First, the facts. Prices in this real estate development were slashed about 30%. The E unit, which was featured in the video on YoChicago, was originally listed at $700K and finally went under contract when listed at $500K. For that price you get 4 bedrooms, 4 baths, in 2900 sq ft, a 2 car garage, and parking for about 60 railcars (sorry, Joe…couldn’t resist). Compare this to the 2300 sq ft developer owned, highly upgraded, and fully furnished townhome for sale in University Village for $790K (but I think that one is overpriced). So I guess the answer to my question from the earlier post is “Yes, a new marketing strategy can sell a bad location”.
Speaking of which…I don’t think I misunderstood anything. The location speaks for itself. However, I will say that just the other day I spoke to someone who had considered Union Row and, while he was turned off by the location, his wife was really attracted to that park that I had never noticed before.
In conclusion: at the right price….
Gary says:
1. I don’t think I misunderstood anything.
2. I never noticed the park that’s essentially across the street.
One of the buyers, Gary, was a retired railroad engineer who saw the proximity of the tracks as a plus. Brokers need to understand that not everyone sees things the same way they do.
As I’ve pointed out before, that park is behind industrial buildings and other lots. And I included that story of the couple considering the development as a concession.
Personally, I think the location is awful and would never consider living there. I think a lot of people feel the same way, hence the extreme difficulty of selling these places at prices commensurate with similarly-sized units not (1) in the shadow of a giant expressway (2) right next to noisy tracks and (3) in a wasteland of industrial/transportation spaces that will never get better.
WestLooper,
A wasteland that will never get better? Several dozen buyers at Union Row don’t agree. Have you ever walked the neighborhood?