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Lakeview East One-Bedroom Feelin' the PriceChopper Pain

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"One bedroom units have been extremely hard hit by the down turn," wrote Eric Rojas, commenting on yesterday's West Loop PriceChopper. "Other than the high-end downtown market, their is little demand for one bedrooms unless you are below rental parity when listing." Here's another massively-reduced 1BD — this time in Lakeview East — to support Eric's assertion. The current owner forked over $215,000 for this 1BD, 1BA in the Metro on Melrose in 2006. Recognizing that it isn't worth near that much anymore, it was listed in May for $179,000, and four price chops in six months have brought it down to its current price of $125,000. Ouch.
· 519 W Melrose St #406 [Redfin]