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YouTubeIsn't it a shame those Whitney condos might become rentals? I, for one, might like to purchase one but not if they become rentals first. Who else might fall into this category?
Columbus Underground Messageboard » General Columbus Discussion » Development
POLL: Who is interested in purchasing a Whitney condo, not renting?
[161 posts] [22 contributors]
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Gig3000
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My understanding is that the smaller ones are less expensive...so with the tax abatement, i could pay $200000 for one. It seems to be hard to get any info on them tho. If they start out as rentals, they will have to continue to be rentals because no one would be able to get financing to buy. Do you want to see that happen to that area? Surely that can't be a good thing for revitalization, i wouldn't think.
Posted 4 months ago # -
BuenaVista
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Why could one not get financing to buy?
Posted 4 months ago # -
Gig3000
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Because FHA/Fannie Mae wouldn't lend to a complex that is mostly rentals. Something like 50% of the units have to be non rentals to qualify for financing. That leaves a BUNCH of people out, including me. So, once a rental, always a rental.
Thank you to whoever corrected Whitney in my post title.
Posted 4 months ago # -
leftovers
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The city will rent them out at market rate. It will be a steal for those lucky enough to rent them. It would be hard politically to sell them for less then they cost the city to buy and complete (the project turned into an expensive mess). By renting them out it is possible to say that they may eventually pay for themselves*.
*it may take 50 to a hundred years.
Posted 4 months ago # -
leftovers
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There are other condominium options to look into. If it had not turned into a mess the Whitney seemed like it would have been a nice addition to the area.
The Whitney Apartments will be managed by the CMHA. They are pretty good about keeping tenants in line and property in good order.
Posted 4 months ago # -
Gig3000
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And it doesn't sound like it going to work to rent them either...may as well sell them, take the loss and move on. It would also hurt the rest of the area, people buying up land and other properties. Buyers have much more respect for their homes than renters do....it would be a shame to rent them. You gotta look at the whole picture
Posted 4 months ago # -
BuenaVista
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Gig3000 said:
But isn't the city trying to lure people downtown. You have to look at the other benefits of people moving from the suburbs to downtown. We will use doctors, dentist, frequent restaurants, etc. I wouldn't move downtown to rent.Why? The Whitney is also not downtown. Finally, apartmkents have always been converted into condos. It just depends on what the market is like at the time.
Posted 4 months ago # -
BuenaVista
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Oh Gig3000 has only posted threads related to The Whitney. I am willing to bet he has a vested interest in these condos somehow.
Posted 4 months ago # -
Gig3000
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I'm interested in the area in general,Buena. I have done a lot of reading and am looking for affordable housing. I am willing to deal with the homeless and sneering locals in the hopes that my property will appreciate over time. I am actually interested in the NOBO condos but not at this rate. The Whitney being rentals will hurt. I know, because it is hurting my view of the area.
Posted 4 months ago #
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