Ten years later, buyers under water at Uptown’s Polo Tower

We first mentioned Polo Tower, a 189-unit high-rise condo conversion at 4180 N Marine Dr in Uptown, in October of 2001, in the print edition of our since-folded New Homes Magazine. One-bedroom prices at the time began in the $140s.

When New Homes took another look at the project, in September of 2004, the project had undergone a court-ordered bankruptcy sale and 159 units were still unsold, priced from the $150s. In June of 2008 83 one-bedrooms were still reported for sale, priced from the $160s to the $220s.

Several months ago commenters at Zillow suggested that the building is nearly 50% rental, a “mess” and prone to short sales and foreclosures. Reviews at ApartmentRatings and filings at the Cook County Recorder’s site lend credence to those comments.

There have been only a few sales in the building in the last year, and prices have ranged from the low $60s to the low $90s. As recently as last year, the listing agent for one of the recent sales touted Polo Tower as “a solid conversion bldg.”

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