Why Columbus?
- Categories
- About Me?
- Bexley
- Clintonville
- Columbus News
- Condos & Lofts
- Downtown
- For Home Buyers
- For Home Sellers
- German Village
- Grandview
- Market Updates
- Mortgage/Finance
- Olde Towne East
- Real Estate News
- Short North
- Archives
"As a first-time homebuyer, I was nervous about the entire process. Step by step, Joe made it easy and fun. His expertise in the Columbus real estate market is a tremendous asset. He is highly recommended!" - Nicolette Horan, March 08
"I wanted to say thank you again, so much, for all your hard work. I know that you really put a lot of time into this transaction and I really, really appreciate it. I'm so happy I got the house and it all worked out and I just wanted to say thanks again, you did a great job and i really appreciate it. I will put that on the survey when they send it to me.
If there is ever anything I can do for you, please don't hesitate to give me a call. I will refer every single person I know to you. I'm going to go get my dog and we're going to sit on the floor of our new house and have a glass of champaign. Thanks a lot Joe" -- Michael Mamp, Feb 08
Is the downtown Columbus Condo market just too expensive?
June 28th, 2007 categories: Condos & Lofts
In the wake of a hugely successful City-Hop, One must still ask the question: Is the notion of first time buyers and young professionals snatching up all those groovy urban digs just a media-induced smoke and mirror trick?
Yes, it is, for the most part. Baby Boomers and Empty Nesters have been the bulk of the buyers in the Downtown Columbus Condo market so far and they probably will be for the foreseeable future.
Last week, the Other Paper’s Sara Smith asked this question. The article featured yours truly as the “in-the-know” Realtor for the downtown Columbus Condo market. It’s a good article that begins to look under the surface of what’s happening in Downtown Columbus.
Related Must Reads:
Columbuser.com » On the downtown condo market
June 29th, 2007
[…] Interesting post by Joe Peffer at Columbus Real Estate Notes: In the wake of a hugely successful City-Hop, One must still ask the question: Is the notion of first time buyers and young professionals snatching up all those groovy urban digs just a media-induced smoke and mirror trick? […]
Eric
June 30th, 2007
Joe,
I’m not sure what buildings you’re looking at, but in mine (sterling lofts) there are around 55 units. Of those 55, I think 4 are occupied by baby boomers, 1 is owned by a middle aged couple, and the remaining 50 or so, are owned by young professionals.
Also, you’re quote in The Other Paper article threw me off a bit. I was able to get “all of the upgrades”, live across the street from a full service grocery store, and 1,400 square feet for UNDER $240,000 just two years ago. If you’re right about the recent pricing then I’d like you to sell my place for $350,000.
Oh…and I can’t read any of the responses on this site? Is it something that’s wrong on my end?
Columbuser.com » WSJ streetcar overview
July 13th, 2007
[…] And the dread Young Professionals raise their ugly heads- local interview here. But the empty nesters are there too, as has been noted is a somewhat unacknowledged demographic currently pioneering downtown Columbus: In the meantime, cities have relied on a patchwork of public and private money to help fund their streetcar systems, hoping to tap into a demographic shift in which young professional and empty nesters are moving downtown. Streetcars are especially popular among urban planners because they encourage the sort of density that allows for offices to be developed alongside homes, shops and restaurants. […]
Joe
July 19th, 2007
Eric,
You’re right on about Sterling Lofts. Remember though, when it comes to the condo prices I was talking about in the Other Paper, it was downtown and Sterling, while ideally located, is South of Downtown.
You also bought when the buying was good, before anything much was really on the market downtown that was “move-inable”.
That’s also why Sterling is so full of Young Professionals, because they did come to the midtown condo market en masse as condos became available AND affordable.
For example, if you wanted to buy in the lofts at 106 building back then, you could still be in contract for a $243,500 2 bed, 2 bath with 1406 sq ft. but you may not have moved in yet. At today’s price, a similar unit in the same building is over $334,000.
If you look around now, there isn’t much of that particular combination going around. Your $240,000 would get you, for example, about 830 sq ft in Carlyle’s Watch.
Sadly, more affordable units like those at CityView at 3rd, which have come down $20-&70,000 from original prices with 10 year tax abatements are selling slugishly. (though 8 units are currently in contract there–including a 2700 sq ft penthouse unit with terrace, you can still get some 2 bed, 2bath units for under $200,000!)
You were right about the responses, some Wordpress Glitch I think I’ve fixed. thanks.