Are Avondale condos risky?

610 Maple Avenue

Demand appears to be low for a condo conversion near Reading Road in Avondale.

Redman Properties first listed the four units at 610 Maple Avenue in June 2006 for between $172,000 and $178,000.

They have since been relisted as three units for between $183,000 and $189,000.

Condos in the circa-1900 building are around 2,000 square feet and range from 2 to 3 bedrooms and from 2 to 2.5 bathrooms. Units have a 15-year tax abatement.

Properties in the area vary widely in value from the $40,000 to over $100,000.

Nearby 552 Maple Avenue sold for $13,000 in February, and there are four condemned or vacated properties in the immediate vicinity. *

Redman Properties bought this building for $65,000 in 2004.

The new condos are adjacent to some stable developments such as Maple Tower (a senior facility run by CMHA) and the Cedar Meadows townhomes, which is marketed by the Avondale Redevelopment Corporation.

The site may eventually benefit from the Burnet Avenue redevelopment a couple of blocks to the west, but right now it looks like a risky proposition.

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* Nearby City-owned condemned or vacated property numbers are unknown.