Advertisement More buyers than sellers in OTR and Pendleton; prices soar Townhomes, condos selling for more than $500K Share Shares Copy Link Copy

At one time, Cincinnati was desperate to develop Over the Rhine. Developers could buy a building for a single dollar bill.Now, new condos are selling for $500,000 or more in Pendleton and OTR.Who knew those old buildings and the land they sit on would turn into such hot commodities?Watch this storyNew homes are going in at the corner of Elm and Liberty streets in OTR at Hillman Point development. The starting price tag is $500,000."We're seeing relatively low inventory right now, meaning there are more buyers out there than sellers,” Coldwell Banker West Shell agent Bill Draznik said.Draznik said he's already getting calls from buyers interested in purchasing one of nine new townhomes at Hillman Point OTR.They're going in just a block from the Cincinnati Health Department and three blocks from Washington Park on Kemp and Wade streets."They range from a little under 2,000 square feet to 2,500 square feet. Some of them will have first-floor garage parking, roof decks and they will also be able to customize,” Draznik said.Rental units are also highly popular, especially on trendy Vine Street between Central and Liberty.With limited units available, developers are snatching up apartment buildings in Pendleton just blocks from the casino.Wallick Construction is renovating an apartment building on Broadway across from the old school for the performing arts.The plan is to move the old tenants back-in.“They have been temporarily housed in other places, in other apartments that we own or have furnished for them. When we're done here, about 90 percent will be coming back to their original homes,” said construction superintendent, Dave Nienaber of Wallick Construction.So what brought about the change? Why are people willing to spend a half million dollars or more for a home in OTR?OTR was considered run-down and dangerous just 10 years ago. Draznik says the tide turned with the renovation of Washington Park.“Not just with the green space and all the programming, but the parking as well. That really made it so that the people from the suburbs, people from out of town, people with families just feel much more comfortable coming down here,” Draznik said.With inventory low, real estate agents said the price tag is bound to keep going up for a home in OTR.So who is buying up these expensive homes? Real estate agents say a lot of buyers are young professionals, empty-nesters, or investors.