It’s been nearly seven years since we first looked in on the Village Residences of Old Irving Park. At the time, “urban homes with suburban flair” in the project were priced from the $470s to the $720s and developer Paul Bertsche was telling our reporter that:
(A home) is one of those expenditures that history shows is going to be worth more money every year. Housing is not a luxury item, it is a necessity.
The development included 15 townhomes and 34 single-family homes, 14 of which carried N Kolmar addresses and were bordered on the west by Metra tracks.
Five of those 14 homes went into foreclosure proceedings, two of which are still pending. 3910 N Kolmar sold for $480,500 in December of 2006 and $282,500 in April of this year. 3922 N Kolmar sold for $514,000 in November of 2006 and $305,000 in June of last year. 3942 sold for $485,000 in December of 2006 and $340,000 in April of last year.
History took a different tack than Bertsche predicted.
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