BTW, did you know that Downtown condos sales increased 23 percent in 2010 according to statistics from the Columbus Board of Realtors ? (Yes, I realize that doesn’t mean much but it does sound good.)

See all the entries here and vote here.
Here is where my vote goes, Si Senor. I can’t get enough of their sandwhiches and don’t get me started on their Tres Leches….

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.

First time buyers could buy this 4 bedroom, 2.5 bath home in Old Towne East for around $250K

This afternoon President Obama signed the bill into law that will extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30.

I’m surprised that they left the two month window but I think it’s very smart. Still, even if it were this week, I would not try to buy a short sale property or a foreclosure that doesn’t have the deed in the bank’s name even with the 7.5 month leeway.

Here’s the best part–a tax credit for SELLERS. The bill creates a $6,500 credit for those who buy a home after living in their current house at least five years. That will apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The credit will be available only for the purchase of principal residences priced at $800,000 or less.

This is huge. If you have owned your Columbus area home for at least five years–and I believe you must have lived in the home for at least five of the last eight years–you too can receive a credit. I can’t envision a scenario where you could claim both sides of the tax credits unless it was something along the lines of you selling your home and then turning around and buying the next home in your new spouse or girl/boyfriend’s name who has not owned a home.

The bill will raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

This is important. It opens the tax credit up to a whole new set of first time buyers who were not previously eligible and who could, conceivably, purchase a home with a little higher price tag that this year’s crop of first time home buyers weren’t even looking at.

Clintonville

Greater Short North including Harrison West, Italian Village and Victorian Village

German Village and Brewery District

Schumacher Place and Merion Village

Greater Olde Towne East

Grandview Hieghts and Marblecliff

Why not start with this bank owned 1488 s.f. condo in Victorian Village w/ 2 car garage, 3 beds, 2 baths for only $210,000? Yes, it needs some updating.

I had someone ask me this question yesterday…..“Hey Joe, Can I qualify for an FHA loan if my parents co-sign since I have no income? Do I personally NEED to have income?”

The short answer is yes they can, even if the child has no income or assets to speak of.  And, the adult child should be able to receive the $8,000 tax credit for first time home owners.*

I turned to Brian Connor with Huntington Bank for the definitive answer and other issues to consider. Here is what he had to say….

“The answer is “Yes”… a child can purchase a home without any income or assets, as long as an immediate family member can qualify for the new payment… along with the son or daughter’s debts, and their own respective mortgages and debts. The transaction is referred to as a “Non-Occupant Co-Borrower” – the Non-Occupant(s) being the parent or parents, and is treated as “Owner Occupied” – with the son or daughter being the Occupant; this is a better option than a parent having to purchase the home as investment property and put 20% down and be subject to higher rates.

This situation was often referred to as a “Kiddie Condo”, where a parent bought a condo or a less expensive home for a child in college who had no current income or assets to qualify on their own. They, the parent or child, could benefit from tax write-offs and appreciation of the home rather than pay $ for campus housing or rent.“

Thanks Brian, this is great information for anyone looking to help out their kids as they look for their first place or an Ohio  State University area home for sale, or Ohio Wesleyan, or Ohio Dominican, or Capitol University, or…..

*Of course, seek the advice of a certified tax professional for verification.

Wait a minute. All I have to do is pick a house and HUD will give me an $8,000 down payment?

Although nobody called me for the panel of distinguished guests at the mid-year meeting of the National Association of Realtors today in Washington D.C., I have found out that Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, decreed today that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

Secretary Donovan went on to say, “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,”  According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.

Is this great for Columbus area first time home buyers? You bet! You can read more about it here.

On the flip side, It seems to me that this is typical of the American ‘gotta-have-it-now’ mindset and all too reminiscent of the sort of ‘lend to anyone with a home buying twinkle in their eye’ mentality that got us into this mess.  Don’t have enough money for a down payment? No problem, here’s $8,000.

And, since you’re wondering anyway, that means that you could purchase about a $228,000 Columbus area home with no out of pocket down payment if you’re going with an FHA loan product and their 3.5% minimum down.

All BUT 3 of the 2 bedroom Townhomes are sold in the middle section on Gay street with the park and fountain setting in the courtyard.

