Looking to live in Utopia? Then you might want to check out the Hamptons of Hinsdale. Located near the intersection of 59th and Washington Streets in Hinsdale, the Hamptons plans to offer over 100 luxury units, both townhomes and condos set in a serene park like location with ponds and open space. The infrastructure and site improvement work is virtually complete. The first four-unit town home building is complete (pictured below) and a 23-unit condominium building is also under construction. Foundation work and underground garages have been completed for two additional condominium buildings.
In 2002, Wextrust Development purchased the property for $18 million. Wextrust planned to construct 12 buildings on the Hinsdale site. In the original plan, seven buildings would contain 23 luxury townhomes and five larger structures would house 93 condominium apartments. Prices were to range from $339,000 to $697,900 for the condos and $695,000 to $940,000 for the townhouses. But work on the project halted that year when Wextrust CEO and COO were indicted by a federal grand jury for involvement in a $255 million Ponzi scheme.
After sitting on the market for sometime, The Hamptons was purchased by a subsidiary of Oak Brook-based Inland Opportunity earlier this year from Citizen’s Financial Bank. According to The Hamptons website, The Hamptons is “Well-funded, carefully planned and on schedule for completion in the near future.” Next Generation Development out of Wheaton will handle construction, sales and marketing.” The Hamptons sales trailer is now on-site along Grant Street, well as the rear entry near Washington & Kennedy.
Located on a 12.5 acre parcel of land, The Hamptons offers 26 Villa Townhomes and 93 Condominiums set among landscaped grounds, featuring shingle-style architecture, open space with gazebos and a tranquil pond. The Hamptons is situated in the highly desirable Elementary school district 181 and in Hinsdale Central High School District.
Marketed as “affordable, intelligent living”, there are four town home designs that span 2,473 to 2,817 square feet and 9 condo floor plans are available, ranging from 1,262 to2,239 square feet. In a small change from the original plan there will be four condo buildings and six villa buildings. Below is a table showing the units being offered with links to more information for the units available now.
|Unit||Sq. Ft.||Beds||Baths||Starting Price||Type|
The grand opening took place the weekend of September 9th. There are two units listed for sale in the MLS as available now, the Broadmoor and the Cotswold. Both are listed substanially higher than the starting prices listed on the table above -with the Broadmoor being listed at $689,900, and the Cotswold for $697,000. Also, not in the MLS but listed as available on the Hamptons site is the Prescott for $722,000. As of October 20, 2011, one unit has sold, and that was for a Prescott unit back in 2008 for $1,036,058. Bet that guy is anxious for some neighbors who are going to pay about 30% less than he did. Ouch.
Hinsdale Condo Market Conditions
Currently, there are a total of 68 units on the market in all of Hinsdale priced from $60k to $1mm. In the last 12 months, in the Hinsdale Market, 16 condo/townhome units have sold ranging in price from $142,500 – $950,000. Simple math indicates that there is already a 4 1/4 years supply of inventory. With The Hamptons adding an additional 112 units, the time triples. It will be very interesting to see what sort of demand the Hamptons is able to create.