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Columbia's housing market


CorgiMatt

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Actually, I think that while SFR is still the preferred favorite among all groups, condos and townhomes are definitely growing in popularity amonng twenty- and thirty-somethings, primarily for the hassle-free lifestyles they afford. More square footage is usually a good thing, but more land means more maintenance. Also, having amenties within walking distance in a pedestrian-friendly environment is something that is appealing more to the "creative class" types.

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But you don't have any equity in an apartment. Some people, when they are ready to actually own their own place, want to continue that hassle-free lifestyle. I definitely think the market is there in Columbia, but we've just got to see developers respond accordingly with more affordable developments.

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  • 2 months later...

Here are some statistics that bode well for Columbia's in-town/downtown housing market. In the 29201, 29204, 29205 and 20206 zip codes, total sales in August, 2007 were 173 compared to 147 in August, 2006 and 137 in July, 2007. The median sales price was $191,250 compared to $135,500 and $165,000. Average days on the market was 61 compared to 70 and 77. Average price per square foot was $131 compared to $103 and $126. Based on these figures, demand and price are moving in the right direction. This is in the "Your Home" section of "The State" today.

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Here are some statistics that bode well for Columbia's in-town/downtown housing market. In the 29201, 29204, 29205 and 20206 zip codes, total sales in August, 2007 were 173 compared to 147 in August, 2006 and 137 in July, 2007. The median sales price was $191,250 compared to $135,500 and $165,000. Average days on the market was 61 compared to 70 and 77. Average price per square foot was $131 compared to $103 and $126. Based on these figures, demand and price are moving in the right direction. This is in the "Your Home" section of "The State" today.

You forgot about my zip code, 29203. :(

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Home sales in the Columbia metro are off a little in November, and local real estate folks seem to think that next year will be a good one. Now, not to be a downer, but the whole issue surrounding low quality homes being built en masse in the suburbs combined with the subprime lending fiasco is one of concern to me. Charlotte is already starting to feel the pain, (which is probably going to get worse) and I wonder if Columbia will feel it too in the coming year?

Article

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Home sales in the Columbia metro are off a little in November, and local real estate folks seem to think that next year will be a good one. Now, not to be a downer, but the whole issue surrounding low quality homes being built en masse in the suburbs combined with the subprime lending fiasco is one of concern to me. Charlotte is already starting to feel the pain, (which is probably going to get worse) and I wonder if Columbia will feel it too in the coming year?

Article

I work in the banking industry and while real estate delinquency and foreclosure rates are up, it isn't as bas as in many areas of the country and the Columbia area is mostly immune from the crisis.

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how is columbia immune?

We are immune because of the stability of our economy. We rarely see a boom or a bust because of the industries here; namely colleges and universities, state and federal government, insurance, health care, law, etc. We have manufacturing, too, but it hasn't been in industries that typically have lots of layoffs after the textile mills closed several decades ago.

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  • 2 weeks later...

Article states Southeast going in upswing - sounds promising

Southeast cities like Charlotte, N.C.; Raleigh, N.C. and Nashville, Tenn. didn't really follow the condo boom, they're not likely to experience the same fall-off as cities that did, industry observers agree.

In fact, Integra Realty Resources, a real estate valuation and counseling firm, believes a number of key Southeast cities are in an expansion mode. These include Atlanta; Memphis, Tenn.; Nashville; Louisville, Ky.; Charlotte and Greenville, S.C. Integra also places Columbia, S.C. on an upward cycle, starting a bit farther back, from the recovery part of the cycle.

View full article here

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Article states Southeast going in upswing - sounds promising

Southeast cities like Charlotte, N.C.; Raleigh, N.C. and Nashville, Tenn. didn't really follow the condo boom, they're not likely to experience the same fall-off as cities that did, industry observers agree.

In fact, Integra Realty Resources, a real estate valuation and counseling firm, believes a number of key Southeast cities are in an expansion mode. These include Atlanta; Memphis, Tenn.; Nashville; Louisville, Ky.; Charlotte and Greenville, S.C. Integra also places Columbia, S.C. on an upward cycle, starting a bit farther back, from the recovery part of the cycle.

View full article here

Great article. I'm not real clear, however, on exactly what they mean by "starting a bit further back, from the recovery part of the cycle." Does that mean that the upward mode in Columbia began a while back as opposed to starting to move upward when the recovery cycle began? I didn't know a recovery cycle had begun yet. I thought so far we were just glad we don't seem to be crashing as harshly as other places even though sales have slowed.

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Note, the article is only talking about multi-housing, such as condo developments. In that respect, it appears to me that (downtown) Columbia was indeed a bit slow to jump on board with the recent condo craze, which at this point I kind of see as a good thing.

This bit of news, coupled with Columbia (and Greenville) being listed as a top 10 office market to watch out for in the near future, bodes very well for downtown.

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  • 4 months later...

A recent housing market report that surveys only 30 large cities has cited Charlotte as the only city on their list to post an increase in housing prices. I forget the name of the company that does that monthly report, but Money Magazine's attached survey actually shows Columbia's housing prices have posted a larger gain than Charlotte's percentage wise over the past 5 years, and that we're expected to post a bigger percentage gain over the next year. Compared to a large number of housing markets, our increase in foreclosures hasn't been that bad either.

http://money.cnn.com/2008/05/06/real_estat...eymag/index.htm

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Yeah Columbia slides below the radar because its not a "major" metro area. It also helps that it has a well balanced economy and a lot of public sector jobs, which are much less volatile in terms of hiring/firing.

Thanks for the link :)

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