Cincinnati

Summary.  Cincinnati has a vast array of neighborhoods and communities that reflect every available lifestyle. From private, waterfront homes, to golf course communities, to urban lofts, Cincinnati and the surrounding areas offer a wide choice of housing alternatives. The great neighborhoods, towns and villages surrounding the city are all within minutes of downtown Cincy however each is unique and must be valued as such.  The Cincinnati-Middletown−Wilmington Metropolitan Area has a population of 2,155,137 people, making it the 24th largest MSA in the country. It includes counties within Ohio, Kentucky, and Indiana.  Cincinnati is geographically located near the center of the Midwest on the border between Ohio and Kentucky at the juncture of the Ohio and Licking Rivers.  Two-thirds of the American population live within a one-day drive of the city. The city has an extensive highway system including an outer-belt, Interstate 275 (which is the longest circle highway in the country), and a spur, Interstate 471, to Kentucky. It is also served by Interstates 71, 74, and 75 and numerous U.S. highways.  All of these factors contribute to a unique and ever-changing housing market that requires a distinct local knowledge and perspective.

Education.  School districts are often a determining factor when new residents begin their search for a home in the Cincinnati area. As such, they can have a direct impact on your valuation. Whether your home resides in the CPS boundaries, Madeira, Mason City, Indian Hill Exempted Village, Wyoming City, Kenton County or any one of the other outstanding school districts in the area, it is important that your appraiser be familiar with the impact it has on your home’s value. Proximity to the large Private and Parochial School network in the area can also play a part in valuations.

Culture.  Cincy is home to two major sports teams, the Cincinnati Reds and the Cincinnati Bengals, a major tennis tournament, the Cincinnati Masters, and home to large events such as the Flying Pig Marathon, the Macy’s Music Festival, and the WEBN Labor Day Fireworks/Riverfest. The University of Cincinnati also is located within the city limits. It has a vibrant downtown scene and the Great American Ballpark and Paul Brown Stadium have helped revitalize the downtown area.

Economy.  Many major and diverse corporations have their head offices in Cincinnati, for example: Procter & Gamble, General Electric, The Kroger Company, Macy’s, Inc., Benziger Brothers, American Financial Group, First Group, Convergys, Omnicare, Great American Insurance Company, and Fifth Third Bank.  Altogether, nine Fortune 500 companies and fifteen Fortune 1000 companies have headquarters in the Cincinnati area. With nine Fortune 500 company headquarters in Cincinnati, the region ranks in the United States Top 10 markets for number of Fortune 500 headquarters per million residents, higher than New York, Boston, Chicago or Los Angeles. In addition to Fortune 500 headquarters, 400 Fortune 500 companies have a presence in Cincinnati. Cincinnati has three Fortune Global 500 companies; three of the five Global 500 companies in the state of Ohio.

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Washington D.C – The DMV

Summary.  The Washington metropolitan area, or the DMV as it’s known, is centered on Washington, D.C. The area includes all of the federal district as well as parts of Maryland and Virginia. The DMV includes as its principal cities, the District and everything inside the Beltway, Alexandria, Arlington, and Bethesda, as well as the Virginia and Maryland counties of Arlington, Fairfax, Montgomery, Prince William and Prince George.  The Washington metropolitan area is the most educated and, by some measures, the most affluent metropolitan area in the United States. The population of the DMV is estimated to be over 6 million, making it the largest metropolitan area in the Southeast region and the seventh-largest metropolitan area in the country.  Washington D.C. is the economic and cultural center of the area if not the country.  As other cities throughout the country have been buffeted by an uneven economy, Washington’s property market has been buoyed by two forces specific to the capital city: a surge of federal contractors and a rising tide of government spending. The result: what real-estate agents and developers are calling an unprecedented real-estate surge.

No matter whether you live in one of the unique District neighborhoods like DuPont Circle, Columbia Heights, Logan Circle or Georgetown; or you are located in the surrounding suburban areas; you understand the nuances of living in the DMV and know that the differences in homes and condominiums in these areas can cause a change in values from street to street and town to town.  We understand that the area offers a wide choice of housing alternatives. Each of the neighborhoods as well towns and villages within the area have varying access to the local amenities and accessibility to the Capital. Statistically, people like to lump the locations within the DMV together, however, each of the towns and neighborhoods are unique and care must be taken to evaluate the differences in each area.

