As soon as I read this article I thought; ‘I can’t believe this, foreclosed properties are reselling at $429,000! Supposedly at a 10% discount! These condos are still WAY out of the price range of a regular Humboldt Park resident. I thought the economy was bad? Am I off, or are they? Sound off or post your comments on our Humboldt Park Portal facebook page or our Portal twitter feed and let us know what you think!

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.