If culinary art is more your, ahem, taste, then behold several new eateries within the city limits. Recent new additions to the local restaurant and eatery market include MOD Pizza, Tropical Smoothie Café and Fuzzy’s Tacos. “We’re also starting to see several brands expand with second and third locations, which is always a positive sign,” Lindner said. Those brands include Chipotle, Firehouse Subs and Jersey Mike’s. This year, several big players, such as TJ Maxx and HomeGoods, are expected to put down stakes here, too. Other plans include the following: Splitting the Gerbes building – a 59,000-square-foot former grocery store at the corner of Providence Road and Nifong Boulevard – into four different spaces to be leased sometime in 2019. Continued growth at Cartwright business park by the Columbia Regional Airport. Renovations at the former Macy’s building in the Shoppes at Stadium shopping center. Additions to the Odle family project at Discovery Parkway and Highway 63 that include more apartments, an office and a new restaurant
“We’re also starting to see several brands expand with second and third locations, which is always a positive sign.” – Realtor Jay Lindner, president of Lindner properties
In terms of leasing, those trends and costs remain steady. “We have not seen inflation of leasing rates to date, but we’ve seen rates remain stable,” Grellner said. Recently, downtown has seen multiple apartment complex projects take shape. Suburban apartment construction continues to boom along the Highway 63 corridor. Recorded population growth of two to three percent has triggered demand for housing, Grellner said. Another major factor in how the local real estate market fluctuates is enrollment at the University of Missouri – perhaps better known as Mizzou. MU seemed to have started to shrug off an enrollment slump
in 2018 when it had a significant surge in freshmen. The 13-percent jump was the largest freshmen increase in a decade. That’s great news not just for the school but also for the city and the real estate market. “It makes everyone a lot more optimistic, and optimism fuels activity,” Grellner said. With the city hosting a number of large companies/employers – such as MU Healthcare, Boone Hospital Center, Veterans United Home Loans, Shelter Insurance, MBS Textbook Exchange, Carfax and IBM – that means many home buyers are first-timers, young professionals, newlyweds or young families.
Residential trends riding high Despite a national downturn in the last six months of 2018 due in part to multiple federal interest rate hikes, the local residential scene hit the ground running in early 2019, according to longtime Realtor Cindy Sheltmire of Re/Max Boone Realty. “Our market typically starts in January and is strong through the end of summer,” Sheltmire said. Such impressive market stamina is thanks in part to the university’s presence. Education is a major source of pride and a real draw here. It’s common for clients to ask for certain schools – even elementary, by name when narrowing down their list of neighborhoods, Sheltmire said. “The schools are extremely important,” Sheltmire said. “People are singling certain ones out.” And while folks are seeking out Columbia, the feeling is mutual. The city embraces new residents with “Columbia Welcome” – a greeter program that delivers a basket of goodies and coupons and a warm hello to newcomers. It also includes a handy “Citizen’s Handbook” from the city. This handbook covers everything from the town’s longterm strategic plan to affordable housing initiatives to regional job expansions and park improvement plans. Columbia wants to continue to be a sound investment for families and companies alike.
Home values climb In 2018, an average of 189 single-family homes were sold monthly in Boone County, where Columbia is the county seat,
according to the Columbia Board of Realtors. Local homes continue to prove to be worthwhile purchases. The price of a singlefamily residence jumped from $186,000 in late 2013 to $219,000 in late 2018. That’s an increase of nearly 18 percent over five years, according to CBOR. Interestingly, there’s a noticeable difference when comparing existing homes and new construction. For one, 53 brand new homes were sold in the last quarter of 2018, compared to 385 existing homes during the same time period. Obviously, stock is much more limited. But price plays a factor, too. From 2013 to 2018, the average cost of an existing home sold increased from $177,000 to $220,000 – an increase of $43,000, or 24 percent. During that same time frame, the cost of new construction rose from $250,000 to $272,000 – an increase of $22,000, or eight percent. When it comes to housing styles, Columbia is a mixed bag in all the best ways. The local market features a healthy mix of established homes and new construction; condos for clients who seek a convenient lifestyle; and homes tucked back on land that offers privacy and serenity. For example, part of the Old Southwest neighborhood’s charm is its proximity to schools, the downtown, the University of Missouri, restaurants, parks and trails. For those seeking newer developments, they can turn to Old Hawthorne, Copperstone, Thornbrook or Steeplechase Estates, to name a few, Sheltmire said. “People do tend to like new or a house that’s been renovated to look like new,” Sheltmire said. Another style with strong appeal in Columbia is the classic ranch, especially for people planning to stay put for the long haul or just looking to simplify a bit. A stairless existence all on one level can be extremely appealing, Sheltmire said. Whatever you choose, Sheltmire offers this advice: be careful when settling on décor. Or, at the very least, be prepared to do some updates before selling.
38 | www.ColumbiaMOChamber.com MO-COL-CW-19 design.indd 38
3/11/2019 2:06:49 PM