Chase moves a lot of them here. They start out in NY but in order to advance within the company they have to come to Columbus.

Lots of Central Ohio housing sales info for the first quarter of 2018.  Average Sales Price, Days on Market, Change in Sales Price and Number of Homes Sold:

 

Business First:  Countdown: Here are the hottest home markets in Central Ohio so far in 2018

 

 

Lots of Central Ohio housing sales info for the first quarter of 2018.  Average Sales Price, Days on Market, Change in Sales Price and Number of Homes Sold:

 

Business First:  Countdown: Here are the hottest home markets in Central Ohio so far in 2018

 

 

For those wanting to look at the raw data this article sources; a sortable plethora of housing market information from Columbus Realtors:

 

http://marketstatsreports.showingtime.com/CR/sst/2018-03/3.htm

 

 

Columbus fourth-hottest housing market in country

 

For April 2018, from Realtor.com,

 

1) Midland, TX (?)

2) Boston

3) San Francisco

4) Columbus

 

http://www.dispatch.com/entertainmentlife/20180508/columbus-fourth-hottest-housing-market-in-country

https://www.realtor.com/research/april-2018-hottest-markets/

It is a good thing we are not going to get Amazon's H2Q because this area just does not get it when it comes to the need for more homes. We are adding 42 people a day just to the city and the building just does not seem to be keeping up-we could never deal with Amazon's influx with so many crappy local developers, NIMBY'S, out of touch elected officials, etc.

 

*yeah I am venting lol but I just don't get why we are not building more when we obviously have the demand. Are they expecting a recession or something or is this the fallout we have to expect from the housing crisis of a decade ago?

There's a labor shortage caused partially by the late 2000s housing collapse.

There's a labor shortage caused partially by the late 2000s housing collapse.

 

Yeah that is true.

http://www.dispatch.com/business/20180531/columbus-finalizes-plan-for-linking-affordable-housing-to-development-incentives

 

 

https://www.bizjournals.com/columbus/news/2018/05/31/columbus-to-temper-incentives-in-fastest-growing.html

 

 

-- A two-year process of studying and revamping Columbus’ development incentives for a dozen key neighborhoods is nearing conclusion, with City Council expected to take up the final recommendations before their August recess.

 

-- Council plans to hold a public meeting — yet to be scheduled — before it votes on the measures, which are designed to encourage more affordable housing in these areas, while paring back sweeteners for now-upscale areas such as the Short North.

 

-- Franklinton and Linden were found to have the highest number of distress criteria, qualifying them as “Ready for Opportunity” neighborhoods.

 

-- The Hilltop, Livingston and James, Milo-Grogan, the Near East Side, North Central, South Side and Weinland Park all fell into the middle category, “Ready for Revitalization.”

 

-- The Short North, the former AC Humko site (Harrison West area, around Battelle) and Fifth by Northwest (the area just north of Grandview Heights and west of Rt. 315) ranked highest, as “Market Ready” areas.

 

-- In the most-distressed areas, developers can continue to receive the current 100 percent, 15-year property tax abatement for all projects without additional requirements.  Projects in areas defined as already up-and-coming will be be required to provide some housing units deemed affordable for median-income households, or work with a local nonprofit housing developer, which would have the same effect.

 

-- In the Short North and Fifth by Northwest areas, to be eligible for the property-tax abatement, developers will be required to set aside 20 percent of units for affordable housing, based on median household income in Columbus, or make a payment to an affordable-housing fund that will be used to aid other projects.

 

-- These changes in city policy will not affect Downtown, the Brewery District and a couple of other urban neighborhoods in which revitalization is already well underway because those improvement districts predate 1994, and to alter those rules would require a change in state law.

Columbus finalizing development incentives to promote affordable housing

 

After two years of work, Columbus City Council is ready to introduce the legislation that will formally cement its new affordable housing incentives.

 

The proposed policy is intended to promote mixed-income neighborhoods with mandates that developments include affordable homes and decent-paying jobs in exchange for economic incentives.

 

"Abatements and incentives are public resources," Mayor Andrew Ginther said at a Franklinton press event Tuesday morning. "We think it's crucially important that the incentives and tools need to reflect policy priorities."

 

More below:

https://www.bizjournals.com/columbus/news/2018/07/17/columbus-finalizing-development-incentives-to.html

 

The BIA's report on the housing shortage in the Columbus metro area. Lots of figures and graphs in the report showing the urgent need to increase building both rental units and single family homes in order to keep up with job growth. I think zoning codes need to change to allow for higher density developments.

Quote

 

This new Housing Need Assessment report from the Building Industry Association of Central Ohio and the BIA Foundationquantifies the significance of the shortfall by estimating the need for new residential housing based on projected job growth through 2050.

The findings are worrisome. Central Ohio must build more than 14,000 housing units per year to accommodate an estimated 500,000 new jobs and 1 million new residents by 2050. But we are currently building about 8,000 housing units per year, meaning there is a shortfall of about 6,000 units, or 43%.

This housing gap and its effects on affordability are not unique to any particular counties or municipalities. The report concludes that, while the problem is certainly more acute in some places, the increases in home prices and rental rates have far outpaced income growth within all geographic areas of study.

 

 

https://associationdatabase.com/aws/BIA/page_template/show/133918

 

FULL REPORT: https://associationdatabase.com/aws/BIA/asset_manager/get_file/276766?ver=42

Edited December 12, 20186 yr by Pablo

18 hours ago, Pablo said:

The BIA's report on the housing shortage in the Columbus metro area. Lots of figures and graphs in the report showing the urgent need to increase building both rental units and single family homes in order to keep up with job growth. I think zoning codes need to change to allow for higher density developments.

