Terror towers: Selling short at 6030 North Sheridan

6030 N Sheridan Rd, Edgewater, Chicago

We last looked at 6030 North Sheridan in June 2006, when Rick Levin & Associates was preparing a developer closeout auction at the 292-unit building, with one-bedroom condos starting at a suggested opening bid of $125,000. These days, the median price of a one-bedroom in the Edgewater high-rise is less than half that amount: $59,950.

Eleven of the 16 homes available in the building are short sales, according to Redfin. Just four of the 16 are listed at six-figure prices: two one-bedrooms and one two-bedroom priced at $115,000 apiece, and a major outlier, a 2,600 square-foot penthouse with a 1,000 square-foot deck overlooking the lake, priced at $664,000. (A CribChatter post from 2008 says this home sold in April 2003 for $700,000 and was listed in May 2008 for $1.16 million.)

The 16 homes have been on the market anywhere from two to 320 days, with an average market time of 101 days. Twenty-four homes have closed in regular or short sales since February 2009, at prices ranging from $31,000 to $335,000, and a median price of $83,400. Over that same period, nine homes have gone into foreclosure, and seven have sold through bank sales, according to Blockshopper.

Nothing in the building is under contract.

The 262-unit tower was built in 1951 and features a mix of studios, one-bedrooms, and two-bedrooms. Building amenities five years ago included 24-hour door and maintenance staff, valet parking, an exercise room, a convenience store and on-site dry cleaners.

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