May 26, 2012 – With Chicago area condo prices down 5.1% from what they were last year and 39.5% from market highs in September 2007 (Case-Schiller), it’s no wonder that so many Chicago real estate developers have sold off blocks of empty condos to investors. The latest to do just that is the Gammonley Group, who sold 39 units at 757 Orleans in River North to Gamla Cedron Group out of Florida.
Crain’s is reporting that Shaoul Mishal, president of Gamla, paid $11 million for the 39 condos and plans on renting them until the housing market improves, then reselling them. Mr. Mishal said in the article that he plans to rent the condos at 757 Orleans for around $2.60 per square foot.
There are 198 condos at 757 Orleans and most of them are owner-occupied. That’s good news for future buyers since bothFannie Mae and Freddie Mac have limits on the number of rentals in a building and won’t back mortgages on condos where the rentals exceed that limit.
You may want to check into the Chicago condos for lease at 757 Orleans if you’re lookingfor a place to rent in River North. And remember that there are plenty of other North Shore Chicago condos for rent as well.