Columbus’ 5th Ave By Northwest Neighborhood Real Estate Market Update

This 1248 sf 3 bed, 1.5 bath cape cod on Meadow Rd sold this year for $176,500 after 12 days.

As first time home buyers get pushed farther away from the city core, despite many wanting to be as close to it as possible, areas like 5th by Northwest become more and more important to the city’s fabric. Often written off in the past as a motley collection of University View rental homes and Grandview Heights wanna be’s, 5xNW as its called, has an area plan from the City of Columbus and is starting to receive a little more notice.

Let’s face it, 1st time home buyers are priced out of Grandview and if you could live within Walking Distance to attractions on Grandview Avenue and own your own home, that’s a nice thing. Yes there is heavy rental in the area but it is conveniently located and worth a look.

This update applies to the relatively small area generally bounded by Third Avenue on the south, Glenn/Wyandotte/Northstar Roads on the west, Kinnear Road on the north, and Kenny/Olentangy River Road on the east.  Windgate Village and Somerset Square condos fall in here.

Homes on the market: 8 Homes and Condos for sale today

• $148,097
• $148/sf and
• 100 days on market
• HOMES ONLY – 3 Listings, 2 small ones on Sells Ave and 1576 Meadow Rd, a 3 bed 2bath for $269,900

5 x NorthWest Homes in Contract contingent on financing/inspections as of today: 1

• 1735 Hess Blvd has 1110 sf
• $159,900
• $144/sf
• 52 days on market

Greater Short North area Homes SOLD THIS YEAR: 36

• Averaging 1034 sf
• $147,690 avg List but a $142,322 Sale price or 96%
• $137/Square foot
• 50 days on market — (very tidy)
• HOMES ONLY – 20 @ $160,665, 1125 sf – $143/sf – Only 38 DOM

The Most expensive home sold so far this year was 1624 Ashland Ave, a 1600 sf 3 bedroom, 2.5 bath that sold for $216,000 after 65 days on market but was listed at $259,000.

Joe Peffer is a Realtor who works in 5xNW, Grandview, Upper Arlington and other Columbus Neighborhoods.

Would you like me to break it down bycondos vs single family? email me and I will be glad to

The Worthington, Ohio Real Estate Market – Right Now

This 4 bedroom Chaucer Ct Home sold for $279,900 in late November

Homes on the market: 99 Active Worthington homes for sale.

Averaging 1,842 sf,

• $235,680 ( just under 2/3 are below this average list price (!) Wonder Why so cheap? see below)
• $127/sf and
• 131 days on market.

What happens if you take condos out of the equation and focus only on single family detached homes?

68 Active Single Family Homes for sale in Worthington, Ohio

• $284,386
• $137/sf and
• 129 days on market.

Worthington Homes in contract with escape clauses:

None – No Homes you could still, conceivably, swoop in and buy

Worthington Homes in Contract contingent on financing/inspections as of today: 30

• Averaging 1912 sf
• $244,796
• $134/sf
• 106 days on market

All Worthington Homes Closed since October 1, 2009: 66

• Averaging 1798 sf
• $212,894 avg List but a $201,867 Sale price or 96%
• $122/sf
• 73 days on market

Single Family Worthington Homes -No Condos- sold since October 1, 2009: 47

• Averaging 2018 sf
• $245,856 avg List but a $233,260 Sale price or 96%
• $130/sf
• 63 days on market

Interesting Note: 25 Fox Lane, a home that I’ve been enamored with this year, Sold just before Thanksgiving for $630,000. The home sits on the Olentangy River and is on a big lot with 5 bedrooms, 4.5 baths and 4900 square feet including a somewhat new “pub” room. It was listed in early June for $969,000 and the time of going in contract was listed at $750,000.  The house sold in September 2007 for $900,000. 2008 taxes were $15,226.

PERSPECTIVE: In the same time frame one year ago, 34 –almost half as many–Single family homes sold for an average $234,668 or $123/sf and were on the market 89 days. Did the first time home buyer tax credits (combined with historically low interest rates have an effect on Worthington Real Estate Sales this year?  Judging from the above, yes, a significant effect as the original time frame for closure of that credit loomed on November 30. More people were buying and they were getting better deals this year by about $7/square foot. There were also more homes on the market this year-thereby supporting that doubling of sales-as especially South Worthington Sellers moved up and out of their smaller homes.

