Five years ago today our “deal of the day” spotlighted Lincoln Crossing, a 35-unit condo development at 5588 N Lincoln Ave in the Budlong Woods neighborhood of Lincoln Square.
The developer was offering $20,000 discounts on one-bedrooms priced from the $260s and $30,000 discounts on 2-bedroom, 2-bath units starting at $357,900. In November of 2007 we reported that 2/2 units were starting at $309,900.
Fast forward to a month ago and a 2-bedroom, 2-bath unit in the foreclosure-plagued development closed for $150,000. Other 2/2 units have seen similar price declines. Unit 404, which had been listed for $427,750, sold for $150,000 in December of 2010. Unit 301 closed two weeks ago for $151,000. Unit 201 closed last September for $156,000. And so on.
If you’re doing a rent-vs-own calculation, you’ll probably find that the numbers favor ownership at current prices, even with a minimal down payment.