A couple weeks ago, Eric predicted a quick sale for a decked-out single-family at Edgebrook Glen, but given the home’s huge discount and level of finish, that was probably an easy bet. I didn’t have as much of a feel for the deal in place for three bank-owned condos at 1919 W Crystal St, a nine-unit building designed by Studio Dwell, but at his blog Eric said “a buyer can come in here and finance a good deal without much issue.”
One, a two-bedroom / two-bath duplex-up listed in the $480s, was already under contract when Eric published his post, and he expected the other two units, both 2,125 square-foot duplex-downs with three bedrooms and two baths, would “sell early this spring due to their perceived discount.”
Guess what? Everything was under contract by Thursday, the 20th day these homes had been on the market as REOs.
The median price of a condo under contract or pending sale in Wicker Park is in the $340s, and the median sale price over the past six months is in the $330s. The average list time for a condo currently for sale in the neighborhood is 131 days.
People want easy REO deals. They are rare, but everyone wants “that”.
Thanks for the info! I think CC had the post on the bank owned units.
David,
Yes, CC had an early post when these came back as REOs. I did a post with a couple photos suggesting they would sell quickly now at the new price and as REOs (I had taken clients there when they were higher priced).
My point was when “clean” REO properties come on that allow financing, people come running.
Agreed!!