Midtown Columbus Condos

They're building them downtown like crazy. Right now we're in a bit of a lull between projects and many people are looking to the Short North and German Village and the Brewery District to take up the slack.
I'm currently helping a buyer from another state find the perfect condo as she downsizes her life. She'll be moving here from Missouri and she would like to be where the action and energy of the city can still be felt. Just because she is a retired person doesn't mean she wants the ranch condo in the suburbs. There are plenty of those available now too as baby boomers and empty nesters look to downsize their lives.
I love working in the city central areas and I'd love to help you or your friends find that perfect condo whether it's this winter, or some time next year. There are so many exciting things happening down here. Condos, conversions, new builds and rehabbed properties are everywhere.
Here is an up-to-date map of the major projects going on in and around downtown from the website called downtowncolumbus.com:
http://www.downtowncolumbus.com/publications/HousingPipeline2004-10-01.pdf

In upcoming posts, I'll let you know about many of the individual projects in good detail.
I hope to unveil my new website aimed exclusively at the midtown condo market by early Spring of 2005.

This week's rates:
30 year 5.50
15 year 5.00
7/23 4.875

Conforming ARMS
3/1 5.00
5/1 5.375
7/1 5.625

Interest Only
5/1 ARM 5.625
7/1 ARM 5.75

Continuing Education

This morning I went to a company sponsored seminar featuring a nationally known speaker and a panel of three successful Coldwell Banker Sales Associates. I didn't hear anything new or that I'd never heard before but it reminded that it's always a good idea to get out of the office, to get out of the box and listen to what the best in the business will share with you.
That's how you get better.
When picking a realtor, ask them about their continuing education. Ask them where they received their initial real estate education. I, for example, went to Columbus State for one quarter and took the required classes and received actual college credits for them. Many Columbus Realtors take a quick 3 week or 6 week class at Hondros in Westerville. I remember that I could tell right away that I had a superior education compared to other "newer" Realtors at the time. It's a fast paced business and it's important to be up on the latest laws, trends and technologies. It benefits the home seller and that benefits the Realtor.
I enjoy learning and I think that if I were independently wealthy I'd take classes and read. Did I mention that I'm the only Realtor in greater Columbus with a Masters Degree in Integrated Marketing and Communication? To the best of my knowledge anyway, the Board of Realtors doesn't keep track of such things.
I couldn't help think this morning, as I surveyed a room with at least 200 Realtors, that it's a miracle anybody makes a living in this business with so many Columbus Real Estate agents in the market, over 5,000 in Central Ohio. Many of them are only part time though. That's another good point. When you are listing your house or if you are looking for a Realtor who will help you buy a home in Columbus, consider if it's OK for them to be a part time agent. This is my living, it's what I do. It's not a hobby or a part time interest to make a few bucks here and there. I also love doing it. I really enjoy working in real estate and I enjoy meeting so many fantastic people I may not have otherwise met.

Here are your mortgage rates
Conventional
30 year 5.625
15 year 5.125
7/23 5.00

Conforming ARMS
3/1 5.00
5/1 5.50
7/1 5.75

Interest Only
5/1 ARM 5.625
7/1 ARM 5.875

Pricing and Value

Almost everyone I talk to who is a buyer wants one thing consistently across the board -- VALUE.
Of course, everyone's idea of value is different. Most people I help buy real estate understand that you can't walk into a home you like, offer 20% less than the list price and expect any sort of response from the sellers -- other than indifference.
Statistics say that in most parts of Columbus, the difference between the list price and the selling price rarely exceeds more than about 3%. Any Realtor worth his or her weight wants to price the home at an appropriate price range to benefit the sellers and themselves.
Buyers need to understand this before they begin the home buying process.
Sure we all want a good deal and that's where an intelligent realtor like myself can come in and save some real money -- in the real estate negotiation process. A few thousand here, a few thousand there, it all adds up quickly.
More and more, Realtors are asked to demonstrate the value they bring to the home buying process. I, for instance, am a trained negotiator. But it's vitally important to remember that I am not about to tell my buyer what to offer for the property. That's not my decision, it's theirs. I can do fabulous background research to find out what the realistic market value of a home is. I can talk to the home buyer about negotiations in a real estate deal in Columbus and what to expect but it's the buyer who ultimately makes that decision.
similarly, when it is time to price the home for sale it's the seller who makes the decision to the price the house. In a real estate deal this is where it all begins and ends. If a home is priced well, it will sell for the most amount of money in the quickest time. If it's overpriced, it will anguish on the market for months and months before it is sold -- and even then only after a series of price reductions to price the home at the level it should have been listed for in the first place. It is vitally important to have a competent real estate professional and to listen to their recommendations in regard to pricing to avoid such a scenario.


