Quote of the day – Chicago’s affordable hosing program

We first wrote about Madison Estates, a development in the 2200 block of West Madison on Chicago’s Near West Side, back in January of 2007 – a different era.

The listing copy for Unit 102 at 2240 W Madison invites buyers to “be one with your environment” and notes that they must qualify under the “city’s affordable hosing program.” The list price of the 2-bedroom, 1-bath unit is $75,000 although the listing copy says $139.9K, down from the nearly $300K original prices.

Was “hosing” a typo or just a broker being brutally honest?

If you look at the sales history of units in the complex it’s clear that the buyers got hosed. Unit 5 at 2237 W Madison, for example, sold for $654,000 in 2007, went through a foreclosure, and was last listed at $269,000 before going under contract.

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