chicago-condos & Chicago Real Estate pcherry on 29 Jan 2010 11:53 am

Senior Condos Saved In Wilmette

January 29, 2010 - The housing market slump doesn’t just affect downtown Chicago real estate projects. The suburbs have been hit as well. Add in having a development in a niche market, such as senior housing, and making sales may be even more difficult. But one Wilmette senior housing development that was hit with foreclosure is getting a second shot at success, according to a Crain’s report.

This past autumn investors Reuben Warshawsky and David E. Rosen, along with a group of other investors, purchased at auction Mallinckrodt in the Park. The building is a 1918 Italian Renaissance five story structure located on 1041 Ridge Road in Wilmette.

Warshawsky and Rosen are currently in the process of marketing the project, which had already sold slightly more than 50% of the total 81 condos there. The partners have cut prices about 35% on the remaining 33 units and have made two sales so far.

Although some other Chicago real estate agents stated in the article that Mallinckrodt will prove difficult to sell to seniors because there are other developments in more accessible locations downtown, Rosen and Warshawsky disagree. In fact, Mr. Warshawsky told Crain’s that, “If you have to have a lake view, we can’t give you that. But we believe what we have is superior to any other product in the Wilmette-Winnetka area.”

So if you’re in the market for Suburban Chicago Condos for seniors, you may want to visit Mallinckrodt in the Park in Wilmette.

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