Sanford is not necessarily known to be a “condo city”. Even though there have been more town home developments recently (due to a lack of space and higher land prices), Sanford is a city of single family homes, some of them beautiful Victorian houses in the historic district. So it was a big surprise when the construction of the Gateway at Riverwalk Condo complex was announced. Many people were upset about it because, being a high rise building, this complex was going to block Lake Monroe with its spectacular views from the historic district. There was a big discussion and many tried to stop the construction. Nevertheless, the condos were built (finished in 2007).
Whether it was bad timing (peak of market), the initial high prices (close to $1 million for penthouse) or just the fact that Sanford just isn’t a “condo city”, Gateway at Riverwalk has not been a real estate success. In fact phase 2, 3 and 4 of the project were stopped before they even started and to my knowledge only a dozen of the 63 units were sold. So now there is this huge condo building standing in a prime location right by the Riverwalk. Of course, that doesn’t mean that construction for the new phases won’t start at some point (I am assuming once all the units are sold).
To their defense though, I can see what the developers had envisioned. Who wouldn’t want to enjoy those breathtaking views of Lake Monroe and at the same time live in an urban setting in the middle of a cute, cozy and charming town that promises a wonderful future? I wish the plan had worked out because obviously this would have brought more people into Sanford, thereby strengthening current businesses and attracting new ones (including the ones that were meant to occupy the retail spaces on the ground floor of the buildings). There is still hope though. As the market slowly recovers, so will Gateway at Riverwalk. With more reasonable prices (now starting in the 180s), this project can still be very attractive for home buyers in Sanford and a great alternative to Sanford’s historic city living (admittedly, despite those lake views I’d personally prefer the old charming houses under huge oak trees that still offer you the convenient urban lifestyle, I’m just not into condo living). Let’s see what the future holds for the Gateway at Riverwalk condos.
Want to check out whast’s currently for sale here? Click the link to browse condos for sale at Gateway at Riverwalk Condos Sanford FL.
Condos for Sale at Gateway at Riverwalk
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