|A 12 unit condo building association located at 2335-2343 West Ainslie sold out to a developer in entirety. The building is getting a major remodel and will likely come back as rental apartments.|
I had shown these one bedroom condo units in the past. They are good size with a deck but I did notice the values were not coming back to what many owners had paid originally. However some owners made a good $75,000 on the investor sale due to buying the distressed properties in the building after the crash. The building is in the process of a gut renovation and the apartments will likely be rented out.
The de-conversion trend of condos back to apartments is old news to many. Often an investor/ developer will purchase all the condos in a building at a higher per/unit rate than if owners sold their condos in the open market individually. The investor then renovates and rents out the units. However, many owners struggling to sell their condos have not looked at this option with their condo association.
|The building sits across from St Matthias School. Living across from a school could be a minus for some home owners while others may like the quiet neighbor in summer months.|