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Short Sale Brings This Gut-Rehab $120K Below '07 Sale Price

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[Photo via YoChicago.com]

A few years ago, the stretch of Armitage Avenue west of Western was rife with gut-rehab condo conversions and even a couple new-construction developments. This one, originally billed as the "Flats of Armitage," is a 15-unit conversion of a 1919 apartment building that was completed at some point in 2007. (The above photo was taken in 2006, before Smart Bike Parts moved into the retail space.) The owner of unit #3, a 2BD, 1.5BA closed for $227,000 in November 2007, and it came back on the market in April for $200,000. Five price chops later, and it's listed for less than half the '07 sale price, at an even $100,000. Sure, the removal of the cornice detracts from the street appeal of the building, but that's a pretty decent price for a newish condo.
· Listing: 3031 W Armitage #3 [Redfin]
· Flats continues construction trend along Armitage Avenue [YoChicago]