“Potential” Short Sales: 400 N. LaSalle
In case you haven’t noticed, short sale listings have grown in popularity in recent weeks. In fact, there isn’t a day that goes by where I don’t see at least one short sale listing.
In some buildings, prices are dropping so fast that some sellers – and their mortgage holders – don’t have any choice (or face foreclosure.)
But some are more interesting.
Take these two listings at 400 N. LaSalle an apartment to condo conversion building in River North that is not yet sold out.
Units #4303 and #4403: studios, 534 square feet
- Both were bought in June 2006 for $218,700
- Both are currently listed for $254,900
- Assessments of $254 a month
The listing states:
POTENTIAL SHORT SALE. NEED TO SELL FAST. BEAUTIFUL UPGRADES, GREAT LOCATION.
Clearly- an investment gone bad.
But how can it be a “potential short sale” if the current price is above what the buyer paid for the unit? Unless, of course, the buyer “took out” over $36,000 in each unit and is now underwater. A short sale, by definition, means that the bank is letting the seller sell for less than that owed on the property in order to avoid foreclosure.
These prices don’t seem like a deal for the building.
Unit #1103 is currently the cheapest studio on the market in the building. It is listed for $212,000.
Another studio, Unit #1006, is upgraded and is listed at $215,000. It’s cute.
Christina Delgreco at Coldwell Banker has the listing.
@Properties has the listings for Units #4303 and #4403.
By the way, at least one company is promoting short-term corporate rentals in 400 N. LaSalle (with a 30 day minimum stay.) One bedrooms from $119 a night and two bedrooms from $146 a night.
According to Zekas today there is no issue with an excess of short sales in Chicago. I thought it kind of telling he used the word chatter in his post regarding it. Was that a shot at you I wonder?
What is that saying about how a person cannot be made to see that which their livelihood depends on them not seeing?
Far from saying that there is “no issue with an excess of short sales” I simply said there’s little evidence of such on Craigslist.
And no, I took no shot at CribChatter, which is a site I enjoy. Anyone who knwos me knows that I’m not subtle about the shots I do take.
I am looking for a 1 or 2 bedroom unit at 400 N. lasalle with North East exposure on a upper floor to purchase, It would be a cash deal. ( not interested in other buildings )