Renewed demand for condos drives construction boom in central Ohio
February 7th, 2016
Jim Weiker , The Columbus Dispatch
Homebuyers have reserved eight of the 13 condominiums in a new development on 6th Street Downtown.
That’s not surprising, except for this: The homes won’t be ready for almost a year.
The condominium market, which has sat in the cellar for years, is finally emerging from darkness.
Last year, 4,338 condominiums sold in central Ohio; that was up from 3,986 in 2014 and 70 percent above the number that changed hands five years earlier.
Builders are hustling to meet revived demand. Dozens of condo projects are underway in central Ohio, ranging from 1,500-square-foot, $250,000 suburban patio homes to $2 million Downtown penthouses that will top 3,000 square feet.
“Demand is as strong as it’s been since we opened in 2008,” said Sue Cass, the sales manager at Downtown’s Neighborhood Launch development, where the 13 condos are being built. “There’s just great demand, especially from people from the suburbs.”
Experts attribute the condo revival to several factors, starting with a robust economy. Strong demand for housing is allowing baby boomers – big buyers of condos – to sell their homes for the prices they want.