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📬 In today’s edition:

• 🔑 Two spa baths with heated floors and a chef’s kitchen. Tremont for $635K.

• 💸 ARM loans hit 10.5% of applications. Buyers are starting to stretch.

• 💡 $376 more per month since February. Here’s what the Iran conflict cost borrowers.

📰 Cleveland Market Minute

Gateway66 breaks ground in Hough

Today, Cleveland-based Frontline Development Group and Woda Cooper Companies, Inc. formally broke ground on Gateway66, a two-building, 80-unit mixed-income housing development spanning both sides of East 66th Street just north of historic League Park in Cleveland’s Hough neighborhood.

Frontline, a Black woman-owned development firm led by owners Sheila M. Wright and Angela Thi Bennett, was joined by Cleveland Mayor Justin Bibb and other elected officials along with community leaders and project partners.

🔗 Read More

Demolitions near for more UC parking

Two of Northeast Ohio’s prominent institutions are learning first-hand what it means to deal with growth in one of the state’s hottest job centers. While it’s a good problem to have, the ways of solving it require a look at transportation demand management strategies in a space-limited district.

Located next to two of Greater Cleveland Regional Transit Authority’s (GCRTA) Red Line rapid-transit stations, the two institutions have opted for pursuing additional parking projects that shuffle around and expand existing offerings.

🔗 Read More

Affordable and senior housing hits Clark-Fulton

Cleveland’s Clark-Fulton neighborhood has seen its historic, pedestrian-oriented commercial district slowly give way to suburban-style retail and drive-through restaurants.

However, recent developments like Walton Senior Apartments have been restoring the area’s walkability while adding affordable and senior housing.

🔗 Read More

🏠 Just Sold Spotlight

Duck Island’s Crown Jewel: 5-Bed Contemporary with Attached Carriage House, Rooftop Terrace, Wolf/Sub-Zero Kitchen & 8+ Years Tax Abatement

📍 2100 W 17th St, Cleveland, OH 44113

• 💰 Sold Price: $1,525,000

• 📏 Size: 4,821 sq. ft.

• 📅 Year Built: 2019

• 🛏 5 Beds | 🛁 4 Full + 3 Half Baths

• 🚗 3-Car Garage

• 🌳 Lot Size: 4,486 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Nine days on market. $1,525,000. The fastest and highest-priced residential close in this edition’s Spotlight by a significant margin — and the 9-day DOM in a still-neutral 44113 market (55/100 index) confirms that truly differentiated luxury product at this level finds its buyer without negotiation.

🏡 Neighborhood Insight

• 📍 Community: Duck Island, Cleveland (44113)

• 🏞 Nearby Landmarks: Ohio City, Tremont, West Side Market, downtown Cleveland, Towpath Trail, Cuyahoga River

• 🚶 Accessibility: Minutes from Ohio City and Tremont dining and entertainment; easy access to downtown and major medical corridors

• 🌿 Lifestyle Appeal: Duck Island has emerged as Cleveland’s most concentrated address for luxury new construction — a quiet residential enclave bookended by two of the city’s most celebrated neighborhoods, where $1M+ product now trades with regularity and the abatement window still has years to run

📈 Recent Sales Nearby:

• 2302 W 6th St – $1,175,000 | 4 Bed | 3 Bath | 3.7k sq. ft.

💡 Insider’s Insight

📈 Mortgage Rates Hold at 7.40 Percent, the Highest in Nearly Three Years

AP ties the climb since late February to the war with Iran, which lifted oil prices and inflation, along with heavier bond market volatility. Since a brief dip to 5.98 percent, the 30 year rate is up 1.42 points. On a $400,000 loan, that adds roughly $376 a month. The 10 year Treasury yield pulled back to 5.10 percent after topping 5.30 percent earlier this month.

Freddie Mac reported that the average 30 year fixed rate was unchanged at 7.40 percent on October 15, 2026. That is the highest since November 16, 2023, when it was 7.44 percent. A year ago the rate was 6.27 percent. The pause ended a seven week climb. The 15 year rate eased to 6.71 percent from 6.73 percent, against 5.52 percent a year ago.

