Google says a lot of readers have been coming here in search of news on Catalpa Gardens, that big homage to IKEA stores and Chicago Cards looming over the Red Line in Edgewater. I think I know why — the place appears to be riddled with short sales.
Of the 12 units currently listed at Catalpa Gardens, 1122 W Catalpa Ave, ten are designated as short sales. Not every listing includes old sale information, but those that do all have current list prices 44 to 64 percent off their 2007, 2008, and 2009 sale prices. And yes, Jameson is still marketing developer units in this place — two 1,397 square-foot two-bedrooms are currently listed in the $250s.
Homes are still moving at the development, both from Jameson’s inventory and among resales. There’ve been at least 15 sales at Catalpa Gardens in the past six months, one-bedrooms going from the $130s to $160s and two-bedrooms from the $200s to $280s, with an overall median just under $240,000.
The project, developed by William Lockhart, Charles Cornelius, and Reza Toulabi, and designed by Thomas Green of Greene and Proppe Design, comprised 126 homes divided into three connected towers. Sales launched in 2004, with base prices from the $150s to $230s for its six one-bedroom tiers and the $250s to $360s for its 12 two-bedroom tiers.
Homes were designed with private balconies and garden terraces, hardwood floors, fireplaces, granite countertops, and maple cabinetry. Amenities include a party room, dog walk, exercise room, and sun decks, all located on the rooftop. Catalpa Gardens often was touted as a transit-oriented development, due to its location along the Red Line elevated tracks and less than a block south of CTA’s Bryn Mawr station.
IF I lived here… I would be praying for the day when they put through a special assessment to have the building repainted. I imagine it would probably help sales as well since this place is an eyesore from the outside.
I often take the CTA Red Line north to Evanston and also go by this building quite a bit in my day to day real estate dealings. I don’t mind the look of this building and from the photos (and from my experience) the two bedroom, two bath units looked pretty nice in general from a layout and finish standpoint.
However, does anyone know how the condo association is doing? Since I have not had a client interested in the building as of yet, I’ve had no reason to look into it. With 15 sales in the last 6 months, it can’t be a disaster situation right?
i don’t mind the use of color, i actually thought it would be more vibrant after they talked up the use of color on the facade before construction.
it would liven things up here if people would stucco some of the brick (the common brick on sides of bldgs @ least) & paint it.
this building though needs some editing (change the color scheme a little & less boxing of colors). i think they just painted the cinder blocks & didn’t even stucco the exterior.
This building is a disaster. Everything the neighborhood was promised by the developer fell off the plans when it went down to the Department of buildings. The neighborhood was promised noise absorbing tiles on the side of the building facing the EL tracks. Instead we got painted cinderblocks. We were promised vines and greenery along the sides of the building and on the plaza and roof. Nothing. I’ve looked at units in the building. They are nice, but the ceilings are poured concrete. Looks cheap. Supposed to look “lofty”. Instead it looks like a cave. Units on the plaza (3rd floor) flood because of the poor drainage. I hope the developer is kicking in his share of the condo-assessments for all the unsold units he still retains. Otherwise this building will be nothing but a sinking ship
Catalpa Gardens has been troubled for at least a year now. When the developers, facing sluggish sales, decided to dramatically chop prices last year, they cut the legs out from under the dozens of owners who had previously bought condos there. Naturally a wave of short sales (and probably foreclosures) will follow!
In fact, I wrote about the brewing troubles at Catalpa Gardens last year on my HomeToChicago blog…see post at http://hometochicago.com/2009/12/12/trouble-at-catalpa-gardens-short-sales-and-price-cuts-plague-edgewater-condos/
I’m advising my buyers to steer clear of this development and other buildings that offer major price reductions after already selling to a substantial number of buyers. While the new buyers may think they’re getting a great deal, they are actually buying into an unstable building that’s a ticking time bomb.
I love the colors of this building. Feel free to live in your gray, drab, soviet bloc high rises on Sheridan. I feel this is one of the most unique buildings in Chicago. Like the first poster said – “IF I lived here…” – thankfully you don’t… If you don’t like the color, don’t live here. I don’t get why people would want another gray or brown monolith in the neighborhood.
This building is anything but a disaster – the tenants are friendly and the community is vibrant. To answer the question above, the building has a competent board in place and the property management has been excellent. The units are gorgeous and spacious and the concrete ceilings are a nice touch.
I would think that the short sales would be expected? The building was completed at the height of the real estate boom. The units were ridiculously expensive – obviously the market is adjusting and the discounts put them more in line with their actual value in the current market.