This 1-bedroom at 400 N. LaSalle in River North just came on the market listed about 43% under the 2006 purchase price.
Yes, it is bank owned.
From the pictures, it appears to have the kitchen and bathroom intact.
The kitchen has granite counter tops but white appliances.
The north facing unit has central air, washer/dryer in the unit and parking is available to lease or buy in the building.
If you recall, the building never sold out from the developer. Last June, there were still over 100 units available which were then bought in bulk by a real estate investor (who has subsequently rented them out.)
According to the Tribune, that real estate investor paid, on average, less than $195,000 per unit.
See our prior chatter on the bulk sale here.
The listing states that no offers will be considered in the first 7 days. Investor offers will only be considered after 14 days.
Additionally, “all offers must be accompanied by pre-approval from Wells Fargo lender.”
Is this 1-bedroom even much of a deal for an investor at $189,000 given what the 103 units sold for in bulk last summer?
[You’ll also notice that it took about 2 years from the filing of the lis pendens foreclosure for the bank to take possession.]
Rhett Schrock at Jameson Sotheby’s has the listing. See the pictures here.
Unit #1701: 1 bedroom, 1 bath, 853 square feet
- Sold in July 2006 for $331,500
- Lis pendens foreclosure filed in January 2009
- Bank owned in December 2010
- Currently listed for $189,000
- Assessments of $470 a month (includes a/c, heat, gas, doorman, pool)
- Taxes of $4196
- Parking is available to rent or buy in the building
- Central Air
- Washer/Dryer in the unit
- Bedroom: 10×14