Story posted Wednesday, June 17, 2009
Downtown Condos, Rowhomes Sent To Auction
By RICHARD MAYER Assistant Managing Editor
To help out with slower than anticipated sales, five condominiums at The Emerson at Village Centre in downtown Mt. Prospect are expected to be sold at an auction in Rosemont on Wednesday, June 24.
On behalf of developer Norwood Builders, real estate and personal property auctions Rick Levin and Assoc. intend to sell the vacant condos "regardless of price."
Open since early 2007, 34 of the 54 units have been sold, according to Director of Community Development Bill Cooney.
"We are pleased with the end product, but houses are just not selling right now and falling victim to the economy," said Cooney.
Approximately spanning 1,600 sq. ft., units were previously priced up to $499,900. Suggested opening bids will start at around $100,000.
In addition to The Emerson, three rowhomes across the street in the Founders Row development are also expected to be auctioned.
With the largest unit spanning 4,845 sq. ft., units were previously priced at $904,900. Suggested opening bids are expected to start at $450,000.
Constructed in 2007, the 14-unit luxury rowhome development across from the Mt. Prospect Public Library has seen less than pleasing numbers when it comes to sales.
The village supplied $51,850 of taxpayers' money, while Norwood spent $1,053,150 on the project that is still in the first of two phases.
Of the first seven units that have been completed, five remain unoccupied. Only the two outer homes have been purchased.
To date, only seven of the rowhomes have been constructed. Construction on the other seven will not begin until five in the first phase are sold.
The partnership between the village and Norwood Builders has resulted in several residential and mixed-used developments, including the Shops and Lofts at Village Centre, The Residences of Village Centre, and Norwood's most recent communities in the town, The Emerson at Village Centre and Founders Row.
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