 

https://associationdatabase.com/aws/BIA/page_template/show/133918

 

FULL REPORT: https://associationdatabase.com/aws/BIA/asset_manager/get_file/276766?ver=42

 

Bingo! While we get data centers with 50 employees, Austin is getting $1 billion Apple offices with 5,000+ employees. They're expanding in or entering almost all of our peer cities. Along with Google, Amazon, et al.

 

Our growth is going to cool off very soon if developers don't start building. There needs to be a Bridge Park in every suburb: Westerville's Braun Farm site, Grove City's Beulah Park, New Albany's (Columbus) Hamilton Quarter, Polaris east of IKEA, Westland Mall site. I know at least Westerville is opening up to the need of higher densities by doing a complete rezoning of the entire city. Hopefully soon we'll see developers take advantage. The entire south end of Westerville is 70s and 80s office parks that should be dense, mixed-use areas.

 

All the highway projects have been magnificent in Columbus, but the south side from 70-to-70 needs better access. It's the most underdeveloped area of the city and is closest to downtown. Obetz, Hamilton Township, Groveport, and the Great Southern area should be heavily developed in a "new urbanist" style, because much of it is a blank slate. Problem is, all the roads there suck. It's horrible moving around the entire south side. No street grid, two lane roads with horrible intersections that choke traffic at all times of the day, and an average of over 4 miles between exits on 270. Lockbourne, and Refugee/Hamilton should have exits off 270 at the least. Provide better infrastructure and this area will take off.

 

And developers like Kaufman shouldn't be allowed to decrease density (80 on the Commons from 17 to 12 floors), because clearly they're wrong that the market can't support it. Also why the Market Tower shouldn't be allowed to be downsized. Or the Crawford Hoying building on Cherry Street. And why we must battle the NIMBYs who shot down Pizzuti's Mercantile condo tower, and Kaufman's IBEW building. Yes, individual buildings won't have much of an impact, but the cumulative effect is rearing its ugly head. People want to move here, and jobs want to locate here, but we're not accommodating them. Existing businesses in Franklinton worried about 150 feet right next to the highway should be laughed away.

 

We need to get our collective shit together before this growth we've taken for granted melts away.

^^ Could not agree more. Especially with the point about building in the 'uncool crescent' south of 70. If anywhere can take and needs affordable housing it is this area. And yes there needs to be more infrastructure improvements. There are jobs locating in this area as they are throwing up warehouses as fast as they can around Rickenbacker. It just seems like smaller new homes just stopped being built in the last 20 years. We really also need to have some of these suburbs rethink the 'minimum lot size' crap and not be so afraid of apartments, rowhouses, townhouses, etc. as if smaller lots and apartments will being 'the wrong element' into their communities. And Columbus really needs to double down on the damn NIMBYS. 

 

We have known for years that housing construction has not kept up with demand, but nobody is willing to do anything about it.

Edited December 13, 20186 yr by Toddguy

19 minutes ago, aderwent said:

 

 

 

All the highway projects have been magnificent in Columbus, but the south side from 70-to-70 needs better access. It's the most underdeveloped area of the city and is closest to downtown. Obetz, Hamilton Township, Groveport, and the Great Southern area should be heavily developed in a "new urbanist" style, because much of it is a blank slate. Problem is, all the roads there suck. It's horrible moving around the entire south side. No street grid, two lane roads with horrible intersections that choke traffic at all times of the day, and an average of over 4 miles between exits on 270. Lockbourne, and Refugee/Hamilton should have exits off 270 at the least. Provide better infrastructure and this area will take off.

 

 

Yes, this right here. 

 

The Obetz, Hamilton, Groveport area surrounding Rickenbacker is a huge opportunity. In order for that to happen, Lockbourne and Parsons need exits on 270, and 23 needs to be improved to a legit highway. If that can happen, I think that area can absolutely explode with growth, especially with growth Rickenbacker is going through right now. 

 

There is also still a lot of untapped potential around Brice Rd in the Canal area and Groveport Rd as it approaches 33. 

 

 

Uncool Crescent Rise

11 minutes ago, Toddguy said:

^^ Could not agree more. Especially with the point about building in the 'uncool crescent' south of 70. If anywhere can take and needs affordable housing it is this area. And yes there needs to be more infrastructure improvements. There are jobs locating in this area as they are throwing up warehouses as fast as they can around Rickenbacker. It just seems like smaller new homes just stopped being built in the last 20 years. We really also need to have some of these suburbs rethink the 'minimum lot size' crap and not be so afraid of apartments, rowhouses, townhouses, etc. as if smaller lots and apartments will being 'the wrong element' into their communities. And Columbus really needs to double down on the damn NIMBYS. 

 

We have known for years that housing construction has not kept up with demand, but nobody is willing to do anything about it.

 

To your point about minimum lot size, there are some developments with very small lot sizes that have popped up. Unfortunately there aren't enough right now. 

