Foreclosure of the day: Ravenswood conversion stalls out
Posted 1/17/2008 by Patrick RollensAccording to Crain's, a courtyard conversion in Ravenswood has gone belly up after the First Bank of Highland Park filed a foreclosure suit seeking $7.2 million in unpaid financing.
The 38-unit building 4519-27 N. Paulina St. is the second Allabastro & Associates condo conversion project that’s had difficulty. A nearly completed project in Lakeview is also in foreclosure, allegedly for $730,324.
Comments
1/17/08
Local Realtor said:
I'm not surprised. I live in the neighborhood and went to an open house last year. The units are rather charming, but small and overpriced. Not a good combination in this market.
4/23/08
Local Commercial Banker said:
To the Local Realtor to whom is the expert;
That comment is very telling that you just passed your real estate license and do not understand what these developers are going through. It's dishearting how people throw stones like that.
I hope all goes well for the developer, and things work out. Sorry to hear about the foreclosure. Best of luck!
Michael said:
LCB,
Not sure how "small and overpriced" translates to "throwing stones" at the developer.
I'm sure Local Realtor wishes only the best for the developer, but that doesn't preclude the possibility that the units (which I haven't seen) might be small and overpriced. I've seen plenty of developments where that is indeed true, no matter how nice of a person the developer might be.