Downtown Columbus home sales have picked up at a record pace. Empty nesters looking for a change once their kids are in college flock to the city to enjoy the urban lifestyle. Young wealthy professionals prefer Downtown to the suburbs because of the entertainment and sporting options it offers.
Have you ever considered selling your suburban home and moving into the “City”?
Over the past 2 months Downtown Columbus (zip code 43215) has become the fastest growing real estate market in Central Ohio. Today, we’ll explore the types of properties you can buy in this area, how many units sold and how property values have increased.
This will help you decide whether Downtown is a good place for you to buy.
Downtown Columbus Home Sales
According to the latest housing report, Downtown home sales almost doubled in April (year over year) and the average sales price has increased by 79.4% to $403,702.
51 homes (mostly upscale condos) sold in April and May. Another 63 are currently in contract, and 86 are listed for sale. The inventory is much stronger. There’s way more selection than in the suburbs.
This map shows all properties sold in April and May 2017 in the 43215 zip code. The pins are color coded by sale price. Click here for an interactive map.
Click map for larger image
What’s Listed for Sale
Out of the 86 properties currently for sale, 7 are listed above $1,000,000 (the most expensive is $2,345,000, a 4,780 sqft penthouse suite in the new North Bank tower), 3 cost less than $200,000, and 7 are single family homes (everything else is condominiums).
Here’s a map of active listings (as of Jun 4, 2017), color coded by asking price. [Interactive Map]
Click map for larger image
Major new developments in Downtown Columbus are:
North Bank on 300 W Spring Street and its neighbor Parks Edge (250 W Spring),
LeVeque Tower Residences on 50 W Broad Street,
Vetro Lofts and Jeffrey Park in Italian Village on 367 Auden Avenue,
Buggyworks at 448 W Nationwide Blvd, and
Burnham Square at 250 Daniel Burnham Square.
Many condos and homes in this area are tax abated. This means property taxes are substantially discounted for owners.
Tax abatements are incentives granted by the City to encourage the re-development of certain neighborhoods. In some cases, you won’t have to pay property taxes for up to 15 years.
Considering the high valuations of many new condos in the downtown area, tax abatements could save you tens of thousands a year.
Here’s an example:
The home at 50 Brickel Street is tax abated. It recently sold for $685,000. Annual property taxes for this home are only $2,434.
The property at 394 E Town Street is currently listed for $685,000. As it is NOT tax abated property taxes are $15,686 a year.
By comparison, for a $685K property in Dublin you would pay $16,500 in property taxes.
Is Downtown Columbus Right for You?
If you are contemplating a move to the City, call or text me at 614-975-9650! I can help find an excellent deal that will save you lots of money in property taxes.