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Condo conversion

By DREW KERR dkerr@poststar.com | Posted: Friday, November 6, 2009 12:05 am | (0) Comments

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Erin Reid Coker Erin Reid Coker - coker@poststar.com One of four bedrooms in a condo owned by Michael and Margaret Roohan is seen here on Wednesday in Saratoga Springs. The couple is in the process of converting the former Home of the Good Shepherd on Greenfield Avenue in Saratoga Springs into condos.

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SARATOGA SPRINGS -- Saratoga Springs' real estate market is perhaps best known for two kinds of offerings: historic homes and high-rise condominiums.

The stately, dove-white building at 45 Greenfield Ave., could be considered a bit of both.

The turn-of-the-century structure, located in a neighborly setting about a block west of North Broadway, has, over the last two years, been transformed what was once the Home of the Good Shepherd assisted living center into the city's latest condominium offering.

Gone are the chapel, the beauty salon, the airy parlor and the 20-odd dormitory style rooms that once occupied the 20,000-square-foot building, situated just blocks from Skidmore College.

In their place: nine separate residential units, buttoned-up common areas, underground parking for around six vehicles and modern amenities such as stainless steel appliances and granite cabinets.

Those selling the residences, which start at around $400,000 apiece, say the condominiums that have emerged from the sawdust aren't necessarily any better than their downtown counterparts; it's just that they're, well, different.

"One of the other major things you have here is the nostalgic feeling," said Sharon Byrne, a Realtor with Realty USA who is selling the units. "This is kind of like living in an old mansion."

It's a homey feeling that comes without all of the maintenance - such as lawn care and snow shoveling - normally associated with such a lifestyle, however.

"This is perfect for someone who wants that residential feel, but doesn't want to have all of the maintenance associated with living in a single-family home," Byrne said.

Work at 45 Greenfield - which could ultimately top $4.5 million - is expected to be completed as early as next spring.

But even while many of the units await completion, two units have already been accounted for. And interest - particularly from local residents looking to downsize - is swelling, Byrne said.

Mike and Margaret Roohan, who abandoned their home on Saratoga Lake to purchase and restore the building three years ago, were among the first to be sold on the idea of sharing the home.

They moved in about a year ago, becoming the building's first new tenants and now share a third-floor, high-ceilinged unit with their three children.

While providing a tour of their unit earlier this week, Margaret Roohan said the chance to create a niche in what has been criticized as a saturated market wasn't the only thing drawing the couple to the endeavor.

It also, she said, offered an opportunity to save a piece of the city's history that could have otherwise been lost.

Roohan herself said she remembers her children playing piano for residents who occupied the space while it was still an adult home.

"I guess this is what those in the historic preservation world would call an 'adaptive re-use,'" she said.

It's not a new concept to the couple, who have undertaken similar renovation efforts at 45 Union Ave., a 1905 building that once belonged to Skidmore College, and 114 Middle Ave., a former warehouse turned residence.

"We like to take things that aren't necessarily broken, just in need of something different and new," Roohan said. "It's something that takes a lot of work, but it's something that we definitely think is worth it."

And while there is a sense of accomplishment that comes with each project, Roohan said this could be their last.

"It took a lot of courage to do this, and we're very proud of how it's all turned out. But I think we're done for a while," she said.

Posted in Local, Saratoga on Friday, November 6, 2009 12:05 am

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