New Albany is a good place to live in that is getting better all the time. However, it does have one drawback — it’s new, and that means there is still a lot of vacant land on which to create subdivisions, plot out new lots, and build new houses.
This fact poses issues for the owners of existing homes who want to sell their properties. In the current bad economy, the market for real estate is soft everywhere. When new homes are constantly coming on line, it just makes the market for selling existing homes that much more challenging. In that respect, New Albany is different from Upper Arlington and Bexley, both of which are established Columbus suburbs where every inch of available ground has long since been the location of a house. In those communities, if you want to build a new home, you have to buy an existing home and tear it down to do so.
So, for current New Albany homeowners, the familiar sight of yellow construction equipment, pallets of bricks, and building supplies is a double-edged sword. We know that adding more new homes is going to affect the market for our homes, but we also know that the ultimate goal has to be to build New Albany out so that the market becomes more fixed. If you’re like us, and don’t have a house on the market right now, you want developers to close the loop and get the new builds done before you put that “For Sale” sign in your yard.