Forty Units Still Left at Northlake’s Wolf Ridge Condos

ECONOMIC SLOWDOWN PUTS BRAKES ON PLAN: Forty units remain from city’s effort to attract new condo developers

Wolf Ridge Condominiums, located in Northlake

[3] NORTHLAKE $163,400 to $237,400

» In 2006, when Northlake civic leaders wanted to spur a mini condo boom, they opted to have the city be the developer in hopes that for-profit developers would follow their lead. Things started out well, with 13 of the 60 units sold in advance of the groundbreaking for Wolf Ridge Condominiums, at 77 North Wolf Road.

But when the economy slowed down, so did sales. Prices were cut by as much as 25 percent during 2010, which resulted in seven more sales, but 40 unsold units remain. Carey Overstreet of Sibley Partners is handling sales.

Designed to appeal to locals who are downsizing from single-family homes, the large condos range from an 1,135-square-foot one-bedroom unit with an enormous great room, priced at $163,400, to a 1,790-square-foot three-bedroom unit, going for $237,400. All the units have sound-insulated floors, ceilings, and walls, and the common hallways are decorated with crown moldings and wainscoting. Indoor parking spaces cost $7,500; spaces in the outdoor lot are free.

Jeff Sherwin, Northlake’s mayor, continues to look on the bright side. “At least we’re not sitting here with a half-finished building that a developer [walked away] from in the middle of our village,” he says. “The condos enhanced that area. It’s an investment in the community.”

Send tips about home sales to dennis@rodkin.com.

 

Photograph: Courtesy of Sibley Partners

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