How would you define a luxury home? In general, luxury real estate in Greater Cleveland can be said to be residences that have a price tag starting in the range of half a million dollars to $750,000 and up. This represents the top 10 percent or so of the market.
Cleveland Luxury Homes, Apartments and Condos
You can find luxury homes in many Greater Cleveland communities, including places like Chagrin Falls, Hunting Valley, Gates Mills, Moreland Hills, Pepper Pike, Solon, and more. Luxury real estate can range from new construction residences to high-end townhouses and well-appointed condos, to renovated historical mansions and sprawling estate properties. These come in various architectural styles and design influences and are typically located in well-established neighborhoods.
$500,000 to Under $1 Million
With just over $500,000, you can get a charming two-story Cape Cod home in Chagrin Falls, with more than 3600 sq.ft. of living space that includes 3 bedrooms, 4.5 bathrooms, and attached 2-car garage. Luxury properties range from historic homes in the heart of the village that have been completely renovated, to mid-century and newer constructed homes. Quite a few are situated on lots several acres in size, offering the ultimate in space and privacy.
If you prefer a cluster home on a landscaped wooded lot in Bainbridge that provides ample privacy, for around $600,000 you can get an ideal home that’s designed for entertaining, with an open layout and vaulted ceiling located in the Canyon Lakes neighborhood.
In the lovely community of Shaker Heights, where historic homes are plentiful, a beautifully renovated two-story Western Reserve Colonial home built during the 1930s can go for over $720,000. For that price, you’ll already get more than 4,300 sq.ft. of living space. Homes like these come with an abundance of unique architectural details that you’ll have a hard time finding in newer homes. Think crown moldings, arched doorways, leaded windows, and more.
Interested in luxury homes approaching the million-dollar mark? You can get a gorgeous two-story brick-faced Colonial home in Bentleyville for just under $900,000 which comes with over 5,000 sq.ft. of living space in the much desired Chagrin Valley Trails community.
$1 Million and Above
If you’ve got a million dollars or more to spare, Greater Cleveland offers the finest homes where you can live a life of comfort and luxury. For around $2,700,000, an elegant three-story country estate situated on 102 acres in Solon can be yours! In Hunting Valley, $3,000,000 will buy one of the most exclusive custom built homes that includes 5 bedrooms, 7.5 baths and a 6-car heated garage!
Greater Cleveland’s luxury home market wasn’t spared during the recent economic downturn. High-end home purchases stalled as consumer confidence faltered during the recession. But after those shaky first few years, luxury home sales began climbing again as new homebuyers emerged, gradually feeding a recovery in the market.
Sales of high-end homes started to make a significant recover in mid-2012 and have been posting significant annual gains since. These have even managed to hold on to their momentum despite an apparent slowdown in sales of homes at the lower end of the market.
Luxury Housing Market in Greater Cleveland
Would you like to learn more about the luxury housing market in Greater Cleveland? You can start your search for luxury properties here, where you can get access to up-to-date listings. Want to keep up to date on market trends? Schedule a consultation with me today.