Waiting and Waiting and Waiting for a Buyer: 224 W. St. Paul
How long will developers wait to sell their units?
Apparently years.
224 W. St. Paul in Old Town is a conversion of a historic three flat and coach house. Two out of the four units have sold.
The first floor unit, which is a three bedroom duplex down, has been on the market nearly two years. So has the coach house.
The duplex unit has never had a price reduction.
Is this developer just waiting for the “right” buyer?
All three of the bedrooms, I believe, are in the duplex down part of the unit. But it has a gorgeous vintage stained glass window in the small living room (which is 14 x 11).
Here’s the listing:
TOTAL GUT 1ST FLOOR DUPLEX 3BR’S, 2 1/2 BATHS, FAMILY ROOM, LOADS OF CLOSET SPACE, LIVING ROOM W/ ORIGINAL STAINGLASS WINDOWS, POCKET DOORS, HARDWOOD FLOOR WITH INLAID BORDER, GAS FIREPLACE WITH ORIGINAL TILES.
ALL NEW PLUMBING, ELECTRIC STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, 42 NATURAL CHERRY WOOD CABINETRS, ISLAND, THERMO PANE MARVIN WINDOWS, CROWN MOLDING, W/D, INDIVIDUAL HEAT & A/C.
Unit#1: 3 bedrooms, 2.5 baths, no square footage given
- Originally listed in February 2006 for $699,000
- Currently listed for $699,000
- No parking
- Assessments of $298 a month
- No tax info yet
- Sudler Sotheby’s has the listing
if I were a hobo, I’d totally squat there.
They’ll be waiting and waiting. At that price Godot has a better shot of showing up before they find a buyer.
This place will appeal to few buyers.. The creepy victorian details with the livingroomdiningroomopenkitchengranite concept just does not work. That lower will be musty and might prone to flooding. ugh!
if the rent it out they could probably get 2500/month easy. it’s been listed for close to 30 mos. that’s 75k missed out on…. though I suppose the other buyers might not like them renting.
Basements are often damp, even with finished walls and flooring materials installed, even with properly functioning HVAC, even with floor drains plugged. Not only are basement “habitable spaces” prone to flooding during heavy rains, people living in basement apartments also often have chronic respiratory-related health problems. All told, a bedroom (not occasional guestroom)in a basement is a bad idea. At this price, this unit will never be sold. Greedy developer looking for a naive purchaser!
Right on Paul – the Victorian details are nice – but that circa-2000 super generic prairie-influenced developer kitchen looks WRONG in that space.
And you’d think they’d at least spring for some better fotos with good lighting…….