Foreclosure Alert: The Pinnacle at 21 E. Huron in River North
This is the first foreclosure auction I’ve seen in The Pinnacle, the 2004 luxury high-rise at 21 E. Huron in River North.
Unit #1801 is scheduled for foreclosure auction this week according to public records, but it is also currently on the market and apparently “under contract.”
Here’s the listing:
THIS IS A MAGNIFICENT 2BD/2BATH+DEN HOME AT THE PINNACLE. COMMENDING SPECTACULAR PANORAMIC WEST VIEWS OF THE CITY!
UNIT FEATURES WELL-EQUIPPED KITCHEN W/UPGRD CABINETRY, GRANITE COUNTERS, MARBLE MSTR BTH W/ENLRGD SHWR, SEP WHRLPL, GAS FRPLC, POCKET OFFICE & PRIVATE BALCONY. THIS HOME BRINGS ITS OWNER A TERRIFIC INVESTMENT & SKY-HIGH CITY LIVING AT ITS BEST!
Wesley Janisz at Koenig & Strey has the listing. There are no pictures of the interior of the unit.
Unit #1801: 2 bedrooms, 2 baths, 1332 square feet
- Sold in November 2004 for $639,500
- Currently listed for $749,000 (not sure if this includes a parking spot or not)
- “Under contract”
- Lis pendens filed in December 2007
- Foreclosure auction price this week of $614,454
- Assessments of $678 a month
- Taxes of $9,500
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Can some of you experts give me suggestions on where I can get detailed information on buying property at different stages of the foreclosure process? I’ve seen a few things out there but nothing too good. Is is best for a private party to work with a real estate lawyer or broker? I know there are additional risks involved and I’d like to minimize them where possible. Thanks.
I think a real estate agent can help you in the early stages when a property might be in a short sale or pre-foreclosure. Once the bank decides to foreclose and the property goes to auction it’s not your normal acquisition process and personally I think you need to consult an attorney for some advice. There are lots of traps out there. You should also check with the auctioneer to learn about the process – e.g. how payment is to be made and how/when you can conduct inspections.
Thanks for the info…