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Best Neighborhood for Real Estate Appreciation

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Started 3 years ago by B_C_B
Latest reply from cheap

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B_C_B
Upper Arlington
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I'm looking to buy a house in the next year. I want to hear people's thoughts on what area/neighborhood in Columbus will see the best appreciation in the next 5, 10, 20 years. I personally like Grandview. While it's already priced fairly high compared to other Columbus neighborhoods, it's the only I can think of with ALL of the following qualities...

1) good schools
2) low crime rates
3) proximity to downtown Columbus
4) walkable city center area with enough restaurants and shops to not get bored after a month

Posted 3 years ago #
asil
Worthington
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I second Grandview. I grew up there and my mom still lives there.

The housing market has stayed pretty steady. The prices were a little inflated for a while but have dropped down to a more realistic level. Property taxes are a little high but considering that you get a virtual private school system it's worth it (my graduating class was about 100).

There's crime everywhere but Grandview's is mostly of the theft and vandalism variety. I think there's been one murder in the past 50 years. When I lived there (just moved last year) I would take walks at midnight and have no fear of attack or even of jacked up sidewalks.

I can't think of another suburb in Columbus that is the size and density of Grandview. You get small town benefits but with the proximity to downtown it's still very metropolitan. I think my commute downtown was 5 minutes on a bad day. My mom takes the bus and it's 15 or 20.

Plus the houses have character and it's starting to be a much hipper community than it was when I was growing up.

Good luck house shopping!

Posted 3 years ago #
Walker
The KLD / Downtown
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I think Grandview does have those four qualities already, which is why I don't know if the value there is really going to appreciate that much in the next decade or two. Generally speaking, if you're looking for a real estate investment that is going to really grow over that amount of time, you're going to be looking in an area that has fewer of those qualities, or even none of them... but instead has the potential to grow into them.

Buy low, sell high, right?

That being said, my short list of places to invest for the 10-20 year range includes:

1) KLD (of course... I live here)
2) East Franklinton (east of 315)
3) Weinland Park
4) The Parsons Corridor

Each of these four neighborhoods have their own good and bad characteristics... but most importantly, they are all beginning to see both public and private investment that is going to slowly pay off on the long term. And each location has great proximity both to downtown as well as existing established neighborhoods.

Of course, you're left to deal with some less than optimal elements while the neighborhood transitions.

Just my two cents. I'm no expert on this stuff, but I feel as if I keep tabs on enough of it to make a somewhat educated guess. ;)

Posted 3 years ago #
gramarye
In Exile
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I second Walker's analysis about buying low and selling high. If you're really after maximizing your return on investment, it will do you little good to buy in an area that's already matured ... unless the rest of the city goes downhill, forcing everyone in the professional and creative classes who wants to live downtown to crowd into a smaller pool of nice neighborhoods.

My money's on East Franklinton, Olde Towne East, King-Lincoln, and Weinland Park. I still get nervous about the Parsons corridor. It has too much surface area bordering on rougher neighborhoods without a buffer. I've particularly looked at eastern Franklinton because of its location--ignore the river, and you're within shouting distance of the central business district. The problem is that it doesn't have the quality of housing stock that places like Victorian Village and the Short North did even in their decrepit days. Franklinton was in a flood plain for generations. The Army Corps of Engineers did work on the floodwall that looks pretty solid, but the problem is that all the houses were built well before any such project was conceived.

Posted 3 years ago #
CDS sherman
East Franklinton
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all good points gram, but theres really no housing stock to speak of over here in east f-ton. mostly vacant land and large buildings. makes conditions great for new development.

Posted 3 years ago #
JimSweeney
E. Fton
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Miranova at one end and East f-ton on the other...

Posted 3 years ago #
Matthew
Hilltop
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I believe Hilltop will also continue to appreciate. Especially with the Broad Street overlay we learned about the other night at the meeting.

Posted 3 years ago #
jpizzow
580 N. Park St.
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I'm an appraiser so I have a good grasp of what neighborhoods are being invested in. I also drive through many on a regular basis because I someday would like to renovate older homes full time and help get people back into these beautiful neighborhoods. so here's the list, in no particular order.

-Near East side, particularly above Broad St.
-Woodland Park
-Just east of Bexley but west of Whitehall.
-Northeast Italian Village
-Weinland Park
-Merion Village and upper Hungarian Village
-the area just between Grandview Heights and Upper Arlington, newly dubbed 5xNW I think.
-even though it's further from downtown, there is an area west of I-71, between Clintonville and Worthington.
-2-3 blocks east and west of High Street, north of downtown, when the light rail goes in (ok, that was a joke)

Happy hunting.

Posted 3 years ago #
bayrea
Dublin, Oh
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I like the corridor along 4th st and Summit between 5th and Goodale. I am thinking of investing in that area, it seems like the short north/IV area is growing in that direction.

Posted 3 years ago #
berdawn
near that stretch of N. High Street in the Short North
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It's interesting to read about different motivations for purchasing a home in certain areas. How much it may increase in value was not one of the criteria when we were looking, so it's funny to see that now Weinland Park is considered "investment worthy".

