Remember all those condos that were purchased as rentals? Well one investor is going to test the market soon in a case that could have far-reaching influence on owners of downtown condos. It might be the right time to sell.
Crain's has a fascinating and in-depth profile on the decision by Aventura, FL-based Gamla Cedron Group to sell 24 of the 34 condo units it owns and is currently renting out in the 198-unit tower at 757 N. Orleans St.
They've hired a broker and are now going to work to determine whether the condos are worth more as rentals or to new owners.
"It'll be a very interesting experiment," Garry Benson, principal at Chicago residential consulting firm EMS/Garrison LLC told Crain's. "This will be one of those deals that will let us know where we are in the cycle."
Ten of those 24 units are being offered individually and apparently there is already a contract in place for one. They're seeing from developers as well as from individuals.
For more on the story, visit Crain's here.