This beautiful church at the end of my street could be yours for $450,000. It comes with a 3,500+ sf annex. SO many possibilities, So unique.

If a Columbus area property has been grandfathered due to zoning issues, it may not be a big deal and it may seem good in some cases for the Buyer BUT Fannie/Freddie could certainly have a problem with this sort of situation.

Let’s say, for instance, that you’ve found the perfect property for your needs — maybe 787 East Broad Street, a gorgeous Church dating from 1903 that also happens to have a 3300 sf+ building that goes with it.

This is great, you can run your business out of the building and rehab the church into one of the most beautiful and unique homes in Central Ohio and still be easy walking distance to Broad and High. Wow, what a deal at $450,000. (No, Really, How can you pass this up!?)

Is it impossible to buy a property like this if the current zoning is different from the intended use zoning? No, but in case the property burns down or is partially destroyed, your lender may need proof from the city that they will allow it to be rebuilt as the current non-conforming use or the new non-conforming use.  That is the difficult part.

Need help navigating downtown Columbus Neighborhoods? Call me. 614-940-9100

As part of the Columbus Crossroads project, (i.e.-The I70-71 split fix by the ODOT) several ramp closures are in effect.

The ramp from 5th Avenue to I-71 south is closed until November 2012; the detour is Leonard Avenue.

These next two I use all the time but don’t mind the slightly less convenient alternates. Really, Downtown Columbus is so navigable and easy that these closures aren’t as big a deal as some whine about.

The ramp from I-670 east to Broad Street is closed permanently; the detour is Fourth Street to Goodale Avenue to High to Chestnut to Third to Broad, or I-670 east to Cleveland Avenue.

And the ramp from 71 south to Spring Street is closed until November 2013; the detour is Broad Street.

Need help navigating downtown Columbus Neighborhoods? Call me. 614-940-9100

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.

I’ve always been a fan of City Center.  Everything everyone has ever pointed out about its faults, chiefly that it should have opened up to the streets surrounding it, has been true but it held a special place in the downtown retail fabric. I’m a buy-local guy and not a fan of big box retailers, malls or shopping itself but City Center was always close and always convenient. Parking was cheap and easy and chances are if our family had some kind of a retail need, we could fill it at City Center.

With the Annex in River South Condos literally just down the street finishing construction and Neighborhood Launch a stones throw away, will downtown Columbus condo buyers continue to consider living in the Center City now that City Center is gone?

Yes, they will. While the city of Columbus is touting a park to spring up from the ashes of the demolished mall, that is not the long term answer anyone wants to see in that prime spot. The City is talking to developers right now who are willing to put down their own money to build on the location. I’ve heard rumors of more condos, more apartments, major grocery, convenience and other retail stores in conjunction with class A office space.  It’ll happen.  Will we ever see another Macy’s type store downtown? Probably not. But maybe we could see some other fantastic possibilities.

Of possible interest from this and other sites regarding downtown retail and living…..

• Downtown Columbus’ Neighborhood Launch – a quick update

• Top 10 Chains We Wouldn’t Mind Seeing Downtown

• The Past, Present and Future of Retail in Columbus

• Population increase hasn’t translated into retail growth

I've always loved the stone pillars flanking this Bexley Home

Instant Equity. Two words anyone buying real estate in Clintonville, Bexley, Grandview, Downtown, Short North, Berwick, Westgate or anywhere else in Central Ohio love to hear.

The problem is, I’ve heard those two words too often lately. The problem is the context and the definition of instant equity.  In my opinion, anyone buying a home that has instant equity is anyone buying a home at a substantial discount to the Market Value of the  home. That range from selling price to market value equals instant equity (though the bank might not think so).

What I’ve heard a lot lately is something along these lines, “…and this Seller paid $338,500 for it just a few years ago and is selling it for only $299,900. That’s a lot of instant equity for your buyer!”

Hold on a minute Buster, who cares what the Seller paid for it! In today’s market, if the home the Seller paid $338,500 for in 2006 is only worth $290,000 then there is NO instant equity. It’s simply priced at or around market value. Market value simply means whatever the market (all you buyers out there in Columbus thinking of buying a home) is willing to pay for it.

Hold on though, because it works both ways…..I always tell Buyers that what the  Seller paid for the home has no bearing on what the home is worth.  That means if the Seller bought the Columbus home via foreclosure, at auction or even on the market with Instant Equity….ie-if the Seller got a deal…you can’t punish them when buying the house. They are the one who got the deal, they deserve to make a profit and the Buyer should anticipate paying market value for the home. Just because the Seller got a deal on the home doesn’t mean she has any obligation to pass that deal on to the Buyer.

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.