by Max Marbut
Staff Writer
The real estate market is called a “market” for a reason. Like the stock market and the market price for seafood in a fine restaurant, prices are volatile and can change, sometimes hourly.
It’s no secret the real estate market has gone through an adjustment and developers like Robert Pavelka at Churchwell Lofts on East Bay Street have also made an adjustment. He announced Tuesday that his one-bedroom condominiums are now listed starting at $150,000, two-bedrooms at $250,000 and the four-bedroom, two-story penthouse units start at $450,000.
“We want to make people happy and we want to sell units, so we have lowered our listed prices by 20 percent to take the current market into account,” said Pavelka.
He said contracts on the first of the 21 units closed about a year ago and half are still on the market, then added the response from potential buyers has been consistently positive since before the interior demolition of the century-old historic building began.
“This is a totally unique property. It’s not just the century-old historic building and what we’ve done with the lofts, it’s also the neighborhood. Live here and you’re within walking distance of restaurants, bars, the Florida Theatre and the Landing. There won’t be another residential property like this anywhere and we don’t have that much inventory left.”
Realtor Ed Bonneau, who is onsite from noon to 6 p.m. seven days a week, said there has been a steady stream of potential buyers touring the property. He also said based on his years of experience selling condominiums Downtown, this latest market fluctuation is just part of the business, and people who are intested in purchasing a loft shouldn’t be put off by the current market.
“Regions Bank has signed on as our preferred lender and they have mortgage money to lend to qualified buyers,” said Bonneau.
Pavelka said he’s confident the current market adjustment will make the remainder of the Churchwell portfolio more appealing to some buyers who may have been reluctant to invest in a new home at this time. He also thinks that the real estate market, like the stock market, will continue to make adjustments.
“Don’t be surprised in a couple of years when real estate values are much higher than they are today,” said Pavelka.
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