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.