Market Conditions: The Bank Will Sell Unsold Condo Units in Lakeview: 2930 and 3033 N. Sheridan
Crain’s is reporting that the bank will attempt to sell unsold condo units at the 2930 and 3033 N. Sheridan conversion buildings in Lakeview in bulk to an investor.
North Community Bank has taken over two stalled condo conversion projects in Lakeview and plans to sell the unsold units in bulk.
According to Crain’s, here are statistics from the two buildings.
2930 N. Sheridan: This was the first of the two buildings to be converted so it sold faster.
- Out of 252 units– 75% sold
- Of the 67 unsold units- none of them are rented
3033 N. Sheridan: This was the second building to be converted.
- Out of 145 units– 48% sold
- Of the 63 unsold units– 40 of them have been rented
I was actually in this building on “opening weekend” in April 2008. Here’s what went down (my how things have changed!):
I went to the grand opening over the weekend and it was a feeding frenzy. It’s been awhile since I’ve seen so many people looking in one location at real estate. There were literally dozens of people at any one time looking at the units. And they were serious lookers (as several had agents with them.)
Can you really get a two bedroom unit for $215,000?
Yes- and no.
The developer sold 20% of the units prior to the grand launch. Most of those were the cheapest junior one bedrooms and the cheapest 2 bedroom/1 bath units.
The junior one bedrooms were selling like hotcakes. A majority of the 20% sold were those units.
You can read more about the “frenzy” in the April 2008 Crib Chatter post here.
Will these buildings be another where condo owners exist next door to a bunch of renters?
Bank to sell units in bulk in stalled Lakeview projects [Crain’s Chicago Business, Andrew Schroedter, March 22, 2011]
The opening weekend frenzy and the subsequent bust are simply amazing… for the textbooks.
But rents are going to go up 10% this year! There’s such a lack of rental housing in Chicago ahhhh!!!
I used to go by these buildings on the way to school every morning. They are quite unappealing from the street. Perhaps they’re nicer inside, but I doubt it.
“Will these buildings be another where condo owners exist next door to a bunch of renters?”
Probably, and that does not imply a bad living situation necessarily. There are quite a few buildings that went condo only to have a majority of units bought as rental investment, Marina City being a great example. Buildings like these that are designed and built specifically as rentals can be “converted” but they never quite lose the rental look and feel. That usually results in a low cost condo and the issues of living in an all rental building are not gone 100% but you get what you pay for.
My wife was renting in 3033 when we first met. I remember looking at the floorplans, and realize how they could offer such cheap prices for units. The 2BR/1BA units were simply 1BR units where they walled off the dining area to make the second bedroom.
It’s hilarious there was a feeding frenzy to buy these fugly units. Both of these buildings are disgusting and you can’t put lipstick on a pig and call it Miss America.
When I lived in the neighborhood, many years ago, these buildings were what I thought of as “little old lady” buildings because that’s the type who tended to live in them. Most of Sheridan between Diversey and Belmont was like that. I don’t know if it’s changed now. Sounds like a lot of recent college grads now live in these buildings. I haven’t lived in Lakeview/Lincoln Park since 2002.
“When I lived in the neighborhood, many years ago, these buildings were what I thought of as “little old lady” buildings because that’s the type who tended to live in them. Most of Sheridan between Diversey and Belmont was like that. I don’t know if it’s changed now.”
Same impression here, but slightly more dated.
Hallways remind me of a college dorm, but at least in a dorm they don’t bother to do a shitty job trying to cover up the conduit.
As a renter looking to buy, when ever I see the tern @Properties on a building I cringe.