Columbus Economy – Columbus Real Estate Markets don’t Exist in a Bubble

Written by: Joe Peffer

And you don’t buy homes for sale in Columbus in a vacuum.  Just like all real estate is local, regions tend to have their own economies. Just like the Columbus area housing market hasn’t crashed to the tune of the National real estate markets that make all the headlines and take over mindshare, the Columbus economy is vast and varied and weathering the storm better than you may expect.

I recently ran across a conversation that Walker Evans had with Dr. Bill LaFayette, the Vice President of Economic Analysis at the Columbus Chamber of Commerce. They discussed a variety of topics related to the Columbus economy.

This is a great snapshot of the Columbus economy. If you’re moving or relocating to Columbus, Ohio, then  you may be surprised to hear about how important rail is to the region, or tourism.  Here is a small exerpt of this interview that touches on passenger rail…

WE: Being able to see some of these results from the shipping and commercial rail sector, do you think we could see some of the same types economic benefits from passenger rail service? We’re very close to seeing the 3C passenger rail systemstarting. Do you think we will see a similar type of benefit from personal transportation?

BL: Different but important. The benefit would be making it easy to get from Cincinnati to here, from Cleveland to here, which would be a big boost for our tourism market. Again, another sector that we may not give as much credit to as it deserves, we get a lot of tourism here. We have been cited as a travel spot. The Short North specifically has been cited in national and international publications. We have been in The New York Times travel magazine a of couple times, The Los Angeles Times and when SkyBus was flying, just about every city that SkyBus connected Columbus with sent a reporter here to ask the question, “why would in the world would anyone jump on a plane and go to Columbus?” And those articles were absolutely glowing, so we sell ourselves short, we definitely do. There is much more to see and do here than we often think.

WE: We posted links to a lot of those stories as they started to roll in due to Skybus. After they ended up folding, a lot of people were saying it was a total waste of time, waste of money, a waste of everything… but the amount of positive press on a national level that Columbus received out of the whole ordeal might have helped balance the equation in the end.

BL: Oh, it was definitely a positive. It sort of reminded the air travel community that Port Columbus is an available, accessible airport with capacity.

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This home is Trashed…and Unusual Columbus area Homes

Written by: Joe Peffer

Tell me about your favorite oddball Central Ohio Home

Not trashed so much as simply made of trash.  Today’s New York Times has an article about a Texas  man who builds homes from discarded materials…the ultimate green home. Better yet, he sells them to low income housing recipients at reasonable prices. This got me thinking about unusual homes in and around Columbus. Off the top of my head, aside from our stock of Lustron homes, I can’t really think of anything too out of the ordinary. Can You?

Send me your thoughts (the ongoing project at Indianola and Kelso maybe?) and they’ll appear in an upcoming post, pictures are even better.

From today’s New York Times….

“In 1997 Mr. Phillips mortgaged his house to start his construction company, Phoenix Commotion. “Look at kids playing with blocks,” he said. “I think it’s in everyone’s DNA to want to be a builder.” Moreover, he said, he was disturbed by the irony of landfills choked with building materials and yet a lack of affordable housing…..…..(more)”

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Columbus City Schools….Getting Better All The Time?

Written by: Joe Peffer

I’ve got to admit, many in and around Columbus are simply used to thinking the worst about Columbus City Schools.  For no particular reason, other than habit, it’s often assumed that the Columbus City School district has nothing to offer.  In many parts of town I know that is simply not true. Columbus City Schools have some great schools and some great programs for young scholars. I was happy to see the following from Cleve Ricksecker, President of the Special Improvement District and downtown Columbus’ Ambassador….

“Once again, the Columbus City School District has more schools rated effective, excellent or excellent with distinction than any other district in central Ohio.  Columbus City Schools excel because of generous tax levy support, high-quality staffing, top-rate facilities, and the leadership of Superintendent Gene Harris.

The state grade for the District as a whole, based on standardized tests, is “continuous improvement.”   This grade is an average for all schools and reveals nothing about individual schools.  Columbus is a huge district with 127 rated schools and a disproportionate number of students who speak limited English, are poor, or have learning disabilities.  Schools with concentrations of poverty or high enrollments of students with language or learning barriers tend to struggle to meet testing standards despite excellent instruction.

Columbus also has many schools that are economically and culturally integrated.  These schools tend to perform as well or better than their suburban counterparts as shown by standardized test scores.

Given the failure rate of suburban school levies,….” {more}

Click here for the Columbus City Schools elementary district map

EDIT: September 3, 2009 I just ran across this information from Columbus City Schools….

Columbus City School Students Gain More Than a Year’s Worth of Academic Growth on State Report Card

Columbus City Schools has met the Value Added Green measurement, as determined by the Ohio Department of Education. The rating is a critical measure of student success and takes into account a student’s academic starting point. Specifically, it demonstrates marked academic progress from year to year.Traditionally, achievement test scores alone have largely determined district performance levels. While achievement test scores demonstrate a student’s level of proficiency at one point in time, the Value-Added measure takes into account a student’s starting point and reflects how much progress was made since the prior year.

Columbus City Schools also has a graduation rate of 73.9%, which is the highest in its state report card history.

Click here to read more!
Click here to download the ODE’s Report Card for CCS.
Click here to read more about the ODE’s Value Added Measurement tool.
Click here to compare and contrast the Ohio Core Requirements & the current CCS College Prep Requirements.

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How Realtors Stole the $8,000 1st Time Columbus Homebuyer Tax Credit

Written by: Joe Peffer

I really do feel bad for 2nd, 3rd and 4th time homebuyers.

Not the money itself, just the concept. I’m amazed by how many Listing Signs, Agent MLS remarks and Brokerage Office Signs are screaming out $8,000 Tax Credit!! If I didn’t know better, I would think it was the National Association of Realtors, not the United States Congress, that came up with this idea and told all of its member lackeys to shout it from the rooftops.

Prior to the tax credit, Realtors appropriated, and then seemed to take credit for, interest rates . “Why wait, rates area great” signs were everywhere.

It’s all too true though, isn’t it? Rates are great and the Tax Credit is an incredible deal that expires soon. Look over there < on the left and you’ll see I added a countdown timer.  Now you Know exactly how much time you have until the tax credit expires (You must have closed on your house By end of day on November 30, 2009)

Congress, however, is considering an extension and even as you read this bills to extend the maximum $8,000 tax credit for first-time home buyers are pending in both the U.S. House and the Senate. Sen. Christopher Dodd, chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.

I DO think it will be extended, maybe through next year from what I’m hearing but I don’t think it will be increased.

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