We needed:
inexpensive
bus line
grocery store within walking distance that did not smell bad (ie, food max on Cleveland Avenue)
no major repairs needed

We would like:
central air
pizza delivery
library
bar

We got everything except the central air plus eventually a movie theatre and restaurants.

Not saying that you shouldn't consider long-term value of your home, but you have to LIVE there, so maybe a neighborhood that meets your needs rather than one that may create a profit is the way to go.

Posted 3 years ago #
joev
Merion Village
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I think the best bet is to buy a house in an already good area that needs some fixing up. At least that's what I hope, because it's what we did and have sunk some serious $$$ into renovating...

Posted 3 years ago #
Walker
The KLD / Downtown
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berdawn wrote >>
Not saying that you shouldn't consider long-term value of your home, but you have to LIVE there, so maybe a neighborhood that meets your needs rather than one that may create a profit is the way to go.

Oh sure, that's an important factor too, which is why the neighborhoods I picked as good investment areas are already somewhat close to existing established neighborhoods with existing amenities. When Anne & I found our house in the KLD, we had criteria very similar to yours. I think the only thing we're missing from your list is a walking-distance grocery store, and a walking-distance pizza place (we prefer not to have it delivered). ;)

Posted 3 years ago #
cbradkee

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Being in Real Estate I think joev nailed it. Smart renovation will do more to move the price of your home investment than any other factor. Neighborhoods often take decades to develop and substantially appreciate. A smart renovation, while not going over the top, can increase the value of your home in a matter of months. Specifically, great bathrooms and kitchens have staying power when it comes time to sell.

Walker also makes a good point too. You have to enjoy living there first. Quality of life trumps money in my book!

Posted 3 years ago #
Walker
The KLD / Downtown
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cbradkee wrote >>
Neighborhoods often take decades to develop and substantially appreciate.

The original poster was looking for potential 10-20 year investments though.

Posted 3 years ago #
jadedhack
City of Pride
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joev wrote >>
I think the best bet is to buy a house in an already good area that needs some fixing up. At least that's what I hope, because it's what we did and have sunk some serious $$$ into renovating...

not that the house i just bought was BAD per se, but definitely the last one on the street to be renovated with some TLC. we have updated nearly everything in the house down to the light switches, outlets and vent covers.

i dont really think any particular area is an up and coming bright spot, bc some are moving so slow to reenergize. we moved from IV bc the corner of IV we lived in was out of the loop when it came to renovation. our house was the ONLY one within eyesight to have ANYTHING done to it and sat next to 1 completely run down house and 1 not so bad house.

and, i will have to agree whole heartedly with walker and cbradkee too, YOU MUST LOVE LIVING THERE.

Posted 3 years ago #
joev
Merion Village
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That's kind of the condition mine is/was in. Walls needed repairs, the layout was antiquated, the third floor is largely unfinished. We bought knowing that we would fix it up over the next 10 or so years. I'm optimisitc, as the house right next to us (which is mostly identical but completely done) sold a year before we bought for twice what we paid. Another house two doors down that's completely redone, half the size with 1/4 the yard sold last month for the same price we bought for.

Posted 3 years ago #
cbradkee

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For me the best neighborhoods in terms of liveability are the stable and more established ones. Unfortuntately those tend to appreciate more slowly (during normal markets) when compared to the up and coming areas. If I knew where those would be I'd be a millionaire! LOL I think too, that the whole notion of buying a home as an investment first, home second, is what helped kill the housing market in the first place. Maybe that will change now?

Posted 3 years ago #
dru
IV
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i think Grandview would have been the answer to this question in 1995-2000. Home values have already gone up there significantly. So while it hits all the categories, i am not sure they will maintain the growth in appreciation.

Posted 3 years ago #
dru
IV
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bayrea wrote >>
I like the corridor along 4th st and Summit between 5th and Goodale. I am thinking of investing in that area, it seems like the short north/IV area is growing in that direction.

living in this area, i'd say that a lot of the bargains are already gone. a recent example of the remaining 'fixer-uppers' is:
http://www.trulia.com/homes/Ohio/Columbus/sold/931780-1001-Summit-St-3-Columbus-OH-43201
that's a lot of sq. ft for 300k. but every sq ft needs some work.

i think for real bargains, you need to push the northern boundary with Weinland Park/University District.

Posted 3 years ago #
berdawn
near that stretch of N. High Street in the Short North
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Walker wrote >>

berdawn wrote >>
Not saying that you shouldn't consider long-term value of your home, but you have to LIVE there, so maybe a neighborhood that meets your needs rather than one that may create a profit is the way to go.

Oh sure, that's an important factor too, which is why the neighborhoods I picked as good investment areas are already somewhat close to existing established neighborhoods with existing amenities. When Anne & I found our house in the KLD, we had criteria very similar to yours. I think the only thing we're missing from your list is a walking-distance grocery store, and a walking-distance pizza place (we prefer not to have it delivered). ;)

After years in Linden, having people willing to bring things to my door is a delight. In addition to Adriatico's we can get sushi, beer, hashbrowns, and cookies. I've yet to avail myself of the last two, but the fact they exist gives me pleasure.

Posted 3 years ago #