Sales of new homes rose in April for the first time in six months although the unexpected increase still left activity near the lowest level in 17 years. The Commerce Department reported Tuesday that sales of new homes rose 3.3 percent in April to a seasonally adjusted annual rate of 526,000 units. But the government revised March activity lower to show an even bigger drop of 11 percent to an annual rate of 509,000, which was the weakest pace for sales since April 1991. Economists believe that new home sales will remain weak for some time as the housing industry struggles with falling prices and rising mortgage foreclosures, which are dumping even more homes on an already glutted market.
The Commerce report showed that the median price of a new home sold in April rose to $246,100 in April, up 1.5 percent from April 2007. Analysts were not impressed with the small price increase, noting that the numbers tend to be volatile. Robert Kavcic, an economist at BMO Capital Markets, said that the price changes in the Commerce report do not take into account the various incentives major builders are offering to move their glut of unsold homes. A separate report showed home prices falling during the first three months of this year at the sharpest rate in two decades. The Standard & Poor's/Case-Shiller index, which tracks 20 metropolitan areas, fell 14.1 percent in the first quarter compared with a year earlier, the biggest annual decline since the index began in 1988. Dallas and Charlotte were the only two markets in the report to improve from the month before. Cleveland's index fell 0.4 percent, but that was the smallest decline of the 18 remaining markets.
The Commerce report on new home sales showed the April rebound was led by a huge 41.7 percent surge in sales in the Northeast. Sales were up 8.3 percent in the West and 5.8 percent in the Midwest. The only region which saw a decline in sales in April was the South, where sales fell by 2.4 percent. The inventory of unsold new homes edged down slightly to 10.6 months' supply at the April sales pace, compared with 11.1 months in March. However, the April level was still about double the inventory level that was normal during the five-year housing boom. That boom ended in 2005 and since that time the housing industry has been struggling in a tough environment with falling sales and prices and rising mortgage defaults. Economists believe that home prices will remain under pressure until the sizable level of inventories is worked down to more manageable levels. Many analysts don't expect to see a rebound in prices until sometime next year.
sources: Associated Press, Wire Reports, and cleveland.com
Thursday, May 29, 2008
Thursday, May 22, 2008
PD Food Columnist LOVES the Detroit Shoreway!
Plain Dealer Columnist, Joe Crea, would "Lay odds that we're not only watching the emergence of the city's next dining and nightlife corridor, but also possibly the coolest "new" neighborhood in town."
Joe Crea - Plain Dealer Columnist
To the casual observer, urban neighborhoods seem to just sort of exist. The same goes for restaurant districts.
Cleveland's Murray Hill neighborhood, better known as Little Italy, has been a flourishing immigrant community, and an eventual dining
destination, since the early decades of the 20th century. Children of the 1950s and 1960s were central to the evolution and rise of countercultural Coventry Village in Cleveland Heights, though its life as a bustling business district preceded, by generations, their arrival.
Latter-day Clevelanders have watched the Tremont neighborhood grow from a blue-collar enclave on the fringes of once-mighty steel mills into a fairly tony warren of vintage houses and smart new town homes, trendy shops and some of Northeast Ohio's finest eateries.
It's exciting to see another food-friendly destination emerge. Witness the evolution of the Detroit-Shoreway neighborhood, and especially the Gordon Square Arts District, on Cleveland's near West Side. Though I'm not a betting man, I'd lay odds that we're not only watching the emergence of the city's next dining and nightlife corridor, but also possibly the coolest "new" neighborhood in town.
Arguably, the potential dining and entertainment area is broader than the actual Gordon Square district, which runs along Detroit Avenue from West 58th Street to West 73rd Street. To the east is The Harp, a longstanding favorite for dining and nightlife. The recently reopened the Brothers Lounge, to the west near the intersection of West 117th Street and Detroit, provides another cornerstone, with food, an upscale wine bar and live blues, jazz and rock performances most nights of the week.
Cleveland City Councilman Matt Zone's Ward 17 largely encompasses the area. In the past year, he said, 12 new businesses have opened up in the Gordon Square district. During a drive through the streets that make up Zone's lifelong home, he pointed out many of the Detroit-Shoreway's longstanding eateries.
For years, diners have flocked to a handful of restaurants that have made their homes in the area. Probably the most notable are Minh Anh, the popular Vietnamese spot; Rincon Criollo, with its Latin and Caribbean flavors; Parkview Nite Club, known for live entertainment and good Sunday brunches; and the City Grill, a neighborhood joint that's home to inexpensive burgers and solid, straightforward breakfasts. There is also Happy Dog, especially popular for its polka-and-pierogi Friday nights.
