Sales update: Numbers barely budge at 235 Van Buren
Posted 1/30/2008 by Joseph Askins
Blame it on the winter chill, market uncertainty or something else entirely, but sales appear to have slowed at 235 Van Buren over the past five months.
More than 370 of the 714 condominiums in the Loop high-rise had sold prior to the opening of its sales center in September 2007, according to an old Yo post. Last week, 235 Van Buren publicist (and New Homes Magazine columnist) Don DeBat announced that sales at the 46-story had “nearly reached the 400-unit mark,” which isn't much of a difference, if you ask us.
CMK Companies’ condominiums have one to three bedrooms and one to three baths arranged in more than 130 different floor plans. Prices range from the $180s for a 522-square-foot studio to the $430s for a 1,292-square-foot, two-bed / two-bath unit. Penthouses are available at a base price in the $360s.
CMK prez Colin Kihnke told New Homes in February 2007 that 235 Van Buren offered first- and second-home buyers “edgy architecture at affordable price points.” Yo readers seemed split on the project’s location, with some seeing it as a good transition point “linking the Loop to both South Loop developments and planned UIC dorms” and others worrying that the tower was doomed to a life of corporate rental apartments.
Comments
2/7/08
1720 Condo Owner said:
I unfortunately bought a unit at 1720 S. Michigan and regret it. Looking at their renderings and all the exposed concrete that they have inside their units are terrible. They show it like clean and smooth. Nothing could be further from the truth. I have seen nicer concrete inside parking garages. Very poor quality, very poor ran management. I have tried to get resolution with CMK and their management will ignore you after you have signed their contracts. Stay away as do your research and you will find much better and invest your money wisely!!
10/16/08
Real Estate Pro said:
CMK ,which was started by Collin Kihnke and Matt Kihnke, has a bad reputation in the Real Estate market among professionals. Several of their projects are experiencing significant problems with their window walls leaking, mechanical systems that never worked properly and low quality construction materials. Numerous associations have reported that the true operating expense in their buildings is 200-300 percent more than CMK stated in their sales literature, leaving the new owners responsible for the budgetary shortfalls.
Owners report that it is extremely difficult to get CMK to honor their warranties because, as one owner put it "Collin wont return my calls".
Some of their projects are architecturally progressive, adding new life to the Chicago skyline. Until they improve their construction methods and client services, I would stay far away from one of their developments.
Joe Zekas said:
My usual caution to be skeptical of the motives and the accuracy of anonymous commenters.
Real Estate Pro can have (slightly) more credibility by rating and reviewing CMK sites at NewHomeNotebook.com, where we require registration with a valid e-mail address.
10/17/08
Real Estate Pro said:
CMK was recently sued by the Contemporaine Condo association, I pulled a copy of it. The suit states that CMK has known for years about substantial construction defects in the window wall system yet has done nothing to resolve it, despite multiple warranty claims. One owner I spoke with at the Contemporaine told me that CMK turned over a bankrupt association, leaving the owners with major debt. Another owner has been living with "massive leaks" for over 2 years and CMK has done nothing to resolve the problem.
10/27/08
Lynn said:
I bought a unit in one of CMK's first projects in the south loop and have experienced none of the problems mentioned above! I have an incredible view, great architecture and a really solid condo. My building is well built, with great noise reduction properties. I found the staff cooperative, and prompt in returning phone calls. My assessments did go up after the condo board took over (and gas prices increased) but they also currently include extra amenities for the building like cable, etc.
11/10/08
jupiter said:
I purchased a condo at 1620 S Michigan and have lived there since the building opened in 2006 and have been 100% pleased! My monthly assessments have stayed the same (no special assessments either) and we've had several improvements–new carpet tile in all common hallways, camera security system in garage and lobby area, planters in lobby and each residential floor, seasonal power washing of garage, cable/internet, etc. The reserves are in excess of $418,000 as of August 2008 and the board does not foresee an increase in assessments. I'm very happy here and I feel the building is superbly managed!