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Joke: How do Cleveland CEOs make a splash?

👉💧🏙️ By making water deals on dry land!

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📬 In today’s edition:

• 💼 From Bedrock to Bay Village: Cleveland’s Top Real Estate Headlines

• 🚨 Cleveland Landlords: You Could Be Fined Without Knowing It

• 🏡 Hidden Gem: Lake Views, Koi Pond, and Timeless Charm

By Tyler Finkler - Local Realtor & Appraiser

📰 Cleveland Market Minute

Bedrock CEO Kofi Bonner to retire; successor named

DETROIT, Michigan — Bedrock, the real estate development company spearheading major urban revitalization projects in Detroit and Cleveland, announced Friday that CEO Kofi Bonner will retire at the end of the year after five years of leadership, the company said in a news release.

🔗 Read More

Aging water infrastructure prompts Mayfield Heights to join Cleveland program

MAYFIELD HEIGHTS, Ohio -- The city became on Monday (Aug. 4) the 44th Cuyahoga County community to join Cleveland Water’s Suburban Water Main Renewal Program.

The agreement has Cleveland Water paying for water line repairs in member communities.

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Cleveland names four finalists to build modular homes

The city of Cleveland has selected four manufacturers as finalists in its major modular home initiative.

Why it matters: Modular homes, which can be constructed quickly and affordably in a factory setting and then assembled on site, are being embraced as a solution to the city's multi-billion dollar housing crisis.

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🏡 Just Sold Spotlight – 3594 W 49th St, Cleveland, OH 44102

3594 W 49th St, Cleveland, OH 44102

• 💰 Sale Price: $206,000 (Sold August 1, 2025)

• 📏 Size: 4 beds | 🛁 2 baths | 1,950 sqft

• 🏘️ Property Type: Duplex (Multi-Family)

• 🌳 Lot Size: 5,162 sq ft (0.12 acres)

• 🛠️ Year Built: 1915

• 💵 Price per Sqft: $106

• 🚗 Garage: 3-car garage

• 📝 Investor Takeaway

This 1915 duplex in Cleveland’s Stockyards neighborhood sold for $206K, a strong value given the property’s nearly 2,000 sqft footprint and income-generating potential. Each unit likely includes 2 bedrooms and 1 bath across 13 total rooms, making this an ideal fit for both house hackers and long-term rental investors.

Recent updates include central air, gas forced air heating, and vinyl siding for low exterior maintenance. Tenants handle electric and gas, while the owner covers water, sewer, and trash—keeping operating costs clear and manageable.

The home includes a full unfinished basement, a private pool, and fenced yard—rare amenities for a duplex in this part of Cleveland. With 3 garage bays and separate utilities, this property checks the boxes for both tenant comfort and landlord efficiency.

🏡 Neighborhood Insight

• 📍 Nearby Cross Streets: North of Denison, South of Clark, West of Fulton

• 🏫 School District: Cleveland Municipal - 1809

• 🧾 Assessed Taxes: ~$1,222 annually

• 💸 No HOA fees

📈 Recent Sales Nearby:

• 3601 W 50th St: $215,000 | Duplex | 4 beds | 2 baths | 1,820 sqft

• 3476 W 46th St: $199,900 | Duplex | 4 beds | 2 baths | 1,700 sqft

• 3620 W 48th St: $210,000 | Duplex | 5 beds | 2 baths | 1,950 sqft

📌 Notable Features

• Central air & gas forced heating

• 3-car garage + driveway

• Fenced yard & private pool

• Unfinished basement with storage space

• Tenants pay electric/gas | Owner pays water/sewer/trash

• Classic 2-story duplex w/ vinyl siding and asphalt roof

• East-facing lot in a well-connected location near Denison & Fulton

💡 Insider’s Insight

⚠️ Why Cleveland Property Owners Face Higher Legal Risks

Owning property in Cleveland is not the same as owning in nearby suburbs like South Euclid or Cleveland Heights.

Cleveland’s municipal code—especially §3103.09—is now aggressively enforced, particularly on vacant or rental properties.

🚨 Escalation Path: From Violation to Contempt

1. Violation notice is issued

2. Unaddressed? It becomes a court case

3. Still unresolved? It leads to a judgment

4. Final step: Contempt order + massive fines

💡 Real Case: N.P. Weiss Law helped a client erase a $100,000 contempt judgment they didn't even know existed until late in the process.

📬 How Investors Miss Critical Notices

Under Cleveland law (§3103.09(b)), violations may be delivered by:

• 📫 Mailed to the local agent in charge

• 🗂️ Sent to the Ohio Secretary of State-listed address

• 📌 Posted directly on the property

➡️ If your LLC info is outdated or the property is vacant, you may never get the notice—until you're in court.

