By Gregory Childress
gchildress@heraldsun.com; 419-6645
CHAPEL HILL -- Community Home Trust officials say the final three affordable condos in the first phase of East 54 are now under contract, with closings expected in a few weeks.
The nonprofit organization already has sold 20 condos in the upscale, mixed-used development, mostly to moderate-income residents such as nurses, teachers, social workers and university employees.
Robert Dowling, executive director of the Home Trust, said the sale of affordable condos to residents who might not otherwise be able to afford a home in Chapel Hill is good for everyone.
"I think it's important that the core employees of our community are able to own homes in our town," Dowling said.
And Dowling said people who live closer to their work will become increasingly important as oil supplies dwindle and gasoline prices rise.
"Twenty years from now who knows what gasoline prices will be," Dowling said.
The 600- to 1,000-square-foot condos have sold for between $75,000 and $85,000. That contrasts with the market-rate units at East 54, some of which have sold for up to $750,000.
To help speed the sale of the final three affordable condos, the Home Trust lowered the price from $75,000 to $70,000.
Dowling said they were among the smallest of the 23 affordable one- and two-bedroom condos being sold, so it was necessary to cut the price to move them.
"Because they were the smallest, and it's the end of the year, we thought the right thing to do was to drop the price," Dowling said.
The Home Trust sells homes to first-time homebuyers that meet certain eligibility requirements related to family income levels, Orange County residency and other qualifications.
In recent months, there has been some discussion among elected officials about whether the condos are meeting the desired goal of providing affordable housing for families.
While they do not serve what is considered a traditional family, Dowling said the niche served by the condos -- singles, couples and single parents -- is also important.
Phase II of East 54 will add 11 permanently affordable one- and two-bedroom condos available for occupancy in spring 2010.
The Home Trust will also have 15 condos for sale in the Greenbridge Development, which will be available for occupancy in spring 2010.
When East 54 is finished, it will feature about 200 condominiums, 120,000 square feet of office space, more than 58,000 square feet of retail and a hotel.
