why are so many townhomes by Lake Erie for sale in Bay Village, OH?

Asked by karmenadele, Cleveland, OH Mon Dec 12, 2011

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Vincent Inco…, Agent, Rocky River, OH
Wed Jan 29, 2014
There are quite a few units in Bay's only lakefront association known as Cashelmara. This can sometimes appear to be a lot to someone who is unfamiliar with the community. In this as with other market places there is a typical percentage that are for sale at any given time. Also current market factors will determine availability and premiums for value. If you are interested in learning more please do not hesitate to call or email. Thank you for your inquiry!
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Lou Barbee /…, Agent, Rocky River, OH
Wed Jul 25, 2012
Simple answer: It's an executive community and as such, there are always a few homes for sale. Owners are transferred, take other positions, retire, and expand their families (which often means purchasing more traditional homes.)
Cashelmara is a premier Lakefront community. It offers an excellent value, water access, and other amenities. Of the many homes I have sold there, I have never seen an issue with financing (as has been the case with other condominium and cluster communities.)
The maintenance fees are low and the management is excellent.
Condo and Cluster home buyers are buying more than a home --- they are buying an easy lifestyle, so updated properties tend to sell quickly and close to asking price.
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Pat & Steve…, Agent, Westlake, OH
Tue Dec 13, 2011
I know of at least one local lender which will finance condos, without many of the restrictions of other lenders. If you are interested in looking at some of the condos in Cashelmara in Bay Villiage, I think you will find that each is unique & there are some wonderful views of Lake Erie.
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Anne Callahan, Agent, Cleveland, OH
Tue Dec 13, 2011
For the last 4 years it has been increasingly difficult to obtain financing for a condo. Banks and lending institutions have had to revise their guidelines creating a more conservative approach to lending money for condo purchases. The nature of condo ownership includes a monthly maintenance fee that takes care of snow removal, garbage collection, landscaping, a reserve fund for future improvements that will be needed and insurance for the condo association. The fee represents the major difference between condo ownership and a single family purchase. it is a lifestyle option for people who want to pay for the services collectiviely instead of individually. In our 44140 area the condo market remains saturated for these reasons as well as the increase of distressed sales. It is similarly affected like other condo areas along the lake to the east but 44140 is a much smaller market which can appear to look worse when compared directly to the single family market. I hope that answer helps you!
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Carol Murphy, Agent, Westlake, OH
Tue Dec 13, 2011
First of all, there is only one condo community in Bay Village by Lake Erie.....Cashelmara. These are upscale units on the lake. Reasons for number of units available are many. Owners could now be having families and are ready for a home with more space. Original unit owners have grown older and are looking at senior housing or retirement locations. The economy may have caused some owners to reconsider their debt structure.
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