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📬 In today’s edition:

• 📊 Cleveland Hits Balanced Market as Listings Climb 16%

• 🏘 Rental Inventory Drops 45% While Rents Soften

• 🌉 Bridgeworks Finally Breaks Ground After 7 Years

📰 Cleveland Market Minute

University Circle moves ahead with 10-year master plan

On Friday, University Circle’s 10-year master plan for land use and public realm improvements won unanimous approval from City Planning Commission. The plan, titled Connecting the Circle, aims to transform the city’s second-largest employment center into a “Connected Civic Commons.”

Connecting the Circle consists of five Signature Moves: Euclid and the Cultural Corridor, East 105th Street, the Harrison Dillard Trail, South Rockefeller Park, and Wade Oval.

🔗 Read More

Westinghouse redevelopment to start

A ride along the West Shoreway from Cleveland’s Ohio City neighborhood to Edgewater Park will soon be a tour of multiple, major residential construction projects within sight of the roadway and more developments just a few blocks south of it. The latest to join the cavalcade of new multifamily housing will be the Westinghouse redevelopment.

Construction financing sought by development partnership TW58 Cleveland LLC for the $81.5 million repurposing of the historic Westinghouse complex, 1200 W. 58th St. in the Detroit-Shoreway neighborhood, closed today according to two sources familiar with the project.

🔗 Read More

Flats demo OK’d for new amphitheater

Developers from Bedrock Cleveland and Rock Entertainment Group (REG) on Friday received approval from the City of Cleveland Planning Commission (CPC) to demolish a warehouse at 401 Stones Levee Rd. in the Flats. The demolition clears the way for the group behind billions in riverfront development to proceed with the next phase of revitalization and activation.

When combined with the vacant parcel already owned by Bedrock at the southern corner of Stones Levee and West 3rd Street, the 4.5-acre lot will serve as the home of a new $45+ million music and entertainment venue, currently referred to as the “Cleveland Amphitheater.”

🔗 Read More

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🏠 Just Sold Spotlight – Sophisticated 4-Story Duck Island Townhouse with Rooftop Terraces, Skyline Views & 9 Years of Tax Abatement Remaining

📍 2253 W 19th St, Cleveland, OH 44113

• 💰 Sold Price: $645,000

• 📏 Size: 2,400 sq. ft.

• 📅 Year Built: 2019

• 🛏 2 Beds | 🛁 2 Full + 2 Half Baths

• 🚗 Attached 2-Car Garage

• 🌳 Lot Size: 871 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

Closing $3,600 above its $641,400 Zestimate, this Duck Island townhouse sold at a slight premium — a testament to demand for turnkey luxury product with meaningful financial upside baked in. Nine years of Cleveland residential tax abatement remaining is the headline for any investor or owner-occupant running carrying cost analysis: the tax savings over that window materially improve net yield in a submarket where $269/sq. ft. pricing is increasingly the baseline for new construction. With a Rent Zestimate of $3,441/month and a $250/month HOA covering grounds, snow removal, insurance, and reserves, the expense stack is predictable and well-structured. Comparable Columbus Road townhouses have traded at $675,000–$825,000, suggesting upside on exit for a long-term hold.

🏡 Neighborhood Insight

• 📍 Community: Duck Island, Cleveland (44113)

• 🏞 Nearby Landmarks: West Side Market, Tremont, Ohio City, Towpath Trail, Lake Erie, MetroHealth Campus (2 mi), Cleveland Clinic & University Hospitals (5 mi)

• 🚶 Accessibility: Highly walkable; steps from W. 25th Street shopping, Tremont dining, and the Towpath Trail

• 🌿 Lifestyle Appeal: One of Cleveland's most desirable and rapidly maturing urban pockets — where contemporary architecture, skyline sightlines, and proximity to the city's best food and wellness corridors converge

📈 Recent Sales Nearby:

• 2149 Columbus Rd – $675,000 | 3 Bed | 4 Bath | 2.2k sq. ft.

• 2147 Columbus Rd – $675,000 | 3 Bed | 4 Bath | 2.2k sq. ft.

• 2157 Columbus Rd – $675,000 | 3 Bed | 4 Bath | 2.2k sq. ft.

• 4204 Bailey Ave – $490,000 | 2 Bed | 4 Bath | 2.5k sq. ft.

• 3118 Vine Ct – $825,000 | 3 Bed | 4 Bath | 2.5k sq. ft.

