High-end condo market bouncing back
September 2nd, 2015
Jim Weiker, The Columbus Dispatch
Eight years after opening, the Condominiums at North Bank Park has sold its last unit.
A 1,960-square-foot two-bedroom condominium in the “lofts” portion of the project sold on June 19 for $537,000.
“We definitely didn’t sell out as quickly as we thought because of the recession, but we went into it knowing that we may need to be patient,” said Brian Ellis, president of Nationwide Realty Investors, the developer.
Nationwide announced the 20-story tower at Neil Avenue and Spring Street in February 2006, while housing was still fertile ground.
But by the time North Bank opened in December 2007, that ground had started to turn barren.
Despite strong initial sales, North Bank couldn’t over-come the housing crash, and dozens of units lingered unsold in the building.
Unlike many other condominium developers left with unsold units, Nationwide refused to discount prices when the market slowed.
“You can’t fight a housing recession, but we never dropped our prices,” Ellis said. “We maintained the integrity and value of the condominium. In fact, we increased prices throughout.”