What will $100K, $200K buy you?
VIDEO: Tour area homes
Tuesday, March 21, 2006
BUTLER COUNTY — Liberty and Fairfield townships have experienced much housing growth in recent years, due to their land availability.
But while Liberty Township still has space for new housing construction, Fairfield Township's residential areas are nearly fully developed, placing a greater focus on existing homes.
"There's not as much to choose from (in Fairfield Township) because there's not as much new construction at this point, which probably makes the existing market more appealing," said Randall Horne with Huff Realty.
A buyer might find a few smaller newly-constructed homes as low as $200,000 in Fairfield Township, but Scott and Kelly Manley's well-kept 13-year-old home is on the market for $189,900.
The four-bedroom traditional-style home sits on a quiet cul-de-sac and has added character sometimes missing from new homes.
The basement is finished with an enclosed study and a wet bar for entertaining.
There's also a detached storage shed with electric connections.
However, if the smell of fresh drywall is appealing, Liberty Township has a booming market for lovers of the new and unused.
Two thousand six hundred and twenty square feet of modern luxury is what buyers will find in the new Knolls of Liberty subdivision by Landmark.
But, in this high demand market, you'll pay $287,900 for a four-bedroom home with features like hardwood floors, high cathedral ceilings, walk-in closets, a first-floor study, and a master bedroom with an adjoining large whirlpool bath.
With a school district ranked 16th in the state and easy access to Interstate 75 for commuters, home values are on the rise in this township.
"The land cost has gone up substantially.
As the land gets more scarce it demands a higher price," Horne said.
"I wouldn't be surprised if it has gone up 20 percent in the last five years.
" Meanwhile, in Hamilton and Middletown, homes over $100,000 are scarce, according to Phil Morrical III, director of development at Morrical Reality in Libery Township.
"There just aren't too many homes for sale in that price range in Hamilton and Middletown," he said.
In Hamilton's Dayton Lane neighborhood, $100,000 will buy a Victorian-style house with four bedrooms and one bath.
The neighborhood has relatively low crime, according to the Hamilton Police Department, and is near neighborhood parks and schools, with easy access to Ohio 4.
By traveling a couple of miles west of the Dayton Lane neighborhood, potential home buyers can purchase a four bedroom and two bath home for $99,900 on Ross Avenue.
Located in Hamilton's flourishing West Side, the Ross Avenue home features a huge backyard and close proximity to Milikin Woods Park and the Hamilton Meadows Shopping Center.
Middletown features a three bedroom, 75-year-old home for $99,500 on S.
Highview Road.
It has a full basement, a fire place, two car garage, central air and a study.
New construction homes in Fairfield are at a premium, said Jeff Guinn, Ryan Homes sales representative.
Ryan Homes is building Emerald Lakes subdivision off Resor Road, just south of Village Green and downtown Fairfield.
There are nine floor plans and homes start between $360,000 and $450,000.
With various options, homes can go as high as $550,000 and $600,000.
"You're not going to find a lot of buildable land in Fairfield," Guinn said.
"That's why it's a little more expensive.
" The show home, called the Milford, would be about $540,000 and 4,000 square feet, and is two stories, finished basement, nine rooms, and four full and one half baths.
The basic plan is $400,000 and features seven rooms, two full and one half baths, an unfinished basement, and would be 2,900 square feet.
The amenities for Emerald Lakes include walking trails that access Harbin Park, cul-de-sac streets, and quick access to downtown Fairfield, Cincinnati Mills Mall and Interstate 275.
Sibcy Cline Fairfield manager Tom Hasselbeck said homes in Emerald Lakes are in the mid-$300,000 and higher because of land prices.
There is less than 2,000 acres of undeveloped residential land in the city, and lot prices at Emerald Lakes are around $80,000.
"Historically, lot values range 20 to 25 percent of the value, and most are 25 percent today," Hasselbeck said.
That is why there won't be any new construction homes in the $150,000 range, Hasselbeck said.
There are seven and eight-room, two and three-bath homes in the $150,000-range, but they are between 1,200 to 1,800 square feet.
They are on smaller lots, and two or three streets off a main thoroughfare.
For about $250,000, you can get between 2,000 and 3,000 square feet and either a partial or complete finished basement, seven to 10 rooms, with nine-foot-plus ceilings, hardwood floors, multiple-car garage, and three to four bathrooms.
Some have in-ground swimming pools.
Hasselbeck added that many new construction homes do have home owner association fees.
