December 19, 2007

Condo developers face foreclosure

Category: Luxury Condos. Posted by Mike at 6:33 pm.

Many homeowners around the Chicago region face the possibility of foreclosure.  However, the slowing real estate market could also result in developers facing the same fate.

Condo projects that promised quick sales and excellent returns may have seemed like a great idea two years ago, but today the reality is very different.  Many developers have only been able to sell a few of their available units.  Also, falling real estate values have led banks and lenders to reevaluate the value of their loan, and many are starting to ask for more equity to cover the loan.

Northside Community Bank filed a lawsuit during the summer against the developers of a 32-unit project at 6500 North Claremont Ave, in West Rogers Park.  The $3.1 million project is facing difficulty finding new buyers.

Another development at 6254 N. Rockwell Street offers 19 condominiums.  The developer has only sold four of the units, after two and a half years on the market.

However, this may be good news for bargain hunters looking for Chicago Condos For Sale at a great price.  As developers work to save their projects and sell remaining units, lower prices are only a question of time.

Technorati Tags: , ,

Condo developers face foreclosure

Category: Luxury Condos. Posted by Mike at 6:20 pm.

Many homeowners around the Chicago region face the possibility of foreclosure.  However, the slowing real estate market could also result in developers facing the same fate.

Condo projects that promised quick sales and excellent returns may have seemed like a great idea two years ago, but today the reality is very different.  Many developers have only been able to sell a few of their available units.  Also, falling real estate values have led banks and lenders to reevaluate the value of their loan, and many are starting to ask for more equity to cover the loan.

Northside Community Bank filed a lawsuit during the summer against the developers of a 32-unit project at 6500 North Claremont Ave, in West Rogers Park.  The $3.1 million project is facing difficulty finding new buyers.

Another development at 6254 N. Rockwell Street offers 19 condominiums.  The developer has only sold four of the units, after two and a half years on the market.

However, this may be good news for bargain hunters looking for Chicago Condos For Sale at a great price.  As developers work to save their projects and sell remaining units, lower prices are only a question of time.

Technorati Tags: , ,