Cleveland and Cincinnati top list as most affordable cities for millennials

 

Bloomberg recently released a report on the top ten most and least affordable cities in the country for millennials. Cleveland and Cincinnati made the cut for two of the top ten most affordable spots, clocking in at #5 and #8, respectively. Cities across the Midwest also made the list, including Detroit, Indianapolis, and St. Louis.

On the other hand, almost all of the least affordable cities were located on the west coast, with six of the top ten located in California. An article from Realtor Mag noted that the cities most attractive to young people are often the cities that are the furthest out of their price range.

You can see the full list below.

Most Affordable

1. Detroit, Mich.
2. Pittsburgh, Penn.
3. Buffalo, NY
4. Indianapolis, Ind.
5. Cleveland, Ohio
6. Kansas City, MO
7. Memphis, Tenn.
8. Cincinnati, Ohio
9. Birmingham, Ala.
10. St. Louis, MO
    

Least Affordable

1. San Jose, Calif.
2. San Francisco, Calif.
3. Los Angeles, Calif.
4. San Diego, Calif.
5. Sacramento, Calif.
6. New York, NY
7. Seattle, Wash.
8. Riverside, Calif.
9. Washington, D.C.
10. Boston, Mass.
    

Plan submitted to develop Jacquemin Farms into apartments, shopping center

via jacqueminfarms.com

 

Jacquemin Farms, a popular flower and produce farm on Hyland-Croy Road may soon be converted into a new development containing shops and apartments, the Dispatch reports. Schottenstein Real Estate Group recently submitted plans to develop the property. If the plans are approved, the Jacquemin Family will still continue to operate a small market on the property, but will grow their goods elsewhere. The farm was originally a sod farm, but over time the Jacquemin family converted the property into a popular destination for school trips and family outings.

 

According to The Columbus Dispatch, the Scottenstein Group's submitted plans call for the land to be developed in three parts. The first part, comprised of 36 acres, will be used to build 300 rental units, made up of both apartments and townhomes. The second part, comprised of 11 acres, will be dedicated to a senior assisted-living facility. The third part, comprised of 11.5 acres, will become two retail centers.

 

Although the Schottenstein Group has submitted their plans, the township's zoning board has yet to reach a decision on if the development will occur. The board is said to be considering the traffic impact of such a project, and has put the request on their agenda for their July 27^th meeting.

Central Ohio home sales on the rise

News flash: the central Ohio housing market is booming! According to a new report released by the Columbus Board of Realtors, May 2015 home sales for central Ohio were up almost 18 percent from the previous month, and grew 8.4 percent compared to May 2014. The Board also reports that the number of home sales for the first five months of this year are the highest on record, according to data from the Columbus Multiple Listing Service (MLS).

Columbus REALTORS® President Kathy Shiflet believes this surge will last, stating “There is an incredible amount of buyer interest right now, and no one is wasting any time purchasing a new home...I don't anticipate [it] waning any time soon.”

Homes are also selling more quickly. In May 2015, central Ohio homes only spent an average of 54 days on the market before they closed. This average is down 11 days from May 2014.

And the good news doesn't stop there. Average sales prices of central Ohio homes are also on the rise. May 2015 saw a 9.1 percent increase from last May.

No matter how you look at it, this is great news for central Ohio homeowners. Shiflet summed it up best when she said “It's simply a terrific time to sell your home!”

If you're considering selling your home, visit my website and contact me to see how I can help. I am a full time Realtor with a 100% focus on serving Sellers (and Buyers!) in Central Ohio.

Columbus resident showcases minimal lifestyle on HGTV's “Tiny House Hunters”

Twenty-six year-old Short North resident Nils Root was recently featured on the HGTV series “Tiny House Hunters” to showcase his new condo. At 442 square feet, his High Street home fit the bill for the network's new show on living simply. According to a recent article in The Columbus Dispatch, the show represents an increasing population of home buyers with a desire for a more minimalist lifestyle. The article goes on to say that Central Ohio, specifically, currently has four condos up for grabs in the Downtown area that fulfill this desire, each clocking in at under 550 square feet.



via The Columbus Dispatch

Root worked with a Keller Williams agent to find a simple space that fit his needs. His search took him to Grove City, North Linden, and eventually, to the Short North neighborhood near downtown Columbus. Root was able to secure his tiny abode for $131,500 and has furnished it with small appliances and simple seating arrangements.

via The Columbus Dispatch

Another aspect that draws home buyers to purchase a small space is the opportunity to scale back on material possessions. Root told the Dispatch that he threw out any item he hadn't used in the last year. Five hundred square feet doesn't leave a lot of room for unnecessary clutter and home buyers looking to live small may have to make sacrifices when it comes to their larger furniture items. However, many people find this kind of de-cluttering gratifying. Terri Murray, the manager of the “Tiny House Hunters” series told the Dispatch that she feels many people dream of scaling back, owning a smaller home, and living more simply, and that this dream inspired the series.

 

The second season of Tiny House Hunters airs today, Monday, July 6^th on HGTV.

