Not All Bank Owned Properties Sell In 1 Day: You Can Still Get a 2/2 in 111 E. Chestnut in the Gold Coast
This bank owned 2-bedroom in 111 E. Chestnut in the Gold Coast came on the market in late May 2012.
Nearly a month later, it is still available and has been reduced $26,925.
It is one of the larger 2 bedroom floor plans at 1600 square feet.
It has south, east and west views from the 14th floor.
From the pictures, it appears the kitchen and bathrooms are intact. The kitchen has cherry cabinets, black appliances and granite counter tops.
There are marble floors and marble baths but the main rooms are carpeted.
The unit has in-unit washer/dryer and wall air conditioning units. There’s nothing listed about parking but some of the other units appear to have it.
The building was constructed in 1972 and is massive, with about 444 units. It is full service with a doorman and a pool.
This is the lowest priced of the larger 1600 square foot 2/2s currently listed in the building.
Why aren’t the investors pouncing on this unit?
Jason Shapiro at Rising Realty has the listing. See the pictures here.
Unit #14K: 2 bedrooms, 2 baths, 1600 square feet
- Sold in May 1997 for $312,500
- Lis pendens foreclosure filed in January 2009
- Bank owned in February 2012
- Originally listed in May 2012 for $539,550
- Reduced
- Currently listed at $512,575
- Assessments of $886 a month (includes doorman, cable, pool)
- Taxes of $8003
- No central air- wall units
- In-unit washer/dryer
- Nothing listed about parking (???)
- Bedroom #1: 16×14
- Bedroom #2: 14×14
Seems like the bank priced this way too high. Should be in the high 300’s consider the state the unit is in
I just went through the photos and still have no idea what the unit looks like, though I certainly know what the microwave looks like!
If you want someone to pay half a million for a 2 BR, you could at least take some decent pictures of it. (For instance, if you say it has “Lake and Water Tower views” you could include a photo that proves that fact).
“Why aren’t the investors pouncing on this unit?”
Because they are asking $512k.
“Why aren’t the investors pouncing on this unit?”
Better question: why are you featuring crappy high rise REOs?
It must be Bank-owned-condos-where-rich-people-live Monday
“though I certainly know what the microwave looks like!”
That toilet sure looks swanky, too.
Maybe investors sense that the price asked is the absolute most this place will ever get on the best day of the next 10 years, and so there is no money to be made.
And with all the glossy new high rises downtown that have better-looking units with higher ceilings and more amenities, buyers might be tired of all these fugly 60s and 70s monsters that look like dressed-up housing projects.
Over-priced as a short-sale. 12K was sold for 520k and 16K for 545K. It will sit on the market for a while at this listing price. Not many people are interested in buying a short-sale with “Sold as it” condition without a big enough discounts of market value. Not to mention the fact that the bank(s) need to approve the price.
I will pass.
Sorry. My poor reading…
This is NOT even a short-sale!
Definitely will not sell!
My grandparents have a K-tier in this building that’s on a floor not too far above this one, and I believe they paid mid-500’s about 6 years ago, for a unit in much nicer shape, so this one seems overpriced — especially for REO. I say $435k
FYI, this building has awesome amenities. Party room fit for a wedding reception, several roof decks, outdoor pool, grills, meeting rooms, gym, deeded parking. Not sure if there is a theater, but there are two big screens in the party room.
I own a K unit in this building as well. I am absolutely shocked at the morons who keep buying at such high prices in this building. Several K units have sold this year for pretty high prices (650k, 587k, 587k,545k, 525k, and 520k). It’s a crappy building with crappy hallways, crappy elevators, a horrible parking garage, and electric heat (yeah, 800/month electric bills). Assessments and taxes are ridiculous – the only thing this place has going for it is location – but I think that there are so many better buildings in the immediate area. Despite all of this, these units keep renting and selling like hot cakes. It is very weird…..
You’d have to be terminally stupid to pay a premium price for a REO in a dated building.
I thought banks were supposed to price their properties to sell.
“It’s a crappy building with crappy hallways, crappy elevators, a horrible parking garage, and electric heat (yeah, 800/month electric bills). Assessments and taxes are ridiculous –”
American Invsco!
The market has returned, haven’t you received the memo yet? I’ve seen a handful of new properties listed in the last few days and each and everyone of them is priced at the high end of the scale – well into the territory as if the house were updated.
“Pete (June 18, 2012, 10:32 pm)
You’d have to be terminally stupid to pay a premium price for a REO in a dated building.
I thought banks were supposed to price their properties to sell.”
Im not sure what all the negative chatter is about. I am the eventual buyer of this fabulous 1600sq fit corner condo with lake, michigan avenue, and water tower views. For 485,000.
The condo was in pristine condition. Granite, marble galore. Kohler, Groehe, GE Monogram, berber carpet, crown moulding, faux paint, etc.
The building is magnificent and impeccably managed. The hallways are beautiful. Assessments and taxes lower than any other building we looked at in area.
Dont know how it was missed, but glad it was. Listed too high to start, so buyers lost interest.
This is Gold Coast property at South Loop pricing and could not be more thrilled.
Finally, the Ge Zone units are incredibly energy efficient, with the heating cost for a two bedroom here running about 150/month.