📌 Notable Features

• 🏙 Dual rooftop terraces on the fourth level with sweeping downtown Cleveland skyline views

• 🍽 Chef's kitchen with quartz countertops, stainless appliances, tile backsplash, and oversized island — ideal for cooking and entertaining

• 🔥 Stone fireplace anchoring the main living level with soaring ceilings and walls of windows

• 🥂 Fourth-floor lounge with wet bar and specialty window treatments for daytime privacy

• 🏋 First-floor flex space for home office, gym, studio, or lounge — accessible directly from the garage

• 👑 Owner's suite with stone counters, double vanities, and glass-enclosed ceramic tile shower

• 🏠 Each bedroom on the third level features its own private luxury bath

• 🧺 Third-level laundry room for added convenience

• 🌿 Parisian-style balconies adding architectural character throughout

• 💰 9 years of Cleveland residential tax abatement remaining — significant carrying cost advantage

• 🏘 HOA at $250/month covers grounds maintenance, snow removal, insurance, trash, and reserve fund

💡 Insider’s Insight

📊 Cleveland's Balanced Market: What May 2026 Data Tells Investors

📍 The Headline Numbers

• Median listing price: $144,900 (flat YoY, +26% over 3 years)

• Median sold price: $145,000 (+8.21% YoY, +15.08% over 3 years)

• Price per sq ft: $109 (-3.54% YoY, but +37.97% over 3 years)

• Active listings: 1,926 (+16.31% YoY)

• Median days on market: 42 days

• Sale-to-list ratio: 99% (homes sold 1.18% below asking)

🌡 Market Temperature

Cleveland is officially a balanced market in May 2026 — supply and demand roughly equal — and the Realtor Hotness Index still rates it "warm." Inventory has climbed double digits while pricing held flat: more options for buyers, less urgency for sellers, but no sign of a correction.

🏘 Neighborhood Spread (Where the Money Actually Lives)

The citywide median masks an enormous gap between top and bottom:

• Tremont — $549,900 (the ceiling)

• Ohio City — $399,450 ($244/sq ft)

• Detroit-Shoreway — $364,650 ($197/sq ft)

• Downtown Cleveland — $262,400

• Fairfax — $224,000

• Old Brooklyn — $169,000

• West Park — $165,000

• West Boulevard — $145,000 (sits right at city median)

• Cudell — $129,900

• Glenville — $99,900 ($62/sq ft — the floor among major neighborhoods)

🏷 Zip Code Snapshot for Investors

• 44113 (Ohio City/Tremont) — $364,900 listing | $244/sq ft | $1,800 rent

• 44102 (Near West) — $189,900 | $127/sq ft | $1,200 rent

• 44111 (West Park) — $177,000 | $129/sq ft | $1,200 rent

• 44109 (Old Brooklyn) — $165,000 | $118/sq ft | $1,300 rent

• 44120 (Buckeye-Shaker) — $150,000 | $96/sq ft | $1,312 rent

• 44105 (Slavic Village) — $94,900 | $67/sq ft | $1,062 rent

🔑 Investor Takeaway

Cleveland's $109/sq ft median against an $244/sq ft Ohio City and a $62/sq ft Glenville is the real story: the city isn't one market, it's a dozen. Three-year appreciation of 38% on price-per-square-foot citywide — even with a -3.54% YoY pullback — confirms long-cycle strength. With listings up 16% and days-on-market flat, buyers have leverage they didn't have two years ago, but sellers aren't capitulating either (99% sale-to-list). The right read is selective: hunt undervalued zips with rent-to-price ratios that still pencil (44105, 44112, 44104), and treat the premium corridors (44113, 44106) as appreciation plays rather than yield plays.

🌉 Bridgeworks Finally Breaking Ground in Ohio City

📍 The Project

After seven-plus years of redesigns, financing gaps, and dim prospects, Bridgeworks is mobilizing. Demolition, site prep, and construction begin mid-June 2026 at 2429 W. Superior Ave., at the northeast corner of the Detroit-Superior Bridge and West 25th Street.

💰 The Money

• Total development cost: $82.5M

• Construction cost: $58.5M

• Demolition: $364,128 (89,794 sq ft of former Cuyahoga County Engineer buildings)

• Land acquired from the county in 2021 for $4.15M

• Final piece: $25M in taxable lease revenue bonds approved by the Port of Cleveland last June

🏗 What's Being Built

• 294,636 sq ft mixed-use structure

• 219 workforce apartments (mid-market rents — not luxury)

• 199-space parking garage

• 1,200 sq ft of ground-floor commercial

• 24-month construction timeline

• Geis Companies leading construction; Sitetech handling demolition

🤝 The Team

• M. Panzica Development (Michael Panzica)

• Grammar Properties (Graham Veysey & Marika Shioiri-Clark)

• The same partnership behind the 11-story Church+State at 2818 Church Ave.

