3rd Avenue Palms, the condo conversion project north of Osborn on 3rd Ave will be reopening for builder sales according to their marketing and sale team. A number of units owned by the original developer, Central Villas LLC, will soon be available at great prices.
An amended public report is being reviewed by the State and the project is scheduled to reopen for sales later this year. Here is what we know and don’t know at this time.
- Approximately 74 units will be available for sale.
- 1, 2, and 3 bedroom units ranging in size from 800+sq.ft. to 1500+sq.ft should be in the mix.
- Exact pricing has not been announced. However, I expect them to sell in the $100/sq.ft. range which less than 1/2 of the original price.
- HOA’s are currently $187.00 per month and we do not know if that will change or not.
- The original owner, Central Villas, LLC has reformed and is a Delaware corporation based in Chicago, IL titled Central Villas Marketing, LLC.
- If you want to be on our email 3rd Ave update list let us know at 3rdAvePalms@urban.moseke.com.
A Little Bit About 3rd Avenue Palms:
3rd Avenue Palms was one of many apartment conversion done during the 2005-2008 real estate frenzy. The original complex was a 155 unit apartment complex built in 1999 and converted in 2005-2006. Most likely, the project was attractive because of its fine landscaping, attached one-car garages and nice on-property amenities.
- When originally marketed, the project touted many features outlined below. At this time we do not know if Central Villas Marketing, LLC will make changes to the units or not.
- Granite Counter-top in the Kitchens.
- Appliances Package Including Refrigerator, Dishwasher, Washer and Dryer. *Stainless steel appliances were included in some units.
- Attached One Car Garage with Electric Openers.
- Some Units Have Balcony Patios.
- Heated Pool & Spa.
- Recreation/Community Room.
- Gated Entry.
We expect to see this project open for sale before the end of 2010. We are told they will be offering FHA financing as well as conventional and cash sales. This is a huge bonus as many project do not conform to FHA lending standards these days. Thus, qualified buyers may purchase units for as little as 3.5% down. YEAH!!
If you would like to be on our 3rd Avenue Palms update list, send us an email at 3rdAvenuePalms@urban.moseke.com and we will keep you up-to-date with the latest news and information.
Gene Urban & Ron Urban
The Urban Connection Team
602-234-5777
A few pictures of 3rd Ave Palms.
