Overbuilt West Loop Condo Bargains

Belgravia buys project’s foreclosed condos, then passes along savings

Foreclosed West Loop condos, purchased by Belgravia

WEST LOOP $484,900 to $549,900

Zev Salomon, vice president of the Belgravia Group, knows where the developers of the 24-unit CA23 condo project went wrong: “They overbuilt.”

In March, Belgravia bought 11 new foreclosed condos at the West Loop building (15–23 North Aberdeen Street). Having acquired the units at a deep discount, it plans to resell them at up to 30 percent below their original asking prices, but still with high-end Fisher & Paykel appliances and direct elevator entry into each condo. All of the condos have 11-foot ceilings and three bedrooms, one more than the West Loop norm. “We’re a niche product, not competing with anyone around us,” says Salomon—which may be why Belgravia found buyers for two of the 11 condos in the first three weeks of sales.

Each of the nine remaining units has about 1,900 square feet. Prices range from $484,900 for a middle-floor condo to $549,900 for a top-floor condo. Parking spaces cost an additional $10,000. Belgravia’s Liz Brooks is handling sales.

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

 

Photograph: Belgravia Group

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