Pleasant Ridge, Cincinnati
When selecting a neighborhood in which to build the first Starter Home 2.0 project, several factors went into my final decision of the Pleasant Ridge Neighborhood.
- Proximity
- Walkability
- Availability
- Affordability
1. Proximity
There a few things in life more stressful, frustrating, and wasteful than extended rush-hour commutes to and from work. There are much better uses of one's time than sitting in traffic, and much better uses of one's money than spending it on gas and car maintenance. That is why I wanted to build in a neighborhood within a short drive / bus ride to job, shopping and entertainment centers. With easy access to I-71, SR 562, and several major bus routes, Pleasant ridge is a...
- 10-15 minute commute to Downtown Cincinnati (region's largest job and entertainment center)
- 10-15 minute commute to University of Cincinnati (region's largest University and 2nd largest job center)
- 10 minute commute to Kenwood Towne Center (region's largest retail center)
2. Walkability
In recent years, numerous books, articles and studies published have found that compact, walkable neighborhoods "have significant, positive effects for urban dwellers, in terms of social interaction, health and safety." The demand for walkable neighborhoods from prospective homebuyers is at an all-time high, but with less than 15% of US neighborhoods being considered walkable by Walkscore.com, these places are at premium. With a walkscore of 70, the Pleasant Ridge neighborhood where the first Starter Home 2.0 project is located is considered 'Very Walkable' with easy access to schools, parks, churches, shopping, and dining.
3. Availability
The plan for the first Starter Home 2.0 project from the beginning was to pay for the land with cash and to pay for the construction with financing to allow the necessary time to develop the product in the planning stages. The budget I set aside for the purchase of the land and due diligence was $20-25k, so it was just a matter of finding an available lot, in a walkable neighborhood, in close proximity to downtown, that fell within that price range.
One of the dilemmas with building a new home in established areas is that vacant, buildable lots are few and far between. As a result, most new home construction in Cincinnati neighborhoods like Madeira, Montgomery and Hyde Park require costly teardowns of existing homes on top of the already high land prices. Fortunately, I was able to purchase on of the few vacant infill lots in Pleasant Ridge to build on.
4. Affordability
The plan for the first Starter Home 2.0 project from the beginning was to pay for the land with cash and to pay for the construction with financing to allow the necessary time to develop the product in the planning stages. The budget I set aside for the purchase of the land and due diligence was $20-25k, so it was just a matter of finding an available lot, in a walkable neighborhood, in close proximity to downtown, that fell within that price range.
