More than six years ago I wandered into a “developer close-out” party at Dover Courts, 4601-17 N Dover in the Sheridan Park neighborhood in Uptown. At the time, the 64-unit double-courtyard condominium was said to be 70% sold. A 3-bedroom was being offered at $344,900. One-bedrooms started at $184,900 and all the two-bedrooms were reported to have been sold.
The mostly-young buyers and prospects were in a party mood and having a good time. Years later the party’s aftermath was a lot of bad hangovers.
One-bedroom apartments resulted in the biggest headaches. Unit 2W at 4613 N Dover was purchased for $180,000 in April of 2008, went through a foreclosure, and resold in February of 2012 for $54,000. Unit 3W went from a $160K purchase to a $55K resale. Unit 1W at 4617 N Dover sold for $206K in February of 2008 and was purchased in March of 2013 for $61,500 following a foreclosure.
Two-bedroom, 1-bath units lost less of their value. Unit 3 at 4607 N Dover sold for $235K in November of 2007, went through a foreclosure, and resold last month for $150K. Unit 2 at 4607 N Dover sold for $238K in March of 2008 and is currently on the market with an asking price of $174,900.
Three-bedroom, 2-bath units suffered the least. Unit 2 at 4601 N Dover sold for $309,500 in March of 2009 and resold for $291K in March of this year. Unit 3 at that address sold for $335K in December of 2007 and $300K in June of last year.
Is it time to party again?