Early last year we posted on the shocking decline in the value of townhomes at The Residences at The Grove in Forest Park. The Focus Development is, as you can see in the above aerial overview, steps from the CTA Blue Line in Forest Park.
Prices at The Grove haven’t recovered. A one-bedroom condo, for example, that sold for $217,000 six years ago is currently on the market as a short sale for $114,900.
Buyers at The Grove apparently aren’t the only ones bleeding money on the project. According to Crain’s Chicago Real Estate Daily, First Merit Bank N.A. has sued the developers to collect on their personal guarantees on the construction loan, claiming an outstanding balance in excess of $11 million. The development venture, according to Crain’s, still owns and rents four townhomes and 38 condos in the 193-unit project.
You can see more of our aerial photos of Chicago at Flickr.