADS of CHARACTER that you just can't recreate today.
It is funny, though, because some of my own acquaintances who live in some of the OTHER areas mentioned throughout some of the other responses here HAVE had issues and I have not! Kind of funny how WRONG people can be - as well their perceptions.
Just as an aside -*I was named as being in the Top 5% of All Realtors in the Nation last year, so if I would personally own a residence there what does that tell you?
*Finally, keep in mind, that lenders classified ALL of Northeastern Ohio as a 'declining market' this past year due to declining home values across the country.