The @properties Web site says “50% sold” – but we’re reporting 9 available in a 15-unit development.
If our numbers are correct the project’s been selling a unit every 7 months since it began marketing nearly 3 1/2 years ago.
– Joe Zekas in January 2010, after @properties took on the marketing duties for Bucktown Station, Paramount Homes‘ 15-unit condo building at the corner of Western and Winnebago avenues.
Turns out there’s even more for sale at Bucktown Station than we realized — only three of the building’s three-bedroom homes have sold since Coldwell Banker‘s Matt Garrison Group started accepting reservations in September 2006. That’s a sale every 17 months.
We learned this through Crain’s, who reports today that Paramount has filed for Chapter 11 bankruptcy protection to stave off the development’s foreclosure.
Krist-Krueger Realty listed all 12 unsold units in October, and cut the prices of each by $5,000 in November. Prices currently range from $518,900 for a 1,660 square-foot unit to $579,000 for a 2,330 square-foot unit. Garage parking (of which there’s plenty, despite the “transit-oriented” angle of Paramount’s promotions) appears to be included in all prices.
Crain’s says 10 of the unsold units currently are leased out and two are vacant.
Bucktown Station’s retail component has had limited success to date, too — Challengers, my comics shop of choice, continues to thrive, but the only other business to set up shop was a Cricket Wireless vendor that has since disappeared.
Love “new construction” but where is the 50% sold claim posted?
Jeff:
You can still see it on http://www.bucktownstation.com/index.php; watch the cycling images on the front page.
As the post says, Joe’s comment came in January 2010, when Jim Gramata was marketing homes in the building. The Bucktown Station page had the very same “50% sold” claim on it at that time that it does today — if I remember correctly, Jim’s name was on that website at the time, in the place where Krist-Krueger Realty is now. Joe’s comment said “the @properties Web site,” and I assume he was referring to a development profile on the brokerage’s site that would have been active at that time.
Thanks for clarifying the timeline. The site will be right on point … in about 7 years given the run rate mentioned. Curious if we will see further bank ordered price cuts.