Million Dollar River North Condo Going Into Foreclosure
You don’t see million dollar condos go into foreclosure that often (not yet anyway) but there is one this week.
Millennium Centre at 33 W Ontario was built at the beginning of this decade by American Invsco. The building has had some difficulties since closings began in 2003. For instance, the building is still not sold out by the developer. There have also been several foreclosures of smaller and cheaper units. A lot of units are rented because of the developer’s 2-2-2 deal (which was two years of assessments, two years of taxes and two years of guaranteed rental income for the unit.)
There were a lot of investors in the building. Additionally, as I talked about in a prior post, the developer is also still trying to sell extra parking spaces and has cut the cost on those by $15,000.
Unit 14F: 3 bedroom, 3 bath duplex with gated access to the pool, 2600 square feet
- Sold in March 2005 for $1,350,000
- Auction price of $1,259,998
Stay tuned to see if this sells at auction.