Education and Locale.  School districts often play a large part in a buyers selection process when it comes to a new home. Whether your home resides in the DCPS, MCSS, FCPS, ACPS, APS, MCPS, or any one of the other outstanding school districts in the area, it is important that your appraiser be familiar with the impact it has on your home’s value. Proximity to the large private and parochial school network in the area can also play a part in valuations.  Additionally, anyone who has driven in the DMV at rush hour can attest that the proximity to the VRE, MARC, and Metro commuter transit systems as well as the local highways are often determining factors when new residents begin their search for a home in the area. As such, these aspects can have a direct impact on your valuation. Lot size and subdivision amenities are also important to buyers in these markets with many planned developments and unique recreational themed communities such as golf course, equestrian, and tennis orientated areas available to buyers. Wherever your home resides, it is important that your appraiser be familiar with the impact that all of these factors can have on your home’s value.

Commerce. The various agencies of the Federal Government employ over 140,000 professionals in the DMV. A sizable number work for defense and civilian contracting companies that conduct business directly with the Federal Government. As a result, the Federal Government provides the underlying basis of the economy in the region. However, the DMV is increasingly home to a diverse segment of businesses not directly related to the Federal Government.  The area has the largest science and engineering work force of any metropolitan area in the nation and was ranked as the second best High-Tech Center in a statistical analysis of the top 100 Metropolitan areas in the United States.  The DMV is home to hundreds of major research universities, think tanks, and non-profit organizations. Additionally, Washington, D.C. is a top tourism destination as flocks of Americans and foreigners from around the world visit the museums and monuments of the Capital city year round.  Moreover, the Washington D.C. area attracts tens of major conferences and conventions each year which also contribute greatly to the region’s economy

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The Triangle

Summary.  “The Triangle” is made up of multiple towns and communities within as many as13 counties anchored by the cities of Raleigh, Durham, and Chapel Hill. It’s integration of the Research Triangle Park and association with the Universities of North Carolina, North Carolina State and Duke make it one of the most attractive areas for business and technology growth in the country. The Triangle has a population of nearly 2,000,000 and is the state’s second largest urban area after the Charlotte Metropolitan Area.  Whether you call Apex, Cary, Chapel Hill, Clayton, Durham, Raleigh, Wake Forest or any of the other towns in the region home, we know that when we come out to inspect we will find a a variety of housing that ranges from private waterfront homes, to golf course communities, to planned subdivisions.  We understand that The Triangle offers a wide choice of housing alternatives. Each of the towns and villages within the area have varying access to the local amenities and accessibility to Raleigh and Durham via I-40 and I-85.  As much as people outside “The Triangle” like to lump the location together, each of the towns are unique and care must be taken to evaluate the differences in each area.

Education.  School districts and the proximity to the commuter bus transit system and highways are often determining factors when new residents begin their search for a home in the area.  As such, these factors can have a direct impact on your valuation.  Lot size and subdivision amenities are also important to buyers in these markets.  Wherever your home resides, it is important that your appraiser be familiar with the impact that all of these factors can have on your home’s value.

Commerce.  The Research Triangle Park is a major attraction in the area. Created in the 1950’s and anchored by leading technology firms, government and world-class universities and medical centers, the area’s economy has performed exceptionally well. Significant increases in employment, earnings, personal income and retail sales are projected over the next 15 years. Research Triangle Park and it’s appeal has a direct impact on values in the area.  The area has fared relatively well during the Late-2000s recession ranked as the strongest region in North Carolina by the Brookings Institution and among the top 40 in the country. The change in unemployment during the period and the change in home prices was also among the lowest in the country.

Technology. The region’s growing high-technology community includes such companies as IBM, SAS Institute, Cisco Systems, NetApp, Red Hat, EMC Corporation and Credit Suisse First Boston. In addition to high-tech, the region is consistently ranked in the top three in the U.S. with concentration in life science companies. Some of these companies include GlaxoSmithKline, Biogen Idec, BASF, Merck & Co., Novo Nordisk, Novozymes, and Wyeth. Research Triangle Park and North Carolina State University’s Centennial Campus in Raleigh support innovation through R&D and technology transfer among the region’s companies and research universities (including Duke University and The University of North Carolina at Chapel Hill). All of these economic factors contribute to a unique and ever-changing housing market that requires a distinct local perspective.

Call us today.   Let us answer your questions and show you how we are changing the way transferees think about home relocation appraisals.