Lender-owned Bridgeport condo asking $21K over 2007 price

Five years ago, when we first checked on sales at Bridgeport Condominiums, 3450 S Halsted St, we were informed that the project was “about 50% sold” and the remaining 1- and 2-bedroom units were priced from the $240s.

Two months later Chicago Magazine’s Dennis Rodkin touted the development “as a clear sign that this once blue-collar neighborhood is in the midst of a significant transformation.”

Sixteen months later, in July of 2008, we were told that 30% of the units had been sold and were given the explanation that “permits were delayed, and many buyers couldn’t wait. It’s very common in this area.” What’s very uncommon is for developers to allow buyers to walk away from contracts under those circumstances.

A week later a knowledgeable source unrelated to the development told me that fewer than 20% of the units had closed and no contracts were pending.

The project held a grand opening party in January of 2009, at which time prices were starting in the $170s, and a new sales team informed us that only 18 of the 67 units had closed. That number, based on a current review, was accurate!

Our most recent update on sales was in July of 2009 when yet another new sales team cannily told our reporter that “more than 30” units were still available for sale. “More than 40” would have been an equally accurate statement.

The rising and falling sales numbers are typical of what we’ve seen and reported on in the past.

A highly atypical resale recently came on the market at Bridgeport Condominiums. Unit 407, a 931 square foot 1-bedroom, 1 ½ bath sold for $165,000 in November of 2007. It went into foreclosure in November of 2010 and was deeded to Fannie Mae at the end of last year.

The unit recently came on the market with an asking price of $186,000, and approval for a HomePath mortgage and HomePath renovation financing. The listing says the unit is “across the street from Sox Park,” and we’ll concede the technical accuracy of that statement. It is on the other side of 35th Street from Sox Park, which is six-tenths of a mile distant.

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