Cuyahoga Land Bank recently celebrated a successful renovation and subsequently the quick sale of a home on Wilmore Avenue in Euclid. This project exemplifies our commitment to revitalizing neighborhoods and creating quality, affordable housing. Here, Land Bank Director of Real Estate Development Jennifer Vazquez-Norman delves deeper into this success story.
Q: Why did the Land Bank choose to renovate this particular home on Wilmore?
JVN: This property came to us through Fannie Mae after foreclosure. It presented an opportunity to expand our strategic efforts to revitalize the neighborhood, where schools, parks and other essential amenities are nearby. We also saw that despite needing significant work, this home was on a street that was starting to show signs of revitalization with new construction beginning. It was a chance to leverage our resources and build on that positive momentum.
Q: Can you describe the scope of the renovation work that was done?
JVN: We gave the home a complete overhaul, going down to the studs in some areas. We also installed all new mechanicals, siding, windows and a brand-new concrete driveway. Inside, we added all new fixtures and finishes, ensuring a high-quality, modern living space. It was a full, comprehensive renovation.
Q: The home sold in one day. What contributed to this rapid sale?
JVN: The quality of the renovation played a huge role. Like all Land Bank projects, this home was renovated to the highest standards. We also priced it affordably for the average middle-market buyer. The buyer was familiar with Land Bank renovations and recognized the quality of our work, which led to a quick offer. We even received praise from an inspector who works throughout Greater Cleveland. He said it was one of the best renovations they’d seen, surpassing even some new construction.
Q: What does the success of this sale say about the community, the market and the Land Bank’s mission?
JVN: This sale demonstrates that our strategy of investing in targeted renovations is working. We’ve been able to consistently increase property values in this area of Euclid, strengthening the local real estate market. We also provided gap grant financing to support new construction on the street, which further contributes to the revitalization. Our investment in this renovation, along with the 11 new construction homes a private developer built, will continue to spur the local housing market and increase surrounding property values. This stabilizes the community and allows existing homeowners to build wealth through their properties, which is a key part of our mission. Ultimately, it shows strategic intervention can have a significant positive impact on a neighborhood.