The Vision that is New Albany Continues

When Jack Kessler explains how he and Leslie Wexner developed the fields of New Albany, OH into a growing city filled with million-dollar homes and a vast business park, he makes it sound so simple.

Wexner is the founder of Limited Brands, Kessler is a developer who joined Wexner to form the New Albany Co.

"Back then, Les and I lived in Bexley," Kessler said of the mid-1980s. "And Les said, 'I need to build a home in the country.'?"

The two began spending their weekends driving the perimeter of Columbus, scouting locations. Muirfield looked promising; so did Gahanna.

"Les said, 'Gahanna is great, but we can't do much to change it. It's already built. New Albany, we can change,'?" Kessler said.

They have indeed changed New Albany, turning it into a Shangri-La for Columbus and Central Ohio's wealthy, and a home for scores of businesses.



And now, say Kessler and William Ebbing, president of the New Albany Co., it's time for the next phase of the project: an expansion of the city's center. The goal is more restaurants and retail, and to better connect the heart of the city to the nearby homes and business park.

"The core is critical to our future, to further the economic development of the business park, attracting young professionals to the area, and to taking the business park to the next level?" says, Ebbing.

Building an urban like core in a suburban setting is the goal of several communities in central Ohio and beyond. Dublin's mixed-use Bridge Street Project is another example.

These developments are referred to as "edge cities" and they are becoming more common, said Bernadette Hanlon, a professor of urban planning at Ohio State University's Knowlton School of Architecture. There's this new found desire to create city centers and more walkable spaces out in the suburbs.

While New Albany is not unique in this goal, "In terms of privatization, it is pretty unique," Hanlon said. There aren't too many other communities created by just two men. New projects planned in New Albany at or near the intersection of Market and Main streets include:

• The $13 million Philip Heit Center for Healthy New Albany, a 55,000-square-foot hub for health and wellness programs. The city is building it in partnership with Healthy New Albany, Ohio State University's Wexner Medical Center and Nationwide Children's Hospital.

• The $6 million Market & Main building, a 27,000-square-foot office building that will include a restaurant and retail tenants on the first floor. It is a joint venture of the New Albany Co. and the Daimler Group, another local developer.

• Strait's Farm, a 51-home, $24 million residential development designed for homeowners looking to downsize and be closer to the city center. M/I Homes will develop the project on land purchased from the New Albany Co.

• A $3 million roundabout at Market and Main streets, designed to spur commercial growth.

• A $45 million school-expansion project.

All five projects are under construction and are expected to be completed by the end of the year.
"Infrastructure development in the core is so important," said Jennifer Chrysler, New Albany's director of community development. "We've spent $8 million so far, and counting."

The new projects are designed to develop "critical mass," said Courtney Orr, executive director of the New Albany Chamber of Commerce. "What's special here is this is a growing community."

Wexner and Kessler formed the New Albany Co. in 1986 and began buying large lots of land for a project initially dubbed Wexley. The New Albany Co. purchased more than 300 lots, Kessler said, dividing several into 1,800 smaller parcels for homes. About 1,400 Georgian-styled homes that have met specific design requirements have been built to date.



Wexner and Kessler built their own homes in New Albany. "We started selling lots to our friends, and we identified people we thought were leaders," Kessler said. "We got Bobby Rahal and John G. McCoy to live here." Rahal is a past Indianapolis 500 winner, and McCoy was the CEO of the former Banc One Corp., now part of JPMorgan Chase. Rahal's home was built in 1995 and recently sold for $2.25 million. The city has attracted successful entrepreneurs and executives.

"Then, we had to fix the school system," Kessler said. "Then we were worried about taxes, so we started a business park." They also built a golf course, designed by Jack Nicklaus, as well as a country club and an arts center.

The success of the company's New Albany Business Park has fueled the city's continued growth.
The business park generated $460 in tax revenues in 1997, the year it opened. The 2013 total was $11.6 million, money that is used in part to pay for the city's schools and infrastructure improvements.

The 3,000-acre business park in Franklin and Licking counties is home to companies such as Abercrombie & Fitch, Discover, Bob Evans Farms, and Accel. There are 12,000 employees, Chrysler said, adding that 3,000 acres remain available for development.

The Beauty & Personal Care Campus on the eastern edge of the business park has been the biggest addition in recent years. Beauty and health-care products are manufactured, packaged and shipped from the 1.4 million-square-foot facility, which includes about 10 companies and 1,500 employees.
"We very much tout ourselves as a community for entrepreneurs started by an entrepreneur," Chrysler said of Wexner.

"New Albany is way above both local and national (income) averages," said Bill LaFayette, owner of the local economics consulting firm Regionomics. The national and Franklin County median household incomes are $50,700 and $53,046 respectively, according to statistics compiled from the American Community Survey. The New Albany median income is $161,314.

