A few weeks ago, I read an article in the Dispatch about the housing slump affecting downtown condo sales, and one quote from a developer stuck out to me like a sore thumb:
“There’s no question in my mind that Downtown Columbus could sell thousands of condos if they were delivered at $175,000 to $225,000 with good parking and good design,” he said. “However, it’s impossible to do.”
As you may already be aware, most of the condos being built downtown are more in the $350,000+ range. Granted, these units are built for the high-end homeowner with granite countertops, top-of-the-line appliances, and many condo amenities such as pools, gyms, entertainment rooms, conference rooms, security desks, and other such things.
Most of these units are being built along High Street, in the Arena District, and in the Short North as well. Land values are high in these prime spots, so of course the condos are going to be more expensive.
Which causes me to wonder… if you were to scrap all the frills and move a little off High Street, wouldn’t that make downtown condos more affordable? I’ve talked with many people who want to relocate downtown, but a $400,000 unit is way more than they can afford. And the few options that are affordable are way too small for those who are used to larger houses not even that far from downtown. Why pay $180k for a 550 sqft condo when you can pay the same amount for a house three times that size a few blocks away?
The silver lining to all of this, is a new condo project that was announced a few weeks ago here:
The World Furniture building, vacated a dozen years ago, could aspire to lofty living after serving as storage space, artist studios and a temporary gallery.
Plans call for incorporating the facades of the buildings into the proposed Time Tower, which will have eight-, 10-, 12- and 15-story-high sections. Parking would be provided in a two-level automated garage under the building.
If the planning panel OKs the proposal, Jones expects to move forward with the project this fall after he completes the condos at 199 S. Fifth St. Time Tower could be ready by late 2008.
Jones said the project is designed to offer smaller units at about $170,000, while the higher-end residences would cost $250,000.
It will be interesting to see how this develops and just how small those smaller units actually are.