From April through August (the so-called ‘prime’ selling season) of this year, the average single family home in Worthington sold for $215,705, or $127 per s.f., after 70 days on market.

Joe Peffer is a Realtor who works in Worthington and other Columbus area Neighborhoods and first ring subburbs.

Would you like me to break it down by homes vs condos or Riverlea vs Olde Worthington, Colonial Hills vs Olentangy Hills? email me and I will be glad to.

This update is for Worthington specefic homes, ie inside city limits. You could live in Columbus and still be in the Worthington School District. In fact, you could live in Powell, have a Columbus Mailing address and attend Worthington schools.

1st Time Columbus Real Estate Home Buyers Flock to beat deadline

'Tis the Season to Purchase your Next Home

The original 1st time home buyer tax credit was set to expire on November 30, 2009.  During the week of November 23-30, 2009, 1st time home buyers in Columbus and surrounding communities racked up 577 Central Ohio Homes Sales.  That’s up 41% from same week last year.

Was the original 1st time home buyer tax credit a resounding success in terms of getting buyers into homes? I think that 41% increase says yes. You’d have to look beyond the face of it though. How many of those buyers would have bought a home anyway?

Interest rates these last two quarters have been hovering around historic lows–that should be enough of an incentive to get most buyers off the fence. Most of the first time buyers I worked with this year would have bought anyway and were maybe just a little more motivated by the tax credit which was seen as icing on the cake of homeownership.

Also, how many of those Columbus area homes purchased by 1st time buyers were Columbus short sales or Columbus foreclosures? I don’t think Central Ohio has seen the anticipated cause and effect relationship  the tax credit was supposed to begin–namely, noticeable increases in 2nd time buyers moving up into more expensive homes and so on. The tax credit buyers were supposed to start a domino effect of trickle-up housing economics and while there did seem to be a plethora of first time buyers out there in Columbus, higher end housing-let’s say $400,000 and up-hasn’t felt the anticipated repercussions of that boon.

OK–You’ve Put In Your Offer, Here Are Eight Things That Can Sabotage Your Mortgage Approval

Columbus Home Buyers-With mortgage rates are hovering near all-time lows, lots of Americans are taking advantage of refinance and home buying opportunities. 

The downside of today’s unexpectedly-low rates, though, is that mortgage lenders are ill-equipped for the rush of new business.  Especially with all the refinancing going on. My lenders always tell me that sales always get put before refi’s but …

As a result, the process of underwriting and approving new mortgage applications is taking some conforming lenders as long as 2 months to complete(!)

This is double the time needed as recently as six months ago.

Because there may be 60 days between the application date and the closing date, it’s important for applicants to remember that mortgage approvals can be revoked at any time prior to funding. 

As mortgage applicants, there are many events that are out of our control — job security and health matters, for example.  But there are also events that are within our control. 

I always tell my clients that, once we’re in contract, don’t so much as buy a toaster on layaway. Knowing that mortgage approvals can be fragile, here are 8 things you should absolutely not do while your home loan is in process.  It may be the difference between being approved by the bank, and being turned down.

1. Don’t buy a new car or trade-up to a bigger lease.
2. Don’t quit your job to change industries
3. Don’t switch from a salaried job to a heavily-commissioned job
4. Don’t transfer large sums of money between bank accounts
5. Don’t forget to pay your bills — even the ones in dispute
6. Don’t open new credit cards — even if you’re getting 20% off
7. Don’t accept a cash gift without filing the proper “gift” paperwork
8. Don’t make random, undocumented deposits into your bank account

Now, avoiding these items may not be practical for everyone.  For example, if your car lease is expiring and you need a larger vehicle, it doesn’t mean you can’t buy the car — just check with your loan officer first to be sure the new payments won’t “break” your approval. 

The same goes for accepting cash gifts from parents.  There’s a right way and a wrong way to accept gifts and doing it the wrong way may prevent you from using the gift as a source of downpayment.

Mortgage lending is full of “gotchas” and with underwriting times stretching to 60 days, it’s a lot more likely that a mortgage applicant will trip into one.  Following these 8 rules, though, is a good start.