New Albany seems poised for growth. In addition to the additional acreage in its business park, the New Albany Co. has about 400 empty lots available for homes. These homes will be expensive. The median sales price of a New Albany home in 2013 was $459,500, the highest in the area. "Because of the land costs and the architectural requirements, you can't build one for under $400,000," Kessler said.

The New Albany Co. owns an additional 40 undeveloped acres in the city center that Ebbing said will "be developed in a mixed-use way, with more of a focus on restaurants and medical services and other retail opportunities."

The success and continued growth of New Albany is due in large part to the vision and entrepreneurial spirit of its founders, he said. "Les is a visionary, and his image of what this community should be has allowed us to get here," Ebbing said.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

Foreclosures Could Rise if Congress Doesn't Act

Residential Foreclosures have been dropping dramatically over the past two years, but without help from Congress they could begin to rise again. In 2007, Congress passed the Mortgage Debt Relief Act, a tax exemption for mortgage debt forgiveness. That exemption expired at the end of 2013 and has yet to be extended.

Eliminating this tax break would be a big blow to short sales and principal forgiveness and will make those forms of mortgage borrower assistance/relief a lot less attractive to distressed homeowners and those facing foreclosure.

The recent foreclosure crisis was one of the most dire episodes in U.S. housing history, but it could have been even worse had the banks not forgiven billions of dollars in mortgage debt. Much of which was mandated by legal settlements with the federal government and state attorneys general. Since 2007, banks have approved approximately 2.8 million short sales, according to Black Knight Financial Services. A short sale is when the home is sold for less than the amount of the mortgage.

There is support in Congress for an extension, as well as among state attorneys general and housing advocates. Several bills are being considered that could extend the tax relief through 2015 or 2016, but with the much broader move to overhaul the entire tax code, they appear to be getting lost in the shuffle.

It is difficult to put an exact number on principal reduction mortgage modifications, however, we've yet to see one. That said, through short sales billions of dollars were expunged on paper and not taxed as income, as they would have been prior to 2007. These foreclosure alternatives helped and continue to help bring down the number of homes being lost today.

Loans in the foreclosures process are down nearly 28% from just a year ago, according to Black Knight, but the pipeline, while no longer growing, is still large. More than 3 million borrowers are behind on their mortgage payments, and 1.24 million are in the foreclosure process. Many of those delinquent borrowers could avoid foreclosure through a short sale or principal reduction loan modification.

At our real estate office in Columbus, OH we offer private consultations at no cost to educate troubled borrowers on their options, options that may be shrinking.

If Congress fails to extend the Mortgage Debt Relief Act this is certain to prolong housing recovery. We know these folks can't afford their houses, they are forced to demonstrate financial hardship, so if they don't have the money to keep a roof over their head, how are they going to be able to pay the IRS?

A client whom we have been working on a short sale with for six months was recently approved last week, about five weeks too late to qualify for the tax exemption. Her home sold for $125,000 less than the amount he owed on the mortgage. Depending on his tax rate, she could owe Uncle Sam about $30,000. That is money she does not have.

"I'm nervous, I'll be honest with you. There have been some long nights these last three years, just having to figure out what's going to happen, and now if this debt relief act isn't extended, I'm really nervous now. I've stayed up late at night—I can't sleep at night, it's been a lot of stress."

Even banks and investors could get hurt if borrowers can no longer afford short sales. Short sales have helped to clear much of the distress properties from the housing market in an efficient manner, especially in states where the foreclosure process requires a judge. Those states have huge backlogs of delinquent loans.

"With fewer short sales, you're going to see longer liquidation timelines, so you're going to see more full foreclosures and REOs [bank repossessions]," said Sean Nelson of Fitch Ratings. "With longer timelines, you have more costs associated with liquidation of the properties. More costs translates to lower recoveries for investors.

If you’re facing foreclosure you’re facing some very important decisions. We want you know you’re  not alone and we are here to help with any questions you may have to assist you in making the best decisions for your situation. There is no charge for this service and we are happy to help! We offer confidential and professional real estate advice.

The Opland Group  Specializes in  Real Estate Sales, Luxury Home Sales, Short Sales  in;    Bexley    Columbus    Delaware    Downtown    Dublin    Gahanna    Grandview Heights    Granville    Grove City    Groveport    Hilliard   Lewis Center    New Albany    Pickerington    Polaris    Powell      Upper Arlington    Westerville    Worthington

Woods of Olentangy Market Report – Lewis Center, OH – 2014

Due in part to increased demand resulting from a loosening of mortgage underwriting guidelines making it easier for more buyers to get qualified for financing, as well as low interest rates and a decline in the inventory of distressed properties throughout Central Ohio, home values in the Woods of Olentangy have risen over the past 12 months, this while days on market for inventory has decreased dramatically. On average, the time to sell a home in  the Woods of Olentangy is now 46 days.