Conventional
30 year 5.75
15 year 5.125
7/23 5.125

Conforming ARMS
3/1 5.125
5/1 5.625
7/1 5.75

Interest Only
5/1 ARM 5.875
7/1 ARM 5.875

City Council

Today I, along with several members of my local neighborhood associaiton www.klbna.org , are visiting City Hall to try to do some good in the neighborhood.
We've been fighting with the powers that be for about one year now in regard to a vacant lot in our neighborhood at Hamilton and Long Streets.
The Mayor's office has been touting an office building on this corner for some time. Mayor Coleman has been taking credit for the building for at least that long although not one spade of dirt has been overturned.
The funny thing is, no one asked us residents about what we would like to see housed on that corner. Certainly not an office building that will add nothing to our neighborhood in the way of tax base, voting residents activity after five o'clock. There must be a better place for Police Internal Affairs and the city's Weights and Measures department to be housed, at tax payer's expense, for prime dollars -- especially in an age of unprecedented office vacancies in downtown proper.
So today a year of work culminates in a meeting to see who will control the land, KLBNA or the developers whose idea still doesn't have funding, only political ties downtown.

Did you know the city's land bank has available lots that can be leased for as little a one Dollar per year and vacant homes in need of rehab real cheap? Check it out: http://td.ci.columbus.oh.us/Land%20Management/index.htm

Although this has nothing to do with real estate in columbus or www.CentralOhioRealty.com , here is a link i discovered recently that lists columbus area wi-fi hot spots:

Monday Market Recap

Conventional
30 year 5.75
15 year 5.25
7/23 5.125
Conforming ARMS
3/1 5.125
5/1 5.625
7/1 5.875

U.S. non-farm payrolls grew by just 96,000 workers in September - down 30% from last month and analysts' expectations for September. Although the unemployment rate remains steady, the weak job creation report heightened, or perhaps broadened, speculation that the summer's economic slowdown may be harder to push through than earlier thought. A Merrill Lynch analyst in New York Friday went so far as to predict only one more Federal Reserve interest rate increase over the next 14 months.
Meanwhile the dollar and stock market slid Friday and Monday, taking mortgage rates lower as well.
On our way to $60 oil, we set records three days this week with oil now at $53.15 per barrel - up 71% this year alone. Besides the hurricane season in the Gulf of Mexico and Nigerian unrest, oil price records, low inventory and very limited spare capacity are being fueled by a tremendous boom in the Chinese and Indian economies. Because production capacity is maxed out, a senior International Monetary Fund researcher said Thursday that government solutions - whether subsidies, increased taxes or price fixing - are not a long-term answer. Rather, he said it's "important to allow the price system to do its job and to tell consumers 'Hey, you should be consuming less.' Otherwise you're just perpetuating the problem." Massive credit expansion in China continues to drive worldwide prices on commodities to new record highs - from energy to precious metals to building materials. Don't take your eye off this major global economic factor.
Have a great week and look for rates to stay in the high 5s on the fixed-rate products!

Neighborhoods and Political Yard Signs

During this especially intense campaign season, whenever I am out with a buyer looking for a new home in any neighborhood in Greater Columbus Ohio, I can’t help but notice the proliferation of political yard signs.
First, if you’re selling your home don’t put a political sign in your yard. It will clash with your for sale sign and possibly sour the potential buyer on your home even before they walk in the front door.
This election year Ohioans seem particularly divided. You’re either blue or you’re red, there don’t seem to be too many purples out there.
This has led me to wonder about the fabric of community here in Columbus. Could it be that election signs are tearing apart once tranquil neighborhoods?
I know every person who lives in every house on my particular block. I have a pre-conceived and very loose idea of what they’re political affiliation may be. I also really like each of my neighbors. If my next door neighbor, or the family across the street were to put an election sign in their yard supporting the “other” candidate, I’d be very surprised and I can’t help but wonder how that may affect the way I think of that neighbor for as long as they live on the street.
Some of my best friends support the “other” candidate, as do many people I admire. Community building is a difficult thing to begin with though, and throwing a reason for others to think of you and your family in a “politically wrong” light out on the front lawn doesn’t seem like a good idea,
Yes, it’s America we live in and the freedom to express our politics, especially in an election year, is a notion sacred to all of us. Debate is beautiful, knowledge is intoxicating and, let’s face it, politics is not only a passionate arena, but a fun one too.
Yet, as I drive around town with my buyers the signs are everywhere. Would it make a difference to a home buyer? Probably not. Living between known “other party” supporters – already firmly behind their party to the point of erecting a yard sign- probably won’t change anyone’s mind if they’ve found the perfect home. (And if I am your Realtor, you will find only the perfect home.)
So we just let these signs and their owner’s political beliefs roll off us like water off a duck’s back. We have to. We must all get along.
Your new neighbors won’t talk about sex or how much they earn. They won’t put a sign in the yard that explains their favorite position or frequency or weekly take-home. I guess people put yard signs out because politics aren’t taboo in America, thank goodness.
When they bring over the house-warming casserole, it won’t be accompanied by conversations of foreign policy or domestic taxes, school vouchers, social security or immigration. It will be accompanied by a hearty “Welcome to the neighborhood, we’re glad you’re here.”
Let’s face it; you’re glad you’re there too.

