We last chattered about this 4-bedroom duplex penthouse in the Park Edgewater at 6101 N. Sheridan in Edgewater all the way back in July 2010.
See our prior chatter here.
At that time it was a short sale listed for $799,000.
Over 2 years later, it is still listed and is still a short sale only the price is now down to $399,000.
It is also now under contract. It has been under contract for nearly 5 months.
Built in 1930, the unit has 3 of its 4 bedrooms on the second floor, or duplex up. It also has a sunroom.
The listing says that the kitchen is “original” but that the baths had been renovated to spa caliber.
There is also a sauna and steam room.
The unit doesn’t disappoint in its penthouse status, either, as it has a 3100 square foot private roof deck with views of the city and the lake.
The property has central air and an in-unit washer/dryer.
Parking is available for rent in the building.
A lis pendens was filed on this property in May 2009. That is about 3 1/2 years ago.
And still, the bank has not taken possession of this property.
Are the banks the real problem in this lackluster housing recovery?
A lot of the distressed inventory is sitting on the sidelines for years and years.
Wouldn’t it be better for the entire market to finally move some of these older properties off the books?
Why has this unit, for instance, been listed for sale for years?
Lumi Boldovici at Real Estate International Investment now has the listing. See the pictures here.
Unit #15I: 4 bedrooms, 3 baths, sunroom, 3300 square feet
- Sold in March 1989 for $265,000
- Sold in October 2005 for $675,000
- Lis pendens filed in May 2009
- Was listed in May 2010 as a “short sale” for $799,000
- Reduced numerous times
- Currently listed as a short sale at $399,000
- Under contract
- Assessments now $890 a month (they were $860 a month in May 2010) (includes heat, gas)
- Taxes now $4624 (they were $4257 in May 2010)
- Parking is rental for $150-$250 a month
- Central Air
- Washer/Dryer in the unit
- Private rooftop deck
- Bedroom #1: 20×17 (second floor)
- Bedroom #2: 15×14 (second floor)
- Bedroom #3: 18×11 (second floor)
- Bedroom #4: 11×10 (main floor)
- Sunroom: 18×12