New Condos Fill Price Gap Below $200,000 in Historic District
Six condo units have come on the market in Covington's Licking Riverside neighborhood offering an affordable entry into the city's posh historic district.
Known as the York building, with its name engraved on its entryway, the property has been home to apartments for more than a hundred years, with units that boast a modest outdoor space and private parking.
While Licking Riverside is home to Covington's most expensive antebellum mansions and towering high-priced condo developments, the York units are listed between $173,000 and $185,000, with a pair of lower-level units listed at $68,000 and $75,000, respectively.
The York is on Fifth Street between Scott Blvd. and Greenup Street.
"Historic Licking Riverside is one of the most popular and in demand neighborhoods in our region," said Huff Realty agent Rebecca Weber, who is co-listing the units with agent Joy Amann. The York is developed by Covington-based Orleans Development and its principal Tony Kreutzjans. "It is walking distance to anything and everything in Covington and Cincinnati. The library is directly across the street and this building is positioned between Roebling Point and downtown Covington so there will never be a lack of things to do outside your door."
Weber said the York pricing meets the price gap in the market for places listed below $200,000. Many of the newer condos that are under renovation or that have sold nearby list above $400,000.
And it appears to be working. Three units sold before they were even listed, and two additional contracts are being worked out, Weber said. One of the apartments' tenants is in the process of buying.
"We had a waiting list of folks as we began the process of acquisition of the building and then making the conversion to condos," Weber said.
The units are mostly in good condition, but buyers will have the opportunity to put their own mark on their space.
"The developer wanted to leave the units mostly as they were to allow the new owners to put their own equity in for finishes and redecorating," Weber said.
The common area, with its original mosaic tile floor and hairpin iron staircase and original soapstone stairs, has received a facelift and new hot water heaters and laundry hook-ups have been installed, though.
"The previous owner had kept exceptional care of the building and most of the mechanicals were newer and all the units were in very good condition," Weber said.
The building was constructed in 1910 and features floor plans from that era, with units of varied sizes and rooms. The rear of the building in the upper floor units offers views of the Cincinnati skyline.
There is a formal entryway, front terraces, wrought iron work, bay windows and some original wood floors.
-Michael Monks, editor & publisher