Downtown Archives
Posted by Mike Parsons
September 25, 2008 at 08:15 PM
While the first time homebuyer market $200,000 and under has been popping, homes that require folks to move then buy are sitting. The ones that are really struggling are the $400,000+ homes. The $400,000 plus marketplace has been fueled by the creative loans, teaser interest rates, and over-confident consumers that we hear about in the news everyday. This is simply not a time when purchasers feel confident enough to make those high dollar purchases. The media has created alot of fear. They figure they will wait it out. Also, many of the newer homes built in the last 5-6 years homes at $400,000+ that were sold on the outskirts of Columbus in neighborhoods like Wedgewood, Golf Village, Dublin, Powell, Lewis Center, etc.. are being perceived as over valued by the market. For most, its not huge price depreciation, but enough to keep most sellers under water. New builds were just sold at such a premium due to the below market financing. Buyers were evaluating homes based upon their mortgage payments instead of the purchase price.
The old addage Location, Location, Location is returning to be a theme as buyers are now much more considerate of commutes to work(gas), and the stronger investment of homes in established communities. Areas like Clintonville, Upper Arlington, Grandview, and Worthington have faired much better for sellers because every other home isn't on the market weighing the prices down. Buyers have forgone the huge open great rooms and vaulted ceilings for usually smaller homes in established communities that offer walk to schools, walk to restaurants, and more of a community feel.
Areas that are really taking a beating are Groveport, Pataskala, Pickerington, and Grove City due to a whole lot of new building and existing home inventory, and in some cases a perceived lesser school district.
Westerville and Hilliard are caught somewhere in the middle and have faired decently.
The Short North, Victorian Village, and Grandview continue to be pretty hot and pricey.
The Downtown and Arena District seller who bought in 03'-04 and were selling in 05'-06' did pretty well but it remains to be seen how many of the dowtown condos and lofts will fair over the next few years as investments. I am skeptical how the market will react to the once 5-10 tax abatments in some of these areas that will be coming due and are bound to affect buyers value and will go straight to their payments bottom line.
Posted by Mike Parsons
September 08, 2008 at 05:01 PM
Our river city tops Forbes list of the most affordable places to retire. Our reasonably priced homes, lower inflation rates and low unemployment rates for those over 65 who wish to continue working, all contribute to the ranking.
As well, Columbus has the most doctors per capita and the highest number of citizens (per thousand people) tapping their Medicare benefits. Both issues are extremely important as the population’s life expectancy continues to increase. With people living longer, the need increases to stretch those dollars as much as possible.
The Columbus Board of Realtors launched “The Grass is Greener Here” campaign during the Spring. This was done to quell the negative rumors from the media, who tend to pain national trends as opposed to what’s happening in our local markets. As we know, “all real estate is local.”
On the heels of this latest news, see what others are saying about Columbus:
• ..One of the top 200 Best Places for Business and Careers..."
-Forbes
• ...A top 50 hottest city for expansion and relocation..."
-Expansion Management Magazine
• ...The second best city in the nation for African American families..."
-BET.com
• ..Franklin County is one of the top large counties for recruiting and attracting new business..."
-Expansion Management
• ..15th-largest city in the United States"
• ..One of the fastest-growing major metropolitan areas in the Midwest."
• ...No. 1 among the Top 10 Up-and-Coming Tech Cities..."
-Forbes, March 2008
• ..Seventh-strongest economy in the nation..."
- POLICOM, August 2006
• .Eighth-best big city on Money Magazine's 2006 Best Places to Live list..."
-Money Magazine, 2006
• ..A top hottest city for expansion and relocation..."
- Expansion Management Magazine, 2006
• .No. 9 among the Most Affordable Places to Live Well..."
- Forbes, November 2007
• ...Population in the Columbus Region as grown by 455,000 people (36%) during the last 26 years - to 1.7 million in 2006. Since 1980, Columbus has grown 12 percent faster than the national average and nearly six times faster than the state of Ohio..."
• ...one of the largest college populations in the nation, with 110,000 college students enrolled in 20 higher education institutions. Ohio State University was ranked the largest university in the United States in 2006..."
• ..Fourth-safest city for businesses in the United States..."
- Risk & Insurance Magazine
• ..The state of Ohio ranked number one in the nation for the number of attractive micropolitans for capital investment..."
Contributed by Judy Gray, Relocation Director of Cam Taylor Realtors
Posted by Mike Parsons
February 11, 2008 at 01:42 AM
Zherdev has been setting the Nationwide arena on fire this year. Burnham Square has been a very popular condominium complex for the Columbus hockey team due to its super close proximity to Nationwide Arena (about 100 yards). Nikolai purchased a 2 bedroom, 2.5 bath, 1958 square foot condominium at Burnham Square in 2006 for $457,000. Other notable residents of Burnham Square in the Arena District are Pascal LeClaire at $492,000 and Kristian Tollefsen at $445,000.
Posted by Mike Parsons
December 03, 2007 at 04:37 PM
Money Magazine looked at 30 of the nations largest metro areas and picked the top areas or neighborhoods to retire. Click on the link below to go to the Money Magazine article about the Short North.
Money Magazine Article
Posted by Mike Parsons
August 29, 2007 at 08:09 PM
9/15/07-We will be hosting a FREE Home Buying Seminar for first time buyers. We thought we would do this class to help first time buyers feel more comfortable going through the home buying process. Often, buyers haven't done the necessary research and aren't prepared for their home purchase. This course is designed for those that hope to buy within the next year, but maybe not tomorrow. It is intended to give home buyers the basics so that everything isn't thrown at them all at once when the time comes to buy. This discussion is intended to disregard the hype and talk about the real issues that are important first time buyers. Subjects that we will talk about are:
1. Typical Steps in a Real Estate Purchase including financing, home search, making and negotiating an offer, to inspections, insurance for your home, and closing on your home.
