A reader brought our attention to a new construction fence at 1130 S. 24th St. the other day, and we immediately starting thinking about all the other development that's happening on 24th Street over the last few years. We first wrote about this area about four and a half years ago, a year or two after 3 homes had been built on the 1200 block of S. 24th Street. At that time, developers had just poured foundations for three new homes next door and we were hopeful that the project would inspire additional development nearby. Those homes all sold for under $250K in 2012, btw.
We wouldn't suggest that the aforementioned project led to additional development so much as the white hot real estate market in all of Point Breeze, but whatever the cause this area has seen a staggering amount of new construction of late. The most significant example is the huge project at 24th & Manton, where 19 new homes are either under construction or recently completed. Those homes have been selling for as much as $500K. Times have changed indeed.
But back to the construction fence that brought us here in the first place. A developer bought this property earlier this year for the staggeringly low price of $19,374. This price can only be explained by the fact that they somehow bought the property from the City. Yes, folks! The City sold off a property in Point Breeze but they only got a fraction of its value in doing so. Pretty much par for the course. Look for a single family home here sometime soon.
Just a few steps away is a somewhat curious project at the corner of 24th & Federal. This project is a mixed-use building with a ground-floor retail space and three condo units that are listed for sale at prices ranging from $185K to $240K.
It's really amazing to consider that four years ago, $240K bought you an entire home on this block and these days, it gets you a 750 sqft condo with 2 bedrooms and 1 bathroom. That unit went under agreement last month, and the other two are still available.