The answer to the most frequently asked question about the renovation of 67 Park Drive (at the “top” of the Boulevard) is: “No, it’s not going to be a grocery store.” The building that long-term residents remember as a corner grocery and candy store is being fixed up for The Home Group’s real estate office and an upstairs two-bedroom rental. It’s a big project, requiring several more months of work. And despite the fact that it previously housed a business, the structure will need to be approved by the City of Dayton as an office space, which may take additional time.
The Home Group—that is South Park friends and philanthopric renovators, Holly and Michael DiFlora—recently renovated and sold a brick two-story on Park Drive. We asked Holly, a real estate agent who represents buyers and sellers all over the metropolitan region, if that was a sign that the housing market was improving, as she had also recently sold a home on Perrine.
“No, houses are moving at the same slow pace all over the region,” said Holly. “Rental is king. But the nice thing about SouthPark is that we are attracting renters who would love to be home owners if the economics worked out for them.” In most cases, renters are prevented from buying because their current home isn’t selling. Even so, like all realtors, she’s showing houses all the time even in a down market. So-called buyers just keep browsing and deal-seeking, which is really tough on owners trying to sell.
Although a general realtor by profession, the current market has called on Holly to become a leasing agent and an advisor on investment properties with expertise in Historic homes. “There is such a rental demand right now,” said Holly. “Historic South Park has always attracted medical students and law school students, and now we are seeing more renters from the Wright Patt Airforce Base, which is great. Word is getting out to the Base that if you want to live downtown in a great near-to-everything location, South Park is a great option.”
Holly, a former corporate chief financial officer, has a background in business. It’s her nature to look at the long-term picture of what’s right for the neighborhood, as opposed to short term gain. The trick with moving investment properties, she explains, is educating potential buyers. Luckily, she and Michael have tons of expertise.
“Some structures will require much more investment than the buyer realizes, if they expect to attract quality people looking for a good quality of life,” says Holly. As partners in the 2007 Rehabarama, Holly and Michael have so much experience buying old homes and bringing them back, that they have become experts in what you can expect to spend on improvements, according to the level of improvement you want. “South Park is like home to us, and we love it when investment property buyers live in the neighborhood.” Holly believes that resident landlords generally prove to be better landlords. They’re here, they care and thus they maintain their properties.
As for homeowners looking to sell, they may want to considering leasing their home, even though they are not comfortable with the idea of being a landlord. According to Holly, it’s easier to find a quality renter right now than a quality buyer.
As philanthropic investors in Historic South Park, The Home Group has bought heavily in the neighborhood in order to make a difference, not so much a profit. Their work is highly gratifying because the results are so dramatic. The Home Group, along with Full Circle Development, has helped to inspire and encourage many good neighbors to continue to invest time and energy in the physical neighborhood where we’ve always had a special emotional bond of community that is rare and well worth preserving.