Chicago Housing Market: $4.6 million home in foreclosure?
Slowly, the foreclosure lists are starting to reflect stresses in all markets in the Chicago area.
Last week there was a $1.3 million foreclosure in Hinsdale on Hickory.
According to the Chicago Tribune, on September 11 the sheriff is auctioning off a multi-million dollar Lincoln Park home.
2440 N. Orchard St.:
- Sheriff Sale for: $1,325,655
- Last sold in July 2006 for: $1,450,000
- Currently listed for $4.6 million
From the listing:
FANTASTIC 9,400SF MASONRY HOME ON EXTRA-WIDE LOT (37.5′ X 125) IN HEART OF LINCOLN PARK. 5 LEVELS OF LIVING, WITH 1, 500SF 3RD FLOOR MASTER SUITE, 6 TERRACES/DECKS, STATE-OF-THE ART TECH, CUSTOM CABINETS, RADIANT HEAT, SPRINKLER SYS, SNOW MELT, 800SF PENTHOUSE W/ WRAP AROUND DECK, WINE CELLAR, 4 BRS ON 2ND FLOOR, SEP REC ROOM AND MEDIA ROOM, 2 LAUNDRYS, CHEF’S KITCHEN, BUTLER’S PANTRY, WATERWORKS TILE & FIXTURES
This was an older apartment building that was purchased last year to make way for the new McMansion. How long can these McMansion developers hold on? That’s the question, right?
Obviously, this developer couldn’t hold on long enough.
Stunning foreclosure.