Cry out from your cubicle if you recall the golden days of the 2016 Olympic bid. Washington Park was to be a primary hub of sporting activity—chosen for the 95,000-seat Olympic Stadium— and a real estate fever descended on any and all adjacent properties— after all, who wouldn't want to live beside a construction zone and the eventual slathering mass of tourists? Sane or not, prices skyrocketed in the immediate area, and this handsome Georgian mini-mansion became a case study in how not to price real estate. One homeowner made out like a bandit along the way, purchasing the 7/5.5 home for $530K in 2006 and selling in 2008 at the peak of hysteria for $1.15M. Then foreclosure proceedings began, and the new owner scrambled for a sale of their own, unsuccessfully. Listed as high as $1.299M, the ask was punished again and again, until it reached $549K by last September. And that's exactly where the sale closed last week. Take one last look at the prize, well worth a half-mil if not much more.
·Where the Sheep Used to Graze and The Games Never Came [Curbed Chicago]
·Washington Park Mansion No Longer Going For The Gold [Curbed Chicago]
·Listing: 5228 S King Drive [Keller Williams]