The Press Newspaper

Toledo, Ohio & Lake Erie

The Press Newspaper

The Press Newspaper

Housing in East Toledo

Depending on who you speak to, the housing market in East Toledo is a bust, at least for those hoping to profit from flipping a home in East Toledo.

House “flipping,” refers to purchasing a home with the intent to profit from it in a short time. Fans of real estate flipping shows, see investors (flippers) purchase dilapidated, foreclosed homes or bank owned property. The flippers then put in thousands of dollars in fixing the home and adding upgrades like granite counter tops before putting the rehabbed home back on the market for thousands of dollars in profit.

According to several area realtors, although house flipping is happening in west Toledo, Sylvania, Oregon and Northwood, investors are not burning a trail to East Toledo.

Dee Cottrell, of Key Realty, said East Toledo is experiencing a much slower housing recovery since the economic downturn of 2008.

When East Toledo Family Center community builder Jodi Gross calls an open meeting to talk about housing issues as part of the “One Voice for East Toledo” initiative, residents start lambasting property owners.

Their biggest fear — absentee property owners.

These investors often live out of state, or in another country. Chances are they have never actually visited their own homes. “Some are out of Germany, and some out of England and it is just awful,” said Judge C. Allen McConnell, Toledo Housing and Environmental Court Judge.

It doesn’t matter if an uncared for property is residential or commercial, it only takes one property to create a blighted neighborhood.

“We’re finding some interesting things with some of the people who are investing and buying properties right now. Some are buying them on the Internet,” said Bob Krompak, NeighborWorks economic development specialist.


Universal Income

What do you think of presidential candidate Andrew Yang's proposal for a universal basic income of $1,000 per month for every adult?
2051866732 [{"id":"323","title":"It will help millions of people who are increasingly losing their jobs to automation.","votes":"0","pct":"0","type":"x","order":"1","resources":[]},{"id":"324","title":"No, if the proposal is paid for by tax payers.","votes":"0","pct":"0","type":"x","order":"2","resources":[]},{"id":"325","title":"Yes, if billionaires pay for it, as labor costs disappear due to automation.","votes":"0","pct":"0","type":"x","order":"3","resources":[]}] ["#194e84","#3b6b9c","#1f242a","#37414a","#60bb22","#f2babb"] sbar 160 160 /component/communitypolls/vote/118-universal-income No answer selected. Please try again. Thank you for your vote. Answers Votes ...