 

Here's one in Gahanna: https://www.google.com/maps/place/Willows+At+Preserve+Crossing/@40.0619436,-82.8543333,510m/data=!3m1!1e3!4m5!3m4!1s0x883860edfe042051:0x238d0d41b17ef063!8m2!3d40.0630625!4d-82.8529778?hl=en

 

Here's one in Canal: https://www.google.com/maps/@39.8956763,-82.8493989,1016a,35y,4.43h/data=!3m1!1e3?hl=en

 

Here's one in Grove City: https://www.google.com/maps/@39.8626947,-83.0619653,539a,35y,322.52h/data=!3m1!1e3?hl=en

It's really had to motivate builders to do smaller houses since it only costs them a little more to do 400 more square feet e.g. another bedroom.

6 minutes ago, cbussoccer said:

 

To your point about minimum lot size, there are some developments with very small lot sizes that have popped up. Unfortunately there aren't enough right now. 

 

Here's one in Gahanna: https://www.google.com/maps/place/Willows+At+Preserve+Crossing/@40.0619436,-82.8543333,510m/data=!3m1!1e3!4m5!3m4!1s0x883860edfe042051:0x238d0d41b17ef063!8m2!3d40.0630625!4d-82.8529778?hl=en

 

Here's one in Canal: https://www.google.com/maps/@39.8956763,-82.8493989,1016a,35y,4.43h/data=!3m1!1e3?hl=en

 

Here's one in Grove City: https://www.google.com/maps/@39.8626947,-83.0619653,539a,35y,322.52h/data=!3m1!1e3?hl=en

It seems to be a particular problem in the wealthier areas, up north. Cbus has pretty dense development in the sliver between Hilliard and Dublin, and also up north east of Hoover dam. other areas up north(especially southern Delaware County)need to start building more of these and less huge houses on acres lots. Even that Evans Farm development they have planned will be somewhat less than 5,000 persons per square mile I think. 

 

I hate these just really wasteful huge lawns that really are not used. Front yards are really never used and never really have been and large backyards are not used like they used to be because kids just don't play in them all the time like they used to since they became permanently attached to their various tech devices.

 

*What ever happened to that large area in southeast Cbus around that Shannon development? It looks like building in that area just ground to a halt and that seems like a good area for ore of the small lot house and apartment development?

7 minutes ago, GCrites80s said:

It's really had to motivate builders to do smaller houses since it only costs them a little more to do 400 more square feet e.g. another bedroom.

Yeah especially with two story homes-you don't have to spend on expanding the foundation footprint and all of the cost is already in the bathrooms and kitchen. But a way has to be found. There are only so many people who can afford McMansions and something has to give at some point. And of course the rise in material costs and the shortage of construction labor does not help one damn bit. 

Columbus 'not even coming close' to meeting housing needs, report finds, hurting our competitiveness

 

 

Columbus needs to build nearly half a million new housing units by 2050 if it wants to keep up with projected population growth.“I love this city and I’ll never move, but the limitations on density that builders are encumbered with here are making it impossible for housing developers to meet the level of demand.”

 

More below:

https://www.bizjournals.com/columbus/news/2018/12/13/columbus-not-even-coming-close-to-meeting-housing.html

1 minute ago, Toddguy said:

*What ever happened to that large area in southeast Cbus around that Shannon development? It looks like building in that area just ground to a halt and that seems like a good area for ore of the small lot house and apartment development?

 

I think their timing on starting those projects was unfortunate. Just as they were getting going the recession hit. They've never really been able to start back up. 

Shannon development? Was it near Shannon Road?

1 minute ago, GCrites80s said:

Shannon development? Was it near Shannon Road?

 

There were numerous apartment complexes and housing developments being built, and then it just kinda stopped. 

 

https://www.google.com/maps/@39.8920787,-82.8483843,1553m/data=!3m1!1e3?hl=en

Hmmm, not sure. That's something that wouldn't be covered well by the media, New or Old. If it was in the Cool Crescent it would have attracted a lot more attention.

Edited December 13, 20186 yr by GCrites80s

22 minutes ago, cbussoccer said:

 

I think their timing on starting those projects was unfortunate. Just as they were getting going the recession hit. They've never really been able to start back up. 

Yeah but the recession is over and we have a housing shortage now. I don't get why they don't start up?

11 minutes ago, cbussoccer said:

 

There were numerous apartment complexes and housing developments being built, and then it just kinda stopped. 

 

https://www.google.com/maps/@39.8920787,-82.8483843,1553m/data=!3m1!1e3?hl=en

Yeah this area

14 minutes ago, GCrites80s said:

Shannon development? Was it near Shannon Road?

Yeah called Shannon Green...that whole area north of 33 and centered I guess around that World Harvest Megachurch.

Also there has been almost no building on the west/southwest side of Columbus in years. Grove city is building, but most of it is sprawly stuff to the south.

 

Hell even West Jeff has been building in a small condo development, and has plans for a mixed use 400 acre development (that will include a much needed Kroger) along Broad east of 142. 

 

 

 

Edited December 13, 20186 yr by Toddguy

Meanwhile, in high demand areas where we have zoned for density, NIMBYS and commissions that demand projects be downsized due to sunlight and traffic concerns.

21 hours ago, GCrites80s said:

It's really had to motivate builders to do smaller houses since it only costs them a little more to do 400 more square feet e.g. another bedroom.

I disagree. Developers build to the zoning code. If smaller lot sizes were permitted then smaller homes would be built. 

21 hours ago, cbussoccer said:

 

To your point about minimum lot size, there are some developments with very small lot sizes that have popped up. Unfortunately there aren't enough right now. 

