If our readers remember a January 2007 post about 2200 Madison at all, they probably remember it for all the wrong reasons. Commenters spent as much time double-checking neighborhood boundaries and hyperlinks as they did discussing the project. So for the sake of everyone involved, let’s recap the facts about this development and pray for a little more accuracy.
Back in early ’07, Tricia Fox (then of Keller Williams Gold Coast Realtors, now the owner of Sudler Sotheby’s International Realty) was trying to sell 80 new condos along the 2200 block of West Madison Street on the Near West Side, in an area Fox herself described as “a bit of a no-man’s land.”
Developers John Luce and Bill Sipowicz planned to build approximately 80 condos across the street from their 18 new townhouses. The two- and three-bedroom condos were priced from the $290s to the $530s, while the two-bedroom townhouses were selling in the $470s. (All of the project’s three-bedroom townhouses were under contract at that time.)
Flash forward to present day. D’Aprile Realty is trying its hand at selling these condos, all at significantly lower prices. The two-bedrooms, which start at approximately 930 square feet, now start in the $250s, while the three-bedrooms, some of which are as large as 2,000 square feet, top out in the $360s, according to D’Aprile sales agent Katie Hardiman. All 33 units from the first phase of condo construction are still for sale, according to D’Aprile’s Web site.
Most of 2200 Madison’s townhouses did sell during the past year and a half (they’ve gone off the market, at least), but the two that remain are three-bedrooms, not two-bedrooms. Both are listed for well below the old prices of their two-bedroom counterparts – a three-bedroom / 2.5 bath with 1,900 square feet is priced in the $370s, and a three-bedroom / 3.5-bath with 2,000 square feet is selling in the $390s, Hardiman says.
None of our readers seemed all that thrilled about what passed for neighborhood amenities at the time – a nearby Walgreens and a proposed Aldi – and it doesn’t look like much has changed in the past 18 months or so. So what’s the draw, Yo readers? Will reductions of $40,000 to $170,000 make a bit of difference in this neighborhood?
– Rate and review 2200 Madison at NewHomeNotebook.com.