4 Townhomes and 1 flat are ALREADY sold on the contemporary condos facing 5th Street.

In a time when nothing else seems to be selling, Neighborhood Launch isn’t doing too bad. It’s tough to keep track of because I tend to follow units via the MLS and not Builder Sites but I really love this project.
If not for Would-Be buyers who can’t sell their suburban homes, probably 10 more would have been sold by now.

Let’s face it, Jeff Edwards is literally launching a neighborhood in Downtown Columbus. I, for one, applaud this project. Interested? Call me to go take a look.

Yesterday I parked over at the new Ball Park and walked around it. I love it. I  am baseball fan and an Indians fan and the idea that this new Park is about 2 miles from my house makes very excited. I have tickets to the second game in the new stadium, a Sunday Afternoon game for our whole family.

But will it increase the value of surrounding homes in the Arena District, the Short North, Downtown and near Downtown neighborhoods? I believe it will help homes in the immediate vicinity retain their already solid value and become a calling card for homes like mine that can tout a “twelve minute bike ride to Huntington Park”.  They aren’t making any more land near the Arena District, as they saying goes, so homes within a couple miles, ie walking distance for the not-too-lazy, should see at least a continued extra added value that may sway a home buyer to their home.

If you live at Buggyworks or the North Bank or Burnham Square, life outside your front door just got a lot more active – and congestion filled 365 days of the year with Hockey and Baseball schedules.  Of course you walk to most of what you need and the lots aroud Nationwide Arena tend to empty out relatively smoothly.

Here is a quick re-cap on the Stimulus Plan and how it relates to Central Ohio home buyers in comparison to last Summer’s Plan:

Here is the link to the form used to dispute your Franklin County Taxes -property-value-dispute-form

And here are some of the highlights from the Instructions. If you live outside of Franklin County, look for the corresponding form on your Tax Auditor’s site.

FILING DEADLINE: A COMPLAINT FOR THE CURRENT TAX YEAR MUST BE RECEIVED BY THE COUNTY AUDITOR ON OR BEFORE MARCH 31 OF THE FOLLOWING TAX YEAR. A COUNTER-COMPLAINT MUST BE FILED WITHIN 30 DAYS AFTER RECEIPT OF NOTICE FROM THE AUDITOR THAT AN ORIGINAL COMPLAINT HAS BEEN FILED.
WHO MAY FILE: Any person owning taxable real property in the county, the board of county commissioners, the county prosecutor, the county treasurer, the board of township trustees of any township with territory in the county, the board of education of any school district with territory in the county, or the mayor or legislative authority of any municipal corporation with territory in the county may file a valuation complaint.
TENDER PAY: If the owner of a property files a complaint against the valuation of that property, then, while such complaint is pending, the owner is entitled to tender to the county treasurer an amount of taxes based on the valuation claimed for such property in the complaint.
NOTE: If the amount tendered is less than the amount finally determined, interest will be charged on the difference. In addition, if the amount finally determined equals or exceeds the amount originally billed, a penalty will be charged on the difference between the amount tendered and the final amount.
MULTIPLE PARCELS: Only parcels that (1) are in the same taxing district and (2) have identical ownership may be included in one complaint. Otherwise, separate complaints must be used. However, for ease of administration, parcels that (1) are in the same taxing district, (2) have identical ownership, and (3) form a single economic unit should be included in one complaint. The increase or decrease in valuation may be separately stated for each parcel or listed as an aggregate sum for the economic unit. If more than three parcels are included in one complaint, use additional sheets of paper.
GENERAL INSTRUCTIONS: Valuation complaints must relate to the total value of both land and buildings. The Board of Revision may increase or decrease the total value of any parcel included in a complaint. The Board will notify all parties not less than ten days prior to the hearing of the time and place the complaint will be heard. The complainant should submit any documents supporting the claimed valuation to the Board prior to the hearing. The Board may also require the complainant and/or owner to provide the Board additional information with the complaint and may request additional information at the hearing, including purchase and lease agreements, closing statements, appraisal
reports, construction costs, rent rolls, and detailed income and expense statements for the property.