The residential real estate market is in a historic decline, but could it be that commercial real estate is in an even worse place? That’s what Coldwell Banker agent Kelly Wong says of one Avondale development, at least.
For two years Wong marketed the ground-floor commercial space in the condo development at 3025 N California Ave in Avondale with little success. “The residents didn’t want restaurants or bars, and they didn’t want dollar stores,” Wong says. He’s pursued lawyers, attorneys and mortgage brokers, but with the economy tanking, there hasn’t been much demand.
After watching 11 of the building’s 12 condos sell as the commercial space has gone unleased, the developer filed for a zoning change and is converting the space into two condos: a 1,300 square-foot two-bedroom / two-bath priced in the $290s, and a 1,500 square-foot three-bedroom / two-bath priced in the $340s. Wong says a lot of work went into converting the vanilla boxes into condos; the floors have been installed, and both homes can be ready for delivery in about three weeks.
In addition to the two ground-floor units, there is also one available three-bedroom / two-bath on the building’s top floor. That home has 1,639 square feet of space and was recently reduced in price from the $410s to the $390s.
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• Rate and review 3025 North California
I like that move…There are a lot of vacant storefronts in these newer constructed 3-15 unit buildings.
I will buy a unit here because it’s so close to Hot Doug’s and the Korean Paradise Sauna.
That’s another law the city needs to pass:
Condo community boards cannot dictate to the developer what kind of retailer is allowed in their building.
The more self-inflated people become, the more their “rights” need to be be curtailed.
Condo boards typically have no rights with regard to permitted uses of commercial units.
Zoning limits usage, as does whatever language the developer has written into the condo dec. Sometimes the developer is anticipating what buyers will find acceptable and adopts some self-imposed limits, but that’s a choice he makes.
I’d also question whether the city has the power to impose the type of limit suggested under its home rule powers. The state’s condo act would likely prevail. The state does, of course, have zoning power.