Are Houses Selling In The Columbus Area? (Grove City, Marysville: buyers, school district)

[streetcreed]

I have a friend (neighbor) who has been in RE for a long time. She has stated some of the same things that NewToCA posted. Also, like Tenzo stated, those older always sought after inner areas are doing rather well. Entry level homes / prices are moving.

I agree with everything posted in this forum thus far. My impression from living here is the same.

I live in the central city neighborhoods (just north of Short North) and see homes moving, new builds progressing (though at a slower rate than pre 2006), and see high end rentals going up in high numbers.

There does seem to be a surplus of high end homes in the suburbs and exurbs, and lowered prices on middle class homes which may lower prices in modest areas of Columbus.

However, the homes in the renovated areas of the central city and inner ring suburbs are a distinctly different product than a new build. Thus they are not comparable products.

If someone is looking for a central city/urban neighborhood they will not substitute for a suburban/new build. Also, the supply of historical/older homes is held constant hence the need for random new build condos and apartments in the sought after neighborhoods such as the short north, german village or grandview. This seems to have caused less price decline or even appreciation in the popular central city Columbus neighborhoods or inner ring suburbs.

[Tenzo]

I'm not sure if it's really the 'high end' of the high end homes.
In the last 7 years Columbus has seen a housing boom, one of the biggest in the nation (by % increase)

The builders were able to churn out thousands of cookie cutter homes that were all pretty much the same. These aren't selling well because there are so many and the only differentiating factor is price. They also have no charm (in my opinion.)

Take the new development in Harrison west. They are all EXACTLY the same. why buy one over the other except price? Plus they are building new ones. If you can have a sparkly new home as opposed to one dinged up over 3 years, which one will you buy? So prices for cookie cutter homes have dropped, simply because there is too much supply. Then Jimmie and Jill think that they want to get out 'at least what they paid for it'. So it sits on the market.

The ones that are turning are the unique homes that were built a long time ago. Victorian Village, some of short north and German Village. Even in those neighborhoods the ones that are selling are the unique ones.

[NewToCA]

Originally Posted by Tenzo

I'm not sure if it's really the 'high end' of the high end homes.
In the last 7 years Columbus has seen a housing boom, one of the biggest in the nation (by % increase)
The builders were able to churn out thousands of cookie cutter homes that were all pretty much the same. .

If you take a look at places like Tartan Field and Campden Lake in Dublin, Loch Lomond and Wingate in Powell, Highland Lakes in Westerville, and Fenway and Lambton Park in New Albany, you'll see many of the homes that I'm referring to in my posting. Right now, using a threshold of $700,000, I find 100 properties currently for sale in Dublin, 72 in Powell, 27 in Westerville and 86 in New Albany. That is a lot of homes, especially considering that the typical $700K home has an annual property tax bill of about $13-$17K per year, depending on location.

Add in the tougher qualifications for mortgages...

[DonaldW]

When do you think the price slide will stop and the price will stablize and may even go up? 2-3 years?

[NewToCA]

Originally Posted by DonaldW

When do you think the price slide will stop and the price will stablize and may even go up? 2-3 years?

Tough to call. Columbus has a delay in joining the downdraft in prices, so I think the recovery may take a bit of time out there. Looking at the jobs market, and the tougher mortgage qualification guidelines, it could be a five year period before you see price appreciation (except for some specific smaller areas).

[Torn2pieces]

Thanks all for the input - Much appreciated...

I'll figure out what we're going to do within the next 2 weeks...

[Tenzo]

I don't think home ownership is ever a bad idea.

It's an investment that can go up and down.
But while you hold onto it you get to live in it!

We paid $460K for our place (an outrageous amount in Columbus, a pittance in Chicago).
Pain in the butt people tell me I am crazy for buying for 3 years.

But if I had rented, I would have put that much money in the market. My investments are down about 50%.

So if the value of my home goes down 20%, I'm way ahead.



The only thing people can say for sure, is that you will never get back rent money.

[cbusprof2]

Houses are selling moderately quickly in the Powell market - good homes priced well below what they could of received even a year ago. Nothing is moving above $300K... sweet spots are $230K to $260K. I think timing is key and if you are selling deciding where your pain point is to accept a price lower than you anticipated.

[smithranch]

Been watching a house in Baltimore area for over a year. They changed realtors and dropped price. I looked at it yesterday and while I was there over 6 other parties either came with realtors or pulled in to look at it. Price does make a difference.

[gahr1family]

Custom built a home in the mid $700 range 2 years ago in Marysville. Golf course sub, cul-de-sac wooded location. Interviewed 5 top agents all said high $700's. Three weeks ago went on at $724,900 no showings, not one! Nothing but positive feedback from every agent intervied on both the interior and outside curb appeal! Every room is meticously detailed and I have been told we are trimmed out more than $1 mil plus homes. Have since dropped the price to $699,900. 10 minutes to Muirfied Avery, but can't get a realtor tour and/or any showings.............Hired a top producing agent........what should we do?