Monthly Archives: August 2010

Why did southern Delaware County grow so fast?

newspaperA local newspaper reporter called me this morning to discuss the housing growth that has occurred in southern Delaware County this decade. I’m usually nervous about talking with the media for fear of being mis-quoted. I hope he doesn’t do that.

After our conversation was over, I thought more about why the growth has occurred into southern Delaware County. I think there are several events that occurred that set the stage for it.

  • I-270 made it easy to go from one suburb to another. Businesses (jobs) built up around the various interchanges. Suburbs located inside 270 were land-locked with limited room to expand further housing.
  • Suburbs, like Dublin or Powell close to the freeway, had room to expand their borders. They also had easy access to the freeway with major roads such as Rt 315, Sawmill Rd and Rt 33 already in place.
  • Lewis Center’s growth was impacted when Banc One (now Chase) built the huge employment center and the nearby Polaris Mall was added, both outside of I-270. Old State Rd provided access to that employment so many housing subdivisions were built off of that road.
  • Golf Courses have played an important part to the housing growth as well. Dublin already had Jack Nicklaus’ huge Muirfield Village but then Arnie’s Tartan Fields was built north of Muirfield. Powell began with Wedgewood, then added Scioto Reserve and Kinsale (Golf Village). Shamrock and Safari are nearby, but they are not lined with homes the way the other courses are.
  • The southwest part of the county contains both the Scioto and Olentangy Rivers. I’m not a geologist but it seems there is more variance to the terrain between the rivers, providing more opportunity for the wooded, ravine lots that many home buyers like.
  • The southeast part of the county has the big water reservoirs with Alum Creek and Hoover. Both offer boating opportunities, albeit they have different motor restrictions.
  • Dublin and Powell already had groceries and retail, but those types of commercial buildings have expanded to keep pace with the housing. Dublin added Perimeter Mall and Powell added the shopping at Powell Rd and Sawmill Pkwy.
  • Some of the northern most housing developments in the Lewis Center area were several miles from groceries, gas stations, and fast-food eateries, but with the recent addition of some new stores along Rt 23 at Lewis Center Rd, that is changing.
  • Columbus State Community college recently opened along Rt 23 and Ohio Health is at a certain stage of providing convenient health care for the area.
  • More growth along Rt 23 between Powell Rd and Cheshire Rd was on the drawing board but it has been put on hold due to the economic downturn.
  • Southern Delaware County is primarily served with four school districts: Dublin, Olentangy, Westerville and Big Walnut. Olentangy covers the largest geographical part of the southern part of the county.

Like thousands of others, I’ve found the county to be a great place to live and work. If you would like to join us, give me a call and we’ll go house shopping.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Bad news from my CPA

I received an email from my CPA that he sent as an alert to his clients for tax-planning purposes. The email included an attachment with his analysis of proposed changes being discussed in D.C. that will impact our financial well-being starting Jan 2011.

There were two components to his analysis. One was the impact of allowing what is called the “Bush Tax Credits” to expire the end of 2010. The other was the tax implications of the Health Care Reform Bill. The two events, when combined, will increase our taxes beginning Jan 2011. All of us will be impacted, not just those earning over $250,000 as the politicians say.

I would like to share the details with you but the email is proprietary – only for the CPA’s clients. However, suffice it to say that all tax brackets will see an increase to the tax rate. Deductions for dependants will be cut in half. There are other such changes that will affect middle-America and all age-groups.

I encourage you to discuss these two issues with your tax-preparer in order to evaluate the steps you may want to take now to plan for the 2011 hit to your wallet if these issues go into effect. It’s difficult for ordinary citizens to sort through IRS forms trying to make sense of the potential impact, so relying on professionals is necessary. Talk to your accountant or CPA or financial planner. Don’t say I didn’t warn you! :-)

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.

Do you know what interest rates are now?

Quick … if I were to ask you what the interest rate is now on a 30-yr fixed rate loan, would you know the answer? Do you know what the rate was a year ago?

A year ago the rate was 5.25%. Today it’s 4.5%, depending on the applicant’s credit score and income/expense ratios. That may not seem like much of a difference, but let’s look at how much it changes your monthly payment.

Suppose you want to buy a home in southern Delaware County with a $250,000 mortgage. At last year’s rate, your P&I would have cost $1,382.50. At this year’s rate the P&I would be $1,267.50. So your mortgage payment would be $115 less than it would have been last year. That’s a savings of $1,380 per year … basically the savings of one entire monthly payment.

If you been sitting on the fence regarding selling or buying a home, you should consider how beneficial it would be to do so now from an interest rate perspective. Of course, there are other things to think about such as the equity you now have in your home and the price it might sell for, but if you’re in a good position it is certainly something to think about.

Give me a call and I can help you with comps, plus, I’ll do a Net Equity Estimate for you to see if it is a good time for you to change homes.

Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.