The Burr Ridge Village Center, which bills itself as a "mixed-use outdoor lifestyle center," has attracted an enviable roster of retailers, restaurants and services. A major draw has been its location at a major interchange off the Stevenson Expy (I-55) near its intersection with the Tri-State Tollway (I-294).
The economic downturn has had more of an impact on the condominiums at the Village Center, where sales have been slow for the past several years. Sixty-seven of the original 193 units are still available for purchase, in addition to a number of resales, one of which is approaching 1,000 days on the market.
The developer recently slashed prices in a bid to spur sales and, according to Burr Ridge Patch, has seen increased activity as a result.
Cuts on the "luxury condominiums" were typically about 20%. Unit 203, for example, a 2-bedroom, 2 ½ bath plus den was reduced from $505,900 to $399,900. Unit 111, one of the "estate condominiums," saw its price cut from $715,900 to $569,900.