Update on a Foreclosure at The Lancaster: 201 N Westshore

In October 2007, I chattered about a foreclosure auction on a two bedroom unit in The Lancaster at 201 N. Westshore Drive in Lakeshore East. It was the first condo building to be completed in the Lakeshore East complex.

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In October, it had an auction price of $516,000.

It didn’t sell at the auction and is now back on the market and owned by the bank.

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Unit #1208: 2 bedrooms, 2.5 baths

  • I still can’t locate an original sales price
  • Foreclosure auction price of $516,000 in October 2007
  • Current list price of $540,900 (doesn’t look like there is parking)
  • Assessments of $409 a month
  • Arc Realtors, Inc. has the listing

9 Responses to “Update on a Foreclosure at The Lancaster: 201 N Westshore”

  1. The chocolate brown walls are not going to help this sell. What is with the kitchen “ticket sales counter”? This is one bizarre layout.

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  2. ….and what’s with the kitchen cabinet fronts? Reminds me of horizontal window blinds.

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  3. As posted above, the layout is horrid and with the flood of new units hitting the market, how long will they hold on to their position. Better to limit loss and price risk at this point of uncertainty.

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  4. It didn’t sell at the auction and is now back on the market and owned by the bank.

    Foreclosure auction price of $516,000 in October 2007
    Current list price of $540,900 (doesn’t look like there is parking

    Are they insane?? If it did not sell at auction for 516 why would it sell REO at 540? Who is at fault here? The realtor with the listing or the bank?

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  5. It’s the bank. They set the price. They’ll learn as the months pass and there is no buyer.

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  6. I have seen these kitchen cabinets before, and they look much better in person. What I want to know is why would anybody put crown molding in a modern glass highrise?

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  7. Sabrina on March 21st, 2008 at 8:20 am
    It’s the bank. They set the price. They’ll learn as the months pass and there is no buyer.

    They have not learned yet? scheesh.

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  8. Sabrina, can you find out what bank has this one? It would be good to know which banks don’t have a clue!

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  9. Stuckinthecity: You know- that’s part of the problem of this credit crisis. No one knows who holds the actual underlying mortgage- even when things are foreclosed on.

    The banks/mortgage holders have no clue about the local market.

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