Union Street Station: Real Estate Market Update

This is a real estate market analysis for Union Street Station, a condominium building located in downtown Gainesville, FL in Alachua County.

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Click to see the condo for sale here

Condos for Sale

There are 2 condos for sale right now in Union Street Station.  They range from $265,000 for 1,107 sqft to $299,000 for 1,823 sqft.
($239/sqft and $164/sqft respectively)

To see all the specifics on the condos for sale now just click on the photo.

Recent Activity

One condo sold already in 2009.  It sold at a large discount compared to sales in 2008 and it was only on the market for one day.  It is hard to know what prompted the reduced list price, there are no photos available and it was sold too fast to get inside for a viewing.

Maybe someone living at USS has insight that they will share with the rest of us?

3 bedroom / 3 bath; 1,794 sqft; closed 2/17/09 for $255,000 ($142/sqft)

Prices

Market stats for Union Street Station - click for larger image

Market stats for Union Street Station – click for larger image

There have only been two sales a year in the last few years, so it is difficult to make any generalizations about how well USS is holding it’s value.  In 2008 sales averaged $245,000 ($176/sqft) and in 2007 they averaged $267,000 ($199/sqft).

It’s important to know that there were about 5 condos listed in 2008 and two of them sold, and in 2007 there were only 4 that didn’t sell. The condos that didn’t sell in 2008 came onto the market asking apx $315,000 ($232/sqft), were on the market for 277 days, and were asking $285,000 ($213/sqft) when they gave up.

Union Street Station has seen about a 16% drop in sale prices since the peak in 2006.  The biggest difference that the market slow down has made is the number of days it takes to sell a condo here – 385 for USS condos that closed in 2008.

Other Luxury Condos

For comparison I thought you would like to see how the Gainesville upscale condo market as a whole has been performing.

Prices for other luxury condos around Gainesville have traditionally been lower overall and less expensive per square foot, but they have had a lot more activity.  The condo market in Gainesville had a construction & sales boom and is now experiencing a drastic slow-down.

Market stats for Gainesville Luxury Condos - click for larger image

Market stats for Gainesville Luxury Condos – click for larger image

Condos for Sale in Union Street Station

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About Kathleen Seide

2 Responses to “Union Street Station: Real Estate Market Update”

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  1. Sequoyia says:

    Could you update this? It’s a little over two years old and I can’t help but wonder what the USS is worth now, and how many condos are for sale. The two top stories are condos, but the first and second floors are retail and professional office space. What is the vacancy rate? Is the Sun Center faring any better (both owned by the McGurns). I’m interested in how our downtown is faring. Thank you!

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