ChicagoSouth Side

New listings at resurrected condo in Pilsen

by Joe Zekas on 10/16/12

You’ll be just around the corner from Pilsen‘s popular and colorful Nuevo Leon restaurant if you buy one of the recently-listed condos at 1533 W 18th Pl.

The 6-flat building was built in 2008, but only one of the units sold. The remaining five wound up in foreclosure until earlier this year, and three of them have just come on the market.

Unit 1W is a 4-bedroom, 3 bath duplex-down priced at $269,000 with three parking spaces included. Units 2E and 3E have 2 bedrooms and 2 baths, and are priced at $199,000 and $249,000, respectively. All of the units feature the near-mandatory hardwood floors, granite countertops and stainless steel appliances.

Do these prices portend a rebound in Pilsen?

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{ 5 comments… read them below or add one }

the urban politician October 16, 2012 at 12:48 PM

I own a 6 flat just across the street from there, so I will be watching this very closely

Reply

Joe Zekas October 16, 2012 at 3:14 PM

I received the following in an email from a trusted source:

This property sold to an all-cash investor no more than 5 months ago. I was one of the bidders and heard this closed at list ($600,000) for the 5 units remaining.

Those condo exit prices in the $200′s+ are a lot higher than what I was willing to bet on for these condos to trade in this area, but we will see!

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the urban politician October 18, 2012 at 2:45 PM

So they bought 5 condos for about $120k per unit? I’m not sure that is the greatest investment, but it might turn out okay if he/she is willing to wait several more years.

I could think of a lot more to do with $500,000 dollars cash in this city than this.

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the urban politician October 18, 2012 at 3:05 PM

Wait a minute…..

YOU bid on property in Pilsen? You’ve been nothing but bearish on this neighborhood as long as I’ve been reading this website, yet now you are willing to bet your own money on it?

Hmmmm….

Reply

Joe Zekas October 18, 2012 at 5:21 PM

tup,

Read it again – one of our readers bid on the property.

Reply

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