2. How do I apply for a mortgage loan? What things do I need to be aware of when applying for a mortgage?
3. The biggest mistakes first time homebuyers make in Columbus, OH.
We will have an open forum for any questions big and small after the presentation.
The Free Homebuying Seminar will be held at Park National Bank located 7140 N. High St. Worthington, OH 43085 (Just South of 270 on the corner of Wilson Bridge and High). It will begin at 10am and will go unitl approx. noon depending upon the amount of questions. Light refreshments will be provided. Please call or email to register your seat. 614-523-6818. RSVP is required.
9/15/2007 at 10AM Park National Bank Worthington, OH 43085 614-523-6818 or email mike@parsonsrealestategroup.com to register now!
Posted by Mike Parsons
October 16, 2006 at 09:45 PM
Kirk Herbstreit, the former OSU Buckeye football player and current Gameday TV personality bought this 3600 sq. ft. home on Onandaga in Upper Arlington in 2004 for $739,500, only to bulldoze it. Thats an expensive lot! He then built a brand new home(not pictured) that is rumored to have cost $3-4 million.(below)
He recently just sold this Wedgewood home in Powell at 5166 Canterbury for $1,075,000 where he lived while his house was being built. Not a bad selling price considering he bought in 04' for $975,000 at the peak of the luxury market when other homes in this price range didn't appreciate much.(below)
OSU Football Coach Jim Tressel sold his old home on Arlington Ave in Upper Arlington due to it's lack of privacy. He opted for a larger setback lot on McCoy where he purchased this 2 acre, $1,375,000 home for list price. He now has a football field sized front yard which helps to keep stalkers off his front porch.(below)
I will continue with OSU theme.
OSU Basketball Coach Thad Matta bought this home in the Woods of Josephinum in Worthington on 8/12/2004. The home was only on the market for a week. They were asking $925,000 and Matta got them down to $895,000. The 4054 sq. ft. home is located on Seminary Ridge with a great lot backing to the Olentangy River. (below)
Former Buckeye Football Great and TV/Radio personality Chris Spiellman, bought this home on Edgemont in Upper Arlington back in 1996 for almost $700,000. He has since invested about the same amount of money on upgrades and renovation. His home is valued at $1.6 million and he pays the city almost $30,000 a year in property taxes. (below)
Former Buckeye Andy Katzenmoyer owns this home in Tartan Fields on Rob Roy Dr. He purchased this home in 2000 for $650,000. It was featured in the Parade of Homes, boasts a custom home theatre, and back to the golf course.
Continue reading MTV CRIBS comes to Columbus, Ohio-Buckeye Edition »
Posted by Mike Parsons
September 19, 2006 at 10:03 PM
Old Towne East was one of Columbus's first neighborhoods and contains homes built as early as the 1830's and represents over 50 architectural styles. They were the homes of industry barons, bankers, architects, mayors, and legislators who shaped the city's future.
Old Towne probably has the most beautiful architecture in the city and has been a hotspot for trend setters and renovators over the last 20 years. You can't really find large 1800's mansions, carriage houses, original stained glass, and magnificent woodwork in hardly any other communities besides German and Victorian Village which carry twice the price tag. With prices typically much more competitive than German Village and Victorian Village the neighborhood has found quite an audience. There is still a crime element there and isn't as commercially developed with shops and restaurants as the Short North. The neighborhood streets tend to have pockets of nice areas. If this area interests you I would encourage you to use this map to drive through and take the tour. It is located just West of Bexley and provides a great diverse urban enviroment just East of Downtown. See what this vibrant area has to offer. For more info you can go to http://www.oldetowne.org
Posted by Mike Parsons
August 18, 2006 at 07:20 PM
The answer is, It Depends! Location. Location. Location. 3-5 years ago condominium complexes like Bethel Village (corner of Sawmill and Bethel) appreciated a little more per year than many well-to-do, surrounding single family homes. Due to economies of scale, and developers finding greater profit in condo development, we have seen many new condominium projects built on Columbus's North arch and downtown areas. This has transplanted a lot more condo inventory into the marketplace in the last couple years. When supply rises, demand falls. When demand falls, price appreciation will slow.
Continue reading Condo vs. Home, What is the best investment? »
Posted by Mike Parsons
August 10, 2006 at 08:15 PM
Need help negotiating? Ever wonder what the average sale price vs. list price ratio is? I will list the average percentage of the asking price that sellers are getting in 2006 and compare it to 2005 for each central ohio community.
Downtown condos, lofts and homes.
Keep in mind these figures may be skewed and lean toward a higher percentage than is actual for resale due to many of the brand new projects registering sales with non-negotiable sale prices as well as sale prices over asking price for buyers choosing upgrades before closing.
2005 Sales Price/List Price= 96.2%
2006 Sales Price/List Price= 98.15%
Continue reading Average Sale Prices vs. Asking prices for Central Ohio »
Posted by Mike Parsons
July 28, 2006 at 01:16 AM
Columbus has really made a push to promote downtown living in the last few years. City officials have offered tax abatements to businesses and homeowners. Their goals are to build 10,000 new downtown homes within the next 10 years, develop a riverfront park system, and add jobs to stabilize the office market and accommodate the growing population. The website DowntownColumbus.com does a great job of framing the city’s goals as well as shows off some of the new and existing downtown loft, and apartment developments. The tax abatement on many of these projects allows potential homeowners to afford more home while forgiving the majority of the homeowners taxes for a specific period of time, often 10 years. You can search many of these properties on our MLS Home Search by choosing: Condo/Townhome and Zip Code: 43125.
Continue reading Downtown Living »
