Condo buyers need to do their homework

Just over a year ago I visited the Springfield Vue condominium, a/k/a The Springview, at 1920 N Springfield, on the border of Logan Square and Hermosa. You can see the video from my visit, above.

Every unit in the project has been in foreclosure at least once, and several have made multiple trips to Chancery Division of the Cook County Courts. Four of the 8 units are currently in foreclosure, and one is bank-owned.

Duplex down units have sold for as little as $54,000. A 3-bedroom, 2-bath unit is listed for sale with an asking price of $99,900. After more than 3 months on the market, the agent remarks refer to a “multiple offer situation due Saturday 1/19 at 3 p.m.”

When YoChicago first visited the project, five years ago, the salesperson was relentlessly upbeat despite the fact that the market had pretty definitively crashed by that time. You can see the video from that visit, below.

As the market heats up a bit, buyers need to be acutely aware of the history and current status of any project they’re buying into in the city’s outlying neighborhoods. What appears to be a bargain may not be.

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