The housing crash in 2008 caused Ron Eberhard, former owner of the land that would become one of Grove City's most recognizable residential developments, to adjust his expectations.

Editor's Note: When the Pinnacle residential development was approved by Grove City officials in 2004 it was hailed as a project that would redefine the community. Did it live up to the promises? This is the second in a series of four articles examining Pinnacle and its impact on Grove City.

The housing crash in 2008 caused Ron Eberhard, former owner of the land that would become one of Grove City's most recognizable residential developments, to adjust his expectations.

Eberhard has resigned himself to the fact that it will take another full decade for the Pinnacle residential development surrounding his home to be completed.

Original estimates were it would take 10 years for the residential area near Pinnacle Golf Club to be fully developed, Eberhard said. Seven years have gone by. Now, he thinks it will take as long as 20 years.

"It's going to take a lot longer than they'd hoped," he said.

Eberhard said the economic crash slowed down the housing development considerably. Houses were expected to be sold before the Parade of Homes in 2007. Out of 11 homes, only one was pre-sold. The others sold soon after.

Even now, a few years after the 2008 housing market crash, central Ohio home sales remain well below those of five years ago, according to the Columbus Board of Realtors.

In 2006, the number of closed unit sales totaled more than 26,000, while in 2011, sales didn't break 20,000, according to the board. At $156,687, the average sale price of homes in 2011 has remained largely unchanged from 2009.

Homes in central Ohio in 2011 sold for an average price of $157,032, down 2.5 percent from the average sale price in 2010 and up more than 5 percent from the average sale price in the first quarter of 2011, according to Columbus Board of Realtors data.

The average price of a home sold in November 2011 was $153,673, up 3.1 percent from the previous month's price of $149,082.

In November 2011, there were 1,949 homes listed for sale in the Columbus market. That number was 20 percent lower than the 2,439 listings added to the market in November 2010. The total inventory of homes available for sale in central Ohio was 12,675 at the end of November, down 27.5 percent from one year ago.

Central Ohio housing prices didn't increase in 2005 and 2006 as much as other areas in Florida, Arizona and California, said Columbus Board of Realtors president Rick Benjamin. When the housing market crashed, that minimized the impact locally, he said.

"When we landed, we experienced a softer landing," Benjamin said.

In 2008, the number of residential units closed in central Ohio fell by 8.4 percent and the average sale price dropped by 9.3 percent, Benjamin said.

In 2009, unit sales were up 11.4 percent from 2008, and the average sale price climbed by 4.9 percent.

Next week: Pinnacle developer Joe Ciminello adjusts expectations for market conditions.