When Charlie Simms first built new town homes in downtown in 2011, they sold for around $100 per square foot and sold out in about two years, which at the time was considered pretty fast and successful.
But downtown’s housing market is now scorching, and Simms’ new townhouses, City View, are selling for nearly $200 per square foot.
Also, City View units have been on the market for only about seven months and yet 13 of the 14 homes under construction have been purchased. The last one could sell any day.
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Simms and other developers plan to add new product to the market, saying there’s an intense and growing demand for urban living.
Downtown is under-built by about 950 owner-occupied units, according to research by the Downtown Dayton Partnership, and rising prices reflect the large gap between supply and demand.
Some Realtors say they would like to see less expensive product brought downtown, because many buyers are sidelined by home prices that are outside of their budget.
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