Foreclosure Alert: Short Sale is Now Bank Owned: 2625 N. Clark
We last chattered about 2625 N. Clark in Lincoln Park in March 2008 when there was a bunch of short sales going on in the building.
Built in 1983, the 133-unit apartment building was converted into condos in 2005.
Unit #1504 was available in a possible short sale in March (the listing called it an “investors dream”) but has now been foreclosed and is back on the market as a bank owned unit.
Here’s the listing:
NOT A SHORT SALE. BANK OWNED AND SELLING IN AS IS CONDITION. FAX OFFERS TO LISTING OFFICE WITH A PRE QUAL OR PROOF OF FUNDS FOR CASH OFFERS AND A COPY OF AN EARNEST MONEY CHECK.
INCOMPLETE CONTRACT PACKAGES WILL BE IMMEDIATELY REJECTED. NO TERMITE OR SURVEY. AS IS. LAKE VIEW
P.R.S. Associates Inc. has the listing. See the listing here (no interior pictures available).
Unit #1504: 1 bedroom, 1 bath, about 700 square feet
- Sold in August 2005 for $304,500
- Was listed in March 2008 for $234,900 (parking extra)
- Bank owned
- Currently listed for $209,900 (can’t tell if parking is included or extra)
- Assessments of $414 a month
- Taxes are “new”
- No W/D in the unit
Unit #1304 is also available as a “pre-short sale/foreclosure opportunity.” It’s currently listed for $212,000 with parking $25k extra.
Below is the kitchen and bath – which appears to be the standard in most of these units.
Rizzo Realty Inc. has the listing. