4th Quarter National and Columbus Home Price (Cleveland, Westerville: for sale, 2009)

[sftong]

I cannot believe my eyes when I read that Columbus suffered almost 8% year-over-year price dropped in 4th quarter 2008. I live in Powell and my neighborhood does not seem to have this plunge size.

I last heard Pickerington area has tons of foreclosure and my source told me the price dropped at least 30%, and I thought he exaggerated.

Overall Ohio state took a big beating. Cinci down -12%, Cleveland down -25%. California took a blood bath (generally -30%), but I think they well deserved it. Huge rise, bigger fall, too much debt (buying without a brain).

Any observations around your neck of the wood? Thanks


Home price declines deepen - Feb. 12, 2009

[NewToCA]

My own casual observation is that California and Ohio have different sources for their housing price problems.

In California, it was the run up in prices from 1998 through mid 2006, with most home prices going up in excess of 100%, and many areas quite a bit more than that. However, the housing stock in much of California appears to be fairly modest, so they just got a lot of money for relatively pedestrian housing.

In the metro Columbus area, homes were much less expensive, and appreciation very modest. As a result, a significant number of very nice homes had been built in the 1990's and 2000's, with a massive stock of upscale housing eventually coming up for resale. Looking at much of Powell, Dublin, New Albany and a significant part of Westerville, you see an inventory of large homes for sale that seem to be excessive for the size of the market.

[NorthWord]

I've been watching Columbus home sales closely for the last couple of months.
They seem to be leveling off, after falling pretty drastically.
I notice a lot of new, 1 owner homes on the market. I figure that they were victims of the MI/Dominion lending tactics.

I blamed Columbus' housing market troubles on the rampant building that occurred in the first part of this decade. Plenty of houses, but not enough qualified buyers.

What's happend to the residential construction industry in the last couple of years (that I've been gone)? Have all of those builders gone under? Landscapers?

[Clevelander17]

Originally Posted by NorthWord

I blamed Columbus' housing market troubles on the rampant building that occurred in the first part of this decade. Plenty of houses, but not enough qualified buyers.

I think this is a big problem now in some Sun Belt cities, like Phoenix.

[GeminiGal]

Originally Posted by Clevelander17

I think this is a big problem now in some Sun Belt cities, like Phoenix.

Agreed. Atlanta was named the most "vacant" city behind Detroit.

My area of Powell seems to be holding it's on. I have had a couple neighbors to sell without price decline late last Fall and a foreclusure that no one seems to want. Have "heard" that Dublin & New Albany are seeing declines, but Upper Arlington is holding it's own. I don't think Cbus as a whole saw a huge bubble on prices like many of those fast growing sunbelt cities.

[bgo]

Columbus is a decent place to buy a home. Not much swing in price, even in this awful economy.

MOD CUT

Don't let Columbus drag you down!