PARK PLACE TOWER RENTALS AND SALES – 655 W. IRVING PARK

What is currently available for rent at Park Place Tower, 655 W. Irving Park? What has recently sold at Park Place Tower? Below is a list of current available rentals as well as some information on recent sales at 655 W. Irving Park.

One Bedrooms at Park Place Tower for Rent:

#4215  –  $1,550

#2412  –   $1,550

#5414  –   $1,700

#5511  –   $1,725

Two Bedrooms at Park Place Tower for Rent:

#2401  –   $2,150

 

RECENT SALES AT PARK PLACE TOWER

Cheapest unit to recently sell at Park Place tower was unit #4509 (studio) which closed for $87,000. The buyer however was also responsible for the special assessment which continued for roughly 10 years at just over $100/mo

The cheapest Two Bedroom to sell was unit 1902 which sold for $199,900 with 1 garage parking spot. Not bad! In this deal the seller was a private owner (not a bank and not a short sale) who advertised that they were willing to pay for the special assessment. The details for this aren’t available on the MLS.

Currently all the reasonable priced 2 Bedrooms are under contract. There are a few well over 300k still on the market. The 2 Bedrooms under contract are priced between 200 and 270. The cheapest unit is a studio priced at $135,000, #405. #611 is currently under contract. It is a studio and the asking price when it went under contract is $69,000.

How many units are for sale in Park Place Tower, 655 W. Irving Park?

Currently there are only 14 units on the market in Park Place Tower that are available to be shown and NOT under contract. Priced from $135,000 to $399,000.

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%.