Five years ago Morgan Street Lofts in Bridgeport, had only 8 units remained available for sale. Five months later the developer, Anthony DeGrazia, was saying that the 60-unit project was 70% sold. Do the math.
In December of 2008 Cole Taylor Bank filed a foreclosure proceeding involving the 17 units and 20 deeded parking spaces still unsold at the project. Since then, foreclosure suits have been filed against at least 17 of the previously-sold units. Fifteen of those suits are still pending, the longest running of which traces back nearly 3 years, to March of 2009.
Five units are currently for sale at Morgan Street Lofts:
Unit 209, a bank-owned 1-bedroom that sold for $185,000 in February of 2007, and went into foreclosure last January, is offered at $126,500.
The 2-bedroom, bath-and-a-half Unit 402 came on the market in November of 2010 for $260,000, $6,000 more than it sold for in March of 2007. After a series of price drops, and a foreclosure filing last June, it's listed as a short sale at $129,900.
Unit 508, purchased in June of 2007 for $258,500, went into foreclosure in August of last year. The 1-bedroom plus den unit is asking $75,000 as a short sale.
Unit 601, a 2-bedroom, 2-bath, never sold and is one of the 17 units acquired following Cole Taylor's foreclosure. It's currently listed at $139,000.
Unit 607, a bank-owned 1-bedroom plus den that sold for $239,500 in May of 2007, is listed for $114,900.
In the September 2007 video above YoChicago toured a penthouse unit, then priced in the $460s, on the 7th floor of what was routinely described as a 6-story building.