Forbes.com has listed Westlake as among the 20 most stable housing markets in the nation.
In spite of the foreclosure nightmare that has seized Cleveland in recent years, home sales in Westlake have increased for three straight quarters, the article said.
“Cuyahoga County has struggled with foreclosures, but in Westlake they are almost nonexistent, with only one in 9,259 homes facing foreclosure over the past month,” the online article stated.
The median home value in Westlake is $199,700, up 2.2 percent in 2010, according to Forbes.com, quoting data from Zillow, a real estate website.
Most of the cities on Forbes’ list have home values higher than the surrounding metro area, the article said. With higher values, the home in the top 20 cities were not adversely affected when a homebuyers’ tax credit expired earlier this year, author Kurt Badenhausen wrote.
Mayor Dennis Clough told West Life he had been hearing from area real estate agents that homes were moving and the values were holding up.
“I didn’t realize it was in the top 20,” Clough said. “I think that’s remarkable.”
Westlake has what young families are looking for, the mayor said.
“I think [the stable housing values] have to do with the fact that we have good schools, great quality of life, good services and great access to the airport and downtown itself.”
Clough said it’s a positive that one can find any type of home – from a starter house to large colonials, in the city.
“There’s still a range of values,” he said.
Also making the Forbes list were Cupertino, Calif. – home to iPod maker Apple, and Brookline, Mass., the wealthy suburb just outside Boston that was the birthplace of President John Kennedy.
Sandy Springs, Ga., the former home of District 1 Cuyahoga County Councilman-elect Dave Greenspan, a Westlake resident, also made the list.
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