Indian Hill Road Resurfacing Projects in 2008

Between June 16, 2008 and August 8, 2008 the Village of Indian Hill will be resurfacing the following streets . You will probably wish to consider alternate routes when possible.

• Adams (Shawnee Run to Terminus)
• Camargo Pines (Camargo to Terminus)
• Drake (Arapaho to Camargo)
• Drake (Shawnee Run to S. Clippinger)
• Drake (Brill to Indian Hill)
• Finley (W. Corp. to Spooky Ridge)
• Hoffman Farm (Spooky Ridge to Terminus)
• Keller (Loveland-Madeira to Given)
• Loveland-Madeira (Various Locations)
• N. Clippinger (Shawnee Run to Tupelo)
• Tupelo (N. Clippinger to N. Terminus)
• Varner (Walton Creek to Drake)
• Spooky Ridge (Blome to Terminus)
• Tecumseh Trail (Miami to Terminus)
• Carriage Trail (Old Carriage to Terminus)
• Carolines Trail (Carriage trail to Terminus)
• Special: Spooky Hollow (East ill ~ Micomilling)

There will be a total of 35,400 L.F. (6.7 mi.) of road resurfaced and an estimated construction cost of $560,000. Furthermore, five (5) bridge decks will be resurfaced with the help of the Hamilton County Municipal Road Fund (MRF) at an estimated additional construction cost of $55,000. The bridges are as follows:

• Loveland-Madeira Road (2 bridges)
• Camargo Road at Loveland-Madeira Road
• Kugler Mill Road at Loveland-Madeira Road
• Keller Road at Loveland-Madeira Road

Source: The Indian Hill Bulletin - May 2, 2008 Edition

Village of Indian Hill’s Water Supply Treatment Process

Source: Indian Hill Village Bulletin dated May 2, 2008

Indian Hill’s water comes from the Little Miami aquifer located near Milford and Camp Dennison. Indian Hill has nine wells. Each well has a depth range of 35 to 75 feet and produces water at a rate of 300 to 700 gallons per minute.

Once the water is pumped from the well field to the treatment plant located on State Route 126 in Camp Dennison, it enters one of the 12 ion exchange water softeners. These softeners reduce the water hardness from 300-400 mg/L to 110-180 mg/L. During the softening process, the calcium and magnesium ions, which cause hardness in water, are replaced with sodium ions. The softeners used in Indian Hill’s water treatment process are similar to those found in homes; however, household water softeners use approximately 150 pounds of salt every few months, and Indian Hill uses 25 tons each week.

After the water is softened, three chemicals are added to the water supply. The first chemical, chlorine, is added for disinfection purposes. Next, fluoride is injected to help prevent tooth decay. Finally, zinc orthophosphate is added to help control corrosion of household piping and plumbing fixtures.

Indian Hill has an EPA certified laboratory to help monitor the treatment process and water quality. The water treatment staff consists of four operators. All of the operators are licensed by the Ohio EPA in water supply, and are certified to perform laboratory testing. The lab has the ability to test water for hardness, chlorides, fluoride, chlorine, pH and total alkalinity. These tests play an important role in monitoring the proper operation of an ion exchange plant, as well as, meeting Ohio EPA water quality regulations.

The 130th Community Memorial Day Observance

The 130th Village of Indian Hill Community Memorial Day Observance will be held at the Armstrong Chapel on Monday May 26, 2008 at 10:30 AM. Chip Nielsen will be presiding over the event and there will be musical selections performed by the Indian Hill High School Brass Ensemble.

Open Space and Parks Abound!

Indian Hill has over 10  fantastic parks for  residents to enjoy.  There are tennis courts, baseball and softball diamonds, soccer and lacrosse fields.  In 2002 the Village acquired a former gravel site, called Grand Valley.  Located in Camp Dennison, the 350 acre site has been the focus of a reclamation project to restore wildlife and natural beauty.  As a resident, you can get a pass to the park where you can walk the trails, go fishing or just watch the wild life.   You read about the parks in the Village of Indian Hill’s web site http://www.ci.indian-hill.oh.us/departments/public-works-parks.htm.  Enjoy 

Is the Real Estate Market Good or Bad?

