Condos up for sale in development in Urbana
URBANA – Thinking of investing in some real estate?
Coldwell Banker Commercial Devonshire Realty recently listed for sale several condominiums within Fairlawn Village in Urbana.
The 174-unit development includes one, two and three-bedroom units. Coldwell Banker is selling a total of eight two-bedroom cottages in Fairlawn.
"What we've seen in the market is condo sales have declined due to bank lending practices, and the number of units we've been selling per year has been dropping," said Matt Wavering, assistant director for commercial brokerage at Coldwell Banker Commercial Devonshire Realty in Champaign. A number of Coldwell Banker principals are investors in the development.
Other condos in the development are continuing to be marketed by Coldwell Banker's residential division and they are available to owner-occupiers, Wavering said.
Units in the development also are still being rented, and all of the eight units up for sale are fully leased, he said.
"It's not a distressed asset. They are 100 percent leased," he said.
Investors can buy two, four, six or eight of the condos.
Each unit is listed at $70,000, with the total package at $560,000. All eight units are 785 square feet and rent for $600 a month, generating a total gross income of $57,600, according to Coldwell Banker Commercial Devonshire Realty.
Wavering said the investment may be of interest to people who are thinking about investing in student housing but are not able to afford to buy an apartment building on Green Street, for example.
"This enables them to put together two rentals or add more," he said.
The addresses of the condos for sale are 530-536 E. Fairlawn and 1007-1009 & 1035-1037 S. Anderson.
In addition to the two bedrooms, the cottages have a living room, kitchen and one bathroom. Four of the units are attached in a building on East Fairlawn and two additional ones are on South Anderson.
The apartments can be managed by the buyers or Coldwell Banker also has management on site available, he said.
The development, which dates back to the 1950s, was owned by Royse & Brinkmeyer before Fairlawn Properties LLC acquired the property in the 1990s.
The site's master plan calls for building eight new villas with detached garages. Two of those two-story buildings have been built and sales of condos in those buildings have been selling well, according to Wavering.
Thank you for your comments. The News-Gazette covers local business news -- including local real estate. Fairlawn Village is a fairly significant local property with a long history. The added news twist to this item, in my view, is that small investors might see this as an opportunity to become landlords.
Sincerely,
Dan Corkery
managing editor
That small investors might be now be interested in becoming landlords is a very poor rationalization for this inappropriate story. The properties discussed in the article are not especially good buys. Many other sub $100K houses on the market locally provide better opportunities. (I have recently bought and made offers on several.) Experienced local real estate investors would not be interested in paying more than $55K, as opposed to the listed $70K. If Mr. Corkery really believes his stated rationale, then the newspaper has been most irresponsible in not soliciting and reporting upon other appropriately knowledgeable persons' opinion of these condos as investments relative to other local properties. For this story the News-Gazette gets a score of bozo.
Does this coverage really surprise anyone? The N-G is a corrupt little rag that's in the back pocket of local developers and the local hospital.
The paper STILL has not reported the local aspect of the Category I scandal. (Conveniently, a local developer is involved.)
The N-G sold out to financial interests some time ago. There are many articles a responsible paper would have written in the last few months. The N-G will never cover those issues.
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