Like Investing in Distressed Properties? A Loft at 2000 S. Michigan in the South Loop
This 2-bedroom in the Locomobile Lofts at 2000 S. Michigan in the Motor Row neighborhood of the South Loop came on the market in August 2015.
A lis pendens foreclosure was filed against it in October 2014.
The listing includes information on how to apply for a renovation loan.
It is a northeast corner loft with hardwood floors in the main living room.
The kitchen appears to have a stove and dishwasher but no refrigerator.
The bathrooms appear to have toilets and tubs.
It has central air, a washer/dryer hook-up in the unit and deeded parking is included.
The building has just 33 units.
This loft has been listed for 35 days without any takers.
Is there still demand for distress properties?
Joseph Thouvenell at P.R.S. Associates has the listing. See the pictures here.
Unit #207: 2 bedrooms, 2 baths, 1720 square feet
- Sold in November 2004 for $414,500
- Lis pendens foreclosure filed in October 2014
- Originally listed in August 2015 for $270,000
- Currently still listed at $270,000 (includes 1 deeded parking spot)
- Assessments of $1202 a month (includes water, exterior maintenance, snow removal)
- Taxes of $5719
- Central Air
- Washer/Dryer hook-ups in the unit
- Bedroom #1: 21×15
- Bedroom #2: 21×15
Has mold… thats not gonna be cheap to renovate
If I’m going to pay $1200 a month HOA, it had better include heat, a doorman or concierge, and a staff to clean the halls daily; and it had better be for an insanely decorative old vintage apartment in a fine vintage building like the Eddystone, or 3800 N Lake Shore Drive, or some other beautiful old vintage on the north lake front.
The featured unit looks like nothing but problems, for a so-so loft in an unappealing location.
Was this the Motor Row complex that had so many problems with the developer a few years back?
“Has mold”
Anything besides the apparent stuff in the laundry closet? That *might* be pretty minor.
“pay $1200 a month HOA”
Yeah, ouch. The listing notes “security”–if that’s a 24/7 actual guard, then kinda understandable given a 33 unit association, but otherwise, NFW–too much.
Just curious, what would a concierge actually do in a condo building? 100% serious I have no idea… I mean its not like you’re just ‘in town’ and looking for something to do, you live here so ???
” what would a concierge actually do in a condo building?”
Be a doorman, but not in the doorman union?? So, accept/deliver packages, arrange for repair services, call cars, etc.
Here’s someone pitching their ‘condo concierge’ service:
https://www.linkedin.com/pulse/20140722034303-3689195-concierge-services-make-condo-living-like-being-on-vacation
eh I guess if you’re a super old crusty widow I could see some benefit in that… eh whatever guess i’m one of those people who does everything themselves
“Assessments of $1202 a month (includes water, exterior maintenance, snow removal)”
I would expect coke and hookers included for that kinda $$
It’s too bad they didn’t take the vertical blinds when they took the refrigerator.
“I would expect coke and hookers included for that kinda $$”
I’m assuming the very high assessments are due to it being a small building but many units are in distress.
That’s just what I’m assuming but any buyer would have to contact the condo association to find out.
“Was this the Motor Row complex that had so many problems with the developer a few years back?”
No. Motor Row, remember, is a couple of blocks long. Locomobile was one of the first buildings they converted here.
“I would expect coke and hookers included for that kinda $$”
It very well might be included; the CHAC subsidized tower is right across the street. And before someone goes into a tizzy about the quality of the residents in the building, I can assure you the residents are virtually the same as the residents of the subsidized uptown buildings. I guarantee you the building has 24 hour security precisely because of the building across the street.
Why can’t they move their subsidized housing residents to Lawndale or any other of the horrible neighbors in Chicago? Why do they have to put them in nice neighborhoods where they persist in committing crimes and bringing down overall neighborhood quality.
@jenny, they do that to entice you to move to the north shore.
“Why can’t they move their subsidized housing residents to Lawndale or any other of the horrible neighbors in Chicago? Why do they have to put them in nice neighborhoods where they persist in committing crimes and bringing down overall neighborhood quality.”
Because political leftists are anti-white racist a-holes and/or ethno-masochist white liberals.
The concierge or on-site janitor is there to take care of building problems that occur, and to take packages and in general, look after the property… which is something I notice that most condo owners cannot be bothered to do.
