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Price Slashed by $145K on Grand Boulevard "Master-Peace"

In January, when this newer single-family home was priced at $535,000, the listing described it as "a Lincoln Park home for a quarter of the price." The listing copy hasn't changed, but the price recently dropped to $390,000. Does that mean it's now a Lincoln Park home for a fifth of the price? No, because it isn't a Lincoln Park home; it's in Grand Boulevard, and the price is beginning to reflect that. A $145K reduction is a good start, but 3,900-square-foot home could get another visit from the PriceChopper before it sells. As we noted in January, the virtually identical home next door sold for $335,000 after the bank took possession of it in 2007.
· Listing: 4833 S Champlain Ave [Redfin]
· A Lincoln Park "Master-Peace" in Grand Boulevard for $535K [Curbed Chicago]