I have a listing in Olde Towne East, nearly downtown, at 742 Oak Street.  It is a fabulous 1710 sq foot brick home. 2 Bedrooms, an office, a fantastic master bath, half bath, great yard, walk to a million places, priced at $199,900.  It is priced right. In fact, it’s a screaming good deal because it is absolutely move-in ready.  I consider the main competition for the home all of Olde Towne East and every downtown Condo because the price points and location are so similar. Of course the Oak Street home doesn’t have any condo fees.

Tonight I’m talking to the owner about why we haven’t had too many showings and no offers.  I’ll tell him that in the 109 days the home has been on the market, only TEN homes OR condos have sold between $150–250,000 on the entire Near East Side AND Downtown.  Nine of those were, in fact, downtown condos and the other was a bank owned foreclosure steal of a deal on Bryden Road.  Only 6 others are in contract currently, five of which are Downtown Columbus condos and one of which is a much bigger home on Franklin Avenue in Olde Towne East on the market for 575 days.  Talk about Quiet.

Above that price point, it gets a little bit better, but not much.  12 condos downtown have been listed as sold in the MLS (remember, that doesn’t include a few key projects like North Bank) and 3 Near East Homes, all very nice with huge square feet have sold since early May but that’s it.

In the same time period, Greater Clintonville had roughly just over 100 homes sell between $150–250,000.  It’s been a brisk summer there for that price point, with an average days on market of 84. 

While these inner-ring suburb markets don’t generally conjure ideas of homes under $250,000, take a look at these markets since May 10 in this same price range:

• Grandview and MarbleCliff – 21 Homes
• Upper Arlington – 65 homes
• Bexley – 29 Homes
• Worthington – 49 homes

The Short North and German Village are slow too but somewhat more stable markets with most homes priced above $250,000. 

German Village/Schumacher Place had 10 homes sell since May 10 in that 150–$250,000 price range but 7 of them were likely already in contract in early May.

Greater Short North/Italian Village/Harrison West saw 32 homes sell since early May, most of which were condos or fixer uppers.  As I looked through the lists from all over town, I realized that I had been in and seen many of them first hand.  So, if you’re looking in that price range inside I-270, I’m your guy.

In the meantime, Come on Columbus, rediscover the housing stock and location of Columbus’ Near East side. Come visit 742 Oak St.

Of Possible Interest:  Just in time for City Hop - April and May ‘08 Downtown Columbus Condo Sales

Franklin Park Conservatory - Even More Beautiful?

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You’ll fall in love with 993 South Roosevelt’s open rooms, the gumwood moldings the oak floors, the curb appeal, the new windows and the breakfast nook. Nearly 1500 sq ft of charm, convenience and easy living. Big full basement, nice kitchen, superb baths, spacious master off the upstairs landing.

Did I mention the new hearty plank siding (with a 50 year transferable warranty!)  The upstairs bath has subway tiles in the shower and wainscoting around the perimeter, a laundry chute and an enormous linen closet.  The backyard is chock full of beautiful perennials, as is the front.  Wonderful block on South Roosevelt in Bexley, wonderful home, wonderful opportunity.

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I was discussing mortgages with a client buying a home for sale in Clintonville this morning after a walk through on his home.  The subject of PMI came up and, since it often seems to be a little nebulous for home buyers, I thought I’d say a few words about why it exists and when it can go away.

It is difficult to get a loan these days without PMI.  If you’re putting anything less than 20% down, you are likely to have to pay PMI, very likely.  During the Jurasic Period, the crazy strong real estate market of the early-mid 200s, home buyers avoided PMI with products like 80–20s and 90–10s. 

As Jack Guttentag pointed out in a recent Inman News article, “Lenders discovered that they could make 95 percent and even 100 percent loans by getting other lenders to offer second mortgages for the amounts over 80 percent of property value. Piggybacks carried higher rates than the first mortgages, but in many cases the cost to the borrower was smaller than the cost of mortgage insurance. The interest on piggybacks was deductible where mortgage insurance premiums were not. In addition, borrowers could pay off the seconds in full at any time, whereas getting rid of PMI was a hassle.
Of course, the PMIs did not give up market share willingly. They induced Congress to make mortgage insurance premiums deductible, at least for a period, but this had only a small impact.”   Well, PMI is back.

One thing to keep in mind is that PMI, and it’s Federal equivalent MIP, don’t protect you, they protect the lender. Mortgage Insurance Premium (MIP) and Private Mortgage Insurance are mortgage insurance programs that protect the lender in case you default on your loan. In most (but not all) cases, MIP or PMI will be required by the lender if you put less than 20% down on the purchase of a house.

How and When does it go away?? PMI can be dropped with the blessing of the servicer as long as the property has increased in value either from appreciation, capital improvement or principal reduction.  The PMI must be in place for at least 2 years before the servicer will consider it.  The servicer will also ask to have the properties appraised at the borrowers expense. So if you’ve lived in your home at least 2 years and think you may be able to get rid of your PMI, call me for an appraiser.

