This 2-bedroom in Admirals Pointe at 645 N. Kingsbury in River North came on the market at the end of November 2013.
It was bank owned in 2013 and has been renovated.
The unit, with south, west and city views, has new dark hardwood floors and ceiling fans.
It also has a new kitchen with dark cabinetry, granite counter tops, stainless steel appliances and a glass tile backsplash.
There is only one picture of a bathroom and it appears to be the original bath.
Other 2013 listings in the building touted Admiral’s Pointe as being “FHA approved.”
In 2013, the FHA loan limit was $417,000 which most of the 2/2s, which were selling in the $300,000s, in the building would have qualified for.
But in 2014, the FHA loan limit has fallen to $365,700 in Chicago.
This unit is listed at $439,900, which was still above the old loan limit, but not by much. (There’s always room for negotiation.)
But in 2014, it is WELL above the FHA loan limit.
Unless it is significantly reduced, it’s not falling under the limit.
Will the reduction in the loan limits hit sales of these $400,000 2/2s hard in FHA approved buildings?
Thomas Besore at Streeterville Properties has the listing. See the pictures here.
Unit #1902: 2 bedrooms, 2 baths, 1225 square feet
- Sold in March 2002 for $362,500
- Sold in March 2006 for $390,000
- Sold in August 2010 for $295,000
- Lis pendens foreclosure filed in March 2012
- Bank owned
- Sold in June 2013 for $265,000
- Originally listed in November 2013 for $439,900
- Currently still listed for $439,900
- Assessments of $716 a month (includes a/c, gas, cable, doorman)
- Taxes of $5183
- Central Air
- Washer/Dryer in the unit
- No parking included
- Bedroom #1: 13×12
- Bedroom #2: 13×12