 

Here's one in Gahanna: https://www.google.com/maps/place/Willows+At+Preserve+Crossing/@40.0619436,-82.8543333,510m/data=!3m1!1e3!4m5!3m4!1s0x883860edfe042051:0x238d0d41b17ef063!8m2!3d40.0630625!4d-82.8529778?hl=en

 

Here's one in Canal: https://www.google.com/maps/@39.8956763,-82.8493989,1016a,35y,4.43h/data=!3m1!1e3?hl=en

 

Here's one in Grove City: https://www.google.com/maps/@39.8626947,-83.0619653,539a,35y,322.52h/data=!3m1!1e3?hl=en

 

Jefferson Township (Blacklick) has also zoned for higher densities, and is seeing fairly nice proposals. Really wish we'd see more townhome proposals across town. The ones in New Albany's Market Square area are a nice implementation.

I found this article about property prices in USA https://tranio.com/usa/prices/ Based on the information the most expensive property is in NY area. Columbus real estate is much more affordable. 

1 hour ago, Pablo said:

I disagree. Developers build to the zoning code. If smaller lot sizes were permitted then smaller homes would be built. 

 

You also have to think about how much they're filling the lot. Even a quarter-acre lot can easily wind up with a 2000 square foot house with living space over the garage.

1 hour ago, GCrites80s said:

 

You also have to think about how much they're filling the lot. Even a quarter-acre lot can easily wind up with a 2000 square foot house with living space over the garage.

You can get 2000 square feet easily with a two story home with built in garage on a smaller lot than that. 60 by 120 or even 50 by 100, which would be an eighth of an acre(sort of like how they cram them together in middle class new suburban developments in the LA area and similar areas). If only people could let go of the idea that they need large yards and 50 feet of space between their home and the one's next door..."privacy" and all..as if they can't just draw the curtains/turn the blinds smh.

 

Communities could build less expensive housing and still get the same property tax dollars because there would be more homes on smaller lots, and less infrastructure to be maintained with more density than less.  And people just don't seem to need or use "yard" like they used to back in the day. 

Edited December 14, 20186 yr by Toddguy

Mayor Ginther proposes $1B bond package on ballot with $50M for affordable housing

 

Columbus Mayor Andrew Ginther has proposed $50 million for affordable housing as part of a $1.03 billion bond package to go before voters.

 

The bulk of the bonds go toward public works projects such as street resurfacing, police station construction, water main replacement and sewer system improvements. City voters last approved a $950 million bond package in 2016.

 

This is the first time the bond issue creates a dedicated affordable housing fund. Usually the allocation is determined in the annual capital budget.

 

More below:

https://www.bizjournals.com/columbus/news/2019/01/14/mayor-ginther-proposes-1b-bond-package-on-ballot.html

 

Columbus-Franklin County land trust could create true mixed-income neighborhoods by ensuring affordable housing

 

 

A newly formed joint Columbus and Franklin County land trust is in talks with a private builder to develop 30 to 40 homes affordable to middle-income families – which stay that way when re-sold.

 

The redevelopment of neglected neighborhoods is expected to attract developers who build market-rate housing surrounding the land trust homes, said Curtiss Williams, CEO of the Central Ohio Community Improvement Corp.

 

“That way we really start to create mixed-income neighborhoods,” Williams said.

 

“We’re trying to provide the products for middle-income folks that would go alongside a more expensive home," he said. "We think communities can support those kinds of products alongside or near each other.”

 

The first phase would build single-family homes and a few duplexes priced around $130,000 to $200,000 on vacant properties in the South Side, Franklinton, Near East Side and Weinland Park. That's a range considered affordable for a household making up to $80,000 a year, said Hope Kingsborough, COCIC vice president of programs and housing.

 

Full article below:

https://www.bizjournals.com/columbus/news/2019/02/14/columbus-franklin-county-land-trust-could-create.html

2 hours ago, ColDayMan said:

Columbus-Franklin County land trust could create true mixed-income neighborhoods by ensuring affordable housing

 

 

A newly formed joint Columbus and Franklin County land trust is in talks with a private builder to develop 30 to 40 homes affordable to middle-income families – which stay that way when re-sold.

 

The redevelopment of neglected neighborhoods is expected to attract developers who build market-rate housing surrounding the land trust homes, said Curtiss Williams, CEO of the Central Ohio Community Improvement Corp.

 

“That way we really start to create mixed-income neighborhoods,” Williams said.

 

“We’re trying to provide the products for middle-income folks that would go alongside a more expensive home," he said. "We think communities can support those kinds of products alongside or near each other.”

 

The first phase would build single-family homes and a few duplexes priced around $130,000 to $200,000 on vacant properties in the South Side, Franklinton, Near East Side and Weinland Park. That's a range considered affordable for a household making up to $80,000 a year, said Hope Kingsborough, COCIC vice president of programs and housing.

 

Full article below:

https://www.bizjournals.com/columbus/news/2019/02/14/columbus-franklin-county-land-trust-could-create.html

 

I have to say, I both like and hate this idea.  This may help keep some housing affordable, which is good, but in neighborhoods that already have the bulk of land bank properties like Linden or the Near East Side, it could hurt revitalization efforts.  Who is going to buy homes that can't increase in value?  Part of the appeal of owning a home is appreciation as an investment, which this program essentially eliminates.  Furthermore, if there are too many of these properties in an area, it can reduce investment in properties nearby, because again, if a bunch of homes can't increase in value, the neighborhood overall stagnates at best, making it less attractive to investment.  This hurts the already worst-off neighborhoods in the city.

