Trouble in the Purple Palace

March 18, 2010

Daily Real Estate Updates

sudler-sothebys-logo18 March 2010
You either love it or hate it – the iconic purple brick hotel at the corner of Touhy and Lincoln. Previously a Hyatt, the hotel has allegedly been the site of a mob hit, raucous sex parties, and the base for Stuart Levine’s politically corrupt activities.

Now, however, Lincolnwood town leaders are losing patience with the building’s owners, Donald Bae and his family. While Bae had an offer to sell the property for $27MM two years ago, the deal fell apart with the economy. The property is now on the market for $25.8 MM. But, according to developers, the site is very attractive but the price is very high.

Village leaders are pursuing code violations in an effort to get Bae to either tear the building down or get more realistic on the asking price. The property is being marketed by ForeFront Properties, which will be holding a luncheon presentation for prospective buyers next week.

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About Stacy Braack

Stacy is a seasoned real estate professional with a broad range of hands-on experience including first time buyers, investors, luxury homes, and distressed properties. While this may appear to be a scattered set of expertise, she believes the experience provides maximum effectiveness in today’s chaotic market, which requires extensive knowledge of all aspects of the industry. Stacy’s educational background includes a BS in Industrial Engineering from Stanford University and an MBA in Marketing and Finance from the Kellogg Graduate School of Management. Professionally, Stacy has done everything from operations consulting to city government before she found her passion in real estate almost eleven years ago. It is this passion that drives the most benefit to her buyers and sellers. She is fully committed to your goals – both financial and personal. Her clients describe her as extremely direct, honest, and responsive, and they repeatedly trust her to handle one of the biggest events in their lives. For buyers she works non-stop to find you both a home you will love to live in and one that is a smart investment. Many of her 2008 buyers have realized instant equity in their new homes through ‘pit bull’ negotiation skills. While the market has been tough for sellers, her listings have sold at a rate above that of the market. Extensive, constant, and extremely high-quality marketing, including both print and internet mediums, support every listing, from investment studios to luxury penthouses. She believes that your goals are her priority and her full-time job. She has built her business on referrals from satisfied clients, and she would love to add you to that list. You can contact her at 773-405-4431 or stacy.braack@sothebysrealty.com

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