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South Loop Short Sale for Half of 2006 Sale Price

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This is an example of either someone overpaying for a condo at the height of the market or a good deal in today's market — or maybe both. Between 1720 Michigan and this building, 1620 Michigan, CMK Properties added hundreds of small and mid-size condos to the South Loop a couple years ago, and they sold pretty well. A buyer dropped $317,000 on this 800 square-foot 2BD, 1BA in 1620 Michigan in late 2006. Now, it's back on the market as a short sale, and after 31 (!) price reductions — some as small as $100 — the place is currently priced at $160,000. Like many places in these Brininstool & Lynch-designed buildings, the second bedroom has a partial-height wall, and parking is not included.
· 1620 S Michigan Ave #1217 [Redfin]