Thursday, September 27, 2018

De-conversion? Investor buys Lincoln Square condo building for over $2 million

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.
The entire corner condo building of West Ainslie and North Claremont in Lincoln Square was sold for about $2,000,000 early this year.  The building was not listed on the open market.  Rather an investor purchased each and every condo unit individually for $168,500 according to the Cook County Recorder of Deeds. Either the association sought out a buyer or the investor approached the building after noticing individual owner's difficulty selling.  In either event it takes a 75% owner vote to make an entire condo building sale happen.

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 former condo building has addresses from 2335 West Ainslie to 2343 West Ainslie. It is a great location with an easy walk to the heart of Lincoln Square and the Western Avenue CTA Brown Line.  This was a great buy for the investor, slam dunk rentals.
If you are having trouble selling your condo for a value you bought it for feel free to contact us to discuss your options.  

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.

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