A press release sent out last week:
On May 11, 2013, Church Hill neighborhood will welcome new home owners, thanks to historic Nolde Bakery Condominiums opening their doors and selling luxury property.
Seven years ago, the building was converted into condominium residences – 23 of the 77 homes were sold. With a rapidly deteriorating housing market, Nolde’s owner, Marathon Development Group, decided to lease the remaining 54 units.
“The Nolde Bakery building is a historic property with stories and memories that Richmonders will always remember. We recognized its ability to become a very special residence and converted the spaces into modern condos while preserving the nostalgic essence,” explained owner Buddy Gadams. “As the developer, I was disappointed in 2006 when the declining housing market delayed our plans. But today the economy has turned around and the time feels right to resume sales. The community now has the opportunity to own, what we believe, is a very unique place to call home.”
Existing residents who rent will have the opportunity to purchase their homes. Additionally, Nolde is creating a VIP list for those who are interested in getting an exclusive preview of two new designer models before the grand opening to the public – and a chance to purchase early at introductory prices. People can sign-up on the website for VIP status at noldecondos.com. Residences range from 1 bedrooms starting at the $150’s to 2 bedrooms from the $190’s. Another incentive for interested homebuyers is that Nolde management has negotiated favorable mortgage rate programs with their preferred lenders.
Nolde Sales Manager Liz McCormick, who resides as a tenant in the building too, said, “Church Hill has always been known for its charm and character, now it also offers a unique condo living experience, available at very reasonable prices that fare better than renting. Nolde owners will have a luxury home with secure, gated garage parking and a gated entrance, generous amenities such as a movie theatre room, fitness center, resident lounge, a grilling area and dog park, and newly renovated space throughout the stylish building.” McCormick continued, “Since I personally live at Nolde, I’m thrilled to be both a neighbor and ambassador for this historic landmark that has stood the test of time, from baking to beautiful homes.”
The official grand opening kicks off the weekend of May 11th – for more information and to be included in the VIP early preview list, call 804.225.5500 and visit www.noldecondos.com.
7 comments
I notice prices have corrected nicely from the first time around. Low 200s-300s is now 150-190.
These are a pretty good deal compared to rental rates in the area.
Chris Bergin liked this on Facebook.
It seems that before the bottom fell out of the housing market a few years ago a condo in Church Hill, particularly in the “south of Broad” area, routinely was priced in the $250K-$350K range. When we bought our condo and I was going through the condo paperwork I learned that the owner/architect originally wanted $375K for our unit in 2007. We bought in 2011 for $190K. We would see the signs on the Nolde building and remark that the rents it wanted were higher than our mortgage payment. I’m glad that more sensible pricing was put in place.
There’s a huge spread between mortgage prices and rent for similar right now. It wouldn’t surprise me to see a lot of these get gobbled up by folks who just want to rent them out too.
Rents are driving higher now because there are fewer in the mortgage market these days. Many can’t qualify(down payment/credit score) now.
As a current resident having lived here for a while now, these apartments (read: not really “condo” quality at all) aren’t worth a penny over $150k IMO. Also, the last I checked, the housing crisis really started in 2007, not 2006. The reason they didn’t sell the first time around is because they just really aren’t worth it when you can walk around the corner and buy a nice gigantic historic house for $50-100k more than what they want for these. It wasn’t because of a bad market. I also don’t think they will sell now with the market way below where it was in 2006.
Sensing a shift, developers pull a switcheroo
http://www.richmondbizsense.com/2013/05/06/sensing-a-shift-developers-pull-a-switcheroo/