Foreclosed Chicagoland McMansion Refuses to Sell

Since this is the “housing week”, I thought I’d update everyone on what is going on with this Chicago area foreclosed McMansion that I have talked about three times before.

It’s a 5 bedroom, 3 bath, 3196 square feet, recently built house in Downers Grove, Illinois- a western suburb of Chicago.

It’s been on the market for several years.

The bank took it back last year and has been aggressively cutting the price.

Here’s its price history:

1710 Maple Avenue, Downers Grove:

Originally listed for $979,000 in 2005
Reduced to $712,900 by August 2007
Reduced again to $682,900 in September 2007
Down to $644,000 in November 2007

And now it’s listed at $618,900 with no buyer in sight.

It doesn’t seem like a bad house. It’s on a slightly busy street but is only two houses away from a major park and recreation area.

Here are some more pictures:

It clearly needs work.

But this house is illustrative of what is going out there in the housing market and why we haven’t yet reached “the bottom.” It’s been sitting empty for nearly a year. And even with the price reductions, no one is interested. It’s just adding to the unsold inventory - which is currently at record levels.

It’s likely it will have to go a lot cheaper before it sells.

Is it a symbol of the housing excess or the American dream gone haywire?

I’ll keep you posted on future price reductions or if it sells. Stay tuned.