ChicagoSouth Side

Silly price reductions on an Eastgate Village townhome

by Joe Zekas on 3/6/13

We last wrote about Eastgate Village, a troubled townhome / condo development on the Near South Side, back in October of 2011. At the time, 26 units were slated for auction. Those units had previously been the subject of a bulk purchase at a third of their original prices.

A 3-bedroom, 3-bath, 4-level townhome in the development, at 341 E 25th St, was listed for sale 3 weeks ago at $315,000. The price has been reduced twice, $100 at a time, and now stands at $314,800. A similar unit sold several years ago for $607,000, and went into foreclosure fairly quickly.

The home has excellent access to Mercy Hospital, McCormick Place, a busy McDonald’s, and a balcony overlooking the Stevenson Expressway – but everything sells when the price is right. How many $100 cuts will it take for this unit to arrive at the right price?

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{ 7 comments… read them below or add one }

the urban politician March 6, 2013 at 2:44 PM

A good view of McDonald’s and a balcony overlooking the Stevenson Expressway?

Joe, I sense a tone of mockery..

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carmelcutie March 6, 2013 at 3:08 PM

That is still a ridiculoous price my guess it would have to be around $180K and I’m being very optumistic.

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SheridanB March 6, 2013 at 5:14 PM

It’s karma from Keck & Keck for demolishing Prairie Courts (though not exactly on this site – or was it?).

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Joe Zekas March 6, 2013 at 5:31 PM

SheridanB,

Close to this site – Prairie Courts ran south of 26th St between King and Prairie.

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SheridanB March 8, 2013 at 4:08 PM

Yeah, I think they were just to the south. That was the best of their CHA work, the senior buildings they did were totally unexceptional.

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carmelcutie March 6, 2013 at 7:58 PM

I always thought the design of the townhomes were hideous to begin with. The developers should have tried to fit in with the beautiful fascade of this historic boulevard and not clash with it. This is a prime location they could have done so much better.

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chiKagoNupe March 8, 2013 at 4:42 PM

I actually looked at this unit. It’s really 2 bedrooms (was listed as such back then) and was “only” $305,000. It is now listed by a different agent for a higher amount. Maybe they thought that the spring would bring greater fools.

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