NorthShoreInsider.com

Momma Mia: More Evanston Deals

One developer’s failed project could mean your best real estate deal I’m referring to Cornerstone in Evanston. Naturally when I learned that Steven Lome one of the partners of Eon Partners of Glenview admitted in yesterday’s Crains that “We’re not looking to make any money… and that “the realistic goal is to liquidate the asset and pay back as much of the loan as we can.” I thought… WoW, how can I take advantage of this seller’s desperation and snap up a great deal but I just moved…
So perhaps this can help you. Only three of the 19 units located at 641-49 Custer Ave have closed. Another six are under contract but the construction loan — just shy of $7 million matured more than two years ago and now these guys are in the hot seat trying to pay down the debt.

This is no Evanston isolated case either. The owner of Grand Ben on Green Bay Road just cut prices again for the second time in January in response to the discounts announced at the nearby 96-unit condo building Evanston One (previously Winthrop Club)

Cornerstone’s remaining units are set between $324,000 to just under $380,000.

This smells like a serious buyer power but based on some of the Crains’ reader comments… you may still be better off waiting until First Midwest, the bank that granted them an extension on their loan gets really fed up and these condos start to fly!

[/tags]Evanston, Evanston Condos, North Shore Real Estate[/tags]

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