Suburban Chicago condo prices have taken a beating over the past 5 years. Prices have fallen as much as 50% or more in many condo complexes and many units have languished on the market for years. Are they now at a level that buyers are willing to consider bargains?
Unit 6E at 1110 Grove St in Downers Grove, for example, sold for $254.500 in 2006. It languished on the market for two years, undergoing a series of price cuts before finally selling for $140,000 in March of 2010.
The 2-bedroom, 2-bath top-floor unit – agents have taken to calling them penthouses – is back on the market as a genuine new listing following a rehab, and carries an asking price of $168,000, one-third below its 2006 acquisition price.
The unit's pluses include a stylish makeover, fairly generous room sizes, a large balcony and a walk-to-train location.
Filed under: Real Estate