Sellers at Rainbo Village aren’t looking for pots of gold. The only prize at the end of their Rainbo experience will be the relief of moving on.
All four units for sale in the new-ish mid-rise at 4814 N Clark St in Uptown are listed well below their original 2008 sale prices. They are:
Unit #402 (under contract): One-bedroom / one-bath, listed for $119,000. On the market 114 days. Originally listed for $179,000. Sold in June 2008 for $245,000. 2008 taxes, $3,333; assessments, $178.
Unit #501: Two-bedroom / two-bath, listed for $189,900. On the market 296 days. Originally listed for $389,900. Sold in March 2008 for $389,500. 2008 taxes, $6,224; assessments, $275.
Unit #509: Two-bedroom / two-bath, listed for $189,900. On the market 296 days. Originally listed for $389,900. Sold in March 2008 for $400,500. 2008 taxes, $6,223; assessments, $275.
Unit #204: One-bedroom / one-bath, listed for $220,000. On the market 208 days. Originally listed for $310,000. Sold in Feburary 2008 for $304,000. Assessments, $201.
One one-bedroom and three two-bedrooms, all developer-owned units, have sold in the past year. Two were in the same tier as unit #509 mentioned above; each sold in the $250s, one in February 2010 and the other in March 2010.
It’s been two years since Rainbo Village developer Metropolitan Development Enterprises was slapped with a $24.2 million foreclosure suit over the building. The company faced a separate foreclosure suit involving its Lincoln Park West Collection homes in the Old Town Triangle.