If you are the owner of Columbus condos and want to sell, you probably say yes to this question.
Let’s take a closer look the the pros and cons of owning and buying Columbus condos and determine, if condos are a curse or a blessing.
First, I want to look at condos from a buyer’s perspective. If you are a buyer, Columbus condos are a blessing. You can get them at a huge discount. Condos have been overbuilt during the housing boom, because developers believed they can earn huge profits by either converting apartments or building new condos in the City.
The Arena District in Downtown Columbus, the Brewery District, Easton and Grandview Heights are just a few examples where large numbers of upscale condos were developed. Many are now vacant or available for rent with an option to buy, as the developers can’t sell them at retail values.
If you are looking at existing condos the discounts are even more dramatic. Later in this post you will see 2 HUD condos. They are like twins. They look very similar, are located in the same development on the far North-East side of Columbus (near Gahanna), and both are in very good condition.
Just 2 years ago I sold a condo in the same development, just a little larger than the ones we feature today. I sold that condo for $115K and thought it was a great deal. It definitely was less expensive than similar condos for sale at that time.
Today, you could buy both HUD condos for that amount. This means that the price has dropped by almost 50% in this development and existing condo owners who want to sell for what they owe are cursed, because nobody is willing to pay that much.
Which brings us to condo sellers …
Condos are definitely a curse, if you must sell. Beside of the general drop in values and the competition from new builds, you have to consider the cost of the condo fees. It will be harder for buyers to qualify for a condo loan, because the condo fees are added to your monthly payment. This means that you will get a larger, more expensive home for the same monthly payment.
And some condos can’t be financed by FHA. A condo complex must be FHA approved before you can get an FHA loan and that usually means that the number of rental units in the complex are less than the ones occupied by owners. That’s why some condos may be unsellable (except to cash buyers).
DOUBLE FEATURE
Here are the two Blendon Park condos I mentioned above. Their asking prices were just lowered! They are now offered in the mid 60’s, they are in very good condition and in a desirable location.
5638 Blendonridge Dr, Columbus, OH
Asking Price: $63,800 (price reduction)
Comparable Sales: $95,000
Year Built: 1997
Sq Footage: 896
Bedrooms: 2
Bathrooms 1/0
4100 Blendon Point Dr., Columbus, OH
Asking Price: $66,440 (price reduction)
Comparable Sales: $95,000
Year Built: 1997
Sq Footage: 896
Bedrooms: 2
Bathrooms 1/1
Thanks for reading the susannenovak.com Blog!
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Real Estate Agent helping First Time Buyers.
(614) 975-9650