Condos Aimed at Affordability

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Condos aimed at affordability

MELISSA FOLLOWELL
Herald Staff Writer
Friday, April 21, 2006

MANATEE - Another one of Bradenton's rental communities is going condo, and the new owners hope the transition will provide housing to those previously priced out of the real estate market.

Avondale Apartments have become Treesdale Condominiums.

The 200-unit complex built in the early 1970s sold to Osso Development a few months ago for $15.4 million, according to county records.

The property at 1818 Ninth Avenue E. in Bradenton was built as a U.S. Housing and Urban Development complex for low-income residents.

Mark Sosso, managing partner for Osso Development, said buyers are being offered up to $3,000 toward closing costs for a limited time. In addition, each unit is receiving about $7,000 in upgrades.

So far, a dozen or so current residents have reserved units in the complex.

"We tried to make it as easy as possible for those that wanted to buy," Sosso said.

This is Sosso's first condo conversion project, but the experienced builder and developer has owned apartment complexes and other properties in the Pittsburgh area for more than 15 years.

"This came about at the right place and the right time," Sosso said.

Those looking to invest aren't out in the cold either. Investors can reserve only two units apiece. Sosso said he hopes investors will turn around and rent to people who either wish to stay as tenants or whose credit will not allow them the option of buying.

Renovating and selling the condos has become a partnership between Osso Development, the Manatee Coalition for Affordable Housing and Goodwill HomeBuyers Club.

"We are providing the pre-purchase counseling," said Patsy French, communication director for Goodwill Manasota.

Goodwill HomeBuyers Club is a H.U.D. certified counseling agency that provides pre-purchasing, purchasing and post-purchasing counseling to first-time homebuyers.

"They want this to be a successful outing," French said of Osso Development. "We want to help however we can."

The Manatee Coalition for Affordable Housing and Goodwill HomeBuyers Club will provide information on and evaluations of credit ratings and special financing programs. Saturday will be the first day those who don't live in the community can put in reservations on a one-, two- or three-bedroom unit. Prices start at $109,900 for a one-bedroom and go to $149,900 for a three-bedroom.

"We wanted to create an affordable product that would serve a very underserved population. We sincerely hope we have done that," Sosso said.

Melissa Followell, Herald