Real estate is local.  Everyone understands that.  Yet, with all of the national media attention on the “National Housing Market” it is easy to lose site of how local real estate actually is.  I agree with Jonathan Miller that There is No National Housing Market and it is more important to focus on the market where you live and/or where you will be moving.

In the end, an actual good or bad market is determined by the collective confidence of the local consumer that lives or wants to live in that area.  In other words, do people have confidence that purchasing a home in that area is a good investment.  The concept of consumer confidence on a real estate micro market can be determined by many factors such as home price trends, governmental trends, building trends, schools, crime, proximity to amenities, etc.

In the Greater Cincinnati area we have seen a slow down in the number of monthly real estate transactions occuring this year versus 2007.  According to statistics compiled by the Ohio Association of Realtors, the Greater Cincinnati Area has seen an 11.6% decline in number of properties sold in the period of January - October 2007 versus the same time period in 2006.  Even though this is a significant decline in inventory turnover, the average selling price for the area has only dropped by 2.6%.  This has lead to a large increase in the number of properties for sale on the market and therefore longer days on market for a seller to sell their property.

In the micro market of Indian Hill the situation has been reversed this year.  For the same period of January through October there has been a huge 31% increase in total number of properties sold and yet a significant decrease in the average and median sales prices.

This is good news for those looking to buy in Indian Hill and bittersweet news for the sellers.  For Buyers it is an obvious opportunity to find a property at a good price.  For property sellers this means that indeed properties are selling at a good pace…but expectations of the value of their property should be adjusted downward.

So, back to the original question of a good versus bad market.  The data suggests that it is a good time to be a buyer of property in Indian Hill while sellers who don’t have to sell may wish to consider waiting until demand increases.

Village of Indian Hill Ohio Charter

Within the Village of Indian Hill Code of Ordinances, the City Charter defines the wishes of the community with regards to overall mission and structure of the city government.  For the purposes of those interested in purchasing real property within the Village limits I have extracted some points of note that may bear interest.

General Powers:

Even though Indian Hill can be considered a city because it is a legally defined government entity, with powers delegated by the state and county and created and approved by the voters of the city, the Charter states that it shall be a “body politic and corporate by the name of ‘The Village of Indian Hill’” (§1. General Powers).  Therefore, even though it is not technically a “village” it still retains the name of Village as its formal city name.

Indian Hill does not have businesses operating within the city limits as is the intention of the community as is clearly stated in the charter: “It is the purpose and intent of the people of Indian Hill that the character and uses of the area within the village may not be changed, and that it shall continue to be a rural neighborhood of homes and farms” (§1. General Powers).  Other than homes and farms there are also churches, schools and The Camargo Club which are all part of the community.

City Legislature:

All legislative powers of the village are given to a council of 7 elected members whom must all be residents of The Village of Indian Hill (§2. Powers and term).  From these 7 council members will be appointed a Mayor and Vice Mayor by majority vote of the members (§8. The Mayor).  The Mayor has the jurisdiction in civil and criminal cases of the city.

City Management:

“The village manager shall be the conservator of the peace within the village, the administrator of its business and the executive of all its affairs” (§21. Rights and duties).  “The village manager shall appoint a village solicitor…He shall be the legal advisor of and attorney and counsel for the village…” (§22. The village solicitor).  ”The village manager may appoint a treasurer…” (§23. The treasurer).  “The village manager shall appoint a comptroller…[who] shall be the fiscal and accounting officer of the village…” (§24. The comptroller).

City Planning:

The village planning commission consists of 5 members, one a member of village council and 4 electors of the village (§31. Appointment).  ”The village planning commission shall…prepare a building code regulating construction of buildings and other structures within the village, and from time to time amendments thereto as required” (§32. Powers and duties).