You can call the function whatever you want: engineer, concierge, janitor, or manager, but for $1200 a month HOA for an average condo, I would expect it, in addition to a service to clean halls, change lightbulbs, babysit the boiler, and other routine building matters.
jenny, check out HUD rules and policies on locations of subsidized housing and “project” Section 8 buildings. These dictate that these buildings, and residents, be placed in all neighborhoods, and if your neighborhood or suburb isn’t already burdened with this kind of housing, it will soon be getting it.
Also, remember that this hasn’t always been a “nice” neighborhood. There is still a lot of legacy public housing left over from the old days, when this area was the badlands of Chicago.
Until 20 years ago or so, this was one of the worst areas in the city.
You didn’t drive through this area if you could avoid it. It was a post-industrial slag heap, and it was where a lot of public housing was originally located in the 50s and 60s. No one wanted to live in the “inner city” neighborhoods in those days- everyone was moving to the burbs then, and the neighborhoods in the core of the city were the least desirable.
Spreading the gangs members throughout the city doesn’t seem to be doing much good. At least back in the day, you could avoid the bad neighborhoods. Now, they have spread the gang members throughout the city so no where is really safe.
My neighborhood used to be one of the worst in the city. If the city would finally close down the public housing and subsidized housing, my neighborhood would be fantastic. It makes no sense to me to keep public housing/subsidized housing in areas where building market rate homes would increase the tax base. Put the poor people in neighborhoods that are already poor and then the pockets of bad neighborhoods can be appropriately controlled by the police.
jenny on September 18th, 2015 at 9:17 am
Why can’t they move their subsidized housing residents to Lawndale or any other of the horrible neighbors in Chicago? Why do they have to put them in nice neighborhoods where they persist in committing crimes and bringing down overall neighborhood quality.
Jenny if that was your concern, then you should have thought twice before either moving in or buying property in Chicago. The Democratic party has a strangle hold in this city. The leftist statists are not done in transforming America. Not by a long shot. The Supreme Court ruled in their last term that housing discrimination need not be direct and if disparate impact can be established then that allows the government to force “diversity” upon the good neighborhoods.
http://www.scotusblog.com/case-files/cases/texas-department-of-housing-and-community-affairs-v-the-inclusive-communities-project-inc/
You should have moved to Park Ridge, IIRC they pay a massive fine every year just to keep the public housing out
Alas, the suburbs are so far from where I work. I would move to the North Shore in a heart beat if I could get to my office in 20 minutes.
Spreading the gang members throughout the city is like school busing. Instead of having just a few bad schools, they spread the poor-performing students throughout the city and now nearly all of the public schools are horrible.
“pay a massive fine every year”
Hence the high taxes!
“sonies on September 21st, 2015 at 8:35 am
You should have moved to Park Ridge, IIRC they pay a massive fine every year just to keep the public housing out”
I’ve never heard of that, Park Ridge is so notoriously cheap and tightfisted actually they would never agree to voluntarily pay a fine. They would just put the housing in the the areas that flood!
But realistically, high land prices, and a zoning code in length and strictness that would make even the IRS blush, is what keeps public housing out of park ridge. The new townhomes down the block from me http://www.lexingtonchicago.com/illinois/park-ridge/park-ridge-place/welcome are a bit expensive.
And actually, crazy enough, park ridge taxes are actually lower than surrounding communities; although mention that to anyone and they’ll have a fit to say you’re wrong, but it’s the truth. An underfunded municipality (the only NW suburb that didn’t build a fortress of a police station during the 90’s/00’s – the Park Ridge police station actually floods during heavy rains!), a public library that is so old with a library trustee board that refuses to spend any money for concrete repair that they actually shut down an entrance rather than pay for flatwork and they want to charge tutors to use the dumpy library; to the underfunded park district with the smallest pool and equally token community fitness center; to D64 that only installed air conditioning in some of their schools as part of federal funding due to new airport noise, and they were so cheap that the HVAC is a disaster…
All tightwad = smaller tax bills than surrounding communitiees.
http://www.chicagotribune.com/suburbs/park-ridge/news/ct-prh-library-stairs-tl-0409-20150407-story.html
Refusal to fix crumbling stairs at a cost of $32,500!
http://www.chicagotribune.com/suburbs/park-ridge/news/ct-prh-library-letter-tl-0903-20150901-story.html
Get rid of private tutors who use the library “for free”
That is hilarious about the library HD.
The suburban crime stories are fun: http://www.chicagotribune.com/suburbs/wilmette/crime/ct-wml-blotter-tl-0903-20150901-story.html
I especially like the one about the pastor whose phone was stolen and the one about the stolen jerseys that the person said were stolen sometime between April 1 and today.