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Internationally renowned award-winning artist James Turrell followed a city council representative and a Franklin County Commissioners representative and Franklin Park Director Bruce Harkey, to the podium and gave a short speech while behind him the first ever illumination of the Conservatory’s 112 year-old historic glass Palm House glowed colorfully. This permanent installation will perform each evening beginning at dusk and can be viewed from the Grand Mallway west of the Palm House or as you crane your neck driving down East Broad Street.

This was a fantastic event with, I’d guess, maybe 1,000 people coming out and viewing the illumination and checking out the Conservatory’s newly opened rooftop decks, bridal garden and event space.  I’m impressed with the event and with Franklin Park’s $20 Million Dollar Growth by Design expansion and renovation plans. 

This park really is a jewel of a park and a great selling point for homes on Columbus’ near East side in neighborhoods like Olde Towne East and Woodland Park.

I’d like to see the City showcase it better than it has in the past.  How about running the proposed East Broad Street Boulevard all the way to Nelson Road? Have you ever tried walking down Broad Street from I-71 to Franklin Park? I do it all the time and I can tell you that the sidewalks aren’t nearly wide enough and the entire trip is simply not pedestrian friendly—let alone crossing the Broad Street Bridge over I-71 into or out of downtown by foot.  What about installing an East/West streetcar line so everyone downtown can quickly and easily get to the Park and enjoy it?

While we’re all waiting for that to happen, meet you at the Thursday rooftop Happy Hours from 5:30 -1 10 PM beginning on August 14th.  Dubbed Cocktails at the Conservatory and running May through October, the happy hour will also feature appetizers by Cameron Mitchell Catering which runs the Conservatory’s cafe.

Here is my shaky 2.5 minute YouTube video of the event.

 

 

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There has been a lot of hoopla about the 694-page housing act signed by the President July 30.  There has also been a lot of mis-information regarding the potential for a $7,500 credit for first time home buyers—-This is not a cash back scenario, no one will take money off the top of your home purchase.

Rather, through the home-buyer tax credit, buyers who are purchasing for the first time or who haven’t owned a property in the last three years can now qualify for a tax credit equal to 10% of their home purchase price, up to $7,500.  The purchase must be made between April 9, 2008 and July 1, 2009. The credit phases out if the buyer’s income exceeds $75,000 for an individual or $150,000 for a couple filing jointly and it must be paid back over a 15 year period in equal installments. The credit can be claimed on the buyer’s 2008 tax return even if the purchase is made in 2009 (it’s important to note that this is a tax credit and not a tax deduction).

So, it’s not as exciting as it may have seemed in the media.  On the plus side, FHA loan limits will once again be going up, possibly increasing the jumbo limit from $417,000 to $625,000 for Columbus Homes (Someone please tell me if I’m not reading this correctly).

 

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According to a recent Coldwell Banker survey, yes. 

…. the primary reasons for this interest in urban living are related to work commute and energy-efficient modes of transportation:

• 81 percent cite minimizing a reduced work commute as a reason for the interest in urban living
• 54 percent agree that access to public transportation is appealing
• 75 percent agree that the ability to walk to more places is a positive

“Over the past several years we have seen a boom in downtown living all over the country and this is not just reserved to major cities,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate.

Also interesting in this same survey was that, “…sales associates also reported they have seen an 84 percent spike in interest for properties with a home office, as compared to five years ago, indicating a trend towards telecommuting.

While the study also found that 64 percent of surveyed sales associates report their clients increasingly look for homes with “green” amenities that could save on heating, cooling and electricity costs, only 42 percent surveyed believe saving on energy costs are a reason for their client’s interest in urban living.”

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Finding out what is on the market is easy these days.  You can search for homes for sale in Columbus and surrounding areas here or in about a million other places.

Finding out what has sold recently and where it is in relation to homes you may be interested in has always been a little harder.  Home sales appear in the Dispatch every weekend and the Daily Reporter every day but without browsing the Auditor’s site for an extended period, it’s difficult to do any kind of neighborhood comparison.

Of course newish National Real Estate sites like Zillow and Trulia make that easier but we have no idea how lucky we are in Franklin County to have such a wonderful tool in the Auditor’s site.  It is one of the best in the Nation and we take it for granted.  Yesterday I stumbled across this recent-sales generator that looks to go back at least three years.

You get a .pdf of information about the requested house, a map of no more than a couple square blocks with your house of interest highlighted, and a list of recent sales that corresponds to the other highlighted parcels in the map.

Not a motherlode of information and not even close to what your Realtor could provide to you, but it is quick, easy, and illustrative.  I could do a 2 week special report about the many tools available on the site.  Go there. Play around.

