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.