Seller in Distress: 630 N. Franklin in River North
In November 2007, I chattered about desperate sellers at 630 N. Franklin in River North.
Four months later, some are still in “distress.”
630 N. Franklin is a CMK developed 165 unit mid-rise in River North. It closed in 2005.
Unit #810 was in the short-sale process when I last chattered about the building.
This time, it’s Unit #1105.
Unit #1105: 2 bedrooms, 2 baths
- Sold in October 2006 for $490,000
- Currently listed in short sale for $355,000 (not sure if that includes a parking space or not)
- Assessment of $288 a month
- Listing states “Seller in Distress”
- Realty Executive Residential has the listing
Other sellers are seeing prices fall.
Unit #814: 2 bedrooms, 1 bath, 788 square feet
- Sold in December 2005 for $260,500
- Sold in June 2006 for $315,500
- Currently listed at $299,000 (parking is extra and must sell with the unit)
- Assessment of $217 a month
- Alan Shultz at Coldwell Banker has the listing
The one bedroom that I chattered about in November is still for sale.
Unit #802: 1 bedroom, 1 bath
- Sold in November 2005 for $238,000
- Was listed in November 2007 for $259,000 plus $35k for parking
- Currently listed for $239,900 plus $35k for parking
- Assessment of $200 a month
- Re/Max City has the listing
Here are all of the resales in the MLS. The sellers should count themselves as lucky, at least they got out.
Unit # Sale Date Sale Price Size BR BTH
409 10/28/2005 $326,900 1,093 2 2
409 8/29/2007 $335,000 1,093 2 2
511 5/23/2006 $378,000 1,170 2 2
511 3/27/2007 $383,250 1,214 2 2
720 11/14/2005 $199,795 530 0 1
720 1/16/2006 $183,500 530 0 1
914 12/29/2005 $293,800 788 2 1
914 6/7/2007 $310,000 788 2 1
Here’s the list of all sales in the MLS since July 2007:
Sale Date Unit # Sale Price Size BR BTH
1/16/2008 417 $226,000 700 1 1
11/19/2007 911 $406,000 1214 2 2
8/29/2007 409 $335,000 1093 2 2
8/17/2007 704 $255,250 812 1 1
There are 3 units which are under contract currently, but with contingencies. Let’s see if they close.
G: Thanks for the information. That is very interesting to see that so few units have actually been flipped.
There were a decent number of rentals in that building so there must be some investors who are just hanging on for the ride.
Unit #814: 2 bedrooms, 1 bath, 788 square feet
Sold in December 2005 for $260,500
Sold in June 2006 for $315,500
Currently listed at $299,000 (parking is extra and must sell with the unit)
Assessment of $217 a month
—
It may have sold with parking for $315,500 in 6/06 and is listed at $299k without parking now. For a 2 bedroom, assessments are really cheap (esp of the $217 includes parking assessments)
Jim C:
I believe there have been several foreclosures in the building now. Who is paying those assessments? Usually the association gets stuck with the bill. That means the assessments won’t stay this “cheap” for long- is my guess.
What do you get for the assessment? I’m assuming cable is NOT included in that amount- as many other buildings include it.
I own a unit in this building. There have been I think 3 foreclosures in the last 2 years since the building was finished. In a building that has over 160 units, it is a very low percentage. These had to do with mortgage fraud scam. The assessments have not increased since the building has finished and there is a healthy reserve. Due to the building having no amenities the assessments will continue to stay low in comparison. You as an owner do have to get your own cable, which is your choice to do so. From the projected budgets, doesn’t look like there will be a need for any significant increases in the near future as well
I actually own in the building as well.. cable is separate from the assessment fees. However, as the previous post noted one of the things I did before buying was check out the reserves, I was lured to the building because it was newer than most, there were healthy reserves, and there no amenities (i.e. doorman, gym, etc). In the last building I owned in, it was older and assessments were almost double what they are here for a 2 bedroom and they also tacked on a special assessment for everyone due to some problems.. which they called “normal” due to the age of the building (I think it was 20 years old). Of course, you just never know what can happen with new buildings either, and the fact that it’s fairly new assessments could have been artifically lower for a temporary amount of time.
After a year of living there we’ve been fortunate they haven’t raised them. Of course, with the market the way it is, anything can happen these days. The association does a good job of maintaining and handling budgets and they don’t play games, which is always reassuring.
