Keeping the Lights On: With Buyers Scarce, Condos Turn to Rental

by George Waldon  on Monday, Sep. 12, 2011 12:00 am  

CityGrove, on Maple Street in North Little Rock, has six units sold out of 14.

"I've turned down a lot more than I've accepted. We're not renting to any Tom, Dick or Harry who walks through the door."

The Chenal Woods investors will go so far as to help facilitate 100 percent financing for qualified buyers.

"We will even carry the second mortgage," Jordan said. "If the bank does 90 percent, we'll do 10 percent if they get approved by the bank."

Prices range from $364,000 for 1,418-SF two-room, white-box units to $589,000 for 1,791-SF three-bedroom, finished condos.

An ownership change at downtown Little Rock's Vertical Lofts in June brought new life to the dormant project.

Ball & Farrar Properties LLP of Houston completed finish-out work on the eight unsold townhomes and more at Victory and Second streets. The Texas attorneys bought the units for $1.35 million and land for an additional eight townhomes.

However, Ball & Farrar have decided not to expand the project as planned by the original owners/developers: Matt Bell and Gene Cauley.

Instead, the land will be developed into a pool and common grounds, which should be completed next year. One of the units is under contract, and there are no plans to shift from sales to lease.

"They're not in desperation mode," said Tiffany Lindsey, local marketing agent for Vertical Lofts.

Developers at the CityGrove townhome project in downtown North Little Rock are reworking plans for the next phase of construction. Configurations at the three-block development along Maple Street between Fourth and Seventh streets will be altered from three-stories topped by the master bedroom to two stories with the master bedroom on the ground floor.

Of the 14 three-story townhomes built, six have sold and seven are leased. Instead of another six adjoining townhomes planned under the original configuration, new construction will produce three to four detached, single-family homes of 2,000 to 2,200 SF.



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