Ashton condos hit the skids in Arlington Heights

If current resale prices at Ashton Condominiums are any indication, the developer is so far underwater on his remaining units that he’ll need a decompression chamber to resurface. Assuming, that is, there was a resale market for the condos.

The only transactions at the complex, according to BlockShopper, have been foreclosures – scores of foreclosures over the past several years. And, according to Crain’s Chicago Real Estate Daily, the lender has filed a $5M foreclosure suit on the remaining 39 developer-owned units.

On a per-unit basis the developer allegedly owes more than twice the $50,000 asking price on the 2-bedroom, 2-bath short sale on Unit 2087 at 2326 S Goebbert Rd in Arlington Heights. The unit was purchased for $196,500 in 2006. One-bedroom units, purchased in the $150s, are currently for sale in the $40s.

The project has a number of amenities, including a pool and clubhouse, and excellent access to I-90. As the Crain’s article indicates, there is no financing available for units at Ashton, but the unit might be attractive to an all-cash purchaser.

(Visited 254 times, 1 visits today)