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Real Estate

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This beautiful, newly constructed home is back on the market and this is your chance to make it yours! Click here to see this week's Listing of the Week!

This is a re-sale of an exceptional, new construction home on a sought after street in a cul-de-sac! This LEED gold home is 3 years young with upgrades galore and a private, usable backyard with a fire pit. It boasts an open floor plan on the 1st floor with a gourmet kitchen and a home office. Thoughtfully designed 2nd floor with expansive owner’s suite, an en-suite guest bedroom, Jack-n-Jill for the other two bedrooms, and a laundry room. A finished lower level provides an additional 2 bedrooms and a family room with a wet bar. Don’t wait, this one won’t last!

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

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Click here to see breathtaking views in this week's Listing of the Week!

Almost new! this gated Rivers Edge completed custom build offers amazing river & city views! It is LEED Gold TaxAbated! It boasts a high-end elevator, huge 3+ car garage, riverfront terraces, great open floor plan equipped with a fully opening glass wall to bring the outside in! Live the good life! This 4 bedroom, 5 bathroom is listed at $1.495 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

 

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Panoramic river views and picturesque sunsets, a spa-like master bath, and expansive space for entertaining and recreation. Keep reading for a peek inside this week's Listing of the Week!

This is a magnificent passive solar home with amazing river views. Constructed with the utmost attention to detail combined with an artful balance of refined taste, luxury and lifestyle! Kitchen opens to a great room with vaulted ceiling and fireplace! Sprawling lower level for recreation! There’s also an elevator! Best in outdoor living with open air porch! Sunsets and river views are abundant in this 6000+ sq. ft. home. This 4 bedroom, 4 bathroom home is listed at $1.25 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.  

 

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This beautifully updated, tax abated home just steps from Hyde Park Square features a gourmet kitchen, finished basement and luxurious master suite with his and hers closets. Click for a peek inside this Listing of the Week!

This timeless, modern design is steps from Hyde Park Square. It features an open floor plan with more than 3,400 square feet. There is a gourmet kitchen, wet bar, great room, and a walkout screened porch – all perfect for entertaining. There is a luxurious master suite with his and hers closets. There is a finished lower level with a bar that adds 993 square feet to the home. Additionally, the home features a 2-car detached garage and is tax abated through 2027. 

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

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Hearing about tax abatements, but have questions? Read on as we chat with a local mortgage expert to get answers.

For most homeowners, property taxes are a major expense. While property tax rates vary depending on where you live, they typically average between 1-3% of the home’s value each year. “Many people don’t realize that this recurring expense doesn’t go away when you pay off the mortgage,” says Ron Erdmann, Branch Manager of the Guaranteed Rate Cincinnati office. “Property tax is a perpetual cost of home ownership. That is, unless you have a tax abatement.” 

What is a Tax Abatement?

A tax abatement is a government tax incentive program that can reduce or eliminate your property tax rate for a certain period of time. Abatement durations vary, from a few years to more than a decade. Here’s a good overview of Cincinnati tax abatements — https://buildcollective.com/tax-abatement/ — and a more recent update on how those policies may change soon: https://buildcollective.com/tax-abatement-2020/

According to Erdmann, the purpose of these programs is to incentivize desired actions, such as more eco-friendly building practices (i.e., LEED certification) or to attract more buyers to a developing area. “For example,” he adds, “the new HOMEARAMA Walworth Junction development near downtown has homes that are Target LEED Gold certified, which makes them eligible for 15-year tax abatement.” Some cities offer tax abatements citywide, while others only offer them in designated areas. Some cities limit these programs to low-to-middle-income property owners, but many programs have no income restrictions.

Not Just for New Construction

Tax abatement programs reduce or eliminate the amount of property tax owners pay on new construction with LEED certification, but also for rehabilitation and/or major improvements. “It doesn’t have to be new construction. If you rehab an old house, you’re only taxed on the pre-renovation price,” Erdmann explains. “Norwood has a program like this, and Blue Ash has a version of it. Other areas and cities are starting to jump on it.”

You can buy a property that already has an abatement, or you can purchase an eligible property, make the required improvements, and apply for the abatement yourself. The first option is considerably easier, Erdmann says, because it means someone else endured the construction and all you have to do is move in, but both are possible.

