Why are homes in Medina, OH so expensive?

Asked by Marcus, 44256 Sun Mar 9, 2008

New home prices start anywhere from $350k to over $450k unless they are Ryan Homes or UPH. Drees homes are in the mid-$300k but I really don't see the quality in their model homes. What makes 44256 so desirable? Even lots/land start in at $90k. Prices do not seem to be coming down, even in this so called "housing crisis". Is there any benefit in waiting another 3 to 6 months, or will prices remain unchanged?

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4
Jeannine Dyer, Agent, Middleburg Heights, OH
Wed Apr 30, 2008
Hi Marcus:
Medina prices have held their own due partly to the community developments. I have watched as Medina has grown, it has become one of the most desireable areas. Much like Westlake, new places are opening and moving in. Property taxes are less than cuyahoga county so alot of the cuyahoga folks are moving further south to avoid high taxes. If you can afford to purchase now and it does not put you in a tight. Then I would say do it. We do not know what 6 months will do. We do know that history repeats itself and sooner or later the interest rates will go up and of course that will mean less home. If I can help, please contact me or visit my website.
Web Reference:  http://jeanninesells.com
1 vote
John Youker,…, , Beavercreek, OH
Sun Mar 9, 2008
Real Estate is all about location. If that is where people want to be, then the price will go up. I sell in the Dayton and Cincinnati area, and I have sold the EXACT same floorplan home, built by the EXACT same builder in two different neighborhoods and they were over $50,000 apart in price.

Like a fammour rookie card, it is worth what someone will pay for it, the same with real estate. Even if the qualtiy or the square footage is not there, if it is WHERE people want to be, they will pay the price. I sell homes in my area that are almost 100 years old - nightmarish wiring, galvanized and leaking plumbing, a moldy wet basement, old and inefficient windows, outdated kitchen and bathrooms for TOP dollar in one neighborhood, and the SAME old home less than 0.5 miles away, with the same square footage, and amenities, but MORE upgrades will sell for 10% of the price. Yes, I said ten percent!

It is all about location, school district, community, and what people want.

Find a local real estate agent that knows the area and they should be able to justify the prices of the home for you, or at least compare them to others that are selling so you can make a good decision.

I hope this helps!
Web Reference:  http://www.SWOhioRealty.com
1 vote
Art Hotes, Agent, Cleveland, OH
Wed May 28, 2008
I cannot say that Medina is so expensive. I'd say that they are right in-line with the surrounding communities and we have all taken the same beating with what you term the "housing crisis". With regards to New Construction, it's not always apparent why a home is priced where it is. More likely than not, the value in those instances are in the materials used, the construction quality & workmanship... from the foundation to behind the walls, etc. There are reasons why you excluded Ryan & UPH!

Location (considering townships & school districts) and size of the lot have a great deal of impact on the cost of the lot. For example: You will pay more for the same dimension lot in Sharon Twp as you would in Guilford Twp. (Highland School District vs. Cloverleaf School District). That's just typically how it goes.

I wish that I could foretell the future for you, but if I could I'd probably go and play the lottery! :-) I will say though that with what is available on the market right now and coupling that with the interest rates being offered, it's not a bad time to purchase!

Best of luck to you! Please let me know if you have any questions... especially with New Construction!
Web Reference:  http://www.ArtHotes.com
0 votes
Melanie Stre…, , 44256
Thu May 8, 2008
Marcus...I am a Realtor in Medina. I grew up not far from here and watched this community explode. The reason for our popularity is our location to downtown Cleveland and the access to highways. If you're looking for new homes only, then it might be your criteria that is calling for such a high price tag. We have great developments that are very affordable and not built by an undesirable builder. Sometimes you have to go out to one of our wonderful townships to find the deals (5 to 15 minutes from the square). Give me a call or e-mail me and I'll be happy to help.
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