Here’s a Weird One at the Dolly Madison Condos on North Elm Street

The Dolly Madison Condominiums, built in 1930 at 1013 N. Elm Street in Fisher Park

Units at the Dolly Madison condos don’t come up for sale very often. Two have been sold in 2020; the last one before those was in 2017. That makes what’s happening with condo B8 so interesting.

The unit was put on the market August 6 for $69,000, about the price one would expect compared to what other units have sold for in recent years. It has one bedroom, one bathroom and just 616 square feet ($112/square foot). The owner accepted an offer the next day. Not too surprising, considering how infrequently these condos become available. The closing occurred August 13 — seven days from for-sale to sold. That, you don’t see too often. The buyer was an LLC with a Myrtle Beach address belonging to a Greensboro lawyer, which is way less odd than what happened next.

Eleven days later, on August 24, Unit B8 was put up for sale again. This time the price was $109,900 — a 60 percent markup, two weeks after being sold. Now, that’s a bold move. Especially because the highest price any current owner paid for a condo in the building was $89,000. Just three months ago. For a unit almost twice as big.

A bold move or just plain weird, depending on how it works out.

It’s three weeks later now, and lightning has not struck again. Unit B8 remains for sale. The price is unchanged. Granted, the owner probably didn’t expect it for it to sell in a week again. His fellow owners in the building, if they’re aware of what’s going on, must be crossing their fingers. They should all take him out to lunch if he pulls this off.

1013 N. Elm Street, Unit B8

  • $109,900
  • 1 bedroom, 1 bathroom, 616 square feet
  • Price/square foot: $178
  • Built in 1930
  • Listed August 24, 2020
  • Last sale: $69,000, August 13, 2020
  • HOA: $225/month
  • Neighborhood: Fisher Park Historic District
  • Note: Eight of the 24 units are owner-occupied.

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