This is a great question. I puled the property information up on Realty Trac, and the assessed valueation of the property, according to the cook county assessor is $36,878. This is in no way a reflection of the actual market value of the property, mearly the basis the county uses to determine the property tax amount. Why this number is being posted as the price is strange.
It is currently listed as an REO (Bank Owned Foreclosure) for $199,000. It appears it has been active for some time, and the reduction to $199,000 happened on 12/28/2009. As with all foreclosures, the highest and best offer will eventually get the property. This number will depend on when the bank needs to sell, and what the market will bear when they accept the contract. At $36,878.00, half of the city would be trying to buy it.
Best of Luck
Keller Williams Chicago Consulting Group