I believe the building has 185 units, and I know of 2 foreclosures (as of yet) but again, who knows what can happen. I hate such high assessment fees because it’s basically just throwing money away you’ll never see again.. hopefully they stay low because I know it’s an attractive selling point for many.
I’m moving into a small one bedroom/one bathroom rental unit in 630 N. Franklin with an option to buy from the owner. She paid $240,000, pre-construction, and is asking $250,000. Anyone want to venture a guess as to how much lower an offer I could/should make?
How many square feet is the unit? I’d check how long it’s been on the market to make an accurate determination. Does she need to get out of it quick? You have the bargaining power now, but I’d say if she’s asking $250k you’ll probably end up somewhere around $245k.
Start at $242,500 and you’ll probably end up around $245,000.. but if you get the vibe she needs to move out quick, you can lower it to $240,000 and see what happens!
The building is one of the healthier buildings in river north. Monthly assesssments are low, the reserves are good and their have been very few foreclosures.
It is one of the better buildings to own in the River North area, the building is near the EL but the developer did a great job of building a bunker of a building that keeps out the noise level.
Having curtains in the bedroom also makes a huge difference.
Leslee
Anyone have updates on sales this building? I’ve seen a lot of units for sale lately (July, 2009), and am curious if they’re getting close to their asking prices (which seem to be reasonable).
Here are some of the positives and negatives of this fabulous building at 630 North Franklin Street
This is one of the few financially stable buildings in downtown chicago. Building has few amenities but also low association fees.
Compared to other buildings most homeowners in building are financially stable thus in turn keeping up the value of the building.
Location of the building is one of the best, close to freeway, downtown, near EL and walking distance to markets and restaurants.
Units are well insulated and positioned in the building so that downtown noise is not heard.
In one case, we had to buy 2 pairs of insulated curtains and that solved the problem.
The units have high ceilings, wood floors, lots of windows, central air, washers and dryers and high quality construction, the building is one of the few in the city made entirely of cast crete so in a tornado, it isnt going anywhere.
The air duct work is exposed in some of the units for a loft feel but can be covered very easily and inexpensively when you purchase the unit.
The 2/2 units are especially attractive as are the 3/2, they can be quite luxurious while the studios and 1/1 are considered upscale minimalistic.
All units have granite countertops throughout and beautiful wood cabinets.
This is overall a great building in River North if you are a value investor and you want your condo to hold it’s value. Check it out.
Hello, I am looking at a place that is listed and from what I can see it seems to be a great condo and a decent price. The seller is highly motivated and I should get between 230-240K for a one bedroom. My concern is the parking lot right there and if there is a possibility a high rise could shoot up driving down the price. Any thoughts? Is there anything I am missing with this building. For such a nice space it seems cheap. I could walk to work in the loop which would be great. Any comments or thoughts would be greatly appreciated. Thanks.
I put down an offer on a 2/2 and am now reading these mixed reviews. The first commentor wrote “sellers should consider themselves lucky, at least they got out”. What does that mean? Is this place a bad place to live / investment?
Thank you in advance for your time & any feedback is greatly appreciated.
“I put down an offer on a 2/2 and am now reading these mixed reviews. The first commentor wrote “sellers should consider themselves lucky, at least they got out”.”
How old was the post you were reading? This blog has been around since 2007. A lot has changed in the housing market during that time (and with specific buildings.)
Anyone have any comments for this poster? He’s commenting in the 630 N. Franklin thread.
I’ve lived there for 5 years now and enjoyed it a lot. Condo Board is active and on top of things, financially conservative, and a maintenance issue coming up is a balcony repair issue this summer but its not going to be an outrageous cost unless you own a terrace unit. Its a younger crowd in the building and some neighbors can be inconsiderate at times, but 99% of the time its a nice low amenity building in a pretty great urban location.
“Is this place a bad place to live / investment?”
For the first question, depends on what you want in a place to live.
For the second question, depends what you’re paying. If it’s $250k, then it’s (likely) a great investment. If it is $490k (like the ’06 price for 1105), then I would say not so great.
I took a look at a condo in this building. My agent told me the developer of this building is famous for using cheap materials.
I like the price there. It’s the only building where you can get good size 2beds/2baths for under $350k in River North. Someone mentioned this building is very well built here. Is my agent full of it?
“I like the price there. It’s the only building where you can get good size 2beds/2baths for under $350k in River North. Someone mentioned this building is very well built here. Is my agent full of it?”
You can Google the developer. Have you done that?