Tips to Sell Your Home

Even though it's more of a seller’s market than a buyer’s, sellers must prepare their homes before listing them in order to appeal to buyers who are value-sensitive following the recession. The best way to sell your home is to hire a professional Realtor like myself, who is an expert on the market and has experience selling homes. Contact me to hear how I help my clients successfully and quickly sell their Central Ohio homes. The below tips will also help your home sell in a timely fashion:

•  Enhance curb appeal. This can be as simple as mowing the grass, planting flowers, repainting the garage door, and removing lawn décor. Curb appeal is a potential buyer’s first impression of your home, so it is critical to maintain.

• Depersonalize. Remove pictures of you and your family, but feel free to keep neutral art on display or swap out photos with stock images. The point here is that buyers should be able to picture themselves living in your home—and starring at pictures of your children will not help them do so.

• Declutter. This goes beyond cleaning up and making the beds. Decluttering entails putting things in closets, the garage, and out-of-sight locations such as storage units. For instance, put away (or throw away) the pile of books or magazines on your coffee table. You want surfaces (and floors!) to be as clear as possible. This is especially important for smaller homes, which can benefit the most from maximizing their space. Take the kitchen, for example. Put some decorations and appliances away: buyers do not want to see your toaster, blender, George Foreman Grill, microwave, Keurig machine, and butter dish—they want to see your counter space. The same holds true with furniture. It you have any non-essential furniture pieces that do not complement the rest of the house, remove them during showings. Good examples are children’s art tables or chairs.

• Make minor upgrades. Granite kitchen countertops are increasingly common in new builds but were rare for homes built in the 1990s. Upgrading to granite countertops and stainless steel appliances will help put your home on a more level playing field with new builds. Buyers also like to see updated bathrooms. New front doors and garage doors offer some of the highest returns on investment. Check for and fix cracks in your foundation, stucco, or any other structural areas. You can likely fix them now for less money than you could when a home inspector points them out to potential buyers. Sealing cracks ahead of time can reduce the time your homes spends on the market since less work will be required during the selling process itself.

• Keep it comfortable. Don’t overheat your home or blast the AC. Be mindful that, when buyers are arriving in coats, they won’t appreciate an unusually warm house.  If you have pets, keep them in the garage or backyard—somewhere where they will not interrupt potential buyers.  

Central Ohio Apartment Construction Skyrockets Alongside Rental Rates

The current market in Central Ohio is geared towards renters: last year, for the first time in two decades, more apartments were built than single family homes, at 3,037 and 2,903, respectively, according to The Columbus Dispatch. This stands in stark contrast to 2006 to 2012, during which time the number of apartments built was fewer than 5000, or about 833 a year. Percentage wise, the number of rental households in Central Ohio rose 8.7 percent between 2009 and 2013 while the number of owner-occupied households dropped 9.3 percent, according to the National Association of Realtors. 

Part of this can be attributed to inadequate finances following the recession; part of it can be attributed it to changing preferences and demographics. Young people are getting married and starting families later in life; so too are they delaying buying their first home. On the other end of the spectrum, there is an increasing rental demand from empty nesters looking for low-mainitence lifestyles. Both cases have resulted in an increased spread of luxury apartment buildings offering things like granite countertops, walk in closets, high ceilings with crown molding, wood floors, and prime locations walking distance to restaurants  bars, shops, and parks. The Short North, Downtown, German Village, Victorian Village, Italian Village, and Brewery District are popular areas. Of course, this all comes at the expense of soaring rental rates. One bedrooms of this sort are rare for less than $1000 and two bedroom units can cost as much as $3000 per month. 

Aston Place is one of many newly constructed apartment complexes in the Short North

As a result, homeowners can find some strong incentives to buy, including historically low interest rates and tax incentives. Not to mention, when you buy a home, you benefit from building equity and property appreciation. You can update or modify your home as you please and don't have to abide by silly rules ("no candles"), and forget paying an extra $30/month for having a pet, and another $80 for parking your car. Use Realtor.com's Rent vs. Buy Calculator to see which option would make more financial sense for you, or contact me to see how I can help. 

Experts expect apartment construction to slow down within the coming year, as the best locations are purchased and developed. 

Mirco Units Provide a Small, but Affordable, Option

In major urban U.S. cities such as Seattle, New York City, Boston, San Francisco, and Washington, D.C., apartment unit sizes have been decreasing as developers seek higher density and revenue per square foot to compensate for increased land value and construction expenses. These "micro-units" are typically studios or one bedroom apartments with full kitchens and bathrooms and lease for 20 to 30 percent lower per month than conventional units yet have high value ratios (rent-per-square-foot). The size of such units varies according to city-specific size requirements for new dwelling units, but typically ranges from 280 square feet to 450 square feet, often falling between the sizes of a one and two car garage. 

The first prefabricated micro housing project in the U.S., SmartSpace SoMA (shown below), was built in San Francisco in 2013. Its 23 units are just smaller than 300 square feet each and feature dining tables that convert into beds. 

Micro units have preformed well when compared to conventional units, achieving higher occupancy rates and rent-per-square-foot. According to 2014 consumer research conducted by the Urban Land Institute, nearly a quarter of renters in traditional apartments would be interested or very interested in renting a micro unit.  However, real estate analysts have yet to determine if micro units characterize a large, relatively untapped market or is simply a niche market. The popularity of these units could be attributed to their relative scarcity as opposed to unmet demand - only time will tell.