Foreclosure Alert: 1335 S. Prairie in the South Loop

We haven’t yet chattered about 1335 S. Prairie in the South Loop. It was completed in 2004 and has 170 units. The east facing units have views of Soldier Field and the Lake.

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Unit #502, a 2-bedroom east-facing unit, is scheduled for foreclosure auction this week but it has been on the market as a short sale. 

Here’s the current listing:

Bring all offers. Property Sold ”As Is”. Fabulous East Facing 2 bedroom + Office/2 bath with great views of lake, Museum Campus & Soldier’s Field.

Open Kitchen with SS appliances, granite countertops, hardwood flrs, flr-to-ceiling windows, balcony, Master suite with large custom closet and spa bath. One deeded parking space at $35K.

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Deborah Thomas at Coldwell Banker has the current listing. You can see a few more pictures here.

Unit #502: 2 bedrooms, 2 baths, 1550 square feet

  • Sold in August 2004 for $500,000
  • Sold in July 2005 for $600,000
  • Lis pendens filed in October 2007
  • Currently listed for $550,000 (plus $35k for parking)
  • Foreclosure auction price of $525,226
  • Assessments of $566 a month
  • Taxes of $7,473

Unit #602 is also currently on the market: listing price of $569,850 plus $35k for parking.

6 Responses to “Foreclosure Alert: 1335 S. Prairie in the South Loop”

  1. Why is the foreclosure auction price above the 2004 price? Sounds like even their bank is delusional as to what happened with the real estate bubble. Perhaps they don’t want to write down their toxic MBS? Silly banker, I suppose we’ll see their entire firm in an auction of sorts in the near future.

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  2. I have actually been in #602… Went to a party there a few years back. It has much nicer appointments. The kitchen and baths were done quite a bit nicer than #502.

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  3. While there are pretty good views of soldier field, this unit isn’t really high enough to get the dramatic views. I think it’s over priced…I just sold a townhome in the area…2400 sq ft 3br 3ba for 650. The assessments were lower and taxes were roughly the same.
    Also, keep in mind that there is a the commuter line that runs right behind his unit. There is a REALLY annoying train crossing bell that rings all through the night.

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  4. It is true that many banks are just as delusional as some “for sale by owners”. The market cannot bottom until people like this face reality.

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  5. “Why is the foreclosure auction price above the 2004 price?”

    B/c banks typically credit bid the full amount of the outstanding P+I+Fees. Anything else has potential (tho fiarly remote) risks.

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  6. And that…is why the banks are failing.

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