The radio has been blasting the NAR release concerning July year-over-year drop in sales to the tune of around 29% all day long in conjunction with bits of an interview with the National Association of Realtor’s economist who said, in a nutshell, that inventory is very high and if the economy doesn’t continue on an upswing and the Country reaches 10% unemployment (officially) then the so called ‘housing recovery’ could be in jeopardy.
You know the adage, “As Columbus goes, so goes the country.” ? Well, according the Columbus Board of Realtors, although the first half of 2010 saw home sales increase up to 39 percent over 2009, July saw a decrease of 28.6 percent in sales.
“The expiration of the homebuyer tax credits created incredible activity last spring,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®, “so we’re not surprised by the natural readjustment of the market over the last couple months.”
There were 1,468 homes sold in July compared to 2,047 sales in July of 2009. However, year to date sales (January through July) are still 11.4 percent higher than last year.
Central Ohio’s inventory is on the rise with a nearly 12 percent increase in the number of homes on the market last month compared to a year ago. Almost half of these16,626 homes are listed for $150,000 or below and 2,980 of them are condos.
In addition, last week marked the ninth straight week that 30-year-fixed mortgage rates have met or set a new record low, according to Freddie Mac.
“The increase in inventory is an indication of homeowners wanting to take advantage of the low interest rates to move up,” said Lusk-Gleich. “And these are ideal conditions for investment and first-time buyers as well.”
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If you’re considering a purchase on the Near East side of Columbus or in the German Village, Schumacher place communities, you should know that the Ohio Department of Transportation is going to tear up the highways on the East and South sides of downtown, where Interstates 70 and 71 meet and are the same road for a stretch.
Right now it’s a mess and the most congested, accident prone stretch of highway in the state. Two generations ago, the highways tore apart neighborhoods and severed the Columbus Community while razing gorgeous and important residential and commercial buildings. Early ODOT renderings showed caps re-connecting downtown Columbus to its neighborhoods similar to the cap over I-670 that connects the Short North to downtown.
Now that construction is inching ever closer, it appears that only one of the bridges will be capped with enough real estate on top of it to actually build something – at Long Street over I-71, a big win for the King Lincoln Bronzeville neighborhood. In the beginning though, there will only be a grassy field on the cap until a developer with some money decides to build there.
Most of the rest of the bridges be will built with the ability and strength to support a cap with buildings on it but that’d be an entirely new construction project or projects. Many Olde Towne East residents are upset that the project will wipe out a couple historic buildings on Parsons Avenue, including Carabar and ET Paul Tires–the Country’s first gas station (I know, the irony).
I love the idea of a functional Broad Street bridge over I-71 that is pedestrian friendly with no on or off ramps coming onto Broad. Throw in that treed, park like median we’ve all been hearing about for years, extend it to Franklin Park and we’ll be in business.
It’s going to be a pain for residents of KLD and OTE for the next 4-6 years and there will be inconveniences. I don’t think property values will be adversely affected in the short term. I do think that, in the end, with a solution in place that looks better, feels better and will be more connected than what is currently there, property values and interest in these areas will increase–with an obvious bump up for OTE and KLD which have so much more pricing room than German Village.
Here is the latest from THE COLUMBUS DISPATCH
Coveted highway caps still in Downtown plan
But budget will limit final number
Monday, July 19, 2010 02:51 AM
By Robert Vitale
Bridges over a rebuilt I-70/71 will be better than the standard concrete and chain-link of today.
But only one of the six spans to be replaced during the project’s first half will include a Short North-style cap that near-Downtown neighborhoods have coveted throughout the planning process.
Ohio Department of Transportation officials say earlier drawings and descriptions were conceptual and now are outdated, even though they’re still posted on the agency’s website. The “visioning exercises” included cost estimates but weren’t subjected to the budget realities applied as the state moves toward a 2011 construction kickoff.
“We’re down to the nuts-and-bolts decisions now,” more here
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I’ll be the first to admit that I’m a geek about mapping and home search solutions. The more intuitive the better. Cool factor is nice too. A while back, I wrote about Realtor.com’s new iphone ap and called it the best home search ap for smart phones on the market.
While following a Real Estate conference in San Francisco today, I followed a link and found this….it looks like it could get much cooler.