Always remember to compare apples to apples and to frame any real estate information in the proper perspective.

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No, they do not.  In fact, it is possible that a Seller would counter a full price offer with a number higher than the asking price.  The Seller is not legally required to accept an offer just because it is full price. 

I have never been part of a transaction where this happened — except in competitive situations where other buyers were competing against my buyers for the same (no doubt under-priced) home. In those cases, the final sales price could be upwards of 30% or more on top of the listed asking price.

Is under-pricing your home in hopes of a competing-offer frenzy a smart marketing strategy in the Columbus Ohio Real Estate Market? Not usually. The best way to price your home is still pricing it at the place where it is most likely to sell, depending on what the market will bear, for the most money in the least amount of time possible. 

Possibly of interest:

If you want to sell your location, location, location, you may have to adjust your price, price, price. 

Homes for Heroes - a Columbus Area First Time Home Buyer Program

 

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I’ve always been a fan of this project and now I just took over marketing the 19 remaining listings with a fellow agent in my office.  Some of the highlights include:

• Outdoor Terrace with each Condo – some have 2
• Every unit is at least 1000 sq ft
• Each unit is on a 15 year tax abatement
• Each unit price includes secure indoor parking
• Standard granite and top of the line appliances
• That’s standard granite in the bathrooms too
• Great Location in Downtown Columbus – Walk to everything
• Each unit left to sell is a 2 bed, 2 bath
• The ability to Lease a Downtown Columbus condo before you buy

Quality Construction, Great Lobby and Parking, rooftop Terrace for anyone, some of the best $/sf in all of midtown Columbus.  Yes, the building has been up and out of the ground for a couple of years now but these units compare very well with anything else in Columbus’ Central Business District.  Many people feel that the location puts them too far to walk to anything but to those people I say, “Humbug!”

You’re within a mile (what, maybe 20 minutes?) of everything Downtown Columbus has to offer, from Nationwide Arena to COSI to Lindey’s to Black Creek Bistro and every downtown location in between including all of downtown’s Theaters, the Ohio, the Southern and the Palace, not to mention the Capitol Theater and Riffe Center Studios.

Still getting up and going with some fresh marketing.  For availability and prices, look here:

TerracesOnGrant.com

Flickr Page

Facebook Page

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I returned late last night from my long trip to Colombia.  We focused our stay in Bogota, Villa de Leyva and Cartagena.  There is so much I could tell you about what a wonderful time my family and I had and all the wonderful relatives I met and the incredible sights I saw.  Over the coming months I will sprinkle in some comments on the trip but for now, we had an incredible time, my Spanish is a little better and I’m open for business.

While I was gone my clients were looked after with much Tender Love and Care by D’Metria Alston, a fantastic fellow Realtor in my office.  I had three closings, put two listings in contract, other buyers saw some choice homes -one had an offer accepted on a competitively priced home in Clintonville, and tonight I will probably make an offer with a great couple I’ve been working with on a great looking home in Westgate.  Things are moving right along.

No doubt everyone is probably bored with the homes style postings that have been appearing every day in my absence but I hope that it was also an educational and fun filler while I was gone.  I will probably gather all of them and put them in a special section.  Thanks for bearing with me while I was gone.  If you have any questions about traveling to or around Colombia or any questions or, better yet, concerns about Columbus real estate and Columbus Neighborhoods, let me know – joe.peffer@kingthompson.com .

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One of my favorites, Victorian architecture dates from the second half of the 19th century, when America was exploring new approaches to building and design.

Advancements in machine technology meant that Victorian-era builders could easily incorporate mass-produced ornamentation such as brackets, spindles, and patterned shingles. The last true Victorians were constructed in the early 1900s, but contemporary builders often borrow Victorian ideas, designing eclectic “neo-Victorians.” These homes combine modern materials with 19th century details, such as curved towers and spindled porches.

In Columbus, you’ll find Victorian homes in Victorian Village (duh) Olde Towne East and the downtowns of some of the older suburbs.  A number of Victorian styles are recreated on the fanciful “Main Street” at Disney theme parks in Florida, California, and Europe.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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This architecture style was popular in the 1920s and 1930s and continues to be a mainstay in suburbs across the United States. The defining characteristics are half-timbering on bay windows and upper floors, and facades that are dominated by one or more steeply pitched cross gables.

Tudor Style is everywhere from Bexley to Upper Arlington to Worthington to Westerville.  Patterned brick or stone walls are common, as are rounded doorways, multi-paned casement windows, and large stone chimneys. A subtype of the Tudor Revival style is the Cotswold Cottage. With a sloping roof and a massive chimney at the front, a Cotswold Cottage may remind you of a picturesque storybook home.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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Most common in the Southwest and Florida, Spanish-style architecture takes its cues from the missions of the early Spanish missionaries–such as the one at San Juan Capistrano in California–and includes details from the Moorish, Byzantine, Gothic, and Renaissance architectural styles.

