|You may be able to rent newly renovated high-rise apartments steps from Belmont Harbor soon (All photos Eric Rojas, Broker, Kale Realty)|
Crain's pointed out in December 2625 N Clark Street was purchased for $35 million to convert to rental (subscription required). 133 units were sold with an average price of $263,000 a unit according to their report and $6 million will be invested for renovations. The last MLS listed property to sell on the market at 2625 N Clark was a one bedroom condo Unit 1108 for $172,000 cash closed on January 29th. That's a nice return for about 10 months! Two other one bedroom units sold near the end of 2015 for an average of $160,000. They stood to sell for $100K net profit over individual sale market rates if they held on one year.
|Lincoln Centre Condos shown here in 2015 were purchased and torn down this year to build rental apartments (all photos Eric Rojas, Broker, Kale Realty|
|The entire condo building at 555 West Arlington in Lincoln Park was "sold to a developer for land value".|
I do not have the sales price of 555 West Arlington at this time but a mortgage was taken out for almost $17,000,000 per Cook County Recorder of Deeds records. A $7,000 electrical wiring permit and $50,000 alteration permit was issued for the building which suggests they will refurbish and rent out the units.
We have one client and their condo board in North Center who have discussed selling their whole building so they may receive much higher sales prices than their individual condos would achieve. It is on the table for this spring.