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Ohio housing market experiences its busiest May in nearly two decades – June 2017

Statewide home sales hit a record pace during May, edging up from April and besting the previous year’s level.  The Ohio Association of Realtors said the state’s housing market experienced its best May since at least 1998, when the trade group started tracking data. Buyers snapped up 15,366 new and previously owned houses and condominiums, the organization said, at an average price of $176,804.  Seasonally adjusted figures show that the annual sales rate was 3.4 percent higher than in May 2016. And activity was up 1.2 percent from April, based on the Realtors’ calculations. The association predicts that Ohio will approach 152,400 sales this year, for a 2.3 percent increase over 2016. Price also continued to climb across the state as buyers vied for a limited supply of properties. The average sale price was 5.2 percent higher in May than a year before…Read the full article

Sherwin-Williams will acquire Valspar paints on June 1, after winning final regulatory green-light – May 2017

Sherwin-Williams Co. on Friday afternoon announced it has received the final regulatory green light to acquire the Valspar Corp., clearing the way for the Cleveland-based paint company to become one of the world’s largest.  The approvals from the U.S. Federal Trade Commission and the Canadian Competition Bureau were the final obstacles required to close the acquisition of Valspar for $113 per share in cash, or about $11.3 billion. Valspar, a Minneapolis-based global paints and coatings company whose consumer paints are sold in home-improvement stores, will be the largest acquisition in Sherwin-Williams’ 151-year history. The deal will create a mammoth global paint company with combined estimated revenues of $15.6 billion, adjusted earnings of $2.8 billion, and about 58,000 employees…Read the full article

Forbes – Why Cleveland Is America’s Hottest City Right Now – Oct 2016

LeBron James famously declared after the Cleveland Cavaliers won their first NBA title this past June that “It’s Cleveland Against The World”…This gritty, “underdog” city is now home to six James Beard award-winning chef-inspired restaurants, a thriving bar, arts, and music scene, and biomedical and “smart” manufacturing start-ups that are quickly luring America’s youngest and brightest away from Boston, Austin, and Silicon Valley. All of which makes every Saturday night along East Fourth Street just north of Quicken Loans arena look more like SoHo or South Beach than the “Rust Belt” strip one might conjure up in their mind when someone says “Cleveland”…Read the full article

Nestlé USA is bringing 321 jobs to Solon OH – February 2017

Nestlé USA will expand its operation in Solon, adding 321 jobs, as the company shifts its operations eastward. The subsidiary of the Swiss food giant Nestlé S.A. will move its corporate technical and production organization and all its supply chain teams to its 60-acre, multibuilding campus in the eastern suburb. The Solon operation currently has about 2,000 employees. At the same time, Nestlé is moving its U.S. corporate headquarters to Arlington, Va., from Glendale, CA…Read the full article

Future looks bright for Northeast Ohio industrial market – December 2016

As one of the Top 10 industrial real estate markets in the United States, with approximately 490 million square feet of total inventory, the Northeast Ohio industrial market is strong, healthy and on pace to continue to prosper. The region is completing a historic year replete with significant events and accomplishments, highlighted by the Cleveland Cavaliers winning the NBA championship, finally ending our city’s 52-year drought of titles; hosting the Republican National Convention; the Cleveland Indians coming within one run of winning the seventh game of the World Series in extra innings; and Forbes magazine naming Cleveland the “Hottest City in America.” While all the excitement was occurring around town, industrial properties were filling up with companies purchasing, leasing and subleasing space at record levels…Read the full article

Newsmaker of the Year: Downtown’s rebirth – December 2016

Downtown Cleveland was ready for its close-up when global media attention gripped the city with three major events, from the Republican National Convention, the NBA championship by the Cleveland Cavaliers and the World Series cliffhanger loss by the Indians. Multiple new projects opened their doors in the city in the run-up to the political convention, but they built on real estate developments that have spanned decades remaking downtown Cleveland. Meantime, new owners took control, or prepared to take control, of major properties that will be retooled in new visions.  Opening of the greener, friendlier Public Square in June after a $50 million renovation did much to reflect the change in downtown from simply an office center to a place to live and play…Read the full article

U.S. existing-home sales climb to highest level in nearly a decade – December 2016

Sales of previously owned U.S. homes unexpectedly increased in November to the strongest level since early 2007, ahead of a jump in borrowing costs, National Association of Realtors data showed on Wednesday, Dec. 21.  Contract closings rose 0.7% to a 5.61 million annual rate (the forecast was 5.5 million), the fastest pace since February 2007. Sales increased 18.2% before seasonal adjustment from November 2015, when changes in mortgage regulations delayed closings. Median sales price climbed 6.8% from November 2015 to $234,900. Inventory of available properties dropped 9.3% from November 2015 to 1.85 million, marking the 18th consecutive year-over-year decline…Read the full article

The Remake on the Lake – November 2016

With its varied neighborhoods, world-class orchestra, thriving downtown, elite medical centers, and miles of biking and hiking trails along Lake Erie, the Rust Belt city is staging a mighty comeback.  It’s been fueled in part by the rising tide of boomers, who are 25.8 percent of the population…Read the full article

Cleveland RNC visitors…Can’t wait to return – August 2016

One visitor was shocked that Lake Erie was so large. Another didn’t realize Ohio was part Eastern Standard Time. And nearly everyone expected Cleveland to be dirtier, drearier and more industrial. At the start of the Republican National Convention last week, we sought out visitors to Cleveland who had never been to the city before. And we asked them to recall their impressions of Cleveland, formed in the years and months before their first visit.  Then we tracked them down several days later, at the end of their stay, and asked them how those impressions had changed. To a person, their opinions of Cleveland had changed dramatically, and for the better…Read the full article

Cleveland Clinic Ranked Nation’s No. 2 Hospital – August 2016

Cleveland Clinic – a Top 5 mainstay in U.S. News & World Report’s annual hospital rankings for 18 consecutive years – has climbed to No. 2 in the U.S., while retaining its position as the nation’s No. 1 hospital for cardiology and heart surgery for the 22nd successive year.  U.S. News & World Report’s “Best Hospitals 2016-17” also named Cleveland Clinic the No. 1 hospital in Ohio and the Cleveland area. In all, 13 Cleveland Clinic specialties placed in the Top 10 nationally, including nine in the Top 3 nationwide…Read the full article

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