🔍 Cleveland’s Aggressive Code Enforcement Strategy

• Condemned properties remain on record until fully repaired or demolished.

• Weekly updates on the City of Cleveland’s Open Data Portal reflect constant enforcement.

• No Certificate of Occupancy = Still on the condemned list.

  🛡️ 4 Critical Steps to Protect Your Investment

1. ✅ Update LLC Records

Keep your Ohio Secretary of State registration up to date.

2. 👤 Appoint a Local Agent

Someone nearby should be able to respond fast to notices.

3. 🏚️ Do Monthly Property Inspections

Catch issues or posted violations before they escalate.

.4 🧑‍⚖️ Act Fast on Any Notice

Even a minor violation can turn into major litigation if ignored.

🏡 House of the Week – Hidden Lakefront Gem with Panoramic Views

📍 25550 Lake Road, Bay Village, OH 44140

• 💰 Price: $2,750,000

• 📏 Size: 5,115 sq. ft. + 1,638 sq. ft. finished lower level

• 🏡 Built: 1941

• 🛏 Beds: 5 | 🛁 Baths: 3 Full, 3 Half

• 🚗 Garage: 2-Car Attached Garage

• 🌳 Lot: Private, tree-lined lakefront setting

• 🏫 School District: Bay Village City School District

🧘 Vibes: Set back from Lake Road and tucked behind mature trees, this timeless colonial offers year-round privacy with 180° views of Lake Erie. Inside, you’ll find high-end appliances, elegant hardwood floors, and sun-soaked spaces designed for entertaining—from the open kitchen and hearth room to the living room with lakefront walkout patio. Outside, a koi pond, cascading waterfalls, and manicured landscaping complete this peaceful retreat. It’s luxury, charm, and lake life—without compromise.

👉 Listed by: Meredith Hardington | The SALEmaker Team, Howard Hanna

📞 216-618-2040 | ✉️ [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

📣 Weekly Wrap-Up

Cleveland real estate is moving fast—and so are savvy investors. From new housing initiatives to legal risks that could blindside landlords, this week brings both opportunity and urgency.

📈 Market Momentum:

As CEO Kofi Bonner prepares to retire from Bedrock, one of the region’s largest urban developers, momentum across the Cleveland real estate scene is shifting. Meanwhile, Mayfield Heights joins Cleveland Water’s Suburban Renewal Program—cutting repair costs for homeowners and unlocking long-term infrastructure gains across 44 communities.

🏗️ Development Watch:

Modular momentum is building. Cleveland has named four finalists in its modular housing initiative, signaling a push toward fast, factory-built affordability. With over $1B in housing needs, this initiative could reshape how the city tackles livability and density—especially in underserved neighborhoods.

🏘️ Neighborhood Highlight:

Just sold: 3594 W 49th St in the Stockyards neighborhood.

This 4-bed, 2-bath duplex closed at $206,000—a solid deal for nearly 2,000 sq ft, a 3-car garage, and amenities rare for the area like a fenced yard, central air, and even a private pool. Nearby comps are strong, and house hackers take note: this one’s tailor-made for dual-unit income.

💼 Legal Insight from the Field:

Cleveland code enforcement is getting aggressive—especially for absentee owners.

A real case this week involved a client hit with a $100,000 contempt judgment from a violation notice they never saw. Here’s why: if your LLC records aren’t updated, or your property’s vacant, you could miss critical notices under §3103.09.

Avoid the trap:

• ✅ Keep Secretary of State records current

• 👤 Assign a reliable local agent

• 🏚️ Do monthly property checks

• 🧑‍⚖️ Act fast on any violation notice

🌟 Luxury Hit of the Week:

25550 Lake Road, Bay Village – $2.75M

Tucked behind mature trees on a private lot with panoramic views of Lake Erie, this 5-bed, 6-bath colonial offers 5,100+ sq ft of timeless elegance, including koi ponds, waterfalls, and seamless indoor-outdoor living. It’s waterfront luxury without compromise—set far back from traffic, but minutes from lifestyle.

🧠 Investor Takeaway:

Whether it’s cracking into modular opportunities, safeguarding against legal landmines, or locking in cash-flowing duplexes like 3594 W 49th, the message is clear: Cleveland’s market is shifting—but smart investors are staying one step ahead.

Preparation beats panic—especially in a climate where enforcement is rising, but so is long-term upside.

Until next week,

Cleveland Real Estate Investors

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