A 2-bedroom, 1-bath condo at 2454 W Ardmore Ave in Arcadia Terrace has been serially reduced in price from $119,000 when it was listed in March to $73,000 as of two days ago. It’s a short sale and the listing indicates that the bank had previously approved an $80,000 price.
The unit was purchased in July of 2007 for $190,000 with 90% financing, so the owner would appear to be deeply under water on the mortgage, which is in foreclosure.
Unit G in the building, also a 2-bedroom / 1-bath, was originally purchased for $219,000 in October 2007, went through a foreclosure and sold late last year for $32,000. That pencils out to more than 85% below the original purchase price.
Three other units in the 12-unit property have also been in foreclosure. In July of last year the Chicago Department of Water Management placed a lien on all of the units at the property for nonpayment of water bills. The homeowners’ association has liened at least one unit for nonpayment of assessments.