Welcome To The Future Ohio & Erie Canal Market Niche Your Journey Starts Here
Where would this market be located?
TheOHIO & ERIECANAL NATIONAL HERITAGE AREAextends a distance of 110 miles along the nationally designated America’s Byway from downtown Cleveland to New Philadelphia.This NATIONAL HERITAGE AREAinvolves the Ohio & Erie Canal running through parts of Cuyahoga, Summit, Stark and Tuscarawas Countiesarea that includes 58 communities, four counties, four regional park districts, and the Cuyahoga Valley National Park. The 25 mile long section running through Western Stark County is known as the Stark County Canal Corridor. Of the entire 110 mile longNATIONAL HERITAGE AREA there is only ONE (1) CANAL WATERFRONT COMMUNITY where the canal extends the length of the entire City and where the water stays in the canal on a year round basis. That community is the City of Canal Fulton that what would represent the qualities of the OHIO & ERIE CANAL MARKET NICHE.
Photo by Micheala Johanson of Doorpost Photography-Portion of the Downtown along the Canal.
What would this market look like and why is it needed?
Under the current methodology of comparing the value of properties, that methodology tries to bring together “Like Type” properties based upon numbers that are similar for basically two categories: The price and the size of the property in total sq. ft. then resulting in a cost per sq. ft. Although quality of life type amenities are desired and sought after, they yet to be assigned any specific monetary value, resulting then to bring together "Non - Like Type" properties for comparison where the degree of discrepancies separating out the two can be substantial.
Trying to match up like type properties has never been an exact science as there are standardized parameters and templates to follow and be checked off. This methodology is a status quo type of approach that is decades old and is in conflict with the businessclimate of today where an emphasis on the neighborhoods and quality of life amenities have become an indicator of value that needs to be factored in as part of the basis of comparing “Like Type” properties that could now take place within a market like the Ohio & Erie Canal Market Niche.
What would make this market different
What makes this market different from a traditional market place setting is that the Ohio & Erie Canal Market Nicheis site specificthat will haveit’s owndefining criteria of value. Under the existing method, quality of life amenities of a community can become diluted and blended together when being compared to a larger market area. This market has an asset that is priceless and irreplaceable in the historic Ohio & Erie Canal.This specialty market is identified as being related to the real estate, business and recreationalopportunities of theOhio & Erie Canal National Heritage Area that specializesin Outdoor Recreation, Health and Wellness, Nature Watching, Bird Watching, Tourism, Eco and Wildlife Tourism, Nature Conservation, Education and Preservation, Entertainmentto Canal Cultural/Heritage Tourism.
Power and Influence of the Ohio & Erie Canal
The Ohio & Erie Canal is an irreplaceable asset that is completely unique distinguishing itself as a powerful magnet that attracts2.5 Million Visitors annually generating$408 Million in visitor spending and the Outdoor Recreation Industry that is associated withthe Towpath usage is an $887 Billion economic development engine and where it is a player in the State of Ohio Tourism industry estimated at $38 Billion and growing.
The Ripple Affect
We all know know what happens when you toss a stone into a quite pool of water where the ripples exponentially keep spreading out further and further touching on a much greater area. The key and the most difficult part is to identify what that stone is or will be to cause the ripple affect to occur. According to astudy of The Economic Impact of the National Heritage Areas, “The Ohio & Erie Canal National Heritage Areahas directed most of its federal funding into grants that develop sites and amenities that add value to the region. The Ohio & Erie Canalway has been able to leverage $350 million in Federal, State, Local, and Private investments throughout the region creating more connector trails between the Towpath and various towns and communities and as visitors to the Towpath Trail continually grows, these communities along the trail will continue to benefit greatly from the growing business and tourism that will continue to follow to the connected sites, history, and offerings of the heritage area”.
Open Mic Nights in downtown Canal Fulton drawing a crowd every Saturday night throughoutthe Spring and Summer. Photo by Glenn Dettman
Perception of Value
The City of Canal Fulton and the Ohio & Erie Canal Corridor are synonymous where then the Stark County Canal Corridor becomes part of the neighborhood and within that neighborhood is where we can establish the criteria that relates to and defines it's value factoring in quality of life type services and amenities that are part of a specifically identified geographic location. Because it can be seen almost as a market unto itself, "Like Type" properties can then be compared too others to hold that perception of value that could prove to be sustainable through real estate market downturns and upswings.
Consumer utility refers to the amount of satisfaction a particular brand, product, or item provides and how it relates to demand.
The City of Canal Fulton and the Ohio & Erie Canal Market Niche will be defined as having a higher perception of value and a higher utility resulting in a higher feeling of consumer satisfaction.
