Chicago Condo Directory

Terrapin Properties, the developer of the Residence of Burnham Pointe, is looking to sell the nearly finished development in the midst of a difficult condominium market in Chicago.

About half of the units have already been sold at the 298-unit development at Clark and Polk Streets.  However, waning demand has put financial pressure on the developer, leading to the decision to put the building on the market.

The South Loop development started marketing units about two years ago, when condo sales in downtown Chicago were at a peak.  However, difficulty in the credit market and reluctant buyers have hurt sales in recent months.

The development offers a number of luxury amenities that could mean high rental rates for the new owner.  Standard amenities include granite countertops, stainless steel appliances, and excellent views of the downtown Chicago skyline.

This isn’t the first development by Terrapin that has faced financial difficulty.  The company faced a foreclosure suit from one lender in January to collect more than $13 million in past due loans to the company.

However, a difficult condo market in the city is leading to many deals on Chicago Condos For Sale in some of the best neighborhoods around downtown.

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