Buyers bite on Ontario Place’s distressed homes

Ontario Place, ChicagoNo building in the 60611 ZIP code saw more sales last quarter than Ontario Place, the 469-unit high-rise at 10 E Ontario St. Records at Redfin and Blockshopper show 17 closings in the high-rise between January 1 and March 31, at prices ranging from $129,000, for a 765 square-foot one-bedroom, to $295,000, for a 1,390 square-foot two-bedroom.

Dig into the sales histories of any of these buildings and you’ll see why they’re so attractive. Everything — and I mean everything — is selling for cheap, at least compared to what the sellers paid. Every unit closed at least 48% below its prior sales price; the average price drop was 55%.

With 18 units under contract right now, you can expect to see another big quarter at the building. In fact, the building’s pretty well picked over for the time being — just three units are available right now.

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