A new year brings about new change, and there’s no better place to look than across our urban landscape and into communities where people choose to live their lives in Central Ohio. We asked several local real estate and development experts for their opinions, insight and predictions about what 2012 will hold for urban development and the local real estate market. Here’s what they had to say:
Hot Neighborhoods of 2012: Weinland Park, Franklinton & More
Real Estate is hyper-local, and the value of properties can vary greatly from block to block within a single neighborhood. If you’re looking to invest in an area on the cheap, that has a better chance for an eventual appreciation in value, then you’ll want to make sure you’re looking in the right places.
“While Columbus residents have the ability to taste many different flavors of neighborhoods throughout the city, there’s no question the historic neighborhoods of the city are, and continue to be, a success,” McCoy says. “There will always be a draw to historic neighborhoods that offer charm, character, and sense of community.”
Ringley agrees, and points to Franklinton and Westgate as established neighborhoods that will be rediscovered due to their affordability.
“Westgate and its surrounding subdivisions such as Wilshire Heights, Miram and Holly Hill, contain a lot of homes that are still owned by the original owners, who are getting up in years and are downsizing,” she explains. “Berwick should continue to be popular for the same reason.”
Continued stability is expected in neighborhoods such as Grandview Heights and Clintonville.
“Clintonville will also benefit long term from the $200 million addition planned at Riverside Methodist Hospital in the near future,” DeHays says. “Selective neighborhoods in the Hilltop, like that of West Gate, will see increased demand due to close proximity for casino jobs with gas prices remaining high.”
For those looking to be early adopters or neighborhood pioneers, Delia suggests looking outside of the traditional areas to find gems located off the beaten path.
“The Discovery District is an emerging enclave with Neighborhood Launch, The Abigail, and the Hills Market,” he says. “Other progressive areas with rich character and urban culture include Franklinton, Southern Orchards, and the King Lincoln District.”
A lot of progress has already been made on the redevelopment of Weinland Park in 2011, thanks to a public-private collaborative partnership. Proximity to The Ohio State University and the successful Short North and Italian Village will also help speed up those redevelopment efforts.
“As OSU closes the gap between the University District and the Short North, it will create an even more valuable environment there,” McCoy says.
Fortin agrees that the neighborhoods surrounding The Ohio State University will continue to grow through their ability to attract a net increase in new Central Ohio residents, though strong suburban neighborhoods may have the upper hand when it comes to locating near high-paying job centers.
“OSU is the primary incubator for our city, but we are blessed to have such great mature core neighborhoods and fantastic suburbs,” he says. “Polaris and New Albany are all about the jobs, combined with suburban amenities, such as good schools, quality of life assets and other conveniences.”
McCoy disagrees, pointing out that more people are embracing walkable lifestyles offered in the urban neighborhoods.
“There’s a trend for communities to become more interactive with their residents and the urban neighborhoods of Columbus are a step ahead of some of the suburban markets at this time,” he explains. “To me, Grandview encompasses the best of both the urban and suburban neighborhoods. People want to walk to restaurants, the gym, coffee houses, and grocery stores and this will become more and more evident as communities redevelop. The redevelopment of the Kingsdale shopping center in Upper Arlington is a fabulous example of this trend.”