Elgin real estate -42%
21 October 2008
RS
4 Comments
The Wellington development in downtown Elgin. Photo by James Jordan.
Foreclosures have hit downtown Elgin. It appears that the whole Wellington townhouse development is now bank owned. I found listings for 124 Kimball, 144 Kimball, and 148 Kimball, but my guess is that they are all on the market since they don’t look occupied (I could be wrong). In any case, the asking price for these has dropped to $258,000-$269,000, which is a steep discount to the original asking prices of almost $450,000.
Further reading:
Downtown housing update
YMCA site: houses or park?
What to do with the YMCA site?
All eggs in the condo basket
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I’d guess that’s correct. I went and looked at the model a few months ago for fun (not actually in the market) and if I’m remembering correctly the realtor said there were a total of twelve units and six already had people living in them.
Wait, maybe I wasn’t thinking correctly. So if 3 are bank-owned, those are ones that were occupied and the people foreclosed, correct? So the other unoccupied units that have never been sold are developer-owned?
My impression is that the developer-owned units were foreclosed upon.
I’m curious to know if anyone has actually seen any recent sign of habitation there. I know there used to be signs of habitation in one of the units, but even that one I’m not sure is occupied anymore. But I don’t go by there much, so I may be way off.
I saw a car outside of one of the garages last weekend, but other than that I have not seen any life there at all…what a shame..pretty building. However I did see once that the property taxes on a unit there are 10,000.00 per year. With taxes as high as the mortgage payment itself, no wonder they never sold.