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The Downtown Columbus Condo Conundrum…If You List it, Will They Come?
November 9th, 2010 categories: Condos & Lofts, Downtown, For Home Buyers, Market Updates
It's been quite a ride for Downtown Columbus Condos over the years and in 2010 it's been more of a carousel than a roller coaster.
About 29 months ago I wrote a post talking about the downtown Columbus condo market and how I ‘finally’ saw all the units at 8 on The Square. I waxed poetic about how much I liked those units, and had some pictures of a few of the to-die-for Columbus views.
Today, at the corner of Broad and High, there still sits that rare Downtown Columbus Condo find-a 2500+sf 3 bedroom condo. Now, it’s $799,000 which represents a $200,000 discount over the day I saw it in 2008. 8 on the Square is still a good project, still 100% tax abated, and the views aren’t going anywhere. You can still get a 1 bedroom for $199,000 with 946 sq ft. Maybe Governor elect Kasich has a few new-hires in mind that’d like that space…..
As for the current health of the Downtown Columbus condo market, well, we have 7 units in contract as of this afternoon–2 of those in the aforementioned 8 On the Square at 8 East Broad Street. Two others are one bedroom flats at Neighborhood Launch on Gay street. You may be surprised to find that the average condo fee of those two units is only about $65.50/month.
So far in 2010, of the units listed for sale in the Columbus MLS, 43 downtown Columbus properties have sold. That’s what, about 3.5 or just over 4 per month if you figure the 7 in contract will close by end-of-year? Those 43 units have been spread out all over the downtown geography proving that there is something for everyone, from Buggyworks to Rich Street Walk and Waterford Tower to Sixty Spring. Two bedroom units made a great showing this year too after years of hearing how only 1 bedroom units sell downtown, only 16 of those 43 properties were one bedrooms.
The average condo that sold, to date, in downtown Columbus in 2010 had
- about 1,337 square feet and
- sold for around $267,264 or
- about $192/sqft.
Removed from those averages was the single largest sale of a downtown condo so far this year, a whopping 4,663 square foot 3 bed, 3.5 bath 15th floor combined 2-unit at North Bank which sold in late July for $1,350,000. Yeah, it has some darn nice South/East views.
Historically for the year:
- 2009 51 units $200.45/sf
- 2008 63 units $210.73/sf
- 2007 111 units $218.92
- 2006 112 units $196.96/sf
- 2005 55 units $209.75
As for the 130 active Downtown Columbus condominiums on the market this afternoon, they average
- 1454 square feet and
- have an average list price of around $319,629 or
- about $214.11/sqt
What’s the least amount of money you could spend to get a little piece of downtown? There are 47 units under $200,000 and 13 units under $150,000 ranging from 585 square feet at The Hartman building to a 1168 square foot foreclosure in the Rich Street Lofts on the 3rd floor for a mere $122,096.
The top four most expensive units on the market currently all have at least 3000 sf and reside at Miranova, followed by the three remaining 3 bedrooms (which, if memory serves me right I believe are closer to 2 bedrooms with a den that could be a bedroom) at 8 on the Square. Did I mention how the elevator opens right into your unit?
Remember-not all properties that sold in downtown Columbus were listed in the Columbus MLS (only re-sale units in North Bank, for example) and that supply and demand have sort of switched places over the last five years.
Should you buy a downtown Columbus condo? What does 2011 hold for the downtown condo market? Should you flat out avoid some locations? Are there some serious bargains to be had in the downtown condo market? All this and more to come in the next few months.