This doesn’t completely eliminate your property tax bill, though. “You’ll still have to pay taxes on the value of the property before it was improved,” Erdmann says. “But the savings can be substantial.”

More Home for the Value

These tax abatement programs can bring buyers significant savings. Erdmann says it also allows buyers to get more home for the same price, or improve their chances of qualifying for a mortgage by putting a home’s total monthly payment within reach. Plus, he adds, property tax abatement can improve a home’s resale value for as long as the abatement is in effect.

“Within the city of Cincinnati limits — Hyde Park, Mt Lookout, Madisonville, etc. — property taxes are the same: 2.576%. If you go out and by a $750,000 house, property taxes will be $1,610 a month if it’s not tax abated,” Erdmann explains. “If you go out and find a house that’s $1M but tax abated because it’s LEED gold certified, that means you’re taxed on only $440,000 which makes your property taxes only $944 a month.”

To learn more about mortgage and tax abatement options, contact Ron Erdmann, NMLS 728342, Branch Manager and SVP of Mortgage Lending at Guaranteed Rate, or visit https://www.rate.com/loan-expert/ronerdmann. You can also contact him via email at ron.erdmann@rate.com or call (513) 609-4484. 

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This week's Listing of the Week is an East Side urban oasis! Click here to see more!

This home is a centrally-located, East Side urban oasis. It was built in 1894 and completely renovated in 2010 with a focus on functional space, privacy, and the views over the river and the hills of Kentucky. This home has 4 bedrooms, 3 full and 2 half baths, 2 full working kitchens, 2 offices, elevator, attached 2 car garage and overflow parking for up to 6 additional cars. It’s listed at $1.6 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

 

 

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This home, meticulously curated by a famed designer, sits on 4.7 acres of resort style living with a heated pool, elegant entertaining spaces, and all the upgrades you could dream of. Click for a peek inside.

This week’s Listing of the Week is a luxury Coldstream gated estate with quality finishes, attention to detail, and was masterfully created by renowned builder Ed Weber. The home was meticulously curated by famed designer David Millett. It has sophisticated and elegant entertaining spaces. There is a soaring two-story great room that opens out to 4.7 acres of resort style living. There is a heated guanine pool with a waterfall and manicured grounds. This 5 bedroom, 7 bathroom home is listed at $2.225 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.
 

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Gourmet kitchen, amenities galore, and three balconies with river and city views. Get a sneak peek inside this Listing of the Week that offers the ultimate in urban luxury!

This condo was made to let you live your best urban life with a view. This impeccable property offers the best available city and river views. The 3 bedroom, 3 bathroom condo features 3,600 square feet of open living space, custom cabinetry, a gourmet kitchen with Wolf and SubZero appliances, 3 separate balconies, and numerous amenities and upgrades. The home is listed at $1,495 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.
 

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This exquisite estate is nestled in Coldstream Kentucky with wowing renovations and gorgeous gardens galore. Read on for a peek inside this week's Listing of the Week!

This beautiful, private, Coldstream estate sits on 9 acres. It has been extensively renovated and better than new. The home is light-filled and has modern touches with an open kitchen, top-of-the-line appliances, two master suites, a lower level game room, fitness studio, bar, and a home theater. The outdoor oasis includes a patio, Gunite pool, pool house with a kitchen, bathroom, changing area, and living area, and meticulous gardens. This 7 bedroom, 7 bathroom home is listed at $3 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

 

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You don't want to miss this beautiful, English-inspired estate in this week's Listing of the Week!

This historic beauty offers extraordinary features, thoughtful updates & grand room sizes. Every inch carefully crafted & cared for by devoted owners. Gorgeous architectural detail with pocket doors, millwork & moldings. Amazing new kitchen has Terra Cotta tile floor from Europe, custom cabinetry, honed granite countertops. Private rear yard retreat. This 5 bedroom, 5 bathroom home has more than 5,000 square feet and is listed at $1.3 million.

This listing is sponsored by Ron Erdmann at Guaranteed Rate, the official mortgage professional of Cincy Chic.

 

 

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