Mobile Realtyreality

The existing Ramada Inn on Church Street in Downtown Mobile is slated to convert to one and two bedroom condos. The listing price begins at $79,000 up to $200,000. A $1000 deposit is required with contract. A model will be open to the public Sunday, February 1 from 1:00 - 5:00 pm. Dauphin Realty is the listing agency.

Froman article in the Press-Register this morning,

“He (owner Jackie Nguyen) said he hopes that the people who rent rooms at the Ramada during Mardi Gras will become buyers.

“We are the prime location for parades,” Nguyen said, adding that he’s saving a unit for himself with Mardi Gras in mind.

Pitching the Ramada as condos may be a tough sell in a difficult financial market, according to local commercial Realtor Richard Weavil of The Weavil Co., who has done condo conversion projects.

“If I owned those, I would rent them out, and they’d probably be leased before the end of the week,” Weavil said. “That’s how good the rental market is.”

The 400-square-foot units would rent for about $400 a month, Weavil estimated.

Assuming 20 percent down, monthly mortgage payments would be about $450, according to Realtors. A $219 monthly homeowners association fee will cover electricity, water, cable and insurance, said June Hope of Dauphin Realty, which is marketing the units. “

For the full article, see Downtown Mobile’s Ramada Inn to be converted into condominiums .