Terry Penrod is on NBC 4 talking about Short North Real Estate

"Invest in Land Kid. They stopped making it!"

Posted here: NBC4 Story

One of the most expensive neighborhoods, based on recent home sales figures, might surprise you. You’d probably expect New Albany and Upper Arlington in their usual #1 and #2 spots. But the Short North at #3? Really? NBC 4’s Marshall McPeek gets an explanation from realtors and buyers.

By Marshall McPeek | Meteorologist, Anchor, Reporter
Published: February 3, 2010
Updated: February 3, 2010

In Franklin County, it’s no secret that the homes in New Albany and Upper Arlington are expensive. But the next most-expensive area on the list might be a surprise: the Short North and Victorian Village.

“The housing stock is in high demand because of the business area around the Short North, restaurants, night clubs, there’s plenty of things to do,“ says HER Real Living Realtor Terry Penrod who lives and sells in Victorian Village.“ You can walk. People love to walk. This is a great walking area.“

Penrod says there is an oversupply of condos in the area and there are plenty of houses on the market. In other words, there is much more supply than demand that makes it a buyer’s market.

“You could obviously tell that I was the buyer in the buyer’s market,“ says Lee Roberts. He recently bought a condo in the Short North. He says there was very little haggling and the seller was willing to make a deal quickly. And the area was exactly what he was looking for.

“Being a young professional, it was about being in the Short North,“ he says. “[It was about] being close to High Street, having places that I could walk to as well as for the future [because it is] an area that seems to be holding its value right now.“

According to a report from HER Real Living and the Multiple Listing Service, the most expensive ZIP codes in the past 12 months in Franklin County are:

#1 - New Albany (43054)
#2 - Upper Arlington (North) (43220)
#3 - Victorian Village/Short North/Downtown (43215)
#4 - Dublin (43017)
#5 - Upper Arlington (South) (43221)

At the bottom of the list:

#36 - Columbus Groveport Rd./Lockborne Rd. area (43207)
#37 - Columbus Eastland (43232)
#38 - Columbus Morse Rd./Cleveland Rd. area (43224)
#39 - Columbus E. Livingston/S. Hamilton Rd. area (43227)
#40 - Columbus South Linden (43211)

Jane Taylor just moved to Columbus from northeastern Ohio. She wanted a house in German Village (43206 - #10 on the list) and was able to quickly find a house with all the right amenities. And the buyer’s market also worked in her favor.

“Fairly quickly, we came to an agreement on price and a few other conditions,“ Taylor says. She held additional negotiating power because there was plenty of housing stock available and she was willing to keep looking.

“If I couldn’t reach a satisfactory arrangement on that property,“ she says, “then I knew I was going to be able to find something else in German Village that would be right for me.“

The house she is selling in northeastern Ohio has been on the market for five months now and she is hoping that buyers will be spurred into action by the deadline for tax credits and the threat of rising interest rates.

Penrod is optimistic for the future of Columbus real estate. “A friend of mine’s grandfather used to always say, ‘Invest in land, kid. They stopped making it.‘“ He believes real estate will always be a good
investment.

And Roberts agrees. “Similar units to mine, right now, are going for more than I paid,“ he says of his new, Short North condo.


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Full List by zip code:
#1 - 43054
#2 - 43220
#3 - 43215
#4 - 43017
#5 - 43221
#6 - 43016
#7 - 43212
#8 - 43209
#9 - 43146
#10 - 43206
#12 - 43085
#13 - 43235
#14 - 43026
#15 - 43004
#16 - 43214
#17 - 43230
#18 - 43081
#19 - 43110
#20 - 43202
#21 - 43213
#22 - 43065
#23 - 43228
#24 - 43123
#25 - 43119
#26 - 43203
#27 - 43205
#28 - 43229
#29 - 43125
#30 - 43204
#31 - 43137
#32 - 43219
#33 - 43231
#34 - 43223
#35 - 43068
#36 - 43207
#37 - 43232
#38 - 43224
#39 - 43227
#40 - 43211

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