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Fannie Mae says condos can’t be more than 20% commercial

December 30th, 2008 Categories: Short North, buyers, condos and lofts, downtown, sellers
The Battleship building in Downtown Columbus, Ohio currently has FOUR units available from $135,000 to $174,900

The Battleship building in Downtown Columbus, Ohio currently has FOUR units available from $135,000 to $174,900

One of the criteria Freddie Mac and Fannie Mae now use to make a condo complex conforming to their guidelines is that the complex cannot have more than 20% of its total square footage as Commercial space. 

If that is the case, only a portfolio lender can finance the condo in that complex. 

Most building downtown would be OK, but a perfect example is the Battleship Building in the arena district which has 22% of its space used as Commercial.

FHA mortgages aren’t available for all condos.  Downtown, most of the not-yet-approved condo buildings have attained FHA status or are busy trying to attain approval. It makes a BIG difference wether or not a buyer can put down FHA’s 3.5% or conventional’s 20%.

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Downtown Housing Update Oct-November 2008

December 2nd, 2008 Categories: condos and lofts, downtown

The good news is that if you’re interested in buying a Downtown Columbus condo, then you’re in luck.  There are 182 active condo listings in Downtown Columbus.  

Over the last 2 months, October-November 2008, only FOUR listings have sold in Downtown Columbus Proper. They were:

 

  • A 6th floor Connextions condo, 1145 sf, for $238,500
  • A never finished 23rd floor penthouse with 2727 sf at Miranova for $799,900, listed at $975,000, this was a good deal.
  • A 2 bed, 2.5 bath Rich St Walk end Unit w/2 car garage for $284,900
  • A 669 sf Waterford Tower 1 bedroom unit on the 14th floor for $115,000
What is in Contract Downtown? 10 Units from all over including Miranova, Connextions, Ohio Lofts, Eclextions, CityView, 8 on the square and 346 South High.
Of course there may be a few other downtown Columbus condos in contract or sold in buildings that weren’t ever on the MLS, like NorthBank Tower.
The average $/sf of all active one bedroom listings downtown: $232/sf with 975 square feet on average
The average $/sf of all active Two bedroom listings downtown: $244/sf with an average of 1517 sf
$218 – The average price per square foot paid for all 62 units sold Downtown so far this year.

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