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If you’re looking at ages on homes for sale in Columbus, Ohio, you’ll notice that many homes in areas surrounding downtown appear to have been built in 1920. Many Columbus homes date to 1920 because, as I understand it, there was a fire at the courthouse in that year and the actual dates of construction on many of Columbus’ older homes was simply reset to 1920. I’ve never confirmed that though and I know that City Hall burned in 1921 so that may be the actual case but….
On Sunday I held an open house at my listing on 1224 Fair Avenue in Olde Towne East. It was the first open house we have had and it generated somewhere between 150-200 visitors. Of course, it helped that the Olde Towne East tour of historic homes was happening around it on that day and that the garden next door was on the tour.
Even before I closed up the Open House -which was dated to sometime between 1900-1910, I had this email from one of the day’s visitors…
“I went through your open house today on Fair Avenue. I got home and poked around in some online sources and thought you might like to know for your marketing purposes that the house WAS around as early as 1900 (Thomas M. Lilley – the original owner is listed as living there in the 1900 Census). He and his wife Ida lived there with her two parents and a servant. Sometime between 1910 and 1920, they moved to Los Angeles, but must have maintained the residence here in Columbus. They had two sons, but neither made it past a year old. The entire family is buried at Greenlawn. Thomas is listed as a bookbinder, the superintendent of the State Book Bindery, and as an insurance salesman in California. No clue if that’s of any interest to you, but I always like to know who built the houses! Good luck with your sale!”
I was amazed that he was able to go into so much detail in so little time — Thanks Hal! Currently the best place to research your home is the 3rd floor of the Columbus Library (which, by the way, was built by the same person who built and lived in my house!). Maybe some day soon I will do a post about researching your Columbus home’s history.
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The big news, of course, is that 1224 Fair Avenue will be holding an Open House from 1-5 on Sunday. I’m toying with the idea of making this Open House the first ever Live Streaming Open House in Columbus Ohio. (That I know of anyway) It just so happens that the Summer tour of Historic Homes will be going on also.
Seriously, get your tickets because there are some great stops on this tour. You’re going to love it. I’m somewhat bothered by the home on the poster not actually being on the tour, that doesn’t seem right. This is the first time there has been a Summer tour, it replaces the Spring tour which was always rainy. I was going to write it up myself but then I saw the press release, so…..
Find More here: http://oldetowneeast.org/2010/summer-tour-of-historic-homes-2010/06/
Press Release:
Two Local Neighborhoods Partner for the First Time Ever to Present 2010 “Summer Tour of Historic Homes”
The Olde Towne East Neighborhood Association (OTENA) and the Franklin Park Neighborhood Association have partnered for the first time ever to present the 2010 “Summer Tour of Historic Homes.” Slated for July 11, 2010 from 1pm-7pm, this year’s tour will feature 13 residences throughout the Olde Town East and Franklin Park communities, the majority of which have never been featured on a tour before.
The homes on the tour will showcase historically significant renovations or preservation, and will include both interior and exterior spaces. The tour will begin at Tifereth Israel, 1354 E. Broad St. Attendees can walk or drive the tour route.
The homes on the tour are:
Royal York Penthouse,1445 E Broad St
1450 E. Broad St.
39 Auburn Ave.
74 Auburn Ave.
1205 Madison
70 Wilson Ave.
15 Wilson Ave.
1240 Fair Ave. Garden
73 Sherman Ave.
1220 Fair Ave. Garden
1212 Fair Ave.
57 Champion Ave.
Tickets are $10 in advance or $15 day of the event. Advance tickets may be purchased online at www.oldetowneeast.org or at any of the following business locations:
Black Creek Bistro, 57 Parsons Ave.
Cafe Brioso, 14 East Gay St.
Columbus Metropolitan Library Store, 96 Grant Ave,
Dog Works/Cats 2, 195 Thuman Ave.
Piece of Cake, 772 North High St.
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The radio has been blasting the NAR release concerning July year-over-year drop in sales to the tune of around 29%...
If you're considering a purchase on the Near East side of Columbus or in the German Village, Schumacher place communities,...
If you're looking at ages on homes for sale in Columbus, Ohio, you'll notice that many homes in areas surrounding...
The big news, of course, is that 1224 Fair Avenue will be holding an Open House from 1-5 on Sunday....