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Client News

June 15, 2018


Madisonville is a Suburban Hotspot; Pricing of Distressed Properties More Than Doubled in the Last 12 Months; Residential Home Sales Rapidly Growing

CINCINNATI, OH – June 15, 2018 – Comey & Shepherd is launching a Madisonville office at 4905 Whetsel Avenue in the heart of Madisonville, to focus on the tremendous residential growth potential there. Comey Realtor® and Madisonville resident Meg Perez is leading the effort. This will be the Company’s sixteenth office in the Greater Cincinnati area.

With the general lack of affordable housing inventory in desirable East Side neighborhoods like Oakley, Hyde Park and Mt. Lookout, Madisonville is brimming with redevelopment activity - real estate investors who are gutting existing homes, and a combination of anticipated new construction along with efforts through the City of Cincinnati and Madisonville Community Urban Redevelopment Corporation are creating affordable housing inventory. "Not only can a buyer get the same house in Madisonville for typically 50% less than they could in Hyde Park or Oakley, we also have created demand and excitement in area with a colorful past", said Meg Perez. "Once people understand what Madisonville has to offer, its adjacency to Mariemont, Madeira, Hyde Park and Oakley, and that it’s in the midst of a revitalization, they embrace the idea of living here", she continued. In the past six months, according to MLS data, 93 homes in Madisonville have sold in the range of $17,000 (for distressed properties) and $669,000 (new construction). "Meg is a true champion of Madisonville. She is partnering with residents, local community and civic groups to identify opportunities and plant the seeds for change," said Scott Nelson, CEO, Comey & Shepherd Realtors.

"There are so many properties in Madisonville that have been identified as distressed -- they’ve been abandoned or generally not maintained and they’ve contributed to a decline in property values and have created a negative aura with existing homeowners. Working with investors, we buy those homes, gut-renovate them creating an environment for positive change on an entire street", she said. Madisonville property values are on the rise, as a result. Ms. Perez also notes that Madisonville residents are a diverse group - from long-time residents to the creative community to young professionals and empty-nesters. "Word-of-mouth is really driving interest as is the business community growth with LaLa Bites Bakery, The French Rendezvous, Manifest Drawing Center, Mazunte, Rob Radford’s Boxing for Fitness Gym, as well as the Summit Hotel at the MedPace campus and the RED redevelopment at Red Bank and Madison", she said.

About Comey & Shepherd®
Comey & Shepherd® is a full service real estate agency founded in 1946 and focused on providing buyers and sellers with the guidance and expertise necessary to complete a successful real estate transaction in the digital era. For more information about Comey & Shepherd, visit http://www.comey.com.

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