4 hours ago, jonoh81 said:

 

I have to say, I both like and hate this idea.  This may help keep some housing affordable, which is good, but in neighborhoods that already have the bulk of land bank properties like Linden or the Near East Side, it could hurt revitalization efforts.  Who is going to buy homes that can't increase in value?  Part of the appeal of owning a home is appreciation as an investment, which this program essentially eliminates.  Furthermore, if there are too many of these properties in an area, it can reduce investment in properties nearby, because again, if a bunch of homes can't increase in value, the neighborhood overall stagnates at best, making it less attractive to investment.  This hurts the already worst-off neighborhoods in the city.

Well at least they did not mention the Hilltop as one of the neighborhoods. The Hilltop is quickly moving to be the number one bastard stepchild neighborhood of Columbus, completely ignored and left to rot. At least there are initiatives or even thoughts about other neighborhoods-the Hilltop can apparently go(even further)to hell. 

Columbus, MORPC want help crafting an affordable housing strategy

 

The city of Columbus and the Mid-Ohio Regional Planning Commission are looking nationally to help craft an affordable housing strategy.

 

The two entities have released a request for proposals to assess the state of the affordable housing market in the region, bring together data around it, identify available resources and develop a strategy with recommendations for policy that support mixed-income development.

 

Kerstin Carr, director of MORPC’s planning and sustainability department, said the groups are looking for a "multi-jurisdictional" approach to further plan to keep affordability in a city that is growing at a precipitous rate but which already faces widening inequality. At least 54,000 households already spend 30 percent or more of their income on housing, according to the Affordable Housing Alliance of Central Ohio.

 

“We are at a critical moment in the city’s trajectory, facing a shortage of affordable housing at the same time our economy and population are continuing to grow,” Mayor Andrew Ginther said in a statement.

 

More below:

https://www.bizjournals.com/columbus/news/2019/04/15/columbus-morpc-want-help-crafting-an-affordable.html

Columbus City Council approves $5.6 million to provide affordable housing

 

The Affordable Housing Trust of Columbus and Franklin County will work with the Affordable Housing Alliance of Central Ohio to award grants for building homes for needy families using $5.6 million the Columbus City Council awarded Monday.  That money, originally earmarked in the 2018 capital budget, will be used to help transform the Motel 6 and Knights Inn on West Broad Street into 100 apartments for young adults who are transitioning out of the foster care system along with other projects yet to be determined.

( . . . )

In addition to the capital dollars the council awarded Monday, the city uses a portion of the hotel bed tax each year to fund the affordable housing trust to the tune of about $1.8 million a year.  The trust also receives about $3.5 million a year from a portion of conveyance fees that Franklin County levies, and commissioners are considering increasing the fee paid as part of real estate transactions to pump more money into affordable housing.

 

City voters will have a chance to provide more funding for affordable housing when they cast ballots in the May primary on a package of bond issues that includes a $50 million earmark to begin addressing the region’s shortage.  Columbus hasn’t said yet how it plans to spend that money, but on Monday the city and the Mid-Ohio Regional Planning Commission released a request for proposals to develop a regional plan for addressing affordable housing.

 

MORE:  https://www.dispatch.com/news/20190415/columbus-city-council-approves-56-million-to-provide-affordable-housing

https://www.columbusunderground.com/video-the-state-of-affordable-housing-in-columbus

 

CU Development reporter Brent Warren interviews Leah Evans, Vice President of Real Estate Development at housing nonprofit Homeport.  14-minute video at the above link.

Despite boom, Columbus needs more apartments

 

With hundreds of new apartments opening each month in central Ohio, how many more does the area really need?  A lot more, experts say.

 

About 15,000 new apartments — 3,000 a year — have been added in central Ohio over the past five years, from New Albany to Grove City, Dublin to Downtown.  If that seems like a lot, consider this: During the same period, central Ohio added 139,475 residents.  “I think we could probably support another thousand units (a year) to meet demand,” said Rob Vogt, managing partner with the Columbus-based real estate research firm Vogt Strategic Insights.

 

The commercial real estate firm CBRE and real estate information service CoStar arrived at the same conclusion: Columbus could build more new apartments than it is now.  “The main reason I think Columbus is underbuilt is the speed at which the new supply is being filled up,” said Ben Atwood, a market analyst with CoStar, the parent company of Apartments.com.

 

Population growth fuels demand, but even more important is job growth.  Vogt’s research found that since 1991, central Ohio has needed one new home, apartment or house for every job created.  Since 2014, however, central Ohio has added more than twice as many jobs as homes, creating a tremendous unmet demand.

 

MORE:  https://www.dispatch.com/business/20190520/despite-boom-columbus-needs-more-apartments

From the statistics I have seen, Columbus has an overbuilding issue on the apartment side. They have too many high end apartments but workforce housing, as it is in almost every city remains at a shortage.

The Uncool Crescent actually has decent supply, but a lot of it of it isn't very well-maintained and is far from job centers. The Cool Crescent has serious workforce housing supply problems. People visiting Columbus don't find themselves in the Uncool Crescent that often.

I'd be careful in declaring that Columbus/Central Ohio is building too many high end apartments - seeing as most of these new apartment complexes have occupancy rates of at least 90+ percent.  Plus (as the Dispatch article pointed out) a couple of demographic trends are helping to fuel the higher-end market:

 

1) Younger tenants with high-paying jobs are renting longer — partly because they are marrying later and having children later.

