The cost of high living
April 5th, 2006
Debbie Gebolys, Columbus Dispatch
Downtown condominiums, such as this single-bedroom unit at the Hartman Loft Condominiums at 4th and Main streets, are in such high demand that the units now are pricier per square foot than many homes in suburban areas.
As Downtown enters the fifth year of a home-building push, prices are rising nearly as high as some of the skyscrapers.
Downtown condominium and apartment developers say they have more buyers than units to sell. Price, they say, seems to be less of an issue.
When the first Downtown condos hit the market in 2003, asking prices at Connextions Lofts and Renaissance aver-aged just less than $174,000, for an average 1,017 square feet. The most expensive con-dos, according to the Columbus Downtown Development Center, were priced at$264,900,
Average asking prices since have nearly doubled, jumping to more than $301,000. The condos have grown, too, now averaging 1,215 square feet.
The most expensive top $1 mil-lion.
“We don’t come off the asking price,” said Spectrum Properties President Bill Shelby, who is building his sec-ond and third Downtown condo projects.
“At City View on Third, we’ve bumped (up) the price several times, just because the market demand’s there,” he said. “I don’t know anybody who’s struggling at this time to sell.”