Exactly five years ago today we reported that only one unit remained available for sale at The Edison Grand, a 15-unit condo at 711 W Grand Ave in the Fulton River District. It was one of the rare occasions when the information proved to be accurate.
At the time, the unsold 2-bedroom, 2-bath unit was priced in the $520s plus $25,000 for parking. It eventually sold a year later for $465,000, parking included.
The only active listing in the building is under contract. It was listed at $410,000 plus $35,500 for parking. That unit was purchased in August of 2007 for $384,500, parking included.
Units in The Edison Grand have held their value relatively well, and several of the original purchasers were able to resell at a profit. The largest price drop on a resale was approximately 10 percent.
The building is within half a block of the CTA Blue Line stop at Halsted and Grand, and a few minutes’ walk from a dozen bars and restaurants. The Grand Avenue bus line provides easy access to River North and Streeterville, and the Halsted bus puts Greek Town and the West Loop a few minutes away.
The success of the K Station apartments, and the recent opening of nearly 500 apartments K2 at K Station, is likely to spur increased commercial development in the neighborhood.