Do these Northlake condos make any sense?

Wolf Ridge condos, Northlake, Illinois

Wolf Ridge Condominiums are at 77 N Wolf Rd, a busy, not very visually appealing stretch of Wolf Road Northlake.

The condos have been a difficult sell since the project began in 2006. Forty of the original sixty units are still on the market, despite price reductions and offers of seller financing.

The remaining one-bedrooms are priced from the $160s, and two-bedrooms range up to the $230s. Heated garage parking is an additional $7,500.

Suburban condos typically appeal to buyers seeking maintenance-free living, pedestrian-friendly in-town locations and price levels below nearby single-family homes.

According to Redfin market stats, even the lowest priced units at Wolf Ridge are priced well above the $128K median list price of nearby homes. The location, despite a decent WalkScore, has little or no visual appeal. The monthly maintenance costs of the units would easily cover hiring a lawn service and much of the routine maintenance on a home.

Will these condos sell at current prices, or are further reductions in the offing?

Leave a comment