Rolls-Royce resale prices elude Hyde Park’s Silver Cloud buyers

Silver Cloud Condominium Homes

Silver Cloud in Hyde Park tried to cast itself as the Rolls-Royce of condo conversions with its allusive name and plans for a grille-shaped stainless steel fence. Achieving that goal has proved elusive, to say the least, as resale prices fall closer to cash-for-clunkers than to Rolls-Royce levels.

Unit 803, the only unit currently listed for sale in the MLS, sold for $314,900 in August of 2007. It’s been on and off the market for over two years and is currently listed at $205,000.

Other units have suffered worse price declines. Unit 406 was purchased for $295,500 in June of 2007 and resold last September for $118,000. Unit 304 sold for $214,000 in April of 2008 and fell to $121,885 by July of 2010. In a similar time frame Unit 305 went from $279,900 to $128,000. Unit 1105 sold for $295,000 in March of 2009 and plummeted to $135,000 in December of 2010.

It’s been nearly 5 years since we toured the common areas of Silver Cloud and one of the units in the following video. At the time, the lowest-priced unit – “no views” – was in the high $230s.

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