Good thing you bought in a Class A community like Long Grove, then!
Sounds like Texas, I mean heaven
“like Texas, I mean heaven”
I can bring my rifle to Chipotle? But not a clock to school?
anon (tfo): The kid’s clock was built by his dad to look like a bomb, Obama suxs so bad it’s going to be great to finally get him out of the WH.
http://www.vdare.com/posts/cool-clock-ahmed-no-its-a-mockup-of-a-briefcase-bomb
wow, an anti-immigrant website publishes the blatherings of two anonymous readers. That’s *almost* as persuasive as you generally are Danno.
Bring a fake gun in, they’ll call the police too. The “clock” was never considered a bomb. The police arrested Ahmed for bringing a “hoax bomb” to school, which is illegal in Texas.
And their side of the story makes a lot more sense now. Why did Ahmed bring to school a repackaged clock that appears to *intentionally* resemble someone’s idea of a suitcase bomb? It’s a legitimate question, because the clock was not an original electronics project of any interest from a hobbyist/engineering standpoint.
Stupid *sshole Obama, he doesn’t fool anyone with that award given, what a jagoff.
http://www.bloomberg.com/news/articles/2015-09-21/chicago-plans-543-million-property-tax-hike-over-four-years
good times
Thank god I live in long grove. Too bad the downtown historic long grove ain’t what it used to be. ’tis the only reason I moved here!
“good times”
We really don’t have any choice. We owe the money thanks to inept management over the last 30 years. The only place to get that much money that quickly is property taxes.
“The only place to get that much money that quickly is property taxes.”
Or just flat out confiscating it from Mr. Griffin. Because you know, he ‘earned it’.
Yeah his wife totally earned her money too haha
I heard some shit about that divorce… Ken hand wrote a 800 million dollar check and she ripped up in front of him… she runs all the upper management’s money under her own hedge fund… yikes
Yeah, she knows an $800,000,000 check is no good. There’s a $250,000 FDIC limit per account; so she wanted 3,200 250,000 checks to settle her divorce.
“We owe the money thanks to inept management over the last 30 years.”
Gawd, why won’t *anyone* say his name: we owe it because of Richie Daley. He’s not the Candyman.
Sabrina on September 22nd, 2015 at 8:52 am
“good times”
We really don’t have any choice. We owe the money thanks to inept management over the last 30 years. The only place to get that much money that quickly is property taxes.
Unfortunately you are right. The politicians are not that stupid. They know that the majority of us are not just going to get up, pack our suitcases and leave. That is why I get irritated when people leave expensive high tax blue states and move to red states and the bring their bad voting habits with them.
There is no “we” in this. I didn’t vote for any of these people and I probably wasn’t even alive when they “promised” these pensions. I should not have to contribute or be forced to pay. Let the current employees pay a huge amount of money for the lazy retirees. Chop their pensions in half. It would still be more than enough for them to live on.
“I probably wasn’t even alive when they “promised” these pensions”
Yes, you were alive. 100% of the current problem exists because of the policies of Richard M Daley–the guy who retired 4 years ago.
The pension clause was added to the constitution in 1970. The people of today shouldn’t have to pay the price for our idiotic ancestors.
I also never voted for Daley. It’s difficult to blame voters for their representatives though considering Chicago never has any good options for any of our elections. Corrupt politicians bribe their way into nominations. Voters never get a chance. To top it off, the city workers are required to live in the city, so voters will never be able to elect an anti-union mayor.
“The pension clause was added to the constitution in 1970.”
The (city’s) current problem was not created by the pension clause. It was caused by Richie giving sweeteners for labor peace, and then opting to not fund the normal cost of the pensions that HE had promised.
The CPS pension problem is totally absurd–in 1999, the pension was basically 100% funded. Then Richie decided that he’d take a pension holiday for a *decade* and not the pension fund is F’d.
Kick the can down the road, and hope he dies before the can hits the fan. And STILL people won’t verbalize that the blame lies with his decisions.
they won’t verbalize it for fear of wearing concrete boots at the bottom of Lake Michigan.
Yes. It’s Daley’s fault, but where does it get us? He’s not going to prison and I’m still stuck paying lazy saps. It’s hard not to see the retirees as jerks when I have to forgo things in my life in order to pay for them to buy boats and vacation homes.
I still don’t think I should have to contribute to pensions for these people. If anything, they should just get lump sums put into a 401k on their behalf and then wash the city should wash its hands of them.
I don’t understand how public employees can go around whining about how the government “promised” them this and that when everyone knows not to trust the government.
