It’s been nearly 10 years since we first wrote about Union Lofts in our now-defunct New Homes Magazine. At the time, March of 2002, forty of the 71 units, at 3500 S Sangamon St in Bridgeport, were under contract prior to construction. Paul Marks, one of the developers, was bullish on Bridgeport:
“We strongly believe it’s an up-and-coming neighborhood,” Marks says. “It’s always been a strong community with stable prices, but there has been a lot of price movement there in the last five years. Properties are well kept, and it’s a wonderful place with a strong tradition of homeownership.”
When we next looked in on Union Lofts, in May of 2003, all but 16 of the 71 units had been sold from an on-site sales trailer.
Fast forward to the present, and 20% of the several dozen units we sampled in the project have either been through foreclosure or been liened by the condo association for non-payment of assessments. Several units are currently in foreclosure, and prices have dropped sharply on most of the units that have resold or are listed for sale.
Unit 405, a 980 square foot 1-bedroom, was purchased in 2007 for $232,000 with first and second mortgage financing for 90% of the purchase price. It’s currently listed as a short sale for $90,000. Unit 207 sold for $209,000 in 2004 and resold for $135,000 in December of last year. And so on.
Unit 501, a 2-bedroom, 2-bath sold for $401,000 in 2004 and resold in August of last year for $100,000 following a foreclosure.
One positive note for Union Lofts owners is that their assessed valuations for real estate tax purposes were reduced by approximately 25% for tax years 2010 and 2011, resulting in a reduction in their property tax bills.