Citing a depressed real estate market, the Delray Beach Community Redevelopment Agency recently reduced the price of four condos it owns on Northwest Fifth Avenue.
The move to lower the price from $100,000 to $73,000 is expected to generate more interest in the condos in the building, in the 100 block of Northwest Fifth Avenue in the heart of the West Settler's Historic District.
"We just had them priced higher than what the market will bear and we had to adjust them to a more realistic price," said CRA board member Bill Branning.
The two bedroom, one bathroom condos are sparkling new, said CRA Project Planner Vince Wooten. They have new appliances and countertops, new carpet and tankless water heaters. Each 800-square-foot unit also has a washer and dryer, flat-top range, refrigerator and microwave.
"It was a complete rehabilitation completed in 2009," Wooten said.
The building is in a once-prominent commercial and cultural corridor in the black community, which is on the cusp of a rebirth. The city has poured almost $4 million into revitalizing Northwest and Southwest Fifth Avenue, the business heart of the West Settler's Historic District.
The $610,000 renovation also features two commercial units on the ground, which Wooten said have not yet been listed on the real estate market.
The building, which the CRA bought for $220,000, is four blocks west of Swinton and two blocks north of Atlantic Avenue. Across the street is the historic Spady Museum. The district was home to the city's first school and first two churches.
Its proximity to Atlantic Avenue, the beach and downtown makes the area highly desirable, Branning said.
"The CRA has put a considerable amount of money into the Northwest/Southwest Fifth Avenue area," Branning said. "It's important for the CRA to have people living there so they can use the goods and services offered in the neighborhood."
Wooten said that interested buyers who qualify for a loan amount lower than $73,000 can apply to have the CRA cover the rest in the form of a second mortgage.
"But we think that with the price reduction this is not going to be necessary," Wooten said. "The Realtor is already accepting an offer on one of the units."
For more information on the Northwest Fifth Avenue condos, visit delraycra.org or call the Delray Beach CRA at 561-276-8640.