Purchased for $525,000 in April of 2003 with one percent down and loans totaling $520,000 (ah, the good old days), 610 Illinois Street #203 was refinanced at the end of 2006 with $594,000 in debt.
Having just been listed as a “short-sale” for $599,000, five thousand more than was borrowed and $74,000 more than was originally paid for the Central Waterfront one-bedroom condo a few blocks from the newly proposed Café Cocomo development, the math might not make sense to some.
A couple of missing variables which might help to explain the listing: the 2006 era mortgage has been in default since June of 2011 at which point the owner was already $45,000 past due and has since declared bankruptcy.
∙ Listing: 610 Illinois Street #203 (1/1.5) 1,068 sqft – $599,000 [Redfin]
∙ Plans For 120 New Condos Where Café Cocomo Stands (Or Shakes) [SocketSite]