AUTHENTIC CANAL WATERFRONT COMMUNITY
Real estate abutting a bodies of water like a lake, river, canal or ocean are considered as being waterfront properties. The Ohio & Erie Canal is a unique body of water that is part of the Canal Lands that are highly regulated by and between the respective County Commissioners and the State of Ohio where the Canal Lands are to be maintained for public use only thereby restricting any new structures whether residential or commercial from being created now or in the future. Therefore: Existing canal waterfront properties are considered at a premium placing a higher Consumer utility referring how it relates to supply and demand and from demand, comes a higher perceived value. The City of Canal Fulton with it's entire border abutting up to the Ohio & Erie Canal along with water being in the canal on a year round basis makes it unique and a one of a kind out of the other 58 canal communities to be truly a Canal Waterfront Community for both residential and commercial properties existing along the canal. The City of Canal Fulton was founded because of the canal and is today as it was almost 200 years ago an Authentic Canal Waterfront Community.
Waterfront residential properties command more in value that are influenced by their respective locations and according to Zillow with a database of more than 100 million homes nationwide, theyhave analyzed the single-family waterfront home market in the United States from 1996 to the present and they have developed a unique home value index for waterfront homes nationally and at the city-level where on a national average, waterfront homes were found to be worth more than double of the value of homes overall where that difference has grown to 116%.
Waterfront Commercial Properties: Based upon conversations with those in the real estate industry from brokerage houses to real estate research firms and the review of sale data, there appears to be an average INCREASE IN VALUE OF 35%.
The hottest demographic market that everyone is going after is the Millennials, ages 20-35 as they are projected to impact the future just as the Baby Boomers did.According to a March 1, 2018 study by the Pew Research Center, Millennials are on the cusp of surpassing Baby Boomers as the nation’s largest living adult generation, according to population projections from the U.S. Census Bureau. Millennials are expected to overtake Boomers in population in 2019 as their numbers swell to 73 million and Boomers decline to 72 million. Generation X (ages 36 to 51 in 2016) is projected to pass the Boomers in population by 2028. Being able to connect to the Millennials is connecting to the future. In 2016 the Baby Boomers numbered 74.1 million. In 2020 the Millennials will peak at 86 million. By 2050, the Millennials are expected to be 74.3 million whereas the Baby Boomers 16.6 million.
The one area that Boomers and Millennials share a common thread is in Eco-Tourism. Eco-Tourism is the fastest-growing segment in the tourism industry according to The International Ecotourism Society of Washington, D.C as they share a passion for recycling older buildings, green space, outdoor recreation and protecting the environment, where its practices are influencing hotel chains and even beach resorts to implement more sustainable practices.
The Ohio & Erie Canal Market Niche connects directly to this demographic group offering opportunities from commercial real estate to home ownership to business opportunities for today and into the future.
$887 Billion OutdoorRecreation Industry is attracted to the Ohio & Erie Canal. This economic engine defines who the community of Canal Fulton is and this small community also has something else, the availability Synchronous bandwidth speeds up to one gigabit or more.
Imagine being able to live and/or work in a community where the quality of life amenities is a way of life with the beauty and calm of nature combined with the high internet speed where this is the best of all worlds. This is where you can set your roots in for your family and/or business.
Lazy Summer Day To just Relax and Enjoy
The largest city in a region will have its own market identity such as the Cleveland market. Smaller mid-size cities such as Akron can have their own market, but by some can also still considered as part of the larger city’s influence by being referred to as being part of the greater Cleveland market. Smaller communities around Akron are then considered part of the greater Akron market and every city or community in Stark County is considered as part of the greater Canton market and by some Canton can be referred too as being part of the greater Akron market as a point of reference. When trying to find other "Like Type" properties to compare with to get market values, as you can see, it can involve the bleeding over to other market areas that then takes into account trying to match up properties of greater discrepancies covering much larger areas.
The Markets in Northeast Ohio:
Ohio & Erie Canal Market Niche - Why this proposed market is so different in that it is site specific and will have it's own defined criteria of value where the properties located within this market could then be considered as being "Like Type" for comparison purposes. This market is tied to an irreplaceable and priceless asset that is unique to the area based upon it's almost 200 year old history that has a direct impact on the community that it borders having year round waters and anything located outside of that specific market area, would not be considered as being Like Type for comparison purposes. Since the community of Canal Fulton is the only one to have these features, the properties within the City of Canal Fulton then become in a sense like their own real estate market for comparison purposes.
Buyers and Sellers of Real Estate
If you are looking to buy or sell a home or commercial property, contact a real estate brokerage house that serves the Canal Fulton community. For City owned land and development opportunities to other questions about the community, contact the Canal Fulton City Manager: