Okay, that’s a deceptive headline, because it implies you actually have a choice. Sources at Chicago Graystone Realty and Jameson Real Estate both confirmed what at least one Yo tipster was beginning to suspect: Mod, the new 56-unit development at 1222 W Madison St, is the West Loop’s newest apartment building.
Earlier today, a reader pointed me to more than 30 Craigslist ads promoting Mod condos “AVAILABLE FORT RENT.” The reader also pointed out that Mod’s old Web site had disappeared, and that Jameson’s listings were no longer on the MLS.
Chicago Graystone Realty, which posted the Craigslist ads, confirmed this afternoon that Mod was going “all rental.” The one- and two-bedroom homes, which have been finished with teak cabinetry and quartz countertops, will be available from $1,500 to $2,240 per month, according to an assistant to Serafin Herrera, a Chicago Graystone leasing agent.
Michael Battista, vice president of sales for Jameson and Mod’s old listing agent, said later that he’s “99 percent certain” the shift to rental is happening, provided the building’s developers — Stillpoint Development, The Pickus Companies and Castlebar Enterprises — receive their lender’s approval. It’ll be a full transition, too — buyers who signed contracts for condos will get their deposits back, he says. About half of the building was under contract as of August, according to old Yo posts.
Early plans for Mod called for a second building, comprising 36 homes, to go up next door starting this summer.
NewHomeNotebook:
• Rate and review Mod
Man that sucks, because the renters will trash those nice finishes after a year or two.
Not all renters are pigs. People who can afford a $2000 rent payment probably have enough sense to take pride in where they live.
They probably wont even put in nice finishes. What does this mean for Phase 2? I have a friend who really wanted to buy in here, now shes very upset. This is a bad move on Greystone’s part as far as I’m concerned. Why not close on the units that people want, and rent what hasn’t sold.
I was supposed to buy here too and they are not downgrading anything from what I saw in the building. I was told Jameson did not sell a high enough % of units to actual tenants and there were too many investors that were going to rent out or flip the units, banks will not lend if the % of investors is too high. Also, since property value most likely decreased since people put earnest money down (economy), no bank will give a loan for $10 if the place is assessed at $8, and the developer didn’t want to lower prices. So, it’s not that they don’t want to sell, few lenders will give out loans due to the conditions above, if any at all. Just passing on what I was told, I’m bummed too…
nice… renters don’t care about the property or the neighborhood. this place will be a dump in six months.
That’s kind of a ridiculous generalization.
Many renters take better care of a place than zero-down I/O liar-loan “buyers”.
YO! Can you provide an update if this is indeed going rental?
Stokes:
Yes, it is.