Friday, June 15, 2007

Condos after Dark: Kennedy Point

What's not to like? Even in the dark, Kennedy Point is a good looking building. A variety of color schemes, ornamentation patterns and footprints attractively break up the mass of this 42-unit condominium development and help it harmonize with the scale of the neighborhood. Developer Joe Kruppp has extensive ties to the Atwood neighborhood, and Kennedy Point is promoted as offering neighborhood living, not luxury living (the word "luxury" never once appears on their website).
Located at the crossroads where Williamson Street melts into Madison's wonderfully unique Schenk/ Atwood Neighborhood, Kennedy Point offers 42 condominium homes with a distinctive point of view. At Kennedy Point, you'll live within walking distance to shops, charming restaurants & cafes, the Barrymore Theater, banks, bike paths, parks and Lake Monona. You'll also be close to Olbrich Park and Botanical Gardens and you're only minutes from the State Capitol.
Also, Krupp has paid for half of a new Community Car vehicle to be parked near the building, and his office is nearby.
Earlier this year, local developer Joe Krupp paid half the cost to bring a Toyota Yaris hatchback to the Atwood neighborhood, and Community Car pre-sold memberships to the service to cover the other half. Trinity Lutheran Church on Winnebago Street provides a parking spot for the car.

Krupp, whose office is about a block from the Community Car site, said he liked the concept of shared vehicles, and sees it as "part of embracing the new environmental consciousness."

It also provides another transportation option for buyers of the Kennedy Point condos (which Krupp developed) at the corner of Winnebago and First streets, he said.
You'd think it would seem like an attractive package, and most units are at the lower to moderate-priced end of the spectrum. But buyers are not flocking to it. Since January, only about one-third of the units have sold.

Maybe it's that downturn in the real estate market everyone talks about. Maybe it's overbuilding. Maybe Madison area home buyers cling more persistently to the idea of a single-family home in the suburbs than condo developers thought they would. And maybe those Madisonians who are interested in urban living would rather rent than buy, invest their money and keep their options open.


-Deb- said...

I live in a single-family home very near these condos, and several homes have been for sale in Marquette in these price ranges. These would be older homes, but larger than the condos, and with yards...

That said, I am thankful for the investment Mr. Krupp has made in the community, and my family takes advantage of the Community Car he co-sponsored.

Anonymous said...

I moved into that neighborhood last year to rent, and really wanted to buy something there. I loved the idea of living at Kennedy Point, but I was looking for a condo (no interest in a house) I could stay in for years -- and wanted a 2-br. 300K for 2br is way out of my price range. It's a great looking building and I understand that construction isn't inexpensive, but I am not sure there's a market for that many $300K+ condos.

I found a condo I liked and could afford downtown.