Now, a variety of higher-polish places are posting new marquees, or relabeling them, mostly to applause.
A little over a year ago, the next generation began to arrive in the form of Gypsy Beans & Baking Company, a spacious storefront at West 65th Street and Detroit that's become neighborhood central for the immediate community and commuters alike. Krazy Mac's Café recently debuted, as did Latitude 41 N; the competitors anchor a corner of West 58th Street and Detroit. Meanwhile Reddstone, a rock spot and eatery, took over the original Snicker's location at West 76th Street in the Battery Park district.
The arrival of Stone Mad, a magnificent remodel that transformed a deteriorating structure into one of the area's greatest prides, preceded Gordon Square's latest gem: Luxe, the newly opened second restaurant for one of Cleveland's premier chefs, Marlin Kaplan. Another restaurant, Toast, tentatively is slated to open within the year. Food-and-wine pairings will be its emphasis, Zone said.
You could engage in an endless chicken-or-egg debate over what has generated the phoenixlike rise of this once-teetering neighborhood. Renters and potential homeowners seeking a diverse, mixed-income community close to downtown find the area convenient - and more affordable than nearby Tremont or Ohio City. Props must also be given to the role that the arts play.
The relative success of the Cleveland Public Theatre, the recent dedication of the old Capitol Theatre and plans for the Near West Theatre's new 300-seat educational complex all are playing a hand in drawing attention, and entertainment dollars, to the area.
Could an influx of neighborhood and regional dining dollars have been far behind? Zone said that several years of planning have begun to bear fruit.
"We knew what we wanted to create, and in order to achieve it, we had to move slow to attract the right kind of retail that complemented the theaters that would be in the arts district," he said.
In part, he explained, that meant moderating the number of liquor licenses in the area. As we drove through his ward, Zone recalled the contentious battle years earlier, when his mother, former Cleveland Councilwoman Mary Zone, helped eliminate bars in the area.
"Within just a few blocks alone, there were 13 bars on the south side of Detroit Avenue," Zone said. "You could see the effects on the neighborhood. My mother was a figurehead in the battle, but several community leaders banded together to dry up the neighborhood.
"I haven't been willy-nilly about allowing in new licenses," Zone said, acknowledging the impact liquor, beer and wine sales can have, particularly in upscale restaurants. Luxe, Reddstone, Krazy Mac's and Stone Mad all hold full licenses. "I've been pretty thoughtful about who I've supported in getting liquor licenses," Zone added.
Next up, the councilman said, is new "cityscaping" through Gordon Square to update the district's overall look, and a pair of expanded lighted, ground-level parking areas. Meanwhile, many of the incoming restaurateurs are emphasizing their own secure, free parking, some of it including valet service, to help ensure guest safety.
"It's really exciting being here," said Niki Gilotti, owner of Gypsy Bean. "With all the restaurant and retail openings in the neighborhood, people living and working here don't feel that they need to go out to the suburbs anymore. There's really something to come down for."
Joe Crea - Plain Dealer Columnist
To the casual observer, urban neighborhoods seem to just sort of exist. The same goes for restaurant districts.
Cleveland's Murray Hill neighborhood, better known as Little Italy, has been a flourishing immigrant community, and an eventual dining
destination, since the early decades of the 20th century. Children of the 1950s and 1960s were central to the evolution and rise of countercultural Coventry Village in Cleveland Heights, though its life as a bustling business district preceded, by generations, their arrival.Latter-day Clevelanders have watched the Tremont neighborhood grow from a blue-collar enclave on the fringes of once-mighty steel mills into a fairly tony warren of vintage houses and smart new town homes, trendy shops and some of Northeast Ohio's finest eateries.
It's exciting to see another food-friendly destination emerge. Witness the evolution of the Detroit-Shoreway neighborhood, and especially the Gordon Square Arts District, on Cleveland's near West Side. Though I'm not a betting man, I'd lay odds that we're not only watching the emergence of the city's next dining and nightlife corridor, but also possibly the coolest "new" neighborhood in town.
Arguably, the potential dining and entertainment area is broader than the actual Gordon Square district, which runs along Detroit Avenue from West 58th Street to West 73rd Street. To the east is The Harp, a longstanding favorite for dining and nightlife. The recently reopened the Brothers Lounge, to the west near the intersection of West 117th Street and Detroit, provides another cornerstone, with food, an upscale wine bar and live blues, jazz and rock performances most nights of the week.
Cleveland City Councilman Matt Zone's Ward 17 largely encompasses the area. In the past year, he said, 12 new businesses have opened up in the Gordon Square district. During a drive through the streets that make up Zone's lifelong home, he pointed out many of the Detroit-Shoreway's longstanding eateries.
