Oak Brook's tower of price-reduction terror

You don't have to go to Disney World to get that feeling of uncontrollable plummeting at a Tower of Terror.

Just take a look at what's been happening to prices at The Tower condominiums, 40 N Tower Rd in Oak Brook.

Unit 11K, a one-bedroom that sold for $164,500 in 2006 has been on and off the market for two and a half years, and is currently priced at $88,300, a 46% drop.

Another one-bedroom, Unit 9C, sold for $130,000 in 2006. The asking price is down 42% below that level, to $74,900, the same price as Unit 4B.

Some of the two-bedroom units at The Tower appear to be doing a bit better. Unit 6M, a corner with 2 baths, sold for $180,000 in 2003 and is now listed at $168,000. But that unit is competing with Unit 5N, priced at $128,000, 16% below the 2003 price. That's a mere $112 above the price of the one-bedroom Unit 14L, which sold for $165,000 in 2007.

Would you take a one-bedroom on a high-floor for essentially the same price as a two-bedroom on a lower floor? Are the Oak Brook views that good?

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