How’s the landing condo? Do you know anything about it?

How’s the landing condo? Do you know anything about it?Hey guys, I’m considering buying a condo in Wilmington, especially if home values trend down due to current economic conditions, but its really hard to find any that aren’t super old, or in a bad part of town. The only option I’ve found is the Christina Landing condo. I actually rented an apartment at Christina landing a few years back, and liked living there but have since moved north.

I’d also like to look at some options in Justison/Riverwalk, but those seem to not go on the market that often…

My big concern here though is, looking at historical prices on both these and the Justison condos, they appear to still be trending downward since the 2008 crisis…

Anyone know what the story is there? A lot of these units are selling for, it looks like, 20-30% less than back then still, which worries me about future resale value. Were they just absurdly overpriced back then or something? Or is there something fundamentally problematic about these properties contributing to them losing value over time?

Have a friend who owns one there and yes timing was really bad. They were completed at height of market. They’ve been holding onto it and renting to try to get money back down the road. And there was a law suit over rotting decks I think.

Building looks kinda old from the outside for the Dorset. I don’t see any units for sale online either. But I’ll keep an eye out!

Does your friend own one of the townhouses or one of the high rise condos? Because I’m aware of lawsuits for the townhouses, but I thought the high rises were fine.

Think they own a townhouse, didn’t even realize there is high rises.

Yes Dorset building is older, but units are all different. There is a 2 bedroom for sale now for 97k. IMO being near Trolley is nicer than being near Christina Landing.

How is it as a rental investment property (Dorset)? Trolley Square is where all the recent college grads live right?

It rents very easily. But we don’t make much because of the condo fees. Which are good for the renters because they include utilities, including cable. We could likely raise rent, but we have good tenants who pay on time and have for over two years.

And yes, it definitely skews younger in Trolley. But I think its much safer than Market Street and probably even the side of Riverfront where Christina Landing is.

I’ll add that I rented an apartment in the Dorsey for a year and, even though the unit was dated, we loved it. We would’ve stayed longer if my parents hadn’t bought a house in DE to become my landlords. There was a good mix of older couples who had owned for a long time and younger families who were just starting out.

Yes, the townhouses are the ones with the issues. I don’t think the towers are having the same issues as they were built with a steel frame.

The development’s completion coincided with the 2008 crash. From an demand perspective, I’d say the condos remain popular.

Yeah don’t buy those. The pilings are rotting out, and the developer refused to admit fault, leaving them prone to collapse.

Units were very overpriced at the start. I looked at a couple 3 years ago. The space is bright and the views are beautiful. One tower is rentals so you might try renting for a year before you buy. Also viewed two in Justison, that side of the river is more active. The units were nice but smaller. The HOA fees seem high at Justison if you compare amenities with Christina having an exercise space and a pool deck.

Yeah, well I own a new home right now (constructed ~5 years ago) and while the HOA fees are 10x lower, I’ve been paying out the nose for stupid crap like A/C unit needing to be replaced due to improper initial installation by the builder ($10k to replace/fix), roof shingles blowing off (thousands of dollars in repairs and water damage), etc. which won’t be a problem with living in a high-rise condo. Also I’m so tired of my neighbors being irresponsible not picking up their dog’s poo, or leaving trash to blow around into my yard, or stealing Amazon packages off my front door, or taking stuff out of my car if I leave it parked outside and forget to lock it…

By now, I figure a high HOA fee is worth it for me to not have all these stupid costly worries weighing on me.

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