Mixed Use 11 Story Retail & Apartments Replacement for the Swan Cleaners Building in Downtown Columbus

New 11-story mixed user with net leased retail and restaurant space for lease completes Columbus’ River South

Another terrific concept from local developer Brent Crawford. This time to replace the three story Swan Cleaners building in downtown Columbus at the intersection of Cherry and High St.

The building is proposed as an 11 story with 120 units and ground floor triple net retail for River South in Downtown Columbus. I have no idea how much Columbus net leased retail or restaurant space there will be.  Whatever it is, it will make us Columbus commercial real estate agents and brokers happy to have some new inventory.

The project goes before the Downtown Commission next week on September 20th. At least with the Downtown Commission the project isn’t likely to come back with the top four or five stories missing as would be the case with a few area commissions just to the north.   I suspect this one will be left intact.  To have population growth in the Columbus central business district, we need density.  In order to do that, we need to build taller.

The local architectural firm, Design group created the design. The rendering faces northwest with the two partially completed LC properties just to the north.  With this property, River South is just about complete.  That’s start to finish in eight years.

Given how tight the local commercial real estate market in High Street corridor has been over the last many years, new retail developments are leasing up before construction begins. If you have any interest, feel free to contact me, Scott Harris Realtor, at 614-905-6614.

Delaware County’s Tanger Outlet Mall Approved

Delaware County commissioners have approved the $17.6 mil worth of roads that well soon serve the route 36/37 net leased retail 350,000 square feet Tanger Outlet Malls.

Preliminary site work has already begun, but a date for the official ground breaking hasn’t been announced yet, but it expected to be very soon.

The project includes widening Wilson Road and extending down to the development site plus creating a new road to access AD Farrow. Additionally, widening the I-71 northbound off ramp to two lanes from one is included. Work can’t begin on t he retail mall until these roadway improvements are completed according to ODOT.

Berkshire Township previously approved a tax increment financing district that will levy a charge of .50 to 1% on all retail sales to repave the developer for its work on the road improvements.

If you have any questions or interest in a net leased retail space in the development, please call me, Scott Harris at 614-905-6614.

New Columbus Ohio Retail Restaurant Listing

columbus clintonville triple net retail net leasedClass A building built in 2004. End cap, triple net retail / restaurant space of 1,441 RSF. 40 parking spaces.  Potential of patio on north side in addition to the existing one in the front of the building.

Co tenants are Chase Bank and Peet’s Coffee.

Located in the heart of gentrifying Clintonville, an inner ring suburb of Columbus Ohio.

Two miles north of Ohio State University with  I-71 and State Route 315 nearby.  Approximately one mile to Riverside Hospital. 22,000 people within a 1 mile radius and 10,800 households within 1 mile, 20,000 vehicle per day plus walk up traffic. Median household income for Clintonville is $58K. Highly educated with High school or higher: 96.3%, Bachelor’s degree or higher: 58.1% and Graduate or professional degree: 24.8%.

For Lease Brochure triple net leased restaurant

West LA or Santa Monica Commercial Real Estate for Lease – Medical office Client Need

I’m a Santa Monica commercial real estate agent and have a orthodontic client need for 1,200 to 1,700 square feet of net leased retail or office space for orthodontist medical office use in Santa Monica, the village in Pacific Palisades, South Main Street, Malibu, Venice, Marina Del Rey or west Culver City in the 90066 zip code.  End cap or inline is fine.   Parking to meet code of 4/1000 in Santa Monica and 5/1000 in Los Angeles.

Modified gross or triple net leased retail or office would work provided that it meets code.

Contact Scott Harris at 310-473-4789

Columbus and Central Ohio Residential Sales for August 2013

Not only is Columbus commercial real estate for sale doing well, Columbus and Central Ohio residential just had an all time record month for an August and a record year to date.

Homes sold as of end of August were up 22.9% as compared to year to date in 2012.  Plus, August 2013 sales of 2,729 were 11.1% higher than August of 2012.

Median price year to date at $146,000 was up 4.3% over the year to date of $139,945 in 2012, and August median was up to $154,900 from $145,000 for a 6.8% increase.

Inventory is up slightly to 10,629 from 10,544 in July compared to 11,571 last year at this time.   This is 3.9 months of unsold inventory and a six month supply is considered a balanced market.  No question that this is a seller’s market.  Expect more in the way of multiple offers and selling prices above asking.

http://www.10kresearch.com/sortable/Columbus-OH/2013-08/Entire-MLS.pdf

http://www.10kresearch.com/sortable/Columbus-OH/2013-08/main.htm

Los Angeles and Southern California Homes Sales for July 2013

 July 2013 sales at 25,419 new and resale homes and condos returned to historical normal levels due to increased inventory.  The long term average for July is 25,541 sales.

Median price was $385,000, which was the same in June, but up 25.8 percent from July 2012.  The median has risen year over year for 16 consecutive months.  The July median is still 23.8 percent below the $505,000 peak of the last cycle in summer 2007.

“July home sales came in very strong, and we think a lot of the increase in activity can be chalked up to a rising inventory of homes for sale. The jump in mortgage rates a couple of months back might have spurred more buying, too. The market continues its rebalancing act, with more and more people who’ve been ‘underwater’ now able to sell their homes at a profit, or at least break even. As the mismatch between supply and demand eases, it will be more difficult for home prices to rise as steeply as we’ve seen over the past year,” said John Walsh, DataQuick president.

Buyers continue to put near records of their own money into purchases.  In July they paid $5.39 billion into down payments, up from $3.61 billion a year ago.

Last month, homes priced between $300,000 and $800,000 rose 51.7 percent year over year.  $500,000 and over rose 73.5 percent.   The lowest cost third only saw a 26.5 percent bump in sales.

