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Housing and economy woes masking opportunities in region, but foreclosure options needed, they say
By Jim Mackinnon
Beacon Journal business writer
Published on Thursday, Sep 18, 2008
The chief executive of Coldwell Banker Real Estate is not about to predict when falling housing prices nationwide will hit bottom, level out and start climbing again.
There's really no way of knowing, said Jim Gillespie of Coldwell Banker of Parsippany, N.J. Gillespie, head of the global real estate firm that has more than 111,000 sales associates and brokers, visited Akron on Wednesday with the firm's regional president, Ed Dolinsky of Coldwell Banker Hunter Realty in Beachwood.
''We're in a major correction'' that started in August 2005, Gillespie said. ''I think it's probably as major a correction as this country has seen since prior to World War II.''
Even so, the lower prices, coupled with low interest rates and ample supply of housing, make this a great time for people looking to buy and stay in a home for the long term, Gillespie and Dolinsky said.
''Every single person thinks they can't buy a home now,'' Dolinsky said. ''We've got to get people back in the market, investigating whether they can buy a home. People think there's no financing. That's not true.''
The economy nationally and in Northeast Ohio face very real problems, the two executives said.
In Northeast Ohio, particularly in the greater Cleveland area, there are thousands of vacant homes plus high poverty and unemployment rates, Dolinsky said.
''You need to correct the job situation and the poverty situation,'' Gillespie said.
Solutions to the nation's housing market woes include addressing foreclosures, Dolinsky and Gillespie said.
One track includes finding ways to help people avoid foreclosure, while another track includes speeding up the foreclosure process so that properties can be sold quickly, they said.
Grand Rapids, Mich., has taken an interesting approach that involves tearing down vacant homes and turning sites into green space. That helps surrounding neighborhood values, Dolinsky said.
When confronting tough times, Northeast Ohio residents have a good work ethic, Dolinsky said. He's been told by people living elsewhere in the nation that people here tend to put their heads down, work through the issues and keep a good attitude, Dolinsky said.
''It's a good time to not be afraid,'' Dolinsky said.
People are seeing opportunities in the region, he said.
Among them is developer Stuart Lichter of Industrial Realty Group, who specializes in buying and redeveloping aging industrial and commercial sites, Dolinsky said.
Lichter's firm, based in California, is behind the $900 million Goodyear headquarters project, is redeveloping the former Hoover Co. campus in North Canton, and has other significant projects under way in Lorain County and elsewhere in the region, he said.
''He believes in the market here, he believes in redevelopment here and he believes he can create jobs,'' he said. ''He sees growth, and that's beyond good for us. He's taking something that's totally defeated and he sees opportunity for it. It's also a powerful statement for Northeast Ohio and what he sees here.''
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
The chief executive of Coldwell Banker Real Estate is not about to predict when falling housing prices nationwide will hit bottom, level out and start climbing again.
Get the full article here.
Comments
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Posted 06:11 AM, 09/18/2008
"We're in a major correction". Why don't you just admit we are in a major depresssion? Is'nt that what we were in just prior to the BIG ONE? And it looks like another BIG ONE is looming. Or, should i have said BIG THREE to keep chronological order? With all the thievery this time around, i doubt anyone is going to put much stock in real estate in the future past having abode.
