Realty Company Offers to Buy Back Condos at Original Price

Thirteen condominium owners in an upscale condo community on Forest Home Avenue could sell their condos back to the realty company they bought them from for the same purchase price from a few years ago.

John and Mark Wimmer of Wimmer Brothers Realty reached contract agreements with all 13 condo owners in The Orchard near 91st and Forest Home.

The offer to buy back the condos, however, is contingent on the City of Greenfield to alter the Planned Unit Development agreement of The Orchard project.

In 2005, the Wimmer brothers planned to build six structures offering 46 condos. Construction began and in 2007, several of the condos, ranging is size of 1,465 to 2,209 square feet, were sold with an average price of $234,000.

Construction on some of the building pads ceased five years ago, only to start up again in recent months. Currently, half of the units are finished and the other half under construction.

Thanks largely to a dried-up condo market, the Wimmer brother now want to reposition The Orchard as a luxury apartment community. Units would have open floor plans with tile floors, fireplaces, laundry facilities and high quality finishes.

The city must amend the original developer’s agreement for the Wimmers to make such a change.

In 2009, the city granted the Wimmers a similar request at the Falcon Glen development at 113th and Edgerton Avenue.

The request is expected to be considered by the Planning Commission at its April 9 meeting.