Condo market better in city than ‘burbs
WOSU News wrote Condo market better in city than ‘burbs
For many people the housing market is not the best place to be right now. It’s almost inevitable that at least once a day one will hear something about home foreclosures, the credit crunch and the R word – that’s recession.
Ken Gold is the director of the Center for Real Estate Research and Education at Ohio State University. Gold said he’s not surprised that a condominium community in Harrison West is doing so well. He said that’s because areas near downtown Columbus are the hot place to be right now. Gold said downtown condos attract young professionals, who are often first-time home buyers, empty-nesters and people new to city. He said it’s condos in the suburbs that will be tough to sell.
While it may be easier for someone trying to sell a condo in say Victorian Village or Short North, Gold said it’s going to take longer – everywhere. But sale prices in the suburbs could suffer.