A round of major price reductions resulted in just 17 new sales at the 15-story, 141-unit Mondial high-rise this year, so expect to see even more cuts in the near future, says Crain’s. Five more sales, and the building will qualify for Fannie Mae and Freddie Mac mortgage programs; it’s already approved for FHA-backed loans.
Among the homes that are moving are Mondial’s “lofts” – studio units with less than 700 square feet — which might explain why two of the three homes @properties has on the MLS right now are in those tiers. The 686 square-foot unit 606 (above left) is priced at $189,900; an identical home two floors up sold earlier this year for $212,500. The 676 square-foot unit 1006 (above right) is priced at $205,900. Other lofts of similar sizes have already closed from $201,000, or $239 a square foot, to $230,000, or $344 a square foot.
The only other active listing has no comparable sale: it’s a 2,725 square-foot four-bedroom (one of only two four-bedrooms in the entire building), with a 2,736 square-foot, south-facing deck, priced at $1.16 million. It’s an odd unit — a kind of dual split floor plan, with a suite and a smaller bedroom bookending each side of the main living area, and a front door that seemingly enters directly into the kitchen. Four-bedrooms aren’t really selling in the 60642 ZIP code right now, nor is anything priced above $1 million, but @properties must believe there’s a special buyer waiting for it somewhere, because they added it to the MLS just 10 days ago.