2) More empty nesters are choosing to rent than own.  The article stated that according to the listing service RentCafe, the number of renters over 60 has risen 43 percent over the past decade.

 

That, plus the population growth and job growth in Central Ohio, is fueling demand.  Despite the 15,000 new units that were added in Central Ohio over the past five years, it is still not enough for that demand.  And this strong demand continues to push up rents.  According to that Dispatch article, the average rent in Central Ohio has risen from $758 in 2013 to $942 in 2018.

 

Which is creating a problem in workforce housing (aka affordable rents).  This is a bigger problem in the trendier neighborhoods (Short North, German Village, Downtown, Clintonville, Dublin Bridge Street District, etc.) and places near job centers (Polaris, Easton, Rickenbacker, etc.).  Which is why the City of Columbus revised their tax abatement incentive structure last year to incentivize workforce housing in these trendy neighborhoods or have developers of higher-end developments in these neighborhoods contribute to an affordable housing fund that would create more workforce housing.

Businesses, community groups announce $100 million fund for affordable housing

 

Business and community leaders are putting $100 million into a new “Housing Action Fund” to encourage the development of affordable housing in Franklin County, officials announced on Monday.  Financed entirely by private-sector contributions and investments, the fund will offer low-cost loans to for-profit and nonprofit developers who commit to certain affordability requirements in their rental pricing.

( . . . )

The fund is to be managed by the Affordable Housing Trust for Columbus and Franklin County.  Steve Gladman, president of the trust, said the new fund will finance both new construction and rehabilitation or upgrades of existing properties. ... Among those contributing to the fund are Huntington National Bank, Fifth Third Bank, the Columbus Foundation, Heartland Bank, PNC, Nationwide, NiSource, L Brands, and Park National Bank.

 

The announcement comes just more than a month after Columbus voters approved bond packages that included $50 million for affordable housing. ... Mayor Ginther said that it is important to get started on affordable housing efforts now unlike other cities such as Seattle and Austin, which have boomed and had to play catch up with such housing.

 

MORE:  https://www.dispatch.com/news/20190624/businesses-community-groups-announce-100-million-fund-for-affordable-housing

Columbus ranked 22nd on a new list of the country's most affordable big cities.  The rankings, compiled by SmartAsset, were based on factors including property taxes, homeowners’ insurance and mortgage payments relative to median income.  Within Ohio, Toledo ranked as the most affordable, with Cleveland coming in at No. 2 , Columbus at No. 3 and Cincinnati at No. 4.  Toledo also ranked as the third most affordable city nationwide:

 

https://www.bizjournals.com/columbus/news/2019/07/08/heres-how-columbus-scores-in-a-new-affordability.html

 

https://smartasset.com/mortgage/down-payment-calculator?year=2019#us

 

---

Despite Columbus' high ranking from SmartAsset, another recent study from GoBankingRates found it takes nearly $70,000 annually to be a homeowner with enough income for splurges and savings in Columbus.  That's nearly $20,000 more than the city's median income:

 

https://www.gobankingrates.com/making-money/economy/cost-to-live-comfortably-biggest-cities-us/

 

Columbus breaks ground with new affordable land trust housing

 

As the sun beat down on the corner of Deshler and Heyl avenues on the South Side, a construction crew counted off before raising the third quarter of a brand-new modular home — the city’s first land trust property.  “It’s more like a barn-raising than a groundbreaking with everyone involved,” the Rev. John Edgar joked to the crowd assembled.  Edgar, the executive director of the nonprofit Community Development for All People, was instrumental in Mayor Andrew J. Ginther’s plan to turn the city’s land bank into a land trust in an effort to help provide affordable housing in every neighborhood in Columbus.

( . . . )

The Central Ohio Community Land Trust was launched by the Franklin County Land Bank in early 2019.  In March, the city committed $3.8 million to support the Central Ohio Community Land Trust, and those funds are being used to leverage other private and nonprofit funding sources.  The city also worked with Nationwide Children’s Hospital, which shared the mayor’s vision to preserve a sustainable, mixed-income South Side.

( . . . )

Through the Central Ohio Community Land Trust, home buyers will own their own house, but the city will continue to own the land.  This allows the city to control housing costs for the new owner and keep residents from being priced out of their neighborhoods.  Under the land trust model pilot program, between 40 to 50 houses will be built this year and next in four neighborhoods: the South Side, Franklinton, the Near East Side and Weinland Park.  Thursday’s work on the modular land trust home was just the first.

 

MORE:  https://www.dispatch.com/news/20190725/columbus-breaks-ground-with-new-affordable-land-trust-housing

"Despite huge demand for housing in central Ohio, home construction has fallen sharply this year.

 

In the 12 months ending July 31, permits were issued for 3,839 new homes in central Ohio, 11.3% below the previous 12 months, according to real estate research firm Zonda Meyers.

 

Apartment construction has fallen even more. During the same 12 months, permits were issued for 2,751 new apartments in central Ohio, 34.9% below the previous year."

 

https://www.dispatch.com/business/20190928/construction-of-new-homes-and-apartments-lags-far-behind-need-in-central-ohio

 

SMDH. This has been going on for ten years now. Not only has it not been ameliorated, it's actually gotten worse! We need to figure this out ASAP!

Edited September 29, 20195 yr by aderwent

41 minutes ago, aderwent said:

"Despite huge demand for housing in central Ohio, home construction has fallen sharply this year.

