Sunday, December 10, 2006

Past Apartment Residence Has Gone Condo

In the late 1980s and early 1990s, I lived in a really upscale apartment complex in the Columbus, Ohio suburb of Dublin, in northwest Franklin County. St. Andrew Village had a great mix of young married couples and suburban professionals, was was located near old Dublin's town center. Yet it was far newer, with restaurants and offices popping up all around it. Fast forward to 2006: St. Andrews Village is now known as "The Villas at St. Andrews." A condominum conversion has units selling from the 110,000's to the $180,000's, depending on number of bedrooms and location. I am surprised they aren't selling for more, but competing "apartment to condo" conversion projects in the area are putting pressure on prices. Still, these projects are taking apartments out of inventory in Central Ohio and are putting more pressure on existing multi-family properties- especially at a time when they already are in high demand by both residents and investors, alike.

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