Back in February I posted on the short sales and foreclosures in Chicago's University Commons development, which is right next to University Village where I live. At that time 11 out of the 21 sales in the preceding 12 month period were distressed properties - either short sales or foreclosures. Since it's been a while I decided to update folks on the situation over there. Guess what? It hasn't gotten any better.
In the last 6 months 7 out of 13 condos which have sold were either short sales or foreclosures - still about half of what sells. And when you look at the lofts that are currently on the market over there it's clear that it's not going to get any better any time soon with 17 short sales out of 37 condos currently on the market. See the table below with the MLS listings as of today. The short sales are highlighted in yellow.
Given that several of the non-short sales are overpriced, I would expect more than half of future sales to be short sales. I don't see any foreclosures on the market right now though there are several in process - at least 7 that I'm aware of:
1071 W 15th St # 145
1000 W 15th St # 118
1070 W 15th St # 346
1151 W 15th St # 301
1151 W 15th St # 201
1000 W 15th St # 230
1151 W 14th Pl # 239
These foreclosures are sure to hit the market over the course of the next year.
University Commons is a nice development with some great amenities so buyers looking for bargains are sure to find them there.