3-Bedroom Short Sale in The Heritage: 130 N. Garland

We’ve chattered about some foreclosures in The Heritage, at 130 N. Garland, in the Loop before.

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But this 3-bedroom unit, Unit #2603, is the first short sale property I’ve seen of one of the larger east facing units. Here’s the view:

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It’s been on the market for a year and is now listed 15% under its 2005 selling price.

Here’s the listing:

SHORT SALE OPPORTUNITY! BRING ALL OFFERS! BREATHTAKING VIEWS OF THE LAKE & MILLENNIUM PARK FROM EVERY ROOM OF THIS 3 BED/ 2 1/2 BATH CONDDO! FINISHES INCL: UPGRADED APPLIANCES, SPICE CABS, & GRANITE COUNTERS.

HOME HAS TONS OF CLOSET SPACE. LARGE MASTER SUITE W/ WALK-IN CLOSET & MARBLE MASTER BATH W/SEP SHOWER. THE BLDG HAS AN ENDLESS LIST OF AMENITIES. 2 GARAGE PARKING SPACES AVAILABLE.

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@Properties has the listing (see pictures here.)

Unit #2603: 3 bedrooms, 2.5 baths, no square footage listed

  • Sold in June 2005 for $1.039 million
  • Originally listed in August 2007 for $1.095 million
  • Reduced several times
  • Currently listed for $899,900 (parking extra)
  • Assessments of $798 a month
  • Taxes of $11,664

22 Responses to “3-Bedroom Short Sale in The Heritage: 130 N. Garland”

  1. I just don’t get it. Is the loop really that much more valuable than surrounding areas? A 3 bedroom, 2.2 bath, 3000 sq ft townhome in University village with a 2 car garage and $147/month assessments recently sold for $720K. Close to all major highways and no traffic congestion. Access to public transportation not great.

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  2. It’s downtown, by the park with a view and near shops, transportation and work. I suspect that is the difference in price that you don’t get.

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  3. Streeterville Realtor on August 15th, 2008 at 6:44 am

    The Heritage is a terrific building, right near the lake, park, shopping, public transportation, etc. It has sufficient indoor parking, a great pool/workout floor, and terrific staff.

    I think this 3 bed with Lake views is a great price. People are paying 500-700K for 1 bedrooms with similar views, 3 blocks away at 340 Randolph.

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  4. Yeah, I know. That’s what the market supports. It’s just that for me I prefer to put the money in the bank and retire comfortably. I suspect that in 20 years there are going to be a lot of people scrambling to figure out retirement. Then, just like with the mortgage crisis, they’re going to tax my retirement income to support those folks.

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  5. Just wait until the government levies the “savings” tax. They’ll tax you 1% a year of any money you save in a checking or savings account. The money will be redistributed to those people in our society who need it more and are more able to spend it. Yeah it sounds a little far fetched but I wouldn’t put anything past congress these days….and god only knows what’s going to happen in January.

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  6. You cannot compare 340 the Park and Heritage because of the entrances. Who would feel comfortable having a spouse walk down an alley to go into their $1M unit? Also, if the police would not allow the steps of the former library just east of the building to be a homeless hotel, this might help as well.

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  7. that kitchen looks like it’s from the 1970’s. bleeeccchcchch

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  8. “the “savings” tax.”

    That’s not a ‘savings’ tax, it’s a wealth tax. It would undoubtedly have a reasonably high exemption and would really just serve as a full-employment plan for T&E and Tax lawyers and accountants. If you really think that’s going to happen, HD, you should get either a tax llm or an accounting degree–there will be boatloads of money to be made in avoiding the tax. Oh, and it would give the Republican party new life among the educated upper middle class, as they’d be the most affected–rich enough to pay it, not rich enough to afford complex tax shelter strategies.

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  9. Savings tax, wealth tax. Death tax, estate tax. It’s a tax anyway you look at it, despite the name.

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  10. “Just wait until the government levies the “savings” tax. ”

    You mean another tax beyond keeping interest rates artificially low for such a long time?

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  11. I hope the various “bailout” plans and other socialist claptrap die after the election. Otherwise, our recession will linger for a long time like Japan.

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  12. The low tax rates should actually be thought of as a silent bailout by the government for those with an ARM. This would be in addition to the latest bailout for mortgages by Bush.

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  13. Gary, what do you think about those prices at University Village compared to other townhomes in and around the city? Do you think that the standard finishes listed for the University Village townhomes were used for the townhome which you mentioned sold recently or would you guess that it was highly upgraded?

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  14. “I hope the various “bailout” plans and other socialist claptrap die after the election. Otherwise, our recession will linger for a long time like Japan.”
    Don’t despair, the market is setting its own rates (notice the mortgage rate action over the last month) and there’s not a d*mn thing the central banks can do about it.

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  15. I meant to say low interest rates in my previous post.

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  16. I lived in this building for 2 years and loved it.. With block 37 coming on line and connected via pedway….great asset to the hood. Units are vanilla and need to be gutted (very cheap apartment feel) if tis this will be your home. Don’t forget that this building was going to be apartments for rent. The developer changed condos midstream.

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  17. One more thing: could the Cultural Center sell its air rights to its building and go vertical? Views could be blocked,

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  18. Why is the listing agent calling this a short sale opportunity.?
    I don’t see it has a mortgage on it and it is owned by the builder.

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  19. “I just don’t get it. Is the loop really that much more valuable than surrounding areas? A 3 bedroom, 2.2 bath, 3000 sq ft townhome in University village with a 2 car garage and $147/month assessments recently sold for $720K. Close to all major highways and no traffic congestion. Access to public transportation not great.”

    If you don’t get it then maybe you should move to East St LOuis. Property values are 1/10 of what they are in down town st louis and it is only a couple miles away. Go get ’em Gary!

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  20. $720k for University Village? Assuming the buyer put 20% down, a $576,000 mortgage at 7.50% (30 year fixed jumbo rate per bankrate.com) is only $4,037 a month. What a great deal! I bet there’s no way I can rent a townhome in the area for any cheaper. Anything less than $5,000 a month for a 3 bedroom townhome is a steal!

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  21. Gary said:

    “Why is the listing agent calling this a short sale opportunity.?
    I don’t see it has a mortgage on it and it is owned by the builder.”

    It actually is NOT owned by the developer. The name of the LLC that owns the property is misleading. The sales information above is correct.

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  22. “Don’t forget that this building was going to be apartments for rent. The developer changed condos midstream.”

    Paulj:

    I don’t think this is correct. I visited the sales center for this building early on (before construction began). It was always condos.

    Also- nothing can ever be built on the cultural center as that is a protected building. It’s a historic landmark.

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