Foreclosed Humboldt Park Condos On Market, Under Market Price
PROJECT GIVEAWAY: Developer passes along savings reaped in townhouse-unit deal
HUMBOLDT PARK $429,000 to $439,000
The developer of eight townhouse condo units at 1748–50 North Campbell Avenue had finished the project before losing it in foreclosure in 2009. The investors who bought it at a distressed price in late 2010 “only had to clean up and decorate the model,” says Bob Kohler, an agent at Coldwell Banker’s Matt Garrison Group, which is selling the homes. “There’s absolutely nothing wrong with the units. Our guys came in with all their inspectors and went over everything.”
The four-level homes came back on the market in early February, offered at about 25 percent below what the original developer wanted. “Our math was to price them 10 percent below the neighborhood’s comparable sales,” Kohler says. The investors, a limited liability company, are asking $439,000 for corner units and $429,000 for interior units. Only the four northern units are for sale now; the four southern units will go on the market after those sell, Kohler says. All the condos have two balconies, a two-car garage, three bedrooms, and two full and two partial bathrooms.
Photograph: Dennis Rodkin