News
MULTIFAMILY MONDAY
April 25, 2011
| Condo sales are slightly up in Lakeview, but Conlon Real Estate'sBill Hynes and Roger Ward are seeing lots of interest from specialized buyers in the 130 units they're selling in bulk on the North Side. It's a sign that well-located, rehabbed residential is moving again, even units that were stalled last year. | |||
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| The Chicago Association of Realtors reports that Lakeview has seen a 2.4% increase in the number of homes sold from 2009 to 2010 and a 1.1% increase in prices. That may not seem like a lot, but compared to the city's 22% decline in overall home sale prices, it's not so bad. Conlon's team is listing 63 units at 3033 N Sheridan and 67 at 2930 N Sheridan. In 2007 and 2008, the condo units were converted from apartment, but none had been sold since June 2010. The bank took back the unsold units at the beginning of this year. Roger and Bill have seen interest from national, regional, and local investors at the sealed bid auction, which ends May 16. Potential investors (many of whom specialize in busted condos) are pursuing a strategy of either renting the units until the market comes back or completing the condo conversion sales program. | |||
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| Units at both buildings had been moving—56% of the units sold at 3033 N Sheridan and 73% at 2930 N Sheridan. One reason for the early sales was that the buildings were offering HUD loans with the first-time home buyer incentive. Once that expired, sales dried up. |
