Here we go.
The flippers are turning up, where else, but on Craigslist for the midrise buildings at Parkside of Old Town, two new buildings at the intersection of Division with Clybourn. The Hudson is a nine story building. The Cambridge is the eight story building.
You will know The Hudson if you ride the Brown Line as it’s clearly visible on the western side of the El near the Dominicks on Division.
The flippers are putting up ads such as this one for an 1100 square foot 2 bedroom, 2 bath:
$410000 LUXURIOUS 2 BEDROOM 2 BATH CONDO NEVER LIVED IN AVAILABLE IN JULY
UPPER FLOOR CORNER UNIT WITH SOUTH EXPOSURE AND HUGE BALCONY. EXCELLENT AMENITIES NEVER LIVED IN.
I AM LIVING IN THE BURBS BUT BOUGHT THIS CONDO YEARS AGO BEFORE IT WAS BUILT. IT IS NOW READY FOR DELIVERY.
THIS UNIT IS IN THE BUILDING THAT IS THE FURTHEST EAST. BEST LOCATION! A SHORT WALK TO THE RED LINE AND ADJACENT TO THE GOLD COAST. PARKING SPOT AVAILABLE FOR 30,000 EXTRA.
Here is another seller who appears to be willing to negotiate:
$279500 PARKSIDE OF OLD TOWN – 1br + DEN! PRICE DROP!
I can no longer take this unit & must transfer the purchase contract to another buyer ASAP! My loss is your gain so take it my off my hands and get a STEAL!
The 1BR+ Den unit is in SOLD OUT tier of the Cambridge building at the new Parkside of Old Town development at Division and CLybourn! Be the first to live in this quiet, south facing unit that overlooks the park and has amazing city views. September delivery expected.
Unit & Building Features: 856 square foot 1BR+ Den, AMAZING VIEW, 10 foot ceilings, hardwood floors, SS appliances, thick granite countertops, flat panel maple cabs, kitchen island, undermount sink, garbage disposal, dishwasher, washer/dryer hookup, high-end bath finishes, extra large balcony, extra storage lockers, dog/pet friendly, FITNESS center, business lounge, garage parking $30k.
NO AGENT commission can be paid. $1000 CASH to anyone that brings me a buyer!
I purchased this unit at for $279,500 plus $30,000 for parking but am moving out of state and must reassign it ASAP. These units have already been appreciating since 2006 and this building is sold out. This contract will be reassigned to you and you will close on the unit.
The developer is also still trying to sell units in both buildings.
The Hudson Building, Unit #803
Nine Story Building with secured entry, fitness center and business center with on-site management.
2 Bedroom 2 Bath, located on the 8th Floor with North Exposure. This home is 1,182 sq. ft. with an open layout. This home looks over Lincoln Park all from the front windows of the home and has a spacious balcony which can be accessed from every room of the home.
This home is priced at $389,900. Parking is an additional purchase if needed of $30,000 or $35,000 for a Deeded Parking Space.
One of the developers of Parkside, Kimball Hill Homes, just filed Chapter 11 Bankruptcy on April 24. However, in their filing, the company said it will continue its normal business operations, including finishing construction on buildings and homes. From the Chicago Tribune:
“Our issues are financial, not operational,” said President and Chief Executive Ken Love. “The next step in our restructuring is to strengthen our capital structure and position our company to weather the current storm that has hit the housing and capital markets.”
At the time of the filing, Kimball said, it had about $60 million in cash, which it said will “provide the company with more than ample liquidity to fund daily operations,” including making payments to contractors and suppliers, and to meet its obligations to customers and employees during the restructuring.
Parkside of Old Town [website]