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Old 08-21-2016, 12:49 AM
 
470 posts, read 595,857 times
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Don't get me wrong, I personally have been fond of Columbus, and I'm glad to see the revitalization and improvements along N. High Street near OSU. But I must say I'm rather surprised and shocked at the high prices for the new condos there, like "The Jackson" and others along N. High Street, and am trying to understand the reasons why a 2bdrm, 2.5ba lists for around $600K (around $350/sqft). I can see that kind of pricing at a high rise in San Diego by the ocean or in the San Francisco Bay Area overlooking the Bay, but I'm not sure why they are priced so high in Columbus. Sure, you get an elevator, garage, two separate terraces, a pool, and a decent view.. but I've looked at one of the current listings and the view is pretty much of older buildings next to you, or your neighbors' windows.. and while there may be a fairly healthy job market, where Chase and OSU seem to be big employers, it's not NYC, SF, Seattle, San Diego, Santa Monica, or Miami.. And homes in the mid-west are generally much cheaper than in those other areas, by a lot.. you can get a new 2000 sqft+ house from like $190K-$270K+ on up, depending on the area (last time I looked).

So I'm wondering who those condos are marketed to? Well-paid, tenured OSU faculty?
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Old 08-21-2016, 11:11 AM
Status: "Stay Cool, It's Hot" (set 14 days ago)
 
Location: NKY's Campbell Co.
1,877 posts, read 4,057,527 times
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Columbus has a number of high-paying employers in addition to OSU and Chase. Huntington, the largest bank in Ohio (once First Merit is acquired) is HQ'd downtown. Ohio Health's offices are down there (I believe), OSU has a large scale medical center and teaching school too.

I think part of it though is location, location, location. The location is on a high-density corridor with shops, eateries and reliable public buses (one of the few in Columbus that is as extensive as it is ) There is a high demand for these places with young Millennials, especially the ones slotted into yuppie jobs or working for L Brands, Express, DSW, etc. Many of those folks come in or have lived at one time in NYC or LA. It wouldn't surprise me if they are buying these types of places to supplement their previous residential experience. And those cities, condos of a similar nature sell well into the 800's, 900's and seven figures. When you see billboards in SF advertising studio condos from the 1,000,000's, a condo in Columbus, where a dollar goes much further, 600-700K for a 2bd 2.5bath is relatively reasonable.

Other items contributing to the price is supply and demand. Columbus' real estate market is extremely tight at the moment, causing inflated pricing. While this is especially felt in the suburbs (UA, Worthington, Bexley, Dublin, Powell, Westerville and NA), even urban neighborhoods are not immune. Berwick has become hot, in part because of its proximity to downtown and closeness to Bexley's amenities with half the price. German Village and Victorian Village have out priced most people with homes listing in the high six-figures, low seven-figures. That has pushed redevelopment into bordering neighborhoods, such as Italian Village and Weinland Park where prices are cheaper.

I'll disagree with the new home pricing. Anything that was built in the last five years, including new construction, will typically go in the 250K+ range in most cases in the mid-tier school district suburbs, i.e. Marysville, Pickerington, Gahanna, Pataskala, Delaware. Anything in the 2500+ range will probably start between 350-400K, i.e. Powell, Dublin, New Albany, Worthington.

Another compounding factor is much of the new builds that run in the 250-300K starting range are way out from downtown. Even commuting just inside of I-270, i.e. Tuttle area, Easton, etc. will be 20-30+ minutes. Going downtown on I-71 or coming from the east or west on I-70 add another 15-30.
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Old 08-21-2016, 04:02 PM
 
Location: Cbus
1,721 posts, read 1,414,489 times
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The Jackson is in The Short North, not The University District. The construction of luxury condos in the Short North and downtown really have nothing to do with OSU or its faculty. The residents of the Jackson are likely established professionals without children who enjoy urban living. The demand to live in The Short North is very high, hence relatively high prices.

Expensive apartments by OSU would be The View on High, One Pearl Place, The Oxford, The Doric etc. OSU is a obviously a massive school, 50,000+ students, which means housing nearby the university is always in high demand. Off-campus landlords rent what are essentially slums to OSU students, the landlords didn't need to maintain the buildings because the off-campus apartments are still much cheaper than OSU dorms, students don't really have any other options and the typical 20 year old who is living on their own for the first time isn't going to complain.

Recently "luxury" condos have been sprouting up around OSU's campus i.e. The View On High. Developers recognized that there is a huge renter market sitting at their finger tips and the current housing stock is completely obsolete. They believe they can charge higher rents by building brand new complexes that are fully furnished and have great locations for students. The prices at these "luxury" places are extremely high for the neighborhood, i.e. $900 for a one bedroom. I agree I don't think the average OSU student can afford that. I suspect they will be filled by wealthy international students, out of state kids and a percentage of in state students from well-off families.

Last edited by Buckeye614; 08-21-2016 at 04:30 PM..
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Old 08-21-2016, 04:59 PM
 
470 posts, read 595,857 times
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Thanks for the clarification.
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Old 08-21-2016, 05:04 PM
Status: "Warrior fan no matter the roster" (set 7 days ago)
 
Location: Springfield, Ohio
12,223 posts, read 10,466,899 times
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Short North is the hottest district in Columbus, so it shouldn't be a surprise they're building high-end condos there. The only other neighborhood I think could compete with it is the Arena District, with its smattering of nightlife an proximity to downtown.
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Old 08-24-2016, 03:21 PM
 
Location: Delaware, OH
38 posts, read 34,204 times
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It's a great neighborhood and popular with the younger crowd
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Old 08-24-2016, 03:27 PM
 
Location: Nashville TN, Cincinnati, OH
1,798 posts, read 1,176,370 times
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OSU is now ranked 52 in the national rankings and it's one of the best schools in the country for many graduate programs and they are running out of space to build around that campus so they can charge that due to supply and demand. On top of that OSU has many international students from well off families which will pay top dollar for their children to live someplace nice and safe.
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