⚠️ Why It Almost Didn't Happen

The $24M gap between construction cost ($58.5M) and total development cost ($82.5M) — eaten by demolition, infrastructure relocation, easements, legal, and permit fees — is exactly the kind of soft-cost drag that kills urban infill. The construction loan only closed weeks ago.

🔑 Investor Takeaway

A workforce-rate apartment building of this scale on one of Ohio City's most visible corners is a meaningful signal. The 44113 zip already commands a $364,900 listing median and $1,800 median rent — Bridgeworks is built to slot underneath those numbers and pull demand from priced-out renters chasing the same neighborhood. Watch the impact on adjacent comps along W. 25th and W. Superior over the next 24 months: when 219 units deliver into a market with rental inventory already down 45% YoY, it absorbs fast. The bigger lesson — projects in this corridor are finally getting capital stacks to close, even when soft costs run a quarter of total development.

🏡House of the Week – 720 sq ft Rooftop Terrace, Lake Views & Full Tax Abatement in Gordon Square

📍 1313 W 54th St, Cleveland, OH 44102💰 Price: $375,000

• 💰 Price: $489,713

• 📏 Size: 1,650 sq ft

• 📅 Year Built: 2015 (Full Tax Abatement Through 2030)

• 🛏 2 Beds | 🛁 2 Full Baths + 1 Half Bath

• 🚗 Attached 2-Car Garage

• 🏡 Four-Level Contemporary Townhouse | Gordon Square / Detroit Shoreway

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Four levels of refined city living with a 720-square-foot private rooftop terrace overlooking Lake Erie and the Cleveland skyline — and a tax bill currently sitting at $760 per year. This Gordon Square townhome is the kind of property that rewards buyers who read past the price tag and into the actual cost of ownership. With full abatement running through 2030 and an HOA at just $1,000 annually, the carrying cost structure here is genuinely exceptional for what's on offer.

The entry-level foyer sets an intentional tone — a proper arrival experience before stepping up to the main living level, where honey-toned bamboo flooring runs throughout a bright, open-concept great room and eat-in kitchen. The kitchen delivers on function and finish with granite countertops, a kitchen island, pantry, and a full stainless appliance suite including disposal and smart thermostat integration. A private covered balcony just off the living room extends the space for daily use without requiring a trip to the rooftop.

👉 Listed by: Sarah Kutz | Howard Hanna

📞 440-263-7769 | ✉️ [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 Weekly | Urban Infill, Balanced Market Data & Rooftop Living

Cleveland's market continues balancing two realities at once: large-scale redevelopment and expanding inventory. While national housing momentum slows and buyers gain leverage, Cleveland remains active with new investment pipelines, adaptive reuse projects, and strong demand for premium urban housing.

📊 Market Momentum: Inventory Rising, Buyers Regaining Power

May 2026 data confirms Cleveland is officially a balanced market — active listings up 16% YoY while the median sold price held at $145,000 (+8.21% YoY). Bridgeworks is finally breaking ground in Ohio City after seven years, and University Circle's 10-year master plan cleared City Planning Commission unanimously.

💡 Takeaway: Cleveland is shifting into a more balanced market — still affordable relative to national averages, but increasingly competitive on quality product.

🏠 Just Sold Spotlight | Sophisticated 4-Story Duck Island Townhouse with Rooftop Terraces, Skyline Views & 9 Years of Tax Abatement Remaining

• 📍 2253 W 19th St, Cleveland, OH 44113

• 💰 $645,000 | 📏 2,400 sq ft

This Duck Island townhouse closed $3,600 above its $641,400 Zestimate — a clear signal of demand for turnkey luxury with nine years of tax abatement remaining.

💡 Insider Insight

Cleveland is entering a more sophisticated phase of its real estate cycle. Unlike overheated Sun Belt markets correcting sharply, Cleveland's affordability advantage remains intact while development activity expands across industrial, residential, and mixed-use sectors. The result is a healthier market environment where pricing discipline, location quality, and differentiated assets matter more than pure momentum.

🏡 House of the Week | 720 sq ft Rooftop Terrace, Lake Views & Full Tax Abatement in Gordon Square

• 📍 1313 W 54th St, Cleveland, OH 44102

• 💰 $489,713 | 📏 1,650 sq ft

A four-level Gordon Square townhome with a 720-square-foot private rooftop terrace overlooking Lake Erie and the Cleveland skyline — currently carrying a $760/year tax bill with full abatement through 2030 and an HOA at just $1,000 annually.

Cleveland Real Estate Investors

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