Reductions and Foreclosures in 1600 S. Prairie in the South Loop

I last chattered about 1600 S. Prairie in the South Loop in January 2008. The building started closings in 2006.

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Current stats on the building:

  • 18 for sale (including some still available from the developer)
  • 5 for rent

Some may be both for sale and for rent.

One of the million dollar units I chattered about is still on the market and has been reduced. The other is now for rent.

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Unit #1702: 3 bedrooms, 2 baths, 2231 square feet

  • Sold in September 2006 for $775,000
  • Was listed in January 2008 at $949,000 (didn’t know if this included the parking)
  • Reduced
  • Now listed for $899,000 (still don’t know if this includes the parking- or did they just subtract the $50k off of the January listing price?)
  • Assessments of $935 a month
  • Urban Real Estate has the listing

This penthouse terrace unit is no longer on the market to buy, but you can rent it.

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Unit #2307: 2 bedrooms, 2 baths, 2365 square feet

  • Sold in October 2006 for $554,000 (listing stated it was a “combined unit” so this original sales price might not reflect both units)
  • Was listed in January 2008 at $999,900 (parking included)
  • Assessment of $655 a month
  • No longer on the market

Here is the same unit now for rent:

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Unit #2307 looks like it is no longer a “combined” unit but the kitchen looks the same:

  • Now listed for rent as 1623 square feet  (still has the 742 square foot terrace) for $2500 a month plus $225 a month for parking 
  • Coldwell Banker has the rental listing

Unit#902, a three bedroom unit, is going to foreclosure auction this week.

Unit #902: 3 bedrooms, 2 baths, 1916 square feet

  • Sold in July 2006 for $712,500
  • Foreclosure auction price of $682,013

Unit #802, one floor below, is currently on the market.

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Unit #802: 3 bedrooms, 2 baths, 1916 square feet

  • Sold in July 2006 for $666,500
  • Currently listed for $795,000 (plus $35k for parking)
  • Assessments of $864 a month
  • OR you can rent it for $3500 a month plus $200 for parking
  • Baird and Warner has the listing

Only one unit has sold in the building so far in 2008. Unit #1309 for $357,000 in March.

16 Responses to “Reductions and Foreclosures in 1600 S. Prairie in the South Loop”

  1. The larger corner units look nice with huge windows on 2 walls!

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  2. re #2307: can’t just be a coincidence that it was 2365 sq ft and it’s now 1623 with a 742 terrace. 1623+742=2365. The 2365 was deceptive in including the terrace.

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  3. i'm just sayin' on May 28th, 2008 at 8:13 am

    i know you try and it’s hard to find, but how about some happy news?

    i’m sapped of all my schaudenfraude.

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  4. i’m just sayin’:

    Massively plummeting real estate values IS good news. 🙂

    Love that terrace.

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  5. The return of affordability is among the happiest of all news. If you bought during the bubble and cannot afford the loss, you were a speculator. The risk was always apparent to those who paid attention.

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  6. i'm just sayin' on May 28th, 2008 at 10:18 am

    To A & G,

    I totally agree that having housing affordable is absolutely a good social thing (especially for me as I’m looking to buy).

    The BIG HOWEVER is that the cost of increased affordability a stagnant economy for the next 1-3 years. Stagnant wage growth, stagnant job growth, stagnant everything tempers much of the ‘savings’ from decreasing real estate values.

    Naturally YMMV…as the economic forecasts/perceived repercussions of housing are all over the map. And equally reasonable and intelligent people are forecasting completely opposite things and naturally calling the other side idiots for believing in what they believe.

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  7. “The BIG HOWEVER is that the cost of increased affordability a stagnant economy for the next 1-3 years.”

    I’ll pay you at 3 years and I’m bid there.

    Such is the price of debt fueled consumption and speculation. I for one am glad it will be paid by the current generation. The sooner the better.

    John

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  8. Amen, John.

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  9. Median income families will once again be able to afford median priced homes without being scammed by realtor/broker syndicate. Why isn’t it good news?

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  10. I know a couple of people that live in this building and they like it,and the views are nice now,but once they start building over the Metra tracks it will be just another high rise.

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  11. My property (10 E. Ontario) is on it’s way to forclosure- I was fooled by this unbeatable deal…and signed in a mortage at an accelerated value- Being suplemented with mortage and assement/tax payments and promised I could refinance at a lower rate- I am in a bind and need some guidance in getting this group – to hold their liability in fraude.
    Please help!

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  12. Fooled by what part of the deal, the housing bubble part?

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  13. Whenever someone promises you ANYTHING relating to real estate, if it isn’t in writing it isn’t a promise. Believe only what you see, not what you hear.

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  14. “Massively plummeting real estate values IS good news.”

    Only aa very stupid person would think this. If you think a recession caused by a plummet in real estate is a “good thing socially” you are too ignorant to help.
    D

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  15. LMAO. It was the credit-fueled bubble that is now causing the plummet and recession.

    The obviously predictable price correction is the inevitable antidote to the ignorance that created the bubble.

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  16. Does a building this far south really warrant prices so high?

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