Union Street Station is a classy downtown condo with a surprisingly private setting. It sits next to the Hippodrome and the Sun Center in the heart of downtown, only a short bike ride from UF. Some of the best restaurants in Gainesville are located in the first floor of this building, or within a 2 block radius.
When the housing market took a turn downward, it seemed that condo developments got hit the worst. FHA changed their requirements for funding loans. If there were too many investors or too many businesses within the development the government agencies would not back any loans.
Union Street Station was among those developments. Because the lower two floors are business and office space it has been very difficult for any buyer who was looking to finance a condo purchase. This resulted in an overflow of inventory and caused the pricing to drop.
At this time there are two condo’s for sale in the MLS system, a one floor condo and a townhouse. The last sale happened in August of 2010. Prices were above $300,000 during the peak of the market, and now the condos are listed near the $200,000 mark.