chicago-condos & Chicago Real Estate pcherry on 20 Jun 2011 01:30 pm

Walton On The Park Deposits In Limbo

June 20, 2011 - Back in March of this year Chicago real estate developers Ronald Shipka Sr. and Richard Stein turned over Walton on the Park to the Davis family after they paid off the $82 million construction loan on the project. What wasn’t incuded in the the transfer were the deposits on the condos that hadn’t yet closed. The 160 empty Chicago condos in this 189 unit Gold Coast tower are going up for lease, but Shipka and Stein aren’t going to let go of any deposits without a fight.

According to Crain’s, several buyers are suing the developers to get their earnest money back. Lawyers for some of the buyers base the case on the fact that the project wasn’t completed on time and the buyers didn’t think they would be living in a rental building. Most of these buyers opted to not close because of those reasons or due to the falling condo values and difficulty in getting a mortgage.

The article says that Appraisal Research Counselors counted 77 condos at Walton on the Park that are under contract but haven’t closed. Deposits on the units varies from around $50,000 to $100,000. So it isn’t any wonder that the developers are reluctant to refund what could be millions.

All of the deposit drama aside, if you’re looking for luxury Chicago condos for rent you should see what Walton on the Park has to offer.

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