For years, diners have flocked to a handful of restaurants that have made their homes in the area. Probably the most notable are Minh Anh, the popular Vietnamese spot; Rincon Criollo, with its Latin and Caribbean flavors; Parkview Nite Club, known for live entertainment and good Sunday brunches; and the City Grill, a neighborhood joint that's home to inexpensive burgers and solid, straightforward breakfasts. There is also Happy Dog, especially popular for its polka-and-pierogi Friday nights.Now, a variety of higher-polish places are posting new marquees, or relabeling them, mostly to applause.
A little over a year ago, the next generation began to arrive in the form of Gypsy Beans & Baking Company, a spacious storefront at West 65th Street and Detroit that's become neighborhood central for the immediate community and commuters alike. Krazy Mac's Café recently debuted, as did Latitude 41 N; the competitors anchor a corner of West 58th Street and Detroit. Meanwhile Reddstone, a rock spot and eatery, took over the original Snicker's location at West 76th Street in the Battery Park district.
The arrival of Stone Mad, a magnificent remodel that transformed a deteriorating structure into one of the area's greatest prides, preceded Gordon Square's latest gem: Luxe, the newly opened second restaurant for one of Cleveland's premier chefs, Marlin Kaplan. Another restaurant, Toast, tentatively is slated to open within the year. Food-and-wine pairings will be its emphasis, Zone said.
You could engage in an endless chicken-or-egg debate over what has generated the phoenixlike rise of this once-teetering neighborhood. Renters and potential homeowners seeking a diverse, mixed-income community close to downtown find the area convenient - and more affordable than nearby Tremont or Ohio City. Props must also be given to the role that the arts play.
The relative success of the Cleveland Public Theatre, the recent dedication of the old Capitol Theatre and plans for the Near West Theatre's new 300-seat educational complex all are playing a hand in drawing attention, and entertainment dollars, to the area.
Could an influx of neighborhood and regional dining dollars have been far behind? Zone said that several years of planning have begun to bear fruit.
"We knew what we wanted to create, and in order to achieve it, we had to move slow to attract the right kind of retail that complemented the theaters that would be in the arts district," he said.
In part, he explained, that meant moderating the number of liquor licenses in the area. As we drove through his ward, Zone recalled the contentious battle years earlier, when his mother, former Cleveland Councilwoman Mary Zone, helped eliminate bars in the area.
"Within just a few blocks alone, there were 13 bars on the south side of Detroit Avenue," Zone said. "You could see the effects on the neighborhood. My mother was a figurehead in the battle, but several community leaders banded together to dry up the neighborhood.
"I haven't been willy-nilly about allowing in new licenses," Zone said, acknowledging the impact liquor, beer and wine sales can have, particularly in upscale restaurants. Luxe, Reddstone, Krazy Mac's and Stone Mad all hold full licenses. "I've been pretty thoughtful about who I've supported in getting liquor licenses," Zone added.
Next up, the councilman said, is new "cityscaping" through Gordon Square to update the district's overall look, and a pair of expanded lighted, ground-level parking areas. Meanwhile, many of the incoming restaurateurs are emphasizing their own secure, free parking, some of it including valet service, to help ensure guest safety.
"It's really exciting being here," said Niki Gilotti, owner of Gypsy Bean. "With all the restaurant and retail openings in the neighborhood, people living and working here don't feel that they need to go out to the suburbs anymore. There's really something to come down for."
Thursday, May 15, 2008
Independent Movie Theatre to Open Spring of 2009
The greatly anticipated ground-breaking for the Capitol Theatre occured on May 14th with hundreds in attendance for the celebration. The theatre, which has been empty for over twenty years, will soon hold three screens with a focus on independent films. This is a big step for the Detroit Shoreway which is in the process of a multi-million dollar street rennovation. The Capitol Theatre, located on West 65th and Detroit Ave., is in the center of the streetscape makeover and will hopefully attract 100,000 visitors annually to the area.Many are comparing the Capitol to the Cedar Lee Theatre of Cleveland Heights, which is accurate in many ways including the menu. The fare will include local pastries, sandwiches, and beer. Additionally, the theatre is being operated by Cleveland Cinemas, the same company currently running Cedar Lee.
The Detroit Shoreway Neighborhood is a lakefront community that includes residential neighborhoods such as Battery Park, The Villas at Waters Edge, Kings Terrace, The Belvedere, and Bridge Square (among others). For information on living in the Detroit Shoreway, contact Scott Phillips, Realtor with Real Living Inc., at 216.986.7716 or scott.phillips@realliving.com.
Thursday, May 8, 2008
Detroit Shoreway Adds Two New Restaurants!