That said, mortgage interest rates are expected to rise above 5% in 2014 and average 5.3% by the end of 2015, this according to the Mortgage Banker’s Association’s forecast.  A 1% increase in mortgage interest rates is equivalent to a 10% increase in the purchase price of a home, or a 10% increase in their monthly mortgage payment. The treat of increasing mortgage interest rates is pushing buyer demand forward this year as buyers seek to identify a home to purchase so as to lock in today’s mortgage interest rates.  The MBA also indicated in it’s forecast that it expects home purchase applications for mortgages to rise 9% in 2014, as home sales and prices continue to post gains.

This is good news for sellers as it means that they can expect a rapid transaction for a well maintained, properly priced home. It is also good news for local property / real estate values in general as well as buyers who can rest assure they are buying into a stable community and that their investment is a sound one!

Looking for real estate in the Woods of Olentangy – Lewis Center, OH – Olentangy Schools? Look below or click to see active homes for sale in the Woods of Olentangy. Search the Columbus and Central OH MLS for Free.

ACTIVE LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Current List Price	Original List Price
8488 Olenbrook Dr	1,261	3	2.0	1999	39	179,900	179,900
PENDING LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Current List Price	Original List Price
8705 Olenbrook Dr	1,984	3	2.1	1999	125	207,500	209,900
SOLD LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Final List Price	Sales Price
8578 Olenbrook Dr	1,442	3	2.0	1999	35	179,900	172,000
8627 Olenbrook Dr	1,287	3	2.1	1999	216	159,900	151,500
342 Holly Grove Rd	1,240	3	2.1	2000	13	162,000	161,000
316 Meadow Ash Dr	1,240	3	2.1	2000	12	164,900	169,000
8720 Woodwind Dr	1,422	3	2.1	2001	44	187,900	180,000
8698 Olenbrook Dr	1,500	3	2.1	1999	23	189,900	188,000
8603 Olenbrook Dr	1,594	3	2.1	1999	117	189,900	181,000
8687 Olenbrook Dr	1,872	3	2.1	2000	19	193,000	190,000
348 Holly Grove Rd	1,856	3	2.1	2000	49	195,000	190,000
8693 Olenbrook Dr	1,700	3	2.1	2000	72	197,800	196,500
292 Meadow Ash Dr	2,106	3	2.1	2000	5	199,000	196,000
8531 Olenbrook Dr	1,752	4	2.1	1999	68	209,900	202,500
8723 Olenbrook Dr	1,740	3	2.1	1999	2	105,250	105,250
368 Amber Wood Way	1,240	3	2.1	2001	15	180,000	180,000
8723 Olenbrook Dr	2,140	3	2.1	1999	2	204,000	210,000
AVG	1,523				46		178,190
AVG Sold Price Per/SF	119.02			Range	2-216

The information presented is deemed accurate but not reliable or guaranteed. Reasonable precautions were taking in the preparation of and presentation of this information to ensure accuracy, but the author assumed no liability for any actions taken based on this information. Safe harbor for forward looking statements; some opinions expressed represent forecasts of economic conditions as they impact real estate values. All such information is solely conjecture and should be regarded as opinion only and not serve as the sole basis for any financial decision.

Woods of Olentangy

The Woods of Olentangy is a beautiful neighborhood in Lewis Center, Ohio consisting of single family homes and which is located just south of Polaris and all this area has to offer. Its not uncommon to see neighborhood kids playing the streets of this quaint little oasis in the summer months. It's far enough from the main hustle and bustle of the city that residents don't feel like the urban center of Columbus is knocking on their door.

What's the Neighborhood Like?

The homes in the Woods of Olentangy range between 1200 and 1800 square feet offering 3 to 4 bedrooms. Most of the homes in the neighborhood were originally built by Dominion Homes back in the mid 1990's. The last set of homes in this subdivision were build in the late 1990's and early 2000's. This neighborhood consists of what would be considered starter homes, and is a great fit for first-time home buyers looking to be in a great school district, Olentangy Schools, and location. The smallest homes in the neighborhood start with 3 bedrooms while the larger floor plans offer a four bedroom layout. Most of the lots range between 1/4 acre and 1/2 acre so there is plenty of room for outdoor living or to allow a pet roam free.

Looking for a Home in Lewis Center?

Interested in homes for sale in Lewis Center at Woods Of Olentangy? Click that link to find all the currently available homes in this neighborhood of Central Ohio.

What's going on Nearby the Woods Of Olentangy Subdivision?

