Developer Robert King told Plan Commissioners Wednesday that he hasn’t yet started to market condos in his 18-story 1881 Oak Ave. development approved by the City Council last fall because the condo market in Evanston right now is very soft.
Developer Robert King told Plan Commissioners Wednesday that he hasn’t yet started to market condos in his 18-story 1881 Oak Ave. development approved by the City Council last fall because the condo market in Evanston right now is very soft.
“We plan to start marketing this fall, assuming the market improves,” Mr. King said, “and start construction early in 2008.”
He later told reporters that there is not a huge inventory of unsold new high-end condos, but that the number of buyers out looking right now is very small.
“Once interest rates improve a bit and the economy picks up, then I’m confident people will be ready to start shopping again,” he added.
He said slow sales of new condos is a problem not limited to Evanston and that there’s been no problem getting financing for the 1881 Oak project.
Mr. King said that he hopes to be able to get off to a quicker start with his rental project at 1890 Maple Ave. which won a favorable recommendation from the Plan Commission Wednesday night.
“The rental vacancy rate is very low now,” he said, and there’s been very little construction of new rental properties in Evanston for several years.