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It’s been four years since marketing began at Edgewater’s Catalpa Gardens project at 1122 W Catalpa Ave, yet 61 of it units were still on the market as of early July. Now developer Charles Cornelius has pretty much dropped the bottom out of the prices for his remaining homes, some of which have been reduced as much as 55 percent.
I found 11 Catalpa Gardens condos on the MLS this morning: one-bedroom / one-baths priced from the $110s to $160s, two-bedroom / one-baths in the $190s, two-bedroom / 1.5-baths in the $210s, and two-bedroom / two-baths from the $190s to $280s. Spaces in the heated parking garage have also been reduced to $15,000.
The 126-unit development was named Chicago’s best new mid-rise by New Homes Magazine back in 2005.
Jameson Real Estate’s Sandra Farrell said the developer is pursing approval for FHA-backed financing, and should know by the end of the month whether Catalpa Gardens will qualify.
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Why am I not surprised that this train wreck of a building is having trouble selling?
Why is this building a “train wreck”? Is there construction issues? I have not been in to inspect the condition or construction of the building. If no issues, the two bedroom, two bath units with parking for the $250s look good to me.
Oh, I think that some people in the area felt it was too dense and also didn’t like the color.
This building has had issues like any new building. But we been here and it’s great. We got in at the very beginning so these price drops while not what you want to see as an owner are still reasonable and this building has everything. A park like setting on the roof and a great party room on the top floor.
Anyway, Train wreck, I think not. The people owners and tenants have a very nice community here.
which one is a better deal? The clarovista or this one?
Both Catalpa and Clarovista are excellent examples of transit-oriented development: Medium rise buildings immediately adjacent to a rapid transit station. In spite of the short-run problems due to the recession, they should do well in the long run.
my brother is closing on a place there but there is an issue with the lintel above the slide doors to the balcony. has anyone else had a problem with this?
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