chicago-condos & Chicago Real Estate pcherry on 20 Dec 2010 01:46 pm

Grand Bend At Green Bay Still Struggling For Sales

December 20, 2010 - Several posts ago we told you about the ongoing rent-to-own promotion at Grand Bend At Green Bay in Evanston. The Bluewater Group Inc. purchased a block of 38 unsold suburban Chicago condos at this 49 unit development in March of this year for about $6.75 million and cut many of the prices by almost 40% before launching the rent-to-own promotion. But according to a recent Crain’s report, sales are still not happening at this suburban Chicago real estate development.

Bluewater has made only six sales at Grand Bend since they bought the condos, and with a $5.3 million loan coming due in March of 2012 they need to sell the other 32 condos soon.

Ferris Homes was the original developer for Grand Bend in 2005 but they only made 11 sales before the Northbrook Bank sued for an unpaid loan of $13.5 million in 2009. Northbrook Bank then issued a $5.3 million loan for Bluewater to purchase the 38 condos

Prices on the junior one bedroom condos at Grand Bend at Green Bay now start from $179,900. The larger upper floor condos start at $639,900. The old prices had been listed anywhere from $295,900 to $765,000.

There are a couple of other developments in Evanston that have suburban Chicago Condos for Sale at reduced prices and we’ll talk about those tomorrow.

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