Another chapter in the Eastgate Village debacle

Eastgate Village, like a number of developments affiliated with the politically-connected New West Realty, has seen its share of troubles. When we last wrote about the Bronzeville project, back in September of 2009, New West was implementing substantial price cuts.

Those price cuts weren’t enough to move 26 of the units, which have been sold in a bulk deal for $4.1 million, two-thirds below their original asking prices.

Some of the early buyers in the troubled project haven’t fared well either. A 4-level townhome townhome at 2519 S Calumet Ave that sold for $607,000, subject to a $417,000 mortgage, is currently in foreclosure and listed as a short sale at $339,000. Real estate taxes on the unit are listed at $9,590.

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