Sales update: Bank-owned soft lofts in Lincoln Park rebranded, repriced by 30 percent

Lincoln Park Lofts, 1610 W Fullerton Ave, Chicago

The median price per square foot in Lincoln Park is around $329 for condos and $414 overall, according to Redfin‘s number-crunchers. At a familiar new-construction development at the bustling triangle of Fullerton, Ashland and Clybourn avenues, however, the highest prices per square foot don’t even reach $200.

Jameson Real Estate is now marketing the bank-owned Lincoln Park Lofts, located at 1610 W Fullerton Ave, according to agent Lindsey Delrahim. The 39-unit development, formerly known as Ashton Lofts, was hit with a foreclosure suit in the fall of 2007, and its developer, WMC Development IV, filed for bankruptcy protection in January 2008, according to Crain’s.

Bank of America, which now manages the property, has reduced prices on the development’s 24 unsold soft lofts by about 30 percent, Delrahim says. They now range from the high $150s (or about $168 per square foot) for a 950 square-foot one-bedroom / one-bath unit to the mid-$290s (or $178 a square foot) for a 1,650 square-foot two-bedroom / 2.5-bath home with a den. Heated garage parking spaces will sell for $30,000 apiece, she says.

The bank has ordered cabinets, carpet and bath tile for the units, leaving only the kitchen and bath countertops and hardwood floors open for customization, Delrahim says. Most units will be ready for immediate occupancy when they hit the MLS later this month. A model should also be ready for touring by March 21, she says.

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