LAKEWOOD, Ohio -- A sprawling lakefront home in Lakewood just became the most expensive house sold in Cuyahoga County this year.
The two-story colonial atop a cliff overlooking Lake Erie on Edgewater Drive sold for $7 million last week, well above the county’s appraised value of $3.6 million, Cuyahoga County records show.
The 10,474-square-foot home, built in 2015, sits on a 2.58-acre lot that also includes a 1,265-square-foot patio and a four-car garage, according to county records. The county records say it has five bedrooms and four baths, though the listing said seven bedrooms and nine bathrooms.
With a value of almost $3.8 million, the two parcels involved in the sale had a combined tax bill of $101,744 this year.
Brian Cantrall, vice president of Chesnut Hill Realty Inc., whom sold the property, told cleveland.com and The Plain Dealer that it had been on the market for less than two weeks. He said the last two years have been the “best housing market for luxury properties.”
Cantrall said that there were several factors that have contributed to the bustling luxury market, including an economy that has done well despite the pandemic, which has helped those with higher incomes maintain their wealth. He also noted how crucial the right home has been during the pandemic.
“Like everybody else, the home has become more important, as a place to relax and you want space and you want that to be perfect,” he said.
“So they put money in just like everybody has and their homes have improved in value. And then of course, people want more space, so they tend to go up and up and it pushes that upper market to a higher price point.”
In August alone, a dozen Cuyahoga County homes sold for at least $1.2 million, but nothing this year had approached the $7 million of the Lakewood sale.
The closest was $3.3 million in May for a 8,816-square-foot home on Gray Eagle Chase in Gates Mills.
Going back to 2018, the highest price was $6.125 million for an 8,886-square-foot home on Burton Trail in Gates Mills.
The only others to top $4 million since then were two lakefront properties in Bratenahl - one a 14,357-square-foot home selling for $5.3 million in 2021, and the other a 14,357-square-foot home selling for $4.995 million in 2018.
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