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How Small Is Too Small for a Chicago Home?

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New Yorkers love sharing war stories about the cramped, crappy apartments they've suffered through, but here in the Midwest we like to stretch out, and we tend to take space for granted. Perhaps that's why nobody has claimed this diminutive studio in the Flats on LaSalle since it came back on the market as a short sale in March. Square footage isn't provided in the listing, but the main room is 12' x 11', and it includes a small kitchen, a bathroom and a "large closet," according to the listing. The average size of a home in this building is 325 square feet, and depending on the size of the closet and kitchen, this one could be closer to 200. In July, Crain's reported that a $7.2-million foreclosure suit had been filed against the 250-unit conversion building. According to the article, the developer only managed to sell just 60 percent of the building in five years (with just one sale recorded in 2009). This unit, which sold for $112,500 in 2007, is now listed for just $65,000.
· Listing: 1140 N LaSalle Ave #621 [Redfin]
· Foreclosure suit hits Near North condo conversion [Crain's]