Sellers still feeling the pain at McKinley Park Lofts

We’ve written about McKinley Park Lofts off and on for over 7 years, beginning in February of 2005, and most recently in January of last year, when we reported that:

Times are tough at McKinley Park Lofts. Two of the three units that closed there last year sold for 77% and 46% below their 2007 sale prices. (The third, interestingly enough, sold for $199,000 in July 2010, after being purchased in January 2009 for $133,500.)

Six of the seven lofts currently listed for sale in the building are priced almost $80,500 below their 2006 sale prices, on average. The units range in size from a 650 square-foot one-bedroom / one-bath to a 1,320 square-foot three-bedroom / two-bath, and are priced from $79,900 to $200,000. They’ve been on the market anywhere from 17 to 338 days, and 139 on average.

The seventh home, a 1,360 square-foot two-bedroom, is listed for $219,900, $62,400 more than its May 2009 sale price. It returned to the market 165 days ago at a price of $229,500.

That seventh home didn’t resell, and was delisted in November of last year.

Conditions for sellers don’t appear to have improved since last January. Unit 340, a 3-bedroom, 2-bath that sold for $293,500 in November of 2006, and went into foreclosure two years ago, is currently listed at $140,000. Unit 111, a 2-bedroom, 2-bath that was purchased for $243,000 in December of 2006 is on the market for $99,900. The most recent sale we could track, a 1-bedroom that sold for $149,000 in August of 2006, was resold on February 27 for $44,900.

McKinley Park Lofts, at 2323 W Pershing Rd, is in the Back of the Yards neighborhood, across the street from McKinley Park and just east of the Brighton Park neighborhood, the site of several developments that we covered years ago. I’ll be heading down there later today for an updated look at how they’ve fared recently.

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