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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