Catalpa Gardens: Short sale central?

Catalpa Gardens

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.

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