Mystery condo project identified as Clark 36

4858-4870 N Clark St
It’s still a bit of a mystery to me why developers don’t get their signs up sooner and keep them up somewhere, somehow at all new projects, but Jameson Realty Group sales agent Barbara Buchel has given us the dope on one anonymous project we recently posted on, 4858-4870 N Clark St.

McHugh Homes is constructing three buildings at “Clark 36,” so named because each building will have 10 residential condos and two commercial spaces (36 units total, see), according to Buchel, who is marketing the development. The four-story masonry buildings will include elevators and garage parking. Each will contain six three-bedroom condos and four two-bedroom condos, all with two baths. Features include Brookhaven cabinetry by Wood-Mode, fireplaces, stainless steel appliances and balconies or patios.

Buchel says pricing on the units and on deeded parking has not been finalized, but will be in place before an official grand opening to kick off sales in the next two to three weeks.

Why wait so long to fix prices, put a project in the MLS, or slap a sign on the site?

Buchel offers several reasons. The developer did not have to worry about a “pre-sale” requirement from a lender, so that imperative was not part of the equation. Putting a neighborhood development in the MLS too soon can make the listing appear stale over time, and construction progress until now has made it tough to find a good spot for a sign.

And then there’s pricing. Pre-sales typically fetch lower prices, but builders who can wait until a construction is far along before marketing in earnest can see some of that appreciation themselves. “We don’t want to give away the pricing too early because we want to make sure we have it priced right,” Buchel says.

Deliveries at Clark 36 are expected in spring 2008.

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