New Natural Gas Plan for Indian Hill Residents

Residents of Indian Hill now have more options when it comes to the pricing of the natural gas they consume. Through a recently signed natural gas endorsement service plan with Integrys Energy, the Village has provided residents an opportunity to receive a stable rate for their gas costs. With the current volatility in natural gas pricing, this voluntary plan is designed to help keep Village residents’ energy costs more stable. The Village will be mailing information on this program to residents soon.

Source: Indian Hill Village Bulletin

Indian Hill Real Estate Market Statistics - First 3 Quarters of 2007

There is so much data available between public record and the MLS that I can sometimes get bogged down trying to put it all into order.  Luckily, I have a stats package that allows me to analyze MLS data very easily.  The best way to use the stats package is to analyze the trends in the Indian Hill Real Estate Market.

The following graphs will show several market metrics for the first 3 quarters of 2007 (Jan - Sept.) as compared to the same 3 quarters last year and in 2005. Everyone hears about the “bad real estate market” these days and it is interesting to dig into the numbers and see where this negative press is coming from.  The first graph below shows the total number of properties sold in Indian Hill:

There is a very interesting divergence in the red 2007 line as compared to the previous 2 years.  This says that there were significantly more properties sold during the months of March through June as compared to previous years.  There is also a significant downward trend in the number of properties sold in the months from June 2007 to September 2007.  This “bubble” of increased transactions over this past summer seems to contradict the general feeling that the market is slow.  Of course we all know that the market in general isn’t great for home sellers but there is still demand for Indian Hill properties.

The next graph will tell us the average price of the properties that did sell each month compared to previous years.

I don’t see a major difference in this year versus 2005 or 2006.  The value of Indian Hill Real Estate is so varied that there is always going to be a good amount of variability in the average sales price on a month-to-month basis.

The next graph will fill in the question as to whether or not sellers are willing to negotiate more on price these days.

This graph takes the final sales price and divides it by the asking price at the time the purchase contract was written, thereby giving us an average percent reduction in price per deal by month.  It does appear here that we were trending slightly lower at the beginning of this year as compared to previous years in the average negotiated discount.  Once you mentally remove that extreme dip in May (obviously skewed data from one or two deals) you can see that the 3rd Quarter of 2007 seems to have come back in line with previous years.

Finally, we must look at the average days that a property remained on the market before a purchase contract was secured.  It is important to realize that this data can be misleading depending on if a home was re-listed several times before selling.  When a property that hasn’t sold is taken off the market and then put back onto the market (either by the same agent or by a new one), the “Days on Market” goes back to zero.  So a property could have been on the market for 180 days and not sold and then another 60 days in the new listing before an acceptable contract was signed.  This property would have a true “Days on Market” of 180 + 60 = 240 days but the statistical data in the MLS will show only the 60 days on market and ignore the original 180 days.

It appears as though the average Days on Market for the Indian Hill area have remained somewhat steady.  I do think that this graph shows a bit of a slower market this year since June than would be expected.  This correlates to what many home sellers in Indian Hill are feeling.

Overall it does seem that the Indian Hill Real Estate market is fairing pretty well through this nationally tough period.  We tend to be insulated from the major demand swings experienced on the East Coast and West Coast though.  Most people realize that this is a very good time to be a Buyer in this market and with good negotiation there are deals to be had.

Mortgage Rates Drop to Five-Month Lows

Mortgage rates have fallen to lows not seen in five months, according to the latest weekly report from Freddie Mac. The average interest for 30-year fixed loans was 6.26 percent, compared to 6.33 percent a week ago; and this was the lowest level since rates averaged 6.21 percent during the week of May 17.

“Continued market concerns about weaker economic growth and further declines in the housing market have kept mortgage rates low over the last few weeks,” according to Frank Nothaft, chief economist at the mortgage finance giant.

Also, rates on 15-year fixed products fell to 5.91 percent from 5.99 percent last week; rates on five-year adjustable rate mortgages declined to 5.98 percent from 6.03 percent; and rates on one-year ARMs slipped to 5.57 percent from 5.66 percent a week ago.

Source: Chicago Sun-Times, Martin Crutsinger (11/02/07)