How to Reduce Condo Supply: Sink the Spire and Convert Condos into Apartments

August 14, 2009

Daily Real Estate Updates

sudler-sothebys-logo14 August 2009 ? The likely demise of the Spire along with other new construction buildings now being marketed for rent instead of sale continues to contribute to the reduction of Chicago?s housing inventory. Another nail in the Spire?s coffin is the lawsuit filed Thursday by Bank of America against the Shelbourne Development Group for default on loans on the 1194 unit development. This comes on top of substantial liens placed on the “Lien – ing Tower of Chicago.” Peter Holstein, developer of Parkside of Old Town announced he is going forward on construction of rental units in place of the planned condominiums on the land where Cabrini Green low income housing once stood. Centrum development also is converting the Lofts at Roosevelt Collection from condos to rentals, canceling all contracts for sale. This is the third major project the developer has terminated sales on.

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About Andrea Geller

Andrea Geller, Realtor┬« with Sudler Sotheby?s International Realty, specializes in residential real estate sales and marketing of resale properties and new construction homes. Acknowledged as an expert in the real estate industry, Andrea has been interviewed for industry related articles for print and online media including the Chicago Tribune, Crain’s Chicago Business, Reuters, Bankrate.com, and Illinois Realtor Magazine. Andrea’s commitment extends to the community as an active member of several professional associations. Her appointments include the Board of Directors of the Chicago, Illinois, and National Association of Realtors┬« and the Lakeview Chamber of Commerce. She markets herself under HOT PROPERTY┬«, an innovation in the real estate industry led by Chaz Walters that has been marketed since the 1990s. This unique real estate concept is always a step ahead of the industry providing marketing from cutting edge interactive exposure to targeted innovative advertising opportunities. Visit her at www.hotpropertychicago.com or 773.868.3090.

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