Cleveland, Ohio is located on the north coast of the USA or the south shore of Lake Erie. Cleveland was incorporated in 1836 and has functioned as a key transportation hub and manufacturing centre ever since the dawn of the industrial revolution. John D. Rockefeller founded Standard Oil in Cleveland in 1870 and the city was America’s fifth largest in the 1920s. Today the Greater Cleveland Area is the 15th largest statistical area in the USA.
Cleveland is the second-largest city in Ohio and Greater Cleveland boasts a population of two million. Combined with the Akron-Canton population and industry 40 minutes south, the 2013 population was 3.5 million. The north-east Ohio demographic that Cleveland anchors has a total population of 4.5 million.
The Cleveland CBD continues to grow and redevelop with a recent $1.5 billion invested in new projects. The region is receiving a major capital investment of $12 billion and currently has a $170-billion economy.
Seventy percent of Fortune 500 companies have a presence in the region with headquarters in the area. Progressive Insurance, Sherwin Williams Paint, Key Corp, Eaton Corporation and First Energy all call Cleveland home. In 2013 Ernst and Young moved into their new office tower on the Cleveland waterfront. Other major global employers are; NASA, Alcoa, Mitta Steel, Goodyear and Parker Hannifin.
Global health care leader
Cleveland has the fastest growing health care economy in the USA and is home to the world-renowned Cleveland Clinic. The Cleveland Clinic is the city’s largest private employer with a workforce exceeding 37,000. Other hospitals include University Hospitals of Cleveland, a renowned cancer treatment centre, and Metro-Health medical centre. Cleveland is fast becoming a global incubator for health care technology and biotechnology research and development.
The city is leading the way with the nation’s first Global Centre for Health and Innovation in the CBD and attached to the city’s new convention centre.
Cleveland supports three major professional sports teams: The Cleveland Cavaliers for the National Basketball League, the Cleveland Indians for Major League Baseball and the Cleveland Browns for the Nation Football League.
Current opportunity in Cleveland real estate
Today Cleveland is experiencing the beginning of a modern renaissance sparked by health care technology and the low cost of living. The Cleveland real estate market is still recovering from the financial crisis of 2008, providing an opportunity to purchase cash-flow-positive investment properties in well-established neighbourhoods that are a short drive to a thriving downtown.
Properties for sale in the Cleveland real estate market provide investors with both steady cash flow and capital growth. America Property Source’s founder John Carney grew up on the west side of Cleveland and is happy to talk with investors at length about how the city’s rebirth is generating a contagious buzz in the local Cleveland real estate and business community.
Over the next 10 years Cleveland expects to attract more small business and provide access to funds for start-ups who decide to relocate or establish their business in the Cleveland area. The Gen Y market (20 to 30-year-olds) is content renting houses and apartments while they pursue their new careers. Case Western Reserve University, Cleveland State University, John Carol University, Baldwin Wallace University and Oberlin College are only five of the 27 northeast Ohio universities who draw students from across the USA and internationally to the Cleveland area. The low cost of living and friendliness of Cleveland is retaining young, educated talent and increasing the population of The Greater Cleveland area. Cleveland currently is an environment that encourages entrepreneurship. New business is fuelling both employment and population growth which in turn will be further driving property prices.
Property in Cleveland
America Property Source works with licensed property agents in Cleveland who have 20 years of experience. The Cleveland agents are accustomed to working with out-of -state and foreign investors. Our property manager’s work closely with investors to ensure each investment property is looked after to the highest standard.
- LeBron James, the NBA’s biggest star, has returned home to Cleveland to play with the Cleveland Cavaliers
- Cleveland’s Playhouse Square is the second-largest live theatre district in the USA second only to New York City.
- The Rock and Roll Hall of Fame is in Cleveland
- Major Hollywood films Captain America: The Winter Soldier(2014) and Draft Day (2014) were filmed in Cleveland
- Cleveland was the US city chosen to host the 2016 Republican National Convention in the lead up to the November 2016 US Presidential election.
The Australian property market is one of the most expensive in the world and house prices continue to rise. Some experts believe houses in Australia are grossly overvalued with excessive price tags, making it difficult to own your own home let alone invest. As a property investor you want value for money – you want your investment to work hard for you. Cleveland real estate is a more affordable and a smarter choice for those wanting to build an investment portfolio.
Many houses for sale in America, including Cleveland are available below market value. Investors purchase real estate for up to hundreds of thousands dollars less than the equivalent in Australia. There’s just no comparing the cost of buying property in the USA and Australia – they are not at all on par. For Australian investors looking at houses for sale in the USA, this is an opportunity to multiply your wealth with property investment.
Investing in Cleveland real estate has many benefits, particularly when you engage the property services of America Property Source. Cleveland is one of our core real estate markets for a reason; there are plenty of low cost houses that generate cash-flow positive outcomes for our clients.
Our markets also include Phoenix, Arizona. If you’re considering buying real estate as an investment, you must consider property in the USA. Contact us for enquiries about our US property sourcing service.