Old Post--Relevant Material
I have a listing in Olde Towne East, nearly downtown, at 742 Oak Street. It is a fabulous 1710 sq foot brick home. 2 Bedrooms, an office, a fantastic master bath, half bath, great yard, walk to a million places, priced at $199,900. It is priced right. In fact, it's a screaming good deal because it is absolutely move-in ready. I consider the main competition for the home all of Olde Towne East and every downtown Condo because the price points and location are so similar. Of course the Oak Street home doesn't have any condo fees.
Tonight I'm talking to the owner about why we haven't had too many showings and no offers. I'll tell him that in the 109 days the home has been on the market, only TEN homes OR condos have sold between $150-250,000 on the entire Near East Side AND Downtown. Nine of those were, in fact, downtown condos and the other was a bank owned foreclosure steal of a deal on Bryden Road. Only 6 others are in contract currently, five of which are Downtown Columbus condos and one of which is a much bigger home on Franklin Avenue in Olde Towne East on the market for 575 days. Talk about Quiet.
Above that price point, it gets a little bit better, but not much. 12 condos downtown have been listed as sold in the MLS (remember, that doesn't include a few key projects like North Bank) and 3 Near East Homes, all very nice with huge square feet have sold since early May but that's it.
In the same time period, Greater Clintonville had roughly just over 100 homes sell between $150-250,000. It's been a brisk summer there for that price point, with an average days on market of 84.
While these inner-ring suburb markets don't generally conjure ideas of homes under $250,000, take a look at these markets since May 10 in this same price range:
- Grandview and MarbleCliff - 21 Homes
- Upper Arlington - 65 homes
- Bexley - 29 Homes
- Worthington - 49 homes
The Short North and German Village are slow too but somewhat more stable markets with most homes priced above $250,000.
German Village/Schumacher Place had 10 homes sell since May 10 in that 150-$250,000 price range but 7 of them were likely already in contract in early May.
Greater Short North/Italian Village/Harrison West saw 32 homes sell since early May, most of which were condos or fixer uppers. As I looked through the lists from all over town, I realized that I had been in and seen many of them first hand. So, if you're looking in that price range inside I-270, I'm your guy.
In the meantime, Come on Columbus, rediscover the housing stock and location of Columbus' Near East side. Come visit 742 Oak St.
Of Possible Interest: Just in time for City Hop - April and May ‘08 Downtown Columbus Condo Sales
This entry was posted on Tuesday, August 19th, 2008 at 12:20 pm and is filed under Bexley, Downtown, For Home Buyers, For Home Sellers, German Village, Grandview, Market Updates, Olde Towne East, Short North. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.