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--- Issued December 6, 2006

The Parade Street Condominiums are selling quickly.

Just since September 24, when the Erie Housing Authority held an open house for the new condos at East 14th and Parade streets, one of six residential units has sold, there is a contract on a second, and still another contract is being readied for a third.

And the two commercial units at the development are likely to have contracts soon, said John E. Horan, executive director of the Authority.

The Erie Housing Authority's new condominiums are selling more quickly than expected, says John E. Horan.
The Erie Housing Authority's new condominiums are selling more quickly than expected, says John E. Horan.

For qualified public housing tenants, the five remaining residential units for sale (including the two with contracts) are listed from $58,900 to $87,780, depending upon the size of the condominium. The commercial units are listed at $52,000 for 1,094 square feet and $51,500 for 1,063 square feet.

"We have three people interested in the two commercial units and one is likely to sign a contract very soon, while another potential buyer has looked at one of the units three times,” Horan said. He said one commercial unit would likely be an office and the other a small business.

Horan said that while all the units are "super good buys," one unit that people should know about is an accessible unit for persons with disabilities. That unit has one bedroom, 773 square feet, and is offered for sale to public housing residents at $58,900.

"We're very pleased with the response from the community to this development,” Horan said. “The initial open house was held in September, and already, in less than three months, we have three contracts for residential units and very good prospects for the commercial units. These units are selling much more quickly than expected."

He said that a “Parade Street Condominium Association” has been formed to establish rules and regulations to protect the new condo owners, as well as the property itself. The Association will oversee everything from landscaping to maintenance of common spaces, the parking lot, and the exterior of the building. The Association will also set rules on occupancy as to what can and can't be done, and develop standards for such things as signage for the commercial units. It will detail the usage by businesses that occupy the commercial units.

Horan was elected president of the Association; Don Meyers, Authority Commissioner, was elected vice president; and Chuck Lepo, Authority controller, was elected Secretary and Treasurer. Horan said that as the units are sold, the owners will elect their own officers to serve on the executive board of the Association.