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Short Sale: A Recently Rehabbed Lincoln Park 2BD for Under $250K

In 2007, 12 condos hit the market in the Manor Homes on Belden, an attractive condo conversion in one of Chicago's most quaint and charming neighborhoods. Most of the homes were priced from the $350s to the low $400s, but most of them actually sold in the low and mid $300s. This 2BD, 1BA sold for $364,900 in 2007, and it came back on the market more than a year ago. In April a sale was pending, but it appears to have fallen through, because the place stayed on the market and the price was reduced several times. Last week, the price dropped another $10K, to $243,550. Most of the walls in this unit have exposed brick, and surprisingly, the building has an exercise room, which is rare for a building of its size.
· 540 West Belden Avenue Unit: 2B [Realtor.com]