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2BD, 2BA in McKinley Park Lofts for Less Than $100,000

Exactly $100 less than $100,000, that is. If you're a condo owner in the McKinley Park Lofts looking to test the resale market, don't expect much return on investment. Earlier this week, Joe Askins at YoChicago reported that two units that were sold in the building last year sold for 77% and 46% below their '07 sale prices. Here's another one that appears to be headed for the same territory. This 1,190-square-foot condo sold for $243,000 in 2006 ($204 per square foot) — not a horrible deal for a new-construction condo, but that was a different market, and it was before the auction. Now, unit 111 is back on the market, and after a couple of price reductions, it's listed at $99,900 ($84 per square foot), the lowest price per square foot in the building. Parking is an extra $15,000, but even with that included, it's still below $100 per square foot.
· Listing: 2323 W. Pershing Rd. Unit: 111 [Realtor.com]