“where does it get us?”
Gets out of the “how did this happen? The *government* is responsible!”
Daley is responsible. The government (that is: everyone in Chicago) just has to deal with his failed stewardship.
“Kick the can down the road, and hope he dies before the can hits the fan. And STILL people won’t verbalize that the blame lies with his decisions.”
He knew this was coming. Why do you think he retired when he did? It was obvious that he didn’t want to be in the job when the stuff hit the fan.
It’s unfortunate.
Chicago’s not the only one who kicked the can down the road though. Plenty of other Illinois towns, including Evanston, have underfunded pension liabilities at least as bad, if not worse. This doesn’t mean anything to anyone living in Chicago, though. We have to pay for our own problems regardless. But it was a problem that infected a lot of politicians, not just Daley.
“Yeah his wife totally earned her money too haha”
Why do I NEVER hear any bitching from men when rich women have to write checks to their poorer exes? NEVER!
Your attitude about how the wife has done nothing to “earn” the money is bullshit. It’s so 1900. I can’t even believe this is 2015 when I hear statements like that.
How about she gave birth to ALL of his children? She put her life in danger every single time. Women still die in childbirth, you moron.
Where’s the outrage over Giada De Laurentiis’ settlement with her ex? Why aren’t you mocking her husband?
Giada just got divorced after 11 years of marriage. During that time, she became a big food star with best selling books and popular tv shows. Her ex-husband is a fashion designer and apparently also makes quite a bit of money.
But that doesn’t mean she’s not paying him a big settlement. She’s worth more money so of COURSE she is giving him a bunch of it. But what did he DO to “earn” it? According to you guys, nothing! Absolutely nothing.
From People:
“Thompson, a fashion designer, gets to keep the couple’s $3.2 million house in Pacific Palisades, California, and because there was no prenup, De Laurentiis must give him 50 percent of all net book royalties for books she published during their marriage and 50 percent of the unpaid advances to several cookbooks that she has in the works (more than $5 million). Neither of them have been ordered to pay spousal support.”
I just go so sick of this attitude from men.
I know someone who had to pay tuition for her ex-husband, whose only job seemed to be going to school for year after year without completing a degree. The lack of fairness in divorce goes both ways. The best advice is not to marry a bum.
While there are a handful of cases of guys sticking it to their spouses in divorce / child support, I think it is pretty apparent the courts generally favor women. If this weren’t the case, you wouldn’t have groupies trying to get themselves impregnated by athletes / rappers like is some kind of lotto win.
I do think long time wives should be entitled to half (or extremely generous payout or support) though. In many cases, these women give up their careers to play the background and raise the family.
With that said, I think many spouses let their emotions get the best of them instead of being rational. When you see billionaires and their spouses arguing over if $250 million or $500 million is a big enough settlement you know it is all about just screwing over each other and not what is really “fair” as the amounts are so absurd relative to what us plebs have to live on. I mean, yeah, you might think you deserve half, but who can’t live on $250 million?
It isn’t like you are arguing whether your support should be $5k a month or $7k a month and that is all you are going to get to live on.
If there were more female billionaires we’d see more husbands wanting huge settlements from their wives. Why do you think Opera never married her long time boyfriend? If I was a billionaire, or even just wealthy, I would think hard about marrying anyone with less money.
” If I was a billionaire, or even just wealthy, I would think hard about marrying anyone with less money.”
YOu should be less focused on hypothetical marriages between other people, and more focused on your own prospects these days. I probably sound like your mother!
“Why do you think Opera never married her long time boyfriend?”
There are a bunch of theories there, and “a prenup wouldn’t protect her assets well enough” isn’t a top 5 theory.
haha HD… you are probably right.
It is something to think about though, whether wealthy people have any reason to get married. Marriage offers mainly financial protections for the typical middle class family. Perhaps they just enjoy the spectacle of a big ceremony.
Jenny,
There’s more to marriage than a ceremony. It transforms the person you are currently banging into your spouse.
Like having kids, getting married doesn’t make financial sense, nor common sense
“While there are a handful of cases of guys sticking it to their spouses in divorce / child support, I think it is pretty apparent the courts generally favor women. If this weren’t the case, you wouldn’t have groupies trying to get themselves impregnated by athletes / rappers like is some kind of lotto win.”
Every state has different laws about spousal support. Getting “impregnated” is something different altogether. That is simply child support. Every state has different rules about that too. And if the “athlete/rapper” doesn’t protect himself, that’s his problem. Again, men on this site are acting like they have no control over what happens in their own lives.