Would "cheap" condos downtown be out of the question? « Columbus Underground Messageboard

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Would "cheap" condos downtown be out of the question?

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Started 2 years ago by Jergarr27
Latest reply from Walker

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Jergarr27

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Since the 43215 zip code is one of the most expensive in the city, would it now be out of the question to build more modest condos priced between $75,000.00 to $150,000.00?

I ask this because I know the city has been trying to attract and retain young people. Although I know there are a number young people out there who are making big bucks; many are probably living on modest means. Even though they make a modest living, they would still like to have that urban living experience without having to do the roommate thing or live with a significant other.

Is that kind of price range too low for the area?

Posted 2 years ago #
catnfiddle
Giant Corncob District
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I did a quick MLS search for 43215 out of curiosity.

Renaissance: $149,900, $144,850, $137,800
Sixty Spring: $149,900
Hartman: $145,900, $119,900
Sterling Lofts: $149,900

There are more, but it was a quick check on one web site (Keller Williams Capital Partners). I'm sure there are more. It's kind of fun checking, even if I'm off the market and in a house.

Posted 2 years ago #
lifeontwowheels
Highland West
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catnfiddle wrote >>
I did a quick MLS search for 43215 out of curiosity.
Renaissance: $149,900, $144,850, $137,800
Sixty Spring: $149,900
Hartman: $145,900, $119,900
Sterling Lofts: $149,900
There are more, but it was a quick check on one web site (Keller Williams Capital Partners). I'm sure there are more. It's kind of fun checking, even if I'm off the market and in a house.

There are also some good options for even less immediately outside of downtown, like Sherman-Oak or Hamilton Park Place.

Posted 2 years ago #
Rastapasta
Olde North
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There's plenty of unique places to be had for that kind of money if you are willing to sacrifice some amenities, space and not live in a big new construction condo association.

Posted 2 years ago #
cc

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Thought better of my tirade. :)

Posted 2 years ago #
catnfiddle
Giant Corncob District
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cc wrote >>
Thought better of my tirade. :)

LOVE the avatar!

Posted 2 years ago #
jmak
Gahanna
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Wow, at first glance I thought it said "condoms" instead of "condos". I had an answer all prepared, but I'm afraid it makes no sense now.

Posted 2 years ago #
JonMyers
Ao Nang, Krabi, Thailand
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We need decent, affordable rentals to attract young people downtown not condos for purchase.

Posted 2 years ago #
alove
Downtown
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JonMyers wrote >>
We need decent, affordable rentals to attract young people downtown not condos for purchase.

True that

Posted 2 years ago #
DavidRyan614
Columbus
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We need a place to buy food downtown past 6pm and a real transit system that runs past 11:45pm.
A mayor who has balls and who knows what affordable housing is.

Posted 2 years ago #
roy
Downtown
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DavidRyan614 wrote >>
We need a place to buy food downtown

Alert! Hungry troll. Do Not Feed.

Posted 2 years ago #
KingLincolnUrbanEnthusiast

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Statement: We need decent, affordable rentals to attract young people downtown not condos for purchase.

Understand and not everyone wants to purchase a condo for $200,000.00

However - get out of the Short North and check out the other great urban places in the city to live that are 2 minutes away

Answer: There are many decent, clean, safe affordable rentals "downtown" already - some are off East Broad Street, on Oak and surrounding streets - check out Parsons Avenue Business district and surrounding streets. There are still great places downtown with a lot of character and charm for $325.00 to $495.00. Some have hard wood floors, etc - just need to be creative and curious to find them - Olde Towne and Town Street have plenty

Good luck and happy apt hunting!

Posted 2 years ago #
Walker
The KLD / Downtown
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Jergarr27 wrote >>
Is that kind of price range too low for the area?

Yes and No.

No - It's not completely out of the question. As CatnFiddle already posted, it's already possible to find Downtown Condos for less than $150k. And as others have pointed out, you can find even better deals if you look just outside of Downtown headed east or west.

Yes - It is out of the question to expect a developer to swoop in, build 1000 new affordable units and either take a loss on the project or just barely break even. Housing development is a business, and just like any other business, if you don't make money, it doesn't work.

Anyway, I agree with those who said that the young and the professional aren't necessarily looking to purchase a home or condo of any sort in any neighborhood. More rentals will be necessary to attract the bulk of that demographic, if that's what the plan is going to be moving forward.

Posted 2 years ago #
Walker
The KLD / Downtown
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Jergarr27 wrote >>
Since the 43215 zip code is one of the most expensive in the city, would it now be out of the question to build more modest condos priced between $75,000.00 to $150,000.00?

Another thought... it's really the price/sqft ratio that developers are concerned with when selling a condo building, and not so much the individual unit price. I forget what the average price/sqft ratio is for Downtown, but I seem to recall it being in the $200/sqft range for most developments. If that's the case, a $75-$150k price range would be applicable to a 375-750sqft living space.

So if those price ranges CAN work and be just as profitable for a developer, then those living spaces are going to have to be pretty small. Which will appeal to some people, but not others.

Personally, I'll keep my $40/sqft home in the KLD and just walk the extra 10 minutes into Downtown.

Posted 2 years ago #