This morning Joe Zekas, writing at Homeward Bound – West Suburbs, likened price cuts at Oak Brook’s Tower Condominiums to the “uncontrollable plummeting at a Tower of Terror.” That’s too good of a term to pass up, so I’m stealing it for a new regular feature on Yo.
Edgewater’s high-rises seemed like a good place to start looking for distress, and it didn’t take me long to zero in on Granville Beach, a 40-year-old high-rise at 6171 N Sheridan Rd. All nine units that sold in there in 2010 went for less than their previous sale prices, and eight of the 11 units currently listed are priced for losses, and dramatically so — anywhere from 25 to 64 percent.
All eight units sold between 2002 and 2007 from $130,000 to $212,000; of them, just two are currently priced in the six digits.
The only homes priced for profit are three studios that sold between 1995 and 1998 for $22,000 to $28,000 apiece; they’re now priced in the mid-$60s.