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“They are difficult, if not impossible, to sell that way,” said real estate agent Michael J. Richgels.
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The owner of these duplexes on the 2600 block of South 15th street is asking the city lift a decade old covenant on the property. PETER THOMSON photo |
Once lifted, he expects the units to sell quickly. Richgels said he’s got willing buyers for the $214,000 units — subject to the restriction’s removal.
The covenant was part of a compromise reached after neighbors opposed rezoning the land in 1998. While the initial owner could rent the units in perpetuity, any future buyers have to owner-occupy.
“When (potential buyers) hear that, they turn and run, and rightfully so,” Richgels said.
The duplexes would especially attract young families who will live in them for a short time, move into another home but keep the unit in their real estate portfolio, Richgels said.
“But the person buying these has to know they have the freedom to rent them out,” he added.
Though a few Common Council members were concerned about adding to the city’s rental stock, Richgels noted they’re all already rentals.
“We’re not asking for anything to change. We’re not asking to add any more tenants. They’re already there,” he said.
And they’re guaranteed to stay there until the covenant is lifted and properties sold, because owner Michelle Stolpa can rent them as long as she’s the owner.
“It’s a bad covenant,” council member Tom Sweeney said. “I own rental properties and I wouldn’t touch this with a 10-foot pole.”
There are eight duplexes on 15th Street ruled by the covenant, and owners of the remaining four indicated they’ll ride the wave of the council’s action.
“If the council passes it, I would be coming back and asking for the same treatment,” Bruce Wendling said. “Whatever’s done, I would come back next month and expect the same thing.”
The city’s Committee of the Whole hadn’t voted on the measure by Tribune press time Tuesday, though the Plan Commission and Judiciary and Administration Committee approved the change.
The council takes a final vote on the original four properties Thursday.
