Sheridan Tower’s Web site welcomes visitors with news that the Lakeview East high-rise is “Lakeview’s fastest selling development!” The sign outside the development at 2930 N Sheridan Rd has a similar message, but it extends the “fastest-selling” claim to Lincoln Park as well.
I was surprised to learn that this building has been such a hit with buyers, especially given the outrage that Kroupa Development has inspired in Yo readers in the past, so I called @properties agent Genna Hill to see how fast Sheridan Tower is actually selling.
Hill says the MLS backs up the claim: 109 condos sold at Sheridan Tower from February ’07 to February ’08.
The trouble with this calculation is that there simply aren’t very many comparable high-rises in Lake View or Lakeview East, and it wouldn’t make much sense to compare the sales volume of Sheridan Tower to smaller developments in the neighborhood. The only other active high-rises in Lincoln Park and Lake View are The Winchester and Lincoln Park 2520, which are both in pre-construction stages, Park View East, which is down to its last few units, and Kroupa’s other Lakeview East conversion, 3033 North Sheridan.
Should buyers flock to Sheridan Tower just because it’s selling faster than its competitors? Hill notes that because the developer hasn’t had trouble selling condos, they haven’t had to lower the prices yet, and in fact have raised them slightly, although several different incentives have been offered over the past year.
Since February, 33 more units have been sold at Sheridan Tower, meaning that 110 of the building’s 252 one- and two-bedroom condos are still available.
I have said this many times, but will say it again…Do not buy anything developed or renovated by Kroupa Development. They are usually top notch buildings and locations (which makes them very tempting), but Kroupa leaves owners with incomplete work, code violations, and sub-par quality. If you don’t belive me, contact owners in any of their conversuions and they will tell you.
He was shopping this building to the commercial market as a rental this spring… I’d say he’s in a lot of financial trouble!
What’s interesting is that a few months ago its “sister building” at 3033 Sheridan also went condo and the conversion is now being aggressively promoted. Strange strategy for a condo-averse, renter-friendly economy.
My in-laws live adjacent to this property. He was knowingly dumping asbestos in dumpsters and having it hauled to a landfill. The EPA showed up in blue toxic waste suits and closed down the renovation operation until it had been completely cleaned appropriately. The internal infrastructure (building plumbing/heating) had problems when it was rentals and was never replaced. I would never buy one of these units.
Anything Kroupa touches is garbage.
Stay away.