Cleveland condos go from buy to rent

Cleveland condos go from buy to rent

A Cleveland condo building just went from buyers only to rentals.  And if you've been downtown lately, you know that's a good thing since rentals can be hard to come by.

"To have The Avenue District become available at this particular moment, when there's such a demand is a very exciting thing," said Michael Deemer with the Downtown Cleveland Alliance.

A sign that used to hang on the Avenue District building at E. 12th and St. Clair once read Luxury Condos for sale.  They range in size from 905 square feet to 2,400 square feet and they were listed between $240,000 to $1.2 million.

There are 56 unoccupied condos and seven penthouses.

"We're seeing a lot of young people and a lot of retiring couples all wanting to live downtown," Deemer says.

That bodes well for the Avenue District as luxury apartments rather than condos that didn't sell sitting there empty for years.

After a two year foreclosure fight, the new banner is a sign of a new reality.  The 10th Story Avenue District units have been converted to rental.

Deemer says, "A lot of buildings downtown have wait lists of hundreds of people are many months long. So, now we're seeing the avenue that's bringing some new units that are available to rent to meet pent up demand."

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