One Museum Park in Hot Water, Sales Office Closes
A recent post by Joe Zekas at YoChicago is questioning the serious possibility that the bank may be taking possession of the highly touted Museum Park condo development located at 1211 S. Prairie Avenue in Chicago’s South Loop. Although Museum Campus has been rumored to be under water for some time now and in serious danger of bank repossession, the YoChicago blog also goes on to read that a local Realtor has confirmed the liklihood of foreclosure with Alderman Fioretti’s office. As the bank presumably takes over One Museum Park on November 1st, 1901 S. Calumet (Museum Park Place South) will also be included in the foreclosure suit, with 1629 S. Prairie (The Residences at 1600 Museum Park) not being affected. According to a report from Crain’s Chicago Real Estate Daily in early September, approximately 22% of the condos at One Museum Park West had closed as of the second quarter of 2011, further indicating the on-going financial trouble facing the high-profile South Loop development.
So what can we now expect from the apparent struggles at Museum Park? Well despite being marketed as “the most desirable lakefront community in Chicago” and most of the condos within the development featuring luxurious finishes and ultra-convenient amenities, residents already living in each building should now start to worry about the possibility of developers buying units in bulk and perhaps renting many out to tenants who were much-less likely to have been qualified to buy in that very same building (an unfortunate trend that’s all-too-common to condo owners who have invested in new construction over the past several years). Don’t think that will happen? Tell that to owners at nearby 1935 S. Wabash and 1454 S. Michigan Avenue, also located in Chicago’s South Loop. Walton in the Park, a recent new construction project at 2 W. Delaware, also fell into the same rental trap not long ago, which may arguably be the most comparable luxury condo building to Museum Park facing various past and present foreclosure challenges. In any case, whatever the future holds for One Museum Park, rentals or no rentals, the [expected] announcement of the sales office closing and the inevitable bank repossession of one more high-profile condo building in Chicago is certainly another tough pill to swallow for both condo owners and real estate professionals alike.
Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales. Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !