PARK PLACE TOWER – 655 W. IRVING PARK RENTAL & SALES UPDATE!

655 Irving Park has seen a few sales over the past couple months and a handful of rentals on the market as well. Here is a list of condos that have closed in the past 2 Months, just before the New Year in 655 W. Irving Park, also known as Park Place Tower in Lakeview.

CLOSED

ONE BEDROOM / ONE BATHROOM    UNIT 3514     $116,000

ONE BEDROOM / ONE BATHROOM    UNIT 5506     $130,000

ONE BEDROOM / ONE BATHROOM    UNIT 3016     $200,000

TWO BEDROOM / TWO BATHROOM   UNIT 2810     $255,000

THREE BEDROOM / TWO BATHROOM  UNIT 5116-17  $262,000

Several other units have gone under contract. Once these units close I will post the exact pricing. The most surprising unit to close was unit 3016 at $200,000. One of the highest priced One Bedrooms to sell in the building. The unit is a corner unit, DID NOT SELL WITH PARKING but was also not a short sale or foreclosure. The unit is highly upgraded and in excellent condition.

CURRENT UNITS AVAILABLE FOR RENT AT 655 W. IRVING PARK – PARK PLACE TOWER IN LAKEVIEW

ONE BEDROOMS:

Unit 4115  $1,400

Unit 2508  $1,400

Unit 3614  $1,450

TWO BEDROOMS:

Unit 4004  $1,700

Unit 710    $1,750

Unit 3001   $2,600

Unit 4801   $2,600

THREE BEDROOMS

Unit 5117  $3,750

 

 

Paul Blackburn is an Illinois Licensed Realtor and Associate Broker with @ Properties. For any additional information on Park Place Tower please feel free to contact him at anytime via e-mail at Paul@PKBlackburn.com

PARK PLACE TOWER – 655 IRVING PARK FINALLY TURNING AROUND

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%.