Foreclosures Seeping Into Lakeshore East
It shouldn’t come as a surprise that foreclosures are starting to pop up in the newly developed Lakeshore East condo buildings given the number of investors in those buildings and the ease of loans in the past few years.
This week a foreclosure has popped up at the Lancaster at 201 N. Westshore Drive.
Unit #1208: 2 bedroom, 2.5 baths
- I can’t find a record of what it originally sold for in 2006
- Auction price of $516,000
- Unit #1907 is a two bedroom, two bath currently on the market for $675,000
Is this just the beginning of more foreclosures to come in these buildings that had closings in the last year or two? If some of the other River North buildings are any indication, there should be more to come.
201 N Westshore #1208:
1/2005: Sold for $507,000, including a parking space
8/2006: Sold for $645,000, not including the parking space (sold in separate transaction to a different person 10/2006 for $45,000 and is not in foreclosure). Two mortgages were taken out – one for $516,000 and another for $129,000 (100% financing).
Tipster: Thanks for the info. Very interesting indeed. I’m sure it is bank owned now. Who would buy it at foreclosure with that second loan on the books? No one.
I’ll watch for it and see what the bank lists it for.
I am just interested in seeking for a foreclosures which are cheaper in prices but any foreclosure I look in downtown location is more thank 200k. Along with that assessment fee is killing.
Problem is that people don’t realize that the owner need is to get a parking for their car. Owner still has to pay their car place and their assessment fee so where are we getting the discount from? I think 100k if someone say would be logical to accept other than that they are just regular prices which shows as a foreclosure.