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(redefining luxury, cont.) According to the National Association of Realtors (NAR), more condos were sold in 2003 than in any other year, the eighth consecutive volume record. The rising price of condominiums in Madison reflects changes in the national market. The NAR reports that the median price for condos ended at $174,700 in the final quarter of 2003, compared to the midpoint price of a single-family home of $171,600. Trend Demands The trend toward high-end condominium living is not driven by a specific demographic but rather demand from a variety of residents looking for low-maintenance living in convenient, urban locations within walking distance of their offices and after-hours entertainment. Empty-nesters and retirees are drawn to condo living because they are lured by the attraction of living in a cultural center. Young people seek condo living for the same reasons. With no yard to mow or monthly rent to pay, condo-dwellers are able to move around freely. Young professionals living in condos can leave for business easily. “Young people like condo living, it is very carefree,” says Nancy Benszchewal, broker associate for Restaino Bunbery and Associates. “That is what makes downtown condos attractive.” Stone House Although developers and real estate whizzes believe that the luxury condominium boom will cure the city’s economic woes, there are others who worry about the direction the city is headed. There are those people who would like to experience the excitement and convenience of living in the downtown area without the hefty price tag of a luxury condominium. Madison seems to be divided between high-end condominium and apartment buildings and decaying student houses and flats. Yet people looking for something in between often struggle to find a place to call home. Rich Arnesen, vice president and co-owner of Stone House Development, Inc., believes this saturation of high-end condo complexes could harm to the city if it denies many people housing. He hopes to capture this underserved market with more affordable redevelopment projects. “For the downtown area to continue to thrive, there needs to be a variety of housing options. Up to now, the only owner-occupied housing downtown has been for the wealthy,” Arnesen says. To counterbalance the abundance of high priced living space, Stone House Development has proposed a 60- to 70-unit of owner-occupied condos with first-floor commercial space for the corner of South Butler and East Wilson Streets. Fifteen to twenty percent of the condos will be affordable to people who earn 80 percent or less of the county’s median income. Arnesen adds, “We will target the remaining units at a lower price point than most of the luxury condos who have been built downtown.” The Madison Mark, the Stone House’s development on the corner of King and Wilson Streets, takes the same approach, featuring a mix of residential and retail space with an affordable rent program. |
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