The article said:
“When it hit the market, Le Bijou boasted the most units priced at more than $1 million and the largest units, between 3,000 square feet and 5,000 square feet. But only five of the townhouses sold between December 2007 and June, deed records show. Recent deeply discounts weren’t enough to turn more sales. Prices on some townhouses were lowered to $680,000, according to Schaumburg Architect’s Web site.”
The foreclosed property boasts luxury amenities such as an elevator and a grand staircase in each unit and some of the most expensive homeowners’ association fees on the market. To the surprise and disappointed of many lenders and homeowners, the luxury home market has been hit considerably hard by the foreclosure crisis.
Many luxury homeowners are facing foreclosure more often than they have in the past, worrying many lenders who are finding it nearly impossible to sell the bank owned properties at the luxury price point, let alone maintain them. This property and others in its price range have remained on the market since 2007 unable to sell even with bargain-basement prices.
As the foreclosure crisis reaches its second year, we will begin to see more luxury homeowners face foreclosure as they give up on their mortgages as the market continues to go south.