📌 What the market is signaling

• Mortgage applications fell 2.7 percent last week, and adjustable rate loans reached 10.5 percent of applications, the highest in a year

• CME traders put the odds of a Fed rate hike by December at 64.6 percent, up from 49.9 percent a month ago

Realtor.com’s Jiayi Xu said rates are unlikely to ease soon, and that bringing inflation under control would pave the way for lower rates. Fannie Mae projects the 30 year rate will average 7.4 percent in the fourth quarter and 7.5 percent in 2027. The National Association of Realtors reported that September existing home sales rose from August but slowed against a year earlier.

For a typical Cleveland home at Zillow’s $251,602 value with 20 percent down, the move from 5.98 to 7.40 percent adds about $190 a month in principal and interest.

🔑 Investor Takeaway

The pause is not a turn. Inflation data and a possible December Fed hike point to rates staying high into 2027. Underwrite financed deals at 7.50 percent or above, and price in the higher cost of refinancing later. The growing use of adjustable rate loans is worth watching, since it signals buyers are stretching to make payments work.

🚉 Ohio City Transit Site Back in Play With a First of Its Kind RFQ

A new countywide group called Cuyahoga TOD has released its first Request for Qualifications (RFQ). It seeks a development team for the Columbus Road Transit Oriented Development Project in Ohio City. The coalition includes the Cuyahoga County Planning Commission, GCRTA, the City of Cleveland.

The site sits at Abbey Avenue and Columbus Road, next to the West 25th Street Red Line station. It covers about 2.4 acres, including nearly half an acre for the 1990 station headhouse, which will be rebuilt or replaced. The rest is nearly 2 acres of vacant GCRTA owned land along Columbus, south of Abbey.

📌 Why the location matters

• The Red Line and several bus lines already converge at the site

• Planned additions include the Lorain Avenue portion of the Cleveland Midway and the MetroHealth Bus Rapid Transit line on West 25th

📌 National September snapshot

• Typical home value: $251,602, down 0.4 percent from August, up 3.8 percent year over year (up 1.0)

• Inventory: up 16.6 percent year over year (up 2.5)

• Sales count nowcast: down 1.2 percent year over year (down 2.5)

• Typical rent: $1,440, up 0.4 percent from August, up 4.5 percent year over year (up 2.7)

Cuyahoga TOD describes the goal as a dense, pedestrian first mix of housing and commercial space. Two earlier GCRTA developer efforts faded. Carnegie Management and Development withdrew in 2020. The runner up, an affiliate of MRN Ltd., proposed a mixed use plan with a public plaza over the Red Line tracks, but put its focus on The Carriage Co.

🔑 Investor Takeaway

This is an early stage RFQ, so no developer, price, financing, or schedule is set. The signal is that public agencies are now coordinating on a one stop process for transit land. Investors near West 25th and Lorain should watch the CuyahogaTOD.org portal for dates and future site offerings. Past plans here stalled, so treat any timeline with caution until a developer is named.

🏡House of the Week

Fully Gut-Renovated 5BD Colonial with Dual Primary Suites, Chef’s Kitchen & Skyline Views in Tremont

📍 1423 Kenilworth Ave, Cleveland, OH 44113

• 💰 Price: $635,000

• 📏 Size: 4,130 sqft (2,953 above grade | 1,177 unfinished basement)

• 📅 Year Built: 1900 | Fully Renovated

• 🛏 5 Beds | 🛁 3 Full Baths + 1 Half Bath

• 🚗 Driveway Parking

• 🏡 Three-Level Colonial Single Family | Tremont

• 💵 No HOA | Taxes: $4,898/yr (~$408/mo) | Total Carry: $408/mo

🧘 Vibes: A century-old Tremont Colonial completely reimagined top to bottom with luxury finishes. Two private primary suites each have spa-like baths with heated floors, heated towel racks, and built-in Bluetooth speakers. The chef’s kitchen anchors the main level with a massive island, bar seating, and a separate eat-in area.

👉 Listed by: Daniel A Perelman | Platinum Real Estate

📞 216-780-0413 ✉️ [email protected]

🛠 Tools & Resources We Recommend

• PropStream → Lead generation + property comps

• AirDNA → Short-term rental profitability data

• BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

• Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

• Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors