East Lake Shore Drive foreclosure a “once-in-a-lifetime thing”

Dennis Rodkin has the dirt on the “first modern-day foreclosure” to hit East Lake Shore Drive: a 3,800 square-foot condo in the street’s only condo building, The Mayfair. The second-floor three-bedroom had been listed as a regular sale for as much as $2.99 million in 2009, and returned to the market in September as a foreclosure, priced at $2.19 million. It sold this month for $1.9 million.

Last year, Joe Zekas toured unit 7E at The Mayfair with Realtors Joanne Nemerovski and Fran Fryman. (You can watch their tour below.) The home, which is in the same tier as the foreclosed home, recently sold for $2.62 million. Says Rodkin: “That seventh-floor condo, which was sold conventionally, does not have a terrace like this one (the foreclosed unit), which suggests that this condo would be worth considerably more than $2.62 million on the conventional market.”

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