 

In the 12 months ending July 31, permits were issued for 3,839 new homes in central Ohio, 11.3% below the previous 12 months, according to real estate research firm Zonda Meyers.

 

Apartment construction has fallen even more. During the same 12 months, permits were issued for 2,751 new apartments in central Ohio, 34.9% below the previous year."

 

https://www.dispatch.com/business/20190928/construction-of-new-homes-and-apartments-lags-far-behind-need-in-central-ohio

 

SMDH. This has been going on for ten years now. Not only has it not been ameliorated, it's actually gotten worse! We need to figure this out ASAP!

 

^ I both like and dislike this type of article about the affordable housing issue.

 

I like that it brings the need for more and denser housing in Central Ohio to the general public - and also that they link it to the growing population numbers and growth projections for Columbus and Central Ohio.

 

But I don't like how non-specific it is about where the problems are in Central Ohio and what types of housing is being referred to.  A reader might think that the NIMBY's and regulations being referred to involve infill developments in urban neighborhoods (like those we discuss here at UO).  But that does not appear to be the case.

 

Two of the for-profit housing developers interviewed - the president of Homewood Corp. and the president/CEO of M/I Homes - build almost exclusively outside of I-270.  The Homewood communities page - https://homewood-homes.com/communities/ - shows all of their development outside of 270 in Delaware (Delaware County), Etna Township (Licking County), Galena (Delaware County), Grove City (Franklin County), Pataskala (Licking County), Pickerington (Franklin/Fairfield Cos.), Plain City (Union/Madison Cos.) and Westerville (Franklin/Delaware Cos.).  M/I Homes communities page - https://www.mihomes.com/new-homes/communities - does feature two urban Columbus infill developments at Harrison West and in Grandview Yard.  But the other 19 M/I housing developments listed for Central Ohio are all outside of 270, just like Homewood's.

 

The third housing developer interviewed - president and chief executive of Metro Development -  says they "developed about 10,000 central Ohio apartments over the past decade".  But when I tried to find their communities page, I found that Metro Development LLC is an affiliate of Westerville-based Donald R. Kenney & Company Realty.  Going over to their website at https://www.drk-realty.com/property-search.html - listed mostly suburban developments in the northern I-270 arc.  Although Business First did list Metro Development as the developer of this 41-acre mixed-use proposal near John Glenn Columbus International Airport in July 2019 - https://www.bizjournals.com/columbus/news/2019/07/23/developer-proposes-41-acre-mixed-use-project-near.html

 

So when these housing developers start complaining about "approvals coming with a multitude of conditions - density restrictions, water-and-sewer costs, road improvement requirements and material demands - that increase prices" — let's keep in mind that they are likely referring to greenfield developments in suburban, and sometimes exurban, areas of Central Ohio.  And when greenfield developers in those suburban/exurban areas complain about "government regulations driving up our prices" - that is usually code for "Why can't you just let us build as cheaply and densely as we want without forcing us to help defray the water, sewer & road improvement costs associated with our greenfield developments?"

 

I'm not saying that we don't need to build more and denser housing in Central Ohio.  Of course we do.  I'm just saying that these companies don't make the best messengers for this issue.  And that's what is ultimately frustrating about an article like this.  These housing developers are mixing their personal desires for lower costs and greater profitability into this bigger affordability issue.

^well said.

19 hours ago, Columbo said:

 

^ I both like and dislike this type of article about the affordable housing issue.

 

I like that it brings the need for more and denser housing in Central Ohio to the general public - and also that they link it to the growing population numbers and growth projections for Columbus and Central Ohio.

 

But I don't like how non-specific it is about where the problems are in Central Ohio and what types of housing is being referred to.  A reader might think that the NIMBY's and regulations being referred to involve infill developments in urban neighborhoods (like those we discuss here at UO).  But that does not appear to be the case.

 

Two of the for-profit housing developers interviewed - the president of Homewood Corp. and the president/CEO of M/I Homes - build almost exclusively outside of I-270.  The Homewood communities page - https://homewood-homes.com/communities/ - shows all of their development outside of 270 in Delaware (Delaware County), Etna Township (Licking County), Galena (Delaware County), Grove City (Franklin County), Pataskala (Licking County), Pickerington (Franklin/Fairfield Cos.), Plain City (Union/Madison Cos.) and Westerville (Franklin/Delaware Cos.).  M/I Homes communities page - https://www.mihomes.com/new-homes/communities - does feature two urban Columbus infill developments at Harrison West and in Grandview Yard.  But the other 19 M/I housing developments listed for Central Ohio are all outside of 270, just like Homewood's.

 

The third housing developer interviewed - president and chief executive of Metro Development -  says they "developed about 10,000 central Ohio apartments over the past decade".  But when I tried to find their communities page, I found that Metro Development LLC is an affiliate of Westerville-based Donald R. Kenney & Company Realty.  Going over to their website at https://www.drk-realty.com/property-search.html - listed mostly suburban developments in the northern I-270 arc.  Although Business First did list Metro Development as the developer of this 41-acre mixed-use proposal near John Glenn Columbus International Airport in July 2019 - https://www.bizjournals.com/columbus/news/2019/07/23/developer-proposes-41-acre-mixed-use-project-near.html

 

So when these housing developers start complaining about "approvals coming with a multitude of conditions - density restrictions, water-and-sewer costs, road improvement requirements and material demands - that increase prices" — let's keep in mind that they are likely referring to greenfield developments in suburban, and sometimes exurban, areas of Central Ohio.  And when greenfield developers in those suburban/exurban areas complain about "government regulations driving up our prices" - that is usually code for "Why can't you just let us build as cheaply and densely as we want without forcing us to help defray the water, sewer & road improvement costs associated with our greenfield developments?"

