Smaller Developers Struggling To Sell Downtown Condos
There is a building going up for foreclosure sale tomorrow at the Daley Center at the following address:
1925 N. Lincoln
The foreclosure price?
$6,872,000
It is listed on the foreclosure list as a “condominium” (not an apartment building) with one pin number which I found odd until I attempted to find the listing. After an investigation, it would seem to be this building below:
This is 1926 N. Lincoln Park West on the edge of Old Town and Lincoln Park. If you walk by this building, you can still see the banner on the outside announcing that condos are for sale (as you can in the picture.)
There are 15 units in the building and I can’t find any record of a single one having sold. They’ve had the sign on the side of the building for forever- for at least a year.
Two of them are listed on the MLS. They’re 2 bedroom, 2.5 baths at 1650 square feet priced from $524,000 to $540,000. Here’s the listing:
WELCOME TO 1926LPW!! UNIQUE URBAN LIVING NEW CONST. IN BEST LINCOLN PARK LOCALE! THIS STUNNING END-TRIPLEX HOME OFFERS 2 BEDROOMS PLUS DEN, 2 1/2 BATHS AND 2 PRIVATE OUTDOOR SPACES ULTRA MODERN FINISHES INCLUDE CUSTOM BUILT CABINETRY, THERMODORE, BOSCH & GROHE FINISHES, LIGHTING DESIGN BY LIGHTOLOGY, STONE BATHS W/ JACZ & BODY SPRAY SHOWERS! GARAGE PARKING $10K. 30 DAY DELIVERY!!
Two of them appear to be under contract however. It’s a tight market out there for anything over $500,000- even in a great location (as this building is.) If I do say so- the building leaves much to be desired. The architecture, well, simply blows. Maybe that has something to do with the slow sales as well.
Anyone know anything else about a possible foreclosure on this building? Has anyone even been inside this building? I’d love to hear more.
It’s tough out there for the smaller developers.
@Properties is handling the listings and marketing.
I haven’t been in it but sounds nice/decently priced. Too bad, maybe another developer will buy it and do a better job at marketing the units.
does anyone know how this project is doing? I think there’s an open house on Sunday that I’m going to try to check out.
Have any sold in the past year?
I think these just came back on the market. Let us know how the open house goes. Good location if you want to be in the Old Town/Lincoln Park area.
I went by the open house last week and these are way over-priced. They are nice, but there is still hammering going on and it looks like they have a way to go. If they came down literally 60K-70K I would think about it.
Have anybody been to this place on Sunday for an open house?
I went to the open house a few weeks ago, 11 out of the 14 units are sold. The price is very reasonable, given it’s location, great neighborhood, close to the lake and shopping.