HUD Homes and the state of the investment community

I'm helping a young guy buy his first house. More than neighborhood, more than schools, more than house style, he wants value. I can't blame him. A low/affordable mortgage payment and the security of knowing you've got instant equity are two of the most comforting factors I could think of when buying a home.
He asked about HUD homes. Everyone asks about HUD homes. Everyone wants a deal.
Here's the skinny on HUD Homes:
- They are hard to come by
- They go quick
- They go for list price or above most of the time
- They need work
- They aren't usually in a neighborhood where the clients asking me about HUD homes want to live
- You must be pre-qualified by a lender.

That said, if you find the right home, it can work out great. If the house is more than $49,0000, you'll need $1,000 in a deposit. You could lose this deposit if you back out of your offer later. Oh yeah, did I mention that HUD homes come AS IS ? Yep, the only person making repairs will be you. Of course you are allowed a home inspection and if that home inspection turns up a suspect foundation, well then you can probably get your $1,000 back and move on.

The first 10 days they are on the market, they are open only to owner-occupants. That means you have to live there. You have to sign a document swearing you'll live there for 12 months.
You also have to have a Realtor to see the inside of the home. You can view the home anytime, generally. They go fast though, real fast if they are in desirable areas or are terrific bargains.

The home I'm looking at for my current client is listed at $60,000. It sold for $80K in 1996 and the county has it valued at $102,000 for tax purposes. Yes, that's a lot of equity. If my client likes it, we may put in a bid tonight. Then you wait until 4:00 the next day to see if your bid was the winning bid. If so, you're in contract.

Call (324-4357) or email to find out more about HUD homes. I don't do too many but I do recognize value when I see it. I'm sure you do too.

This week's rates from a local bank:

Conventional
30 year 5.75
15 year 5.25
7/23 5.125

Conforming ARMS
3/1 5.375
5/1 5.75
7/1 6.00

Interest Only
30 year 6.625
5/1 ARM 5.875
7/1 ARM 6.125

Insuring a Home in Ohio Can be A Good Deal

. A new survey shows that it’s cheaper to insure a home in Ohio than in most other states. A study by the National Association of Insurance Commissioners found that Ohio’s average annual homeowner’s premium was 47 th in the nation in 2001. Ohio’s average was $359 compared with the U.S. average of $536. The Ohio Insurance Institute said homeowners premiums are stabilizing in Ohio this year compared with past years. The 10 largest writers of homeowner’s policies had raised premiums an average of 2.9 percent through May, after two years of increases averaging 14 percent.

Central Ohio Housing Market a Relative Bargain

Central Ohio Housing Market a Relative Bargain – Nationally Speaking. A survey confirms what many transplants to Ohio already know: Homes are inexpensive here. The survey, by Coldwell Banker Real Estate, shows that homes in all seven Ohio cities examined — Akron, Canton, Cincinnati, Cleveland, Columbus, Dayton and Toledo — are far less expensive than the national average. The annual study compares the price of a four-bedroom, 2,200-square-foot home in a ‘‘middle-management" neighborhood, which sold for an average of $354,372 in the 322 markets surveyed. In Columbus, the home costs $231,225, slightly less than in Ohio’s costliest city, Cincinnati, where the home costs $234,167. Ohio’s bargain city is Dayton, where the home costs $166,600. The most expensive city in the nation for housing is La Jolla, Calif., where the same home costs $1.7 million. The least expensive: Minot, N.D., where the home sets buyers back $130,300.

Welcome

Welcome to what I believe to be Greater Columbus' only Real Estate Related Web Log.
I am Joe Peffer, a Realtor with Coldwell Banker King Thompson who would love to help you and your family buy or sell a home in Central Ohio.
This BLOG, however, isn't so much about self promotion as it is community, sharing and insight. I'll post news relevant to the market and observations, stories and findings I encounter through the everyday process of buying and selling in Columbus markets.
Want to know what is on the market right now? Try www.CentralOhioRealty.com -- it's a good place to start.