Luck of the Draw

After the 67 condos in the first phase of the Crescent Court development in Elmhurst sold out in just eight days in October, its developer, Morningside Group, opted to sell the 56 units in the second building via lottery.

David Strosberg, Morningside’s president, attributed the rapid sales to the development’s high-visibility location in the heart of downtown Elmhurst, at York Street and Park Avenue. He had expected the condos to sell at about the same rate of his earlier Elmhurst project, Museum Square, which took 18 months to sell its 56 units. In January, the several dozen people who had spoken too late for units in the first Crescent Court building were invited to join a lottery for chances to buy in the second building. Within two weeks, buyers had grabbed up 39 of the 56 units. Prices for the condos run from $228,900 to $395,900, and occupancy is scheduled for late 2005.

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