Advice real estate Columbus OH

13 Replies

Hello,

I am looking for advice from local real estate agents or investors with market condition knowledge. I listed my first large flip a few weeks ago in Merion Village Columbus OH. Our real estate agent and her broker swears up and down we are priced correctly and says the market has “unexpectedly slowed to a halt and that things aren’t moving” any insight into this?! I am looking for feedback. Link to the listing: https://www.zillow.com/homedetails/366-E-Morrill-Ave-Columbus-OH-43207/2088168577_zpid/

Just my 2 cents feedback picking nits - in general it looks good and seems priced right.

I have no particular insight in that local market although I just sold a flip an hour north in Marion OH.

Confusing that there are two properties next door to each other both decorated identically and both for sale? Or maybe Zillow has the wrong photos for one of them?

Noticed there's a floor vent missing in one of them - will raise questions - new photos ASAP!

Grey on grey on grey is a bit severe for my taste - just my opinion - your staging could soften that a bit more maybe. 

Looks like it is near the current top asking prices for the neighborhood, but there are other properties with more baths or more sq ft. There is a lot of similar inventory available at lower prices although not yet rehabbed yet or as well. Some properties have recently sold for quite a bit more than you are asking - they all look extremely well staged. 

Well done on the flip that looks gorgeous!    That location is right on the edge of Merion Village and close to Parsons and Hungarian Village.  If anything I would think that is what is hurting.   I have been hearing the market has slowed down a bit as well since school has started back up.   I just flipped one on the west side.   I was underpriced by 6k to the next best comparable, had great feedback, but buyers had options with other listings in the area and wanted to see other houses.  It did not get into contract as fast as I expected.   If you want more showings and for it to sell faster, drop price.   Obviously  you can't change location and the updates look great.   

Hi @Stacie Elizabeth - First of all, your renovation is right in line with what all the other flippers are doing, so from here (online), it looks like what buyers are looking for these days! Your agent & broker are right, the market has definitely slowed a bit recently. The things, I think, that are hurting you right now is the fact that the duplex-turned-condo trend isn't happening as much in Merion Village (yet?), whereas it's becoming much more common in places like OTE. In fact, your property is the only condo on the market in the immediate area from High to Parsons and Frebis to Morrill. Also, while Merion Village is still a hot neighborhood and you are technically within the boundary, you're at the far south & east edge. Other things that stand out to me that might be hurting you is the lack of curb appeal - the front porches aren't covered and there's not landscaping (though the grass in the photos is so green, which looks great!).  Also, while I know this is technically a condo, I can't help but compare it to other duplexes that are selling in the area right now - the current average on the market right now in that immediate area is $136,600 and for ones in contract, the average increases to close to $225k. Buying both sides of your building would cost the buyer $335k. My opinion is that it is a bit overpriced -- but I have to admit I think the same thing about a lot of properties that I see go into contract these days, so it's quite possible the right buyer just hasn't seen it yet! Best of luck selling it, I know the waiting game can be stressful! 

Originally posted by @Hai Loc :
@Stacie Elizabeth

Columbus is a red hot market overall. Merion Village is not that desirable.. Your house looks nice inside tho

I disagree with you! I rented in MV circa 2005-2007, loved it, and it's only gotten better since then! It's just south of the A+ German Village neighborhood and it's close to downtown. I know people who want to buy in MV but the prices have increased significantly in recent years. 

Just my two cents ...   

@Amanda Roderick Merion Village is a pretty big block.. West side is much better than the east. Once you get closer to Parsons and Vassor Village oh geez.. I was tempted to do a flip in Vassor Village but how many boarded up windows do you need to see on 1 street.. That was last year but maybe things turned for the better quickly..
Originally posted by @Hai Loc :
@Amanda Roderick

Merion Village is a pretty big block.. West side is much better than the east. Once you get closer to Parsons and Vassor Village oh geez.. I was tempted to do a flip in Vassor Village but how many boarded up windows do you need to see on 1 street.. That was last year but maybe things turned for the better quickly..

Yes, you're right it is a larger area than some of the surrounding neighborhoods and there are better parts than others, but overall, the redevelopment in MV is much farther along than in the areas south or east. There is a lot of change happening along Parsons and a lot of flippers working east of Parsons. Healthy Homes is renovating and building new homes in the area too.  I'm in the neighborhood all the time, it's great to watch it come back to life. I think a lot has happened in the area since you've visited. 

Originally posted by @Amanda Roderick :
Originally posted by @Hai Loc:
@Amanda Roderick

Merion Village is a pretty big block.. West side is much better than the east. Once you get closer to Parsons and Vassor Village oh geez.. I was tempted to do a flip in Vassor Village but how many boarded up windows do you need to see on 1 street.. That was last year but maybe things turned for the better quickly..

Yes, you're right it is a larger area than some of the surrounding neighborhoods and there are better parts than others, but overall, the redevelopment in MV is much farther along than in the areas south or east. There is a lot of change happening along Parsons and a lot of flippers working east of Parsons. Healthy Homes is renovating and building new homes in the area too.  I'm in the neighborhood all the time, it's great to watch it come back to life. I think a lot has happened in the area since you've visited. 

I feel kinda sick hearing this because I passed on a pretty good flip opportunity. I remember I could have been $100k all in on a gut job and I could rent it out now easily for at least $1300..

Originally posted by @Hai Loc :
Originally posted by @Amanda Roderick:
Originally posted by @Hai Loc:
@Amanda Roderick

Merion Village is a pretty big block.. West side is much better than the east. Once you get closer to Parsons and Vassor Village oh geez.. I was tempted to do a flip in Vassor Village but how many boarded up windows do you need to see on 1 street.. That was last year but maybe things turned for the better quickly..

Yes, you're right it is a larger area than some of the surrounding neighborhoods and there are better parts than others, but overall, the redevelopment in MV is much farther along than in the areas south or east. There is a lot of change happening along Parsons and a lot of flippers working east of Parsons. Healthy Homes is renovating and building new homes in the area too.  I'm in the neighborhood all the time, it's great to watch it come back to life. I think a lot has happened in the area since you've visited. 

I feel kinda sick hearing this because I passed on a pretty good flip opportunity. I remember I could have been $100k all in on a gut job and I could rent it out now easily for at least $1300..

Well I certainly didn't intend to make you feel sick! If it makes you feel better, I'm not sure you could get $1,300 for a SFR in Vassor Village. The highest-priced one I see in that area right now is $1,150 but there's also one as low as $850. .. like anywhere else, it depends on the quality of the rehab, specific location, etc..