Underwater sellers at Optima Old Orchard Woods

Glen Town Center, Glenview, Illinois

Optima Old Orchard Woods is seeing some of the sharp price drops that have plagued suburban condo developments in recent years.

There are currently 13 units offered for sale at 9655 Woods Dr, the southernmost building in the complex, and most are priced well below their original purchase price.

Unit 1605 at 9655 Woods Dr sold for $363,500 in August of 2006. The 2-bedroom, 2-bath unit is currently on the market as a short sale for $203,900.

Three one-bedroom, 1 ½ bath units in the building are also being offered as short sales. Unit 504 sold for $309,000 in April of 2006, has been on the market for nearly 700 days, and is currently asking $196,000. One floor down, the seller of Unit 404 is asking $194,900 after just over a year on the market. For $189,900 you can head 10 floors up to Unit 1404, which sold for $318,500 in August of 2006. Unit 1404 has only been on the market for 55 days, and appears to have adopted the “race to the bottom” pricing that you’ll often see when nearly identical units are for sale in a high-rise.

If you’re not up for a short sale, consider a lender-owned 1-bedroom priced at $152,900. It sold for $246,000 in June of 2006.

The developer is offering new units in the northernmost building, with prices starting at $174,640 for 1-bedrooms, $263,760 for 2-bedrooms, and $409,240 for 3-bedrooms.

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