Inquiring minds are stunned that the first modern-day foreclosure on tony East Lake Shore Drive, at 189 East Lake Shore Drive, was sold on November 17th. It was the first foreclosure anyone seems to know about:
Buying at foreclosure prices is a “once-in-a-lifetime thing on that street,” Worden says. She believes it’s the first there since the advent of the foreclosure crisis, and I could not find any other in the public records. “In their wildest dreams, they didn’t anticipate finding this good a deal on East Lake Shore Drive,” she says.
While foreclosures have hit such exclusive areas as Lake Forest and Lincoln Park, the string of seven elite residential buildings east of the Drake Hotel has largely been protected. All the buildings there except the Mayfair and 219 East Lake Shore Drive are co-ops, and buyers have to put down at least 50 percent—and sometimes 100 percent—of the purchase price. Built in 1924 as the Lake Shore Drive Hotel, today’s building later became the Mayfair Regent Hotel—and the part-time home of Sir Georg Solti, the music director of the Chicago Symphony Orchestra—and was converted to condos in the mid-1990s.
Are you still thinking that this economic downturn is just the same type of general recession?
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