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A Dispatch article that ran today revealed that the Bexley Gateway condos have not been selling as well as originally planned. Only 5 of these 33 high-end units have occupants, which is the same number of buyers they had lined up in October 2007 when the Dispatch ran a more optimistic article about the mixed-use development.
The Bexley Gateway was developed by Plaza Properties, who has had more success with the more affordable Hartman Lofts building Downtown and the Yukon Lofts in the Short North. There has been plenty of talk about the oversaturation of higher-end condo units in the Downtown market, but it seems as though these sorts of condos would sell more quickly in Bexley. Which leaves us wondering if more tax abatements are needed, as mentioned in the article, or if the condos will sell as is whenever the housing market starts to make a comeback.
Anyone been inside these?
I have not. Although we’re regular parkers in their parking lot when grabbing Jeni’s there. ;)
I’d love having 100% no income taxes for 15 years. If I had that on my modest house now it would be nearly 70,000 bucks! I’d bet that will get them some good attention.
Bexley seems to be a bit off the radar and these developments would be known to local residents, but not many others. I wonder how those Dawson condos fared in comparison.
These seem massively overpriced to me.
For the younger crowd, I agree that they might seem overpriced, but looking around at some of the amazing homes in Bexley, I can imagine that plenty of empty nester baby boomers would love to have something a little smaller (1200-1700 sq ft) than their 3000+ homes that are just as high-end and located in the same community.
They have some pretty nice amenities, so I can’t help but wonder what the condo fees are on top of the mortgage payments. ;)
The price seems high a little . But really when you compare it to most condos it seems about right and you do get a lot of square ft. The pictures of that place are sharp.
Walker Says: I can imagine that plenty of empty nester baby boomers would love to have something a little smaller…
I didn’t really finish my thought on this earlier, but I meant to add that although I do see there being this type of demand in Bexley, the thing preventing them from moving is an inability to sell their existing homes in the current market.
Walker, I imagine you’re nailing the biggest issue right now. I’m sure there is some demand for these condos, but getting out from under a high six or seven figure residence may not be an option for many right now. From what I know, the project was well conceived but the timing was simply unfortunate. I don’t see this trend reversing too quickly, however. Even if housing begins to recover, I think home or condo buyers are going to be significantly more wary about stretching for a residence.
I don’t know – I think buyers in the $900,000.00 range are looking for at least two solariums.
joev Says: I don’t know – I think buyers in the $900,000.00 range are looking for at least two solariums.
Classic.
Honestly for almost a Mil, I think most “retired aged” people in the columbus area would rather buy a home on Hilton Head, not stay in Bexley, OH.
And what about the view, just on the other side of the river is a ghetto krogers. its not like these were built in the heart of Bexley.
Again, it seems like it’s the fact that virtually no one outside of Columbus knows about Bexley that is also hurting sales. Don’t forget that Bexley and other great inner-ring suburbs are losing population. They need to attract out-of-state residents. As for the view, there are numerous large brick residential buildings to shield the view of Krogers. That whole area is car-oriented and ugly, although an urban renovation a la the Weinland Park Krogers would help. I’d think Bexley has enough sway to get that if they really want. Don’t know that it would make enough of a difference to attract residents. There’s already plenty to like about Main St. already.
They don’t seem too overpriced to me, but I think I’m getting a little desensitized to housing prices out here in PDX. I look around out here, and scratch my head as to why I can’t sell my place in the Brewery District for $160/sq ft. It’s just incredible to me how cheap real estate is in Columbus right now.
Could always be worse… right? ;)
Heh! I think it depends on your perspective. If you’re a buyer, “worse” is actually “better”. There are so many people looking in Columbus, but nobody is actually buying. I think it’s just the conservative nature of people there. Sellers aren’t lowering their prices as much (so home prices aren’t dropping as much as other areas), and buyers are waiting until they’re 110% sure that the economy is turning around.
Bexley holds off on Gateway tax break
Tuesday, May 26, 2009 11:28 PM
BY ELIZABETH GIBSON
THE COLUMBUS DISPATCH
Bexley City Council members have put the brakes on a real-estate tax exemption for the Bexley Gateway development, after about 50 residents packed the council’s typically empty meeting tonight.
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