Last week I saw a survey of ground-floor businesses, hotels, and commercial landlords in downtown Columbus. Following pandemic related shutdowns and civil unrest many businesses are struggling to stay afloat.
How Soon Can Downtown Businesses Recover?
58% of surveyed businesses said they are worried of staying afloat, only 34% are fully open for business, and only 19% of employees are working full time on-site.
A stunning 77% of business owners said their properties were damaged by the riots. The total cost to those surveyed was $1.8 million in property damage, not counting $158,000 of damage to the Ohio Statehouse.
What’s the Impact on Residential Properties?
The national media is reporting on people fleeing big cities for a more peaceful lifestyle in the country.
Closed businesses create a challenge for Downtown condo owners who moved into the city to enjoy a vibrant restaurant and entertainment scene.
Are People Really Moving to the Country?
To find out, I compared home sales data in Downtown Columbus (zipcode 43215) and the Short North (43201) with Marysville, where I recently sold a rural home on 5 acres and just added a new listing.
The table below compares sales data for the first seven months of 2020 to the same period in 2019. I am using the full MLS for reference.
Downtown clearly suffered a substantial drop in sales, while Marysville already posted an increase over 2019 in both closings and pending contracts. The inventory is rising in Downtown, but dropped in Marysville, like in most of Columbus.
Surprisingly, the Short North has been booming this year with sales beating last year’s by 31.4%, while the average sales price is up by 19.5%.
Should You Move to the Country?
That depends on your lifestyle, family needs, and job situation. If you can work remotely, love to have a big yard, or send your kids to suburban schools, you may want to consider a move.
You can afford double the space in Marysville compared to Downtown based on cost per square foot.
Can You Find Bargains in Downtown Columbus?
The numbers indicate that there’s more supply in Downtown and sales have been lagging. This may create an opportunity to buy a condo at a discount in the second half of this year.
There may even be deals in the Short North as tax abatements have expired on a number of condo developments.
If you are ready to move, I can help you find the best deal! Click here to schedule your FREE Virtual Consultation. Call or Text me at (614) 975-9650.
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.