Columbus MSA Volume increased 105.6% in Q2 over Q2 2009
Signs of recovery or signs of good product, price and locations? According to the Binns Real Estate report (Binns Real Estate Services) Schottenstein Real Estate Group led condo sales in the Columbus MSA in quarter 1 and 2 in 2010.
Schottenstein Real Estate Group has three condominium locations in central Ohio compared to competitors like Lifestyle Communities, Village Communities and EPCON with multiple communities throughout central Ohio. All three Schottenstein Real Estate condo communities were in the top five strongest selling communities in Q1 and Q2 – with Tremont Club in Hilliard being the top selling community for the year with a total of 37 sales to date.
According to the Binns report Schottenstein Real Estate Group had 71 sales through June 30 with an average sales price of $200,834. Market share in Q1 increased 25 percent over Q1 2009 and sales volume increased 32.6 percent over same period in 2009. Q2 market share increased 17.6 percent while sales volume increased 105.6 percent over Q2 2009.
According to Schottenstein Real Estate Group President Brett Kaufman the strong sales during one of the most challenging housing market in decades is a direct result of paying attention to the fundamentals of what buyers want – great locations, quality product with value pricing, flexible floor plans with upgraded customization in communities with superior amenity packages.
“When you add it all up – buyers are getting a superior product in the best locations for their money – without sacrificing custom finish flexibility and that is really important to today’s homeowner,” said Kaufman.
Kaufman noted communities like Tremont Club in Hilliard offer the kind of options and amenities people desire in $400K -$500K homes and communities – but were not available in price points under $200,000. Tremont Club offers high-end finishes in a resort-style gated community with clubhouse/pool, fitness center and concierge who keeps the Tremont Club social calendar full.
Kaufman said they assumed the strong sales numbers were a result of the Federal Government’s First Time Homebuyer Tax Credit, but when they looked at the demographics with the numbers – the story was not just first time homebuyers – but a lot of people in the market downsizing.
“We saw a mix of empty nesters and buyers with big vacation homes in places like Florida who wanted to downsize and move back to central Ohio to be close to family,” said Kaufman. “The recession has created a lot of shifts in the economy and those shifts have impacted jobs, homes and families.”
In addition to Tremont Club, Schottenstein Real Estate Group reported strong sales at Parkway Crossing in Grove City and Estates at Polaris Village in Westerville. Kaufman noted Polaris Village is in the final project build phase and is on target to complete the final 8-9 condos by year end.