I always think of a home on E. Broad in Bexley and this home on Clifton in Woodland Park but you’ll see Spanish style homes spread throughout greater Columbus. The houses usually have low-pitched tiled roofs, white stucco walls, and rounded windows and doors. Other elements may include scalloped windows and balconies with elaborate grillwork, decorative tiles around doorways and windows, and a bell tower or two.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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Not a wildly popular home in and Columbus, the shotgun can be found sparingly in mid century working class Columbus Neighborhoods and on rare Italian Village or Franklinton lots. Tradition has it that if you fire a shotgun through the front doorway of this long, narrow home, the bullet will exit directly through the back door.

The style is characterized by a single story with a gabled roof. Shotguns are usually only one room wide, with each room leading directly into the next. Exterior features include a vent on the front gable and a full front porch trimmed with gingerbread brackets and ornamentation. Mail-order plans and parts for shotgun homes were widely available at the turn-of-the-century, making it a popular, low-cost structure to build in both urban and suburban settings.

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Another of my favorites and popular in the Midwest and Northeast, this Victorian style was fashionable for public buildings during Ulysses S. Grant’s presidency, but its elaborate, costly detail fell out of favor in the late 1800s for economic reasons.

I always think of this home turned gallery on Town Street which I adore. Second empire homes feature windows, molded cornices, and decorative brackets under the eaves. One subtype sports a rectangular tower at the front and center of the structure.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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Not the Hotel, the home style.  Although they borrow from the Georgian’s classic lines, Regency homes eschew ornamentation. They’re symmetrical, two or three stories, and usually built in brick.

You might see this in Old Worthington, Upper Arlington, New Albany or maybe Bexley. Typically, they feature an octagonal window over the front door, one chimney at the side of the house, double-hung windows, and a hip roof. They’ve been built in the United States since the early 1800s.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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A ranch is a ranch but not all ranches are created equal.  The 700 sq ft Whitehall ranch has nothing on the 1900 sq ft Berwick Ranch with a full finished basement.  Ranches are everywhere in and around Columbus but don’t mistake ranches for boring, you’ll often be surprised. Sometimes called the California ranch style, this home in the Modern family, originated there in 1930s. It emerged as one of the most popular American styles in the 1950s and 60s, when the automobile had replaced early 20th-century forms of transportation, such as streetcars.

Now mobile homebuyers could move to the suburbs into bigger homes on bigger lots. The style takes its cues from Spanish Colonial and Prairie and Craftsman homes, and is characterized by its one-story, pitched-roof construction, built-in garage, wood or brick exterior walls, sliding and picture windows, and sliding doors leading to patios.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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Now this is a home style I love.  Queen Annes can be found primarily in Olde Towne East and Victorian Village.  A sub-style of the late Victorian era, Queen Anne is a collection of coquettish detailing and eclectic materials. Steep cross-gabled roofs, towers, and vertical windows are all typical of a Queen Anne home. Inventive, multistory floor plans often include projecting wings, several porches and balconies, and multiple chimneys with decorative chimney pots.

Wooden “gingerbread” trim in scrolled and rounded “fish-scale” patterns frequently graces gables and porches. Massive cut stone foundations are typical of period houses. Created by English architect Richard Norman Shaw, the style was popularized after the Civil War by architect Henry Hobson Richardson and spread rapidly, especially in the South and West.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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OK, you don’t see Pueblo style homes in most Central Ohio Neighborhoods but it’s all about home style education.  Taking its cues from Native American and Spanish Colonial styles, chunky looking Pueblos emerged around 1900 in California, but proved most popular in Arizona and New Mexico, where many original designs still survive.

The style is characterized by flat roofs, parapet walls with round edges, earth-colored stucco or adobe-brick walls, straight-edge window frames, and roof beams that project through the wall. The interior typically features corner fireplaces, unpainted wood columns, and tile or brick floors.

I hope you are enjoying this home style primer while I’m on vacation. Credit: Information for this post was derived from REALTOR® Magazine Online’s Architecture Guide.<?xml:namespace prefix ="" o ns ="" "urn:schemas-microsoft-com:office:office" />

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In suburban Chicago in 1893, Frank Lloyd Wright, America’s most famous architect, designed the first Prairie-style house, and it’s still a common style throughout the Midwest. Prairie houses come in two styles–boxy and symmetrical or low-slung and asymmetrical.

Most famously, you can find some Frank Lloyd Wright inspired homes in Rush Creek but if you look hard, you’ll find Prairie style homes here and there. Roofs are low-pitched, with wide eaves. Brick and clapboard are the most common building materials. Other details: rows of casement windows; one-story porches with massive square supports; and stylized floral and circular geometric terra-cotta or masonry ornamentation around doors, windows, and cornices.

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