West suburbsForest Park

Blood near the tracks in Forest Park

by Joe Zekas on 2/3/11

The Residences at The Grove was a quality development from a top-notch builder in a location steps from the CTA Blue Line in Forest Park. You can meet the developer in the above 2007 video, and see more of the development in this video with his daughter, Kendall.

A 2,246 square foot 2-bedroom, 2 ½ bath townhome at 528 Grove Ln sold for $444,500 in June 2007. It was listed last July at $325,000 and is now offered as a short sale for $199,900.

613 Grove Ln is a 1,903 square foot 2-bedroom, 2 ½ bath townhome that sold for $380,500 in October 2006. It was listed for sale last June at $359,900 and is currently asking $249,900 as a short sale.

The severity of these price drops in a development like this is pretty shocking. The asking prices are likely to be well below replacement cost.

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{ 1 comment… read it below or add one }

Ryan February 3, 2011 at 2:16 PM

Not too shocking to me because these types of developments fall under “condominium” rules of Freddie/Fannie’s stricter guidelines, so financing a sale in this type of property is basically impossible unless all the conforming boxes are checked…

These properties would most likely sell for much more if there was liquidity in the non-GSE lending environment. This looks like a really nice development…

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