A prime DePaul location contributed to the successful sellout of a newly-built six-flat at 2421 N Racine Ave back in 2006 and 2007, at what now seems to be “what were they thinking” prices.
Four-bedroom (two on the lower level), 3-bath duplex down units with 2 garage spaces sold for $825,000 and $842,500. Two-bedroom, 2-bath units on the second floor sold for $540,000 and $550,000. The 2-bedroom, 2-bath units on the third floor came with private roof decks and sold for $625,000 and $632,500.
The three units that have resold since have taken a 20% or greater shave: from $550K in December of 2006 to $440K in August of 2011, from $632.5K in April of 2007 to $500K in June of 2009, and from $625K in February of 2007 to $485K in June of 2009.
As painful as these price drops may seem, they’re modest compared to the value destruction in less attractive neighborhoods.