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November home sales in Central Ohio the highest in four years

clipped from columbusrealtors.com Renewable market optimistic as prices continue to stabilize The month of November saw home sales soar 59.5 percent from this time last year with 1,839 listings purchased. Not since 2005 have November numbers been so high. “Historically low interest rates and the tax credits for homebuyers put first time buyers in an ideal position to take advantage of the market,” said Gary Parsons, President of the Columbus Board of REALTORS®. “And with the expansion of the tax credit, we expect to see more renewable buyers enter the market in 2010.” When the $8000 tax credit was renewed in October, it was expanded to include a $6500 tax credit for homeowners who wish to purchase a new residence. Those renewable buyers, or current homeowners who wish to purchase a new house, have been slow to return to the market but Parsons notes that as prices continue to stabilize, more renewable buyers will find new homes.

The stabilization of home prices was reflected in the average home price of $145,589, an increase of 1.5 percent compared to November 2008.

To date, 2009 home sales are at 18,771, up 10.9 percent year-over-year. Homes spent an average of 92 days on the market, down 3.2 percent from this time last year and 1.1 percent lower than October’s average.

Columbus rolls back parking meter increases...at least for now

You can sign the petition here.

clipped from www.dispatch.com Officials say they want four to six months to study options Tuesday, December 15, 2009 2:37 PM By Mark Ferenchik THE COLUMBUS DISPATCH Mayor Michael B. Coleman is rescinding the city's 50 percent parking meter rate hike for as long as six months to determine better ways to raise rates to back a new hotel and replace aging meters without angering small business owners. "He is essentially calling for a time out," Coleman's spokesman, Dan Williamson, said today, adding that the mayor remains committed to a rate increase. "What the mayor is signaling here is we're open to how we raise rates." City officials were stung by the reaction of Downtown and Short North business owners in particular who complained loudly that the rate hikes would hurt their businesses. John Angelo of the Short North Business Association has suggested extending meters hours to raise money for the hotel and new meters.

City officials will meet with an advisory panel made up of business owners and others to determine a solution.

"What the mayor would like to do is harness that energy in a positive way," Williamson said.

As of yesterday morning, an online petition circulated by the Citizens for a Collaborative Columbus Government had gathered 1,069 signatures to halt or reverse the rate increase.

That effort, spearheaded by Angelo and local restaurateur Elizabeth Lessner, is shooting for 2,000 signatures.

"Let's send a clear message to Meter Hike Mike," Angelo wrote in an e-mail today.

It appears Coleman heard the message loud and clear.

The city began raising rates at parking meters on Nov. 30. Crews will begin resetting the meters today or Wednesday, Williamson said.

Officials acknowledged last week they should have sought more input, but denied accusations that they misled people about the hike. They also said they would not rescind it.

Williamson said the city would ultimately raise rates next year.

He also said the city remains committed to providing $1.4 million though parking revenue to financially back, if needed, a Hilton hotel planned for a site across from the Greater Columbus Convention Center.

The city also plans to use money generated from the hike to replace 4,300 aging parking meters.

The Short North's "Jackson on High" condos get tax abatement

clipped from columbus.bizjournals.com The Short North’s Jackson on High project has been cleared for a full real-estate tax abatement over 10 years for residents of the high-end project. Developer JBH Holdings said Columbus City Council approved the incentive Monday. The abatement, which comes out to roughly 2 percent of the purchase price annually, will save the owner of a $300,000 condominium about $57,000 over the life of the credit. A JBH spokesman said about half of the 44 units have been sold in the eight-story development, set for completion early next year. Developer Brad Howe has said sale prices range from $200,000 to $900,000 with units ranging from about 900 to 2,500 square feet in size.

December Market Data For Central Ohio

Market Data

If you like to see the numbers, here they are. (If the graph is too big for the screen, move the bar at the bottom to see the most current data)

This data is for the entire Central Ohio area. If you would like a report for your area of town and price range, just e-mail me. The graphs in the email will be easier to read.

If you are thinking of buying or selling a home, this is critical market information. I always provide this kind of data to my clients.

New boutique hotel Downtown on Broad Street will be named "Indigo Hotel"

clipped from www.dispatch.com The newest boutique hotel Downtown will be built by rehabilitating and combining two historic buildings and using a $4.6 million state historic tax credit. The Hotel Indigo will utilize buildings at 16 and 20 E. Broad Street, immediately next to the Rhodes State Office Tower. The 117-room Indigo Hotel will cost an estimated $26.6 million, according to the state tax credit records. It will be developed by Schottenstein Property Group. The Ohio Historic Preservation Tax Credit will pay for rehabilitation of the Hayden Building. The building will be converted into an upscale boutique hotel. The old Hayden Building at 20 E. Broad St., a four-story Italianate-style office structure named after industrial entrepreneur Peter Hayden, is the oldest commercial building Downtown, dating to 1869. It was designed by Nathan B. Kelley of Columbus, a Statehouse architect.

Columbus Chamber sees signs of hope in economy

clipped from columbus.bizjournals.com It may be getting better. According to a ColumbusChamber report released Tuesday, a comparatively mild impact from the recession and predicted employment growth are causes for optimism in Central Ohio. “The expectation among economists is that the labor market will turn sometime during 2010, although even an increase in earnings among current workers will be positive for retail sales,” Chamber Chief Economist Bill LaFayette said in a release. Employment estimates for the eight-county Columbus metropolitan statistical area, which includes Morrow County, show a 1.9 percent decline in overall employment for the region from December 2007 to September 2009, compared with a 5.2 percent decline for the U.S. Retail employment for the region fell 4.5 percent in that time period, versus a 5.6 percent decline nationally.

Central Ohio has fared better of late because its retail sector, overbuilt in the 1980s and 1990s, went through its major culling during and after the 2001 recession, the report said. Retail employment dropped 18.1 percent from December 2000 to December 2007, according to the report.

“The return of regional retail to a more reasonable level of development suggests that retail growth in the Columbus MSA is possible once the economic recovery becomes solid,” LaFayette said.

The report was presented Tuesday as part of a retail summit hosted by Franklin County Commissioners and the chamber. The message was cautious optimism. Ohio State University economics professor Lucia Dunn said the university’s Consumer Debt Stress Index, which measures consumer concern about personal debt, has been improving. The monthly nationwide survey peaked in July, with consumers 55 percent more worried about their debt than in the baseline month of January 2006, but has fallen in every month since then and sits at 18 percent more worried after November.

“The drop in debt stress is good news,” she said. “It’s still 18 percent above 2006, but the decline is good news for all of us.”

Less concern about debt means more consumption, she said.

Steve Mansfield, senior policy and management analyst for the Franklin County Office of Management and Budget, stressed the importance of a strong retail presence to the county’s coffers, with sales tax collections accounting for more than 40 percent of the county budget. He said his office is forecasting $124.4 million in sales tax revenue for the county this year and more than $124 million in 2010.