July foreclosures sales were just 7.8 percent of the market, down from 20.7 percent a year earlier and close to the 7.3 low in the last cycle.  The high for this cycle was 56.7 percent in February 2009.

Sales Volume Median Price
All homes Jul-12 Jul-13 %Chng Jul-12 Jul-13 %Chng
Los Angeles 7,091 8,353 17.80% $330,000 $425,000 28.80%
Orange 3,087 4,402 42.60% $450,000 $539,500 19.90%
Riverside 3,546 4,076 14.90% $210,500 $265,000 25.90%
San Bernardino 2,434 2,941 20.80% $165,000 $205,000 24.20%
San Diego 3,565 4,524 26.90% $342,000 $417,500 22.10%
Ventura 865 1123 29.80% $361,250 $450,000 24.60%
SoCal 20,588 25,419 23.50% $306,000 $385,000 25.80%

 

Southern California New and Resale Home Sales for April 2013

DQ News reports that Los Angeles and Southern California home sales reached their highest level since 2006 and median price reached five year high.

A total of 21,415 new and resale homes were sold last in month in Los Angeles, Orange, Ventura, San Diego, Riverside, San Bernardino last month.  That’s up 4.1 percent from March and up 9.5 percent from April of 2012.

Sales were the highest since for the month of April since 2006 when 27,114 sold.  The highest on record for an April was in 2004 when 37,905 sold

The median price reached a 58 month high due to both price appreciation and a market shift from distressed sales in affordable neighborhoods to a surge in sales in upscale neighborhoods.  The median price reached $357,000 in April, up 3.3 percent from March and up a whopping 23.1 percent from April 2012.  It’s now the highest since June of 2008 when it was $360,000.

The lowest cost third of neighborhoods saw prices gains of 20.7 percent versus 2012.  The gain was 18.5 percent in the middle third and 15.2 percent in the top third.  By the way, this is median price per square foot.

Sales rose 35.4 percent in the $300,000 to $800,000 range and 51.4 percent for $800,000 and above.  In April, 29.9 percent of Southern California home sales were $500,000.  The number of homes that sold below $200,000 were down 29.8 percent versus same month last year dues to inventory limitations and a huge drop in foreclosures.

“This is a market that is still re-balancing. Sales of deeply discounted properties in affordable neighborhoods are way down. Activity in middle and high-end communities is on its way up. Now it’s catch-up time, with a healthier economy spurring more demand and rising prices tempting more people to put their homes up for sale,” said John Walsh, DataQuick president.

Foreclosures are way down at 12.4 percent of the market from a high of 56.7 percent for this market cycle in February 2009.  Last month’s figure was the lowest since 10.0 percent in August 2007.  Short sales were 17.7 percent of the market mix in April.

http://dqnews.com/Articles/2013/News/California/Southern-CA/RRSCA130514.aspx

Sales Volume Median Price
All homes Apr-12 Apr-13 %Chng Apr-12 Apr-13 %Chng
Los Angeles 6,510 7,140 9.70% $310,000 $395,000 27.40%
Orange 2,920 3,327 13.90% $420,000 $535,000 27.40%
Riverside 3,477 3,760 8.10% $200,000 $248,000 24.00%
San Bernardino 2,292 2,512 9.60% $156,250 $195,000 24.80%
San Diego 3,559 3,792 6.50% $329,500 $400,000 21.40%
Ventura 804 884 10.00% $360,000 $420,000 16.70%
SoCal 19,562 21,415 9.50% $290,000 $357,000 23.10%

 

Southern California Home Prices for March 2013

Median price hits 56 month high, up 23.4 percent from March of last year.  Much of that increase however, can be attributed to a big change in product mix as sales in higher priced neighborhoods have shot up and a sharp drop in lower end deals.

A total of 20,581 new and resale houses sold last month.  That’s up 29.1 percent from the 15,945 sold in February and up 3.1 percent from March 2012.  Sales normally jump 36 percent from February to March.  March’s sales were the highest since 2007 with a long term average of 24,254 for the month.

“It’s remarkable how much the housing scene has changed in a year. At this point in 2012 there were still plenty of folks sitting on the market’s sidelines, waiting to be sure the recovery was real. But gradually the psychology shifted as the economy picked up steam and mortgage rates fell to historic lows. We’re seeing the release of a lot of pent-up demand, especially in the middle and higher-priced neighborhoods where activity had been sluggish for years,” said John Walsh, DataQuick president.

“Price measures continue to rise for two simple reasons,” Walsh added. “First, demand for homes has risen at a time when the available supply is unusually low. Prices have had nowhere to go but up in many areas. Second, the gains are especially high right now because of the change in market mix: Sales of lower-cost homes have fallen at the same time activity in the higher price ranges has risen.”

Foreclosures have fallen off of the map, down to 13.9 of the market mix from 31.5 percent a year earlier.  We haven’t seen a number that low since September 2007.  Similarly, short sales have fallen to 21.5 percent.

What we’re seeing is a market that’s finally in full recovery and I expect even better news as the selling seasons gets underway.

Sales Volume Median Price
All homes Mar-12 Mar-13 %Chng Mar-12 Mar-13 %Chng
Los Angeles 6,772 6,962 2.80% $306,000 $380,000 24.20%
Orange 2,856 3,063 7.20% $400,000 $505,000 26.30%
Riverside 3,756 3,532 -6.00% $200,000 $245,000 22.50%
San Bernardino 2,512 2,406 -4.20% $150,000 $190,000 26.70%
San Diego 3,237 3,762 16.20% $320,500 $380,000 18.60%
Ventura 820 856 4.40% $350,000 $403,250 15.20%
SoCal 19,953 20,581 3.10% $280,000 $345,500 23.40%