Five years ago we were reporting on Roscoe Flats, an 18-unit new construction condo development at 3028 W Roscoe in Avondale.
A model that was attributed to Nate Berkus was one of the attractions at the development, where 12 2-bedroom, 2-bath units were still available for purchase at prices ranging from the $280s the $370s.
All of the units in the development did eventually sell. Roscoe Flats has been stable since, with only one unit in the project going into foreclosure.
Resale prices, however, have fallen sharply. One resale in 2009 was less than 10% under its original purchase price, but sales that closed late last year haven’t fared so well. Unit 305, acquired for $319,000 in July of 2008, sold for $225,000 and Unit 405 went from $341,000 in December of 2007 to $221,000 following a foreclosure.
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