Bloomingdale, Ill.—Demand for condos isn’t just a city phenomenon: Medinah on the Lake, a condo conversion in the northwest Chicago suburb of Bloomingdale, has sold more than half of its 72 units since sales began in March, according to developer Foxford Communities. The Hinsdale, Ill.-based developer also notes that it’s secured FHA approval for buyers at the property.
Located at 125 Lakeview Dr., the condos are surrounded by the Meacham Grove Forest Preserve and are adjacent to Lake Medinah, where residents can fish and kayak. Medinah on the Lake offers one-, two- and three-bedroom units, with prices ranging from $164,900 to $499,900.
Composed of two midrise buildings with brick and stone exteriors, Medinah on the Lake’s common amenities include a clubhouse with a fireplace and entertainment room, which features a big-screen TV, kitchenette and serving bar. The property also has a heated swimming pool, fitness facility with saunas and private beach access to Lake Medinah.
Each unit includes 9-foot ceilings, stainless steel appliances, in-unit washer/dryer, a private balcony and sound-deadening wall construction. The property also has a heated parking garage.
Having FHA approval opens up new doors for potential buyers, says Peter Brennan, president of Foxford Communities. With FHA approval, buyers can take advantage of lower down payments—as low as 3.5 percent, depending on their credit score.
Foxford bought 72 of the 118 Medinah on the Lake condominiums in the fall of 2012, completed the unfinished condos and updated the units. The company also made improvements by stabilizing the buildings’ condo association, completing its exterior infrastructure, and making various internal building improvements. After the acquisition, Foxford rented the unsold condos with plans to convert them into sales once the market improved.
By Dees Stribling, Contributing Editor