As I scanned condos for sale in Glen Ellyn. a pattern began to emerge: take at least a third off the selling price from 5 years ago. Brutal news for sellers. Is it good news for buyers?
Judging from the length of time that a number of condo units have been on the market at what appear to be bargain prices, buyers are waiting for better news.
A nearly 1,200 square foot 2-bedroom, 2-bath unit at 475 Raintree Ct in Glen Ellyn, for example, has been on the market for 1,235 days. That's coming up on 3 ½ years.
The unit last sold for $154,000 in July of 2005. It's currently listed - after its 7th price reduction last December - for $80,750.
The Raintree complex has a clubhouse and pool, and is within easy walking distance of the College of DuPage.