Everyone is saying the market is down and it is hard to sell, but if you price it right, they are moving very fast. In the last 6 months, there are 12 units closed and one unit pending at the 222 N Columbus Dr – the Park Millennium building located at the Lakeshore east – the New Eastside. There are 6 units are foreclosures and short sales and 6 units are regular sales, this percentage is a lot better than 3 months ago, when we had the comparison, at that time, there are 75% sales are the stressed property sale. The sold price are between $160,600 and $295,000. We also noticed that there are some units sold within 21 days from the listing date.There are 6 cash deals and 6 conventional deals, that means it is OK to get a loan for the building now.
From all this data, I would like to say the market is getting better, as least in the lakeshore east neighborhood. Also, we need to consider that since the Park Millennium is going to pass the new rule which would not allow new owners to rent out their unit, just like Regatta – the 450 E Waterside. So that being said, it might be some investors are trying to dive in before it is too late.
I also heard that the 130 N Garland, the Hermitage building is going to have some serious discussion of capturing the renter ratio.
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