 

I'm not saying that we don't need to build more and denser housing in Central Ohio.  Of course we do.  I'm just saying that these companies don't make the best messengers for this issue.  And that's what is ultimately frustrating about an article like this.  These housing developers are mixing their personal desires for lower costs and greater profitability into this bigger affordability issue.

NIMBYS are a problem everywhere. And these suburbs with huge lot sizes are a big part of the problem. We are building less than half the housing we need. I swear that about a third of the greater Cbus population wants no growth and the city to stay the same, and another third pine for what the city was in 1987! Let's face it we are in Ohio and are really helping to keep the state afloat we need to grow or we will stagnate. There are so many aging strip malls that need to be redone with housing on top smh. We really need some kind of comprehensive regional zoning changes, and if not that, at least within the city to maintain historical character in certain neighborhoods while allowing densification along corridors and at certain nodes(like dead malls and stores like what they are doing at the old Anderson's site on the northwest side.) There are tons of places like that-especially in the 'uncool crescent'. Now how to get affordable housing built in places in the uncool crescent like Great Western and Westland, I don't know. And getting those people to where the jobs are?-I don't know that either. 

But someone needs to figure that out.

 

*These developers could build one 1,000,000 dollar house on a 250 by 250 foot lot, or ten houses on 50 by 100 foot lots out of the same lot for 175-200,000 a piece, and they might be able to afford pitching in for roads and infrastructure-if they were allowed to*. I don't think the "just build luxury housing and that will solve the problem as it frees up existing housing space" works when the population is growing like it is here.  

 

*Cbus is doing this...but what suburbs(where so much new greenfield growth is happening)are allowing this outside of a few isolated developments?

Edited September 30, 20195 yr by Toddguy

20 hours ago, Columbo said:

 

^ I both like and dislike this type of article about the affordable housing issue.

 

I like that it brings the need for more and denser housing in Central Ohio to the general public - and also that they link it to the growing population numbers and growth projections for Columbus and Central Ohio.

 

But I don't like how non-specific it is about where the problems are in Central Ohio and what types of housing is being referred to.  A reader might think that the NIMBY's and regulations being referred to involve infill developments in urban neighborhoods (like those we discuss here at UO).  But that does not appear to be the case.

 

Two of the for-profit housing developers interviewed - the president of Homewood Corp. and the president/CEO of M/I Homes - build almost exclusively outside of I-270.  The Homewood communities page - https://homewood-homes.com/communities/ - shows all of their development outside of 270 in Delaware (Delaware County), Etna Township (Licking County), Galena (Delaware County), Grove City (Franklin County), Pataskala (Licking County), Pickerington (Franklin/Fairfield Cos.), Plain City (Union/Madison Cos.) and Westerville (Franklin/Delaware Cos.).  M/I Homes communities page - https://www.mihomes.com/new-homes/communities - does feature two urban Columbus infill developments at Harrison West and in Grandview Yard.  But the other 19 M/I housing developments listed for Central Ohio are all outside of 270, just like Homewood's.

 

The third housing developer interviewed - president and chief executive of Metro Development -  says they "developed about 10,000 central Ohio apartments over the past decade".  But when I tried to find their communities page, I found that Metro Development LLC is an affiliate of Westerville-based Donald R. Kenney & Company Realty.  Going over to their website at https://www.drk-realty.com/property-search.html - listed mostly suburban developments in the northern I-270 arc.  Although Business First did list Metro Development as the developer of this 41-acre mixed-use proposal near John Glenn Columbus International Airport in July 2019 - https://www.bizjournals.com/columbus/news/2019/07/23/developer-proposes-41-acre-mixed-use-project-near.html

 

So when these housing developers start complaining about "approvals coming with a multitude of conditions - density restrictions, water-and-sewer costs, road improvement requirements and material demands - that increase prices" — let's keep in mind that they are likely referring to greenfield developments in suburban, and sometimes exurban, areas of Central Ohio.  And when greenfield developers in those suburban/exurban areas complain about "government regulations driving up our prices" - that is usually code for "Why can't you just let us build as cheaply and densely as we want without forcing us to help defray the water, sewer & road improvement costs associated with our greenfield developments?"

 

I'm not saying that we don't need to build more and denser housing in Central Ohio.  Of course we do.  I'm just saying that these companies don't make the best messengers for this issue.  And that's what is ultimately frustrating about an article like this.  These housing developers are mixing their personal desires for lower costs and greater profitability into this bigger affordability issue.

 

 

They're probably whining about the banks without publicly whining about the banks. Money is freer for urban apartment buildings than it is for tract housing now.

If you have cash you can build whatever you want.  If you are borrowing money in the sums that developers do, well then they are forced to build what the banks want.  

 

Architects/urban planners/do-gooders want to think that there are policy answers for the problems that they tweet about, but it really has much more to do with finance.  

 

The cities are coming back -- all of them across the country -- since banks aren't lending for suburban condo complexes and big single-family developments in the way they did pre-collapse.  The suburbs are therefore crowing bit-by-bit rather than on the massive scale that the San Fernando Valley and Orange County were developed.  

 

This has forced people back into cities.  Now that many neighborhoods have momentum that didn't exist for the past 50 years, there is a virtuous cycle.