Following the success of restaurants opening up in the past twelve months, the Detroit Shoreway has added two new restaurants to it's menu. Marlin Kaplan (owner of One Walnut) has opened LUXE on Detroit Avenue near West 67th, and Pete Leneghan has opened Stone Mad at the corner of Herman Ave. and West 65th. Both restaurants have opened after a great deal of activity in the area began last year.
LUXE, which has already brought new life to a vacant location on Detroit Avenue, came in under the radar to many Clevelanders. The exterior windows are decorated with white poetic words in varying fonts creating a very "Sex in the City"-like appearance. The vertical banners also create a feeling a excitement and vibrance along the sidewalk. The menu is simple and fresh with few items reaching the $20 price point. Marlin decided that this neighborhood restaurant would be more comfortable in both atmosphere and pricing than his nationally acclaimed location downtown. “You don’t have to cook fancy or complicated masterpieces, just good food from fresh ingredients.”
With the Detroit Shoreway Streetscape plan ready to commence, the Detroit Shoreway welcomed some new restaurants including: Latitude 41'N, Gypsy Beans & Baking Co., Dean's Hot Dogs, and Reddstone. Other businesses have also popped up along Detroit Avenue, but none quite as anticipated as LUXE and Stone Mad.
LUXE, which has already brought new life to a vacant location on Detroit Avenue, came in under the radar to many Clevelanders. The exterior windows are decorated with white poetic words in varying fonts creating a very "Sex in the City"-like appearance. The vertical banners also create a feeling a excitement and vibrance along the sidewalk. The menu is simple and fresh with few items reaching the $20 price point. Marlin decided that this neighborhood restaurant would be more comfortable in both atmosphere and pricing than his nationally acclaimed location downtown. “You don’t have to cook fancy or complicated masterpieces, just good food from fresh ingredients.”Stone Mad, which we've watched develop, stone by stone, at the corner of West 65th and Herman, has lived up to its hype. Pete Leneghan, co-owner of the Treehouse in Tremont, along with his partners worked tirelessly over the past couple years replacing almost every apsect of the restaurant from the basement to the roof to 
the stone patio (which includes stone tables and chairs). The restaurant, which no doubt has the charm of an authentic Irish Pub (no, really... people who've lived in Ireland vouched for it), carries with it an upscale atmosphere and terrific menu designed by former Sage owner Michael Fadel. Stone Mad also boasts an indoor bocce court which is greatly appealing to the residents of the west-side Italian neighborhood that surrounds the restaurant.
the stone patio (which includes stone tables and chairs). The restaurant, which no doubt has the charm of an authentic Irish Pub (no, really... people who've lived in Ireland vouched for it), carries with it an upscale atmosphere and terrific menu designed by former Sage owner Michael Fadel. Stone Mad also boasts an indoor bocce court which is greatly appealing to the residents of the west-side Italian neighborhood that surrounds the restaurant. Both of these restaurants are great additions to the Detroit Shoreway and Cleveland as a whole. For years people have enjoyed strolling through Tremont and Ohio City for good neighborhood dining. It appears that the Detroit Shoreway neighborhood is well on its way to offering an ambiance that's just as wonderful.
Photos courtesty of LuxeCleveland.blogspot.com and Cleveland.com.
Thursday, May 1, 2008
Residential Row Welcomes: Phoenix Coffee
West 9th St. continues to hold its title of "residential row" as they add another storefront that caters to downtown dwellers. Phoenix Coffee will move into the retail space between Salon Mandalfino and Bill's Dry Cleaner's at the base of the Bridgeview Apartment building.
Property Manager, Dan Ross, said he "Expects Phoenix Coffee to open sometime during the summer of 2008." The company, which also has retail spaces on Coventry and on East 9th St., expects to offer a limited menu and focus mainly on providing downtown residents and Warehouse District employees with a large coffee house for their "morning cups" and daytime meetings.
It has been confirmed that Phoenix Coffee will offer wireless internet access to its patrons, and we are waiting to find out if they intend to utilize an outdoor seating area on West 9th St. We look forward to welcoming this new business onto Residential Row!
Property Manager, Dan Ross, said he "Expects Phoenix Coffee to open sometime during the summer of 2008." The company, which also has retail spaces on Coventry and on East 9th St., expects to offer a limited menu and focus mainly on providing downtown residents and Warehouse District employees with a large coffee house for their "morning cups" and daytime meetings.
It has been confirmed that Phoenix Coffee will offer wireless internet access to its patrons, and we are waiting to find out if they intend to utilize an outdoor seating area on West 9th St. We look forward to welcoming this new business onto Residential Row!
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