Silly price reductions on an Eastgate Village townhome

We last wrote about Eastgate Village, a troubled townhome / condo development on the Near South Side, back in October of 2011. At the time, 26 units were slated for auction. Those units had previously been the subject of a bulk purchase at a third of their original prices.

A 3-bedroom, 3-bath, 4-level townhome in the development, at 341 E 25th St, was listed for sale 3 weeks ago at $315,000. The price has been reduced twice, $100 at a time, and now stands at $314,800. A similar unit sold several years ago for $607,000, and went into foreclosure fairly quickly.

The home has excellent access to Mercy Hospital, McCormick Place, a busy McDonald’s, and a balcony overlooking the Stevenson Expressway – but everything sells when the price is right. How many $100 cuts will it take for this unit to arrive at the right price?

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