Woods of Olentangy is located right in the middle of the thriving US 23 and Polaris corridor. This area offers everything from shopping, dining, entertainment, to parks and golfing.

What School Will the Kids Attend?

Woods Of Olentangy subdivision in Lewis Center, OH is served by the Olentangy School System. We have more information on my website if you follow that link.

Are you Completely Sold? Want to Buy a home here?

If you are interested in the current homes for sale in Woods of Olentangy Subdivision, Lewis Center, OH please call or email us and we'd be happy to send you over an inventory list. Our for sale property information is a direct feed from the Columbus Board of Realtors MLS and is updated all day, every single day!

 

Call for showings!

It is important to consider the value of a full time Real Estate Agent that has local knowledge of your search area when buying or selling a home. I would be happy to meet with you to explain all of the benefits. Remember, using me as your buyers agent costs you nothing but assures you that you secured the best purchase terms possible! (see Why Buyers Should Use a Realtor)

Click here for additional information on other Columbus and Central Ohio Neighborhoods and Communities.

6 Ways Buyers Can Boost Qualifying Income When Applying for a Mortgage

Borrowers lacking the income required to qualify for the mortgage to purchase the home they're interested in have many possible options. "Income adequacy" is governed by general guidelines that can be adjusted to meet individual circumstances.

 

Maximum debt-to-income ratio

The measure of income adequacy most often used is the sum of the monthly payment on the new mortgage, plus property taxes, homeowners insurance and other debt payments, divided by income. The maximum ranges from 40 to 43 percent, however, underwriters have discretion to accept higher requirements if they believe that circumstances justify them.

Debt payments are those that extend beyond the next six months and are not deferred for a year or longer. This includes Home Equity Lines of Credit and other revolving credits, credit card debt that you don't pay off at month-end, student loans, and alimony and child support payments.

 

Repairing inadequate income

The obvious way to repair inadequate income to buy a home is to earn more, but this is easier said than done and there are other ways to make your existing income count for more. One way is to convince the underwriter that you are capable of safely devoting a larger proportion of your income to housing expense than is typical for someone in your income bracket. The best (perhaps the only) way to do that is to document that you have done it in the past -- either as a past homeowner or as a renter.

 

Another solution could be to convince the underwriter to count income that would ordinarily be disregarded because of a presumption that it won't continue. You rebut that presumption by presenting evidence to the contrary. Such evidence could be historical data showing that the income has in fact been generated over a considerable period. Or the evidence could be forward-looking testimony by someone in position to have knowledge of your prospects, such as your employer. Here are some examples:

• If your income has recently increased, obtain a written statement from your employer explaining the reason for the increase and that it is likely to continue.
• If your income has recently decreased, obtain a written statement from your employer explaining the reason for the decrease and why it is likely to be temporary.
• If you want overtime, commission bonus and/or part-time income to be counted, document that you have received it for two years, along with a statement from your employer that it probably will continue.
• If you are in the military and want to claim pay above base pay for your rank (jump, hazard, special assignment, etc.), and/or housing, base and food allowances, provide an explanation of why they will continue. If you are deployed, explain in writing that your pay stubs do not match your W-2s because you have been deployed to a war zone and that your income is not taxed.
• If you have investment income from an unusual source that you believe to be stable, put your reasons in writing along with data on investment performance.

Borrowers qualifying with business income are subject to much more complicated rules that require a separate column.

 

Using the income of others near and dear

 

Co-signers: A co-signer assumes responsibility for payment of a debt in the event that the borrower doesn't pay. However, co-signing on a mortgage is severely restricted, with the result that it is not much used.

 

Non-occupant co-borrowers: FHA allows a borrower to include the income of non-occupant co-borrowers who are close family members or can demonstrate a long-standing relationship with the primary borrower. That means that parents who want to help their children become homeowners can do it by becoming co-owners and co-borrowers. The loan amount must fall within FHA limits for the specific area, and the parents must meet the same underwriting requirements as the primary borrower.

 

Participating investors: Non-occupant co-borrowers are not allowed on conventional loans, but willing parents can become participating investors in a purchase classified as an investment rather than for occupancy. For the parents, being participating investors is the same as being non-occupant co-borrowers, since in both cases they are part owners, liable for the debt, and they must meet the same underwriting requirements as the primary borrower.

 

In most cases, mortgages on investment properties require 20 percent down, and are priced 0.75 to 1 percent higher than comparable loans to permanent occupants.

 

Reducing debt payments

If the debt-to-income ratio is elevated due to large monthly debt payments, there may be ways to reduce the payments. Borrowers who have a 401(k) can borrow against it and use the proceeds to pay down other debt. Loans from 401(k) are not included in the debt ratio. Reducing debt payments by extending maturities is an option that should be exercised with care because longer-maturity debts usually have higher interest rates.

 

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington