Westlake, OH

Sure, Westlake real estate has been affected by the challenges of a national economic crisis. However, Westlake is weathering the storm.

Statistics from the Ohio Regional Multiple Listing Service for Westlake indicate that the average sales price for single family homes has decreased during the recession. The average price from the beginning of November 2007 to the end of October 2008 was around $311,215. During the same period a year later, the average had dropped to about $288,505. Though it seems bleak, we have not seen as steep a decline in property values as found in the Northeast, Southwest, California and Florida. This is because our homes were not overly inflated in market value when the recession began.

The fact is that homes in Westlake continue to be bought and sold. Westlake has long been a destination city for buyers looking for an upscale community that "has it all." And, with the decline in average sales prices and favorable interest rates, many homebuyers who have longed to own a home in Westlake now have a great opportunity to fulfill their desires.

In 2008, Westlake became even more desirable for both Westlake residents and businesses. After decades of planning, the major link between I-90 and I-480, the Crocker-Stearns extension was completed. We now have direct access to all major arteries: I-90, I-80 (the Ohio Turnpike), Ohio Route 2 and I-480, making it easy to travel North, South, East and West. And, the trip to and from Hopkins Airport is a breeze.

Westlake offers a wide array of amenities and services from medical facilities and shopping centers to restaurants and educational institutions. These amenities and services attract new businesses and residents and improve the quality of life of existing residents, making Westlake a prime location regardless of the stormy economy.

By Pat Pribisko, Realtor®, ASP, Keller Williams Greater Cleveland West, Westlake OH, As Published in the 2009-2010 Westlake Area Community Guide by Image Builders Marketing, Inc.

People ask what types of home deeds there are in Ohio. Here is the what I know.

General Warranty Deed: Most common form of deed in Ohio. If there is just one buyer, title will upon death pass to such owner's heirs unless otherwise provided for by the owner's will. If there is more than one buyer then a tenancy-in-common among owners is created, which means that each buyer owns an 'undivided' interest in the property. Upon the death of one of the owners, title to their 'undivided' part interest will pass to that owner's heirs unless otherwise provided for by the owners will. The seller warrants the title to be free and clear except as stated in the deed. The seller takes on the responsibility for soundness of entire chain of title. Although the seller's warranties are desirable, Title Insurance has reduced their importance. Buyers and lenders generally rely on Title Insurance to protect the investment. Therefore, Title Insurance is also a benefit to the seller as it may reduce actual exposure if old title defects arise.

Joint and Survivorship Deed: Warranty Deed where Joint Tenancy is created with the Right of Survivorship. Used when two or more persons are buyers. Upon the death of one of the owners, interest is not considered an asset of the estate but title to the interest transfers by contact to the survivor(s). Such interest, however, must be considered in the decedents estate for Ohio Estate Tax purposes (and for federal tax purposes) as if it was an asset of the estate. The seller also warrants title to be free and clear except as otherwise stated in the deed.
Limited Warranty Deed: The seller only warrants title as to the period that he/she held the title. They are not responsible for matters previous to the seller's acquisition. This is often used on commercial transactions where the seller and buyer agree to rely on the Title Insurance for protection but require the seller to account, if necessary, for matters occurring during the seller's ownership.

Quit-claim Deed: Simplest form of deed as it only conveys whatever interest the seller owns or may own; no warranties are expressed or implied. It creates tenancy-in-common if more than one buyer is involved. The buyer has no recourse against the seller for defects in the title. Title insurance is advisable whenever the buyer accepts title by Quit Claim Deed.

Special Purpose Deeds: Other types of deeds are necessary under particular situations, but since their applications are limited no description need be given here. Such special purpose deeds include Sheriffs Deed (foreclosure), Executor and Administrators Deed and Guardians Deed (Probate Court), Trustees Deed (Bankruptcy) and Auditors Deed (tax sales). For further explanation or advice as to the use or preparation of any deed, it is suggested that you consult an attorney.

Transfer on Death Deed: The newest form of deed as it conveys to a beneficiary upon death of the Owner. Upon an owner's death, real property is normally considered to be an asset of the estate and therefore the property must go through Probate Court proceedings before it can be transferred. Prior to the new Transfer on Death Deed, the only alternatives to Probate were either owning property as joint tenants with rights of survivorship or placing property into a trust prior to death. The Transfer on Death Deed is a blended concept of the transfer-on-death ownership of bank account and survivorship ownership of real estate. The beneficiary does not have any vested interest in the real estate until the Grantee's death.

Olsen Ziegler Realty Just Listed and Sold 29868 Center Ridge Road Unit 112 in the Lenox Greens condo development in Westlake, Ohio 44145. A gorgeous two-bedroom, two bath, 1,314 square foot, ground-floor condo with a one-car garage, nestled next to the Meadowood Golf Course and numerous nearby amenities.

Sales price: $124,500.

Westlake Ohio Homes For Sale between $500,000 - $1,000,000.

As a Accredited Buyer's Representative (ABR) and a REALTOR with strong negotiating experience, I would be happy to assist you with your next home purchase or sale in the Westlake Ohio real estate marketplace.

Here are currently (as of 11/15/2009) 48 homes for sale in Westlake Ohio between $500,000 - $1,000,000.

Homes between $500,000 - $1,000,000 in Westlake Ohio

View all the homes for sale in Westlake Ohio at Olsen Ziegler Realty

Happy searching!

An innovative and cost-effective way to buy and sell your Westlake Ohio Home

Westlake Ohio Homes For Sale between $250,000 - $500,000.

As a Accredited Buyer's Representative (ABR) and a REALTOR with strong negotiating experience, I would be happy to assist you with your next home purchase or sale in the Westlake Ohio real estate marketplace.

Here are currently (as of 11/15/2009) 93 homes for sale in Westlake Ohio between $250,000 - $500,000.

Homes between $250,000 - $500,000 in Westlake Ohio

View all the homes for sale in Westlake Ohio at Olsen Ziegler Realty

Happy searching!

An innovative and cost-effective way to buy and sell your Westlake Ohio Home