Since the real estate market started to crash so too did the property values in 655 W. Irving Park, also known as Park Place Tower. Plagued with high assessments, high rental/owner ratio and owners falling behind in payments on their mortgage and assessments; the building was in bad shape. What did the building have going for it? Great location and great amenities and now FHA Approval.
Over the past 4 months we’ve seen a great deal of activity. A total of 12 units have closed with another 11 going under contract. While a large majority are short sales and foreclosures it does give hope to the building as not only are investors buying in, but owner occupants as well.
The hot rental market is also helping the building too, but hurting tenants as the average rent price in the building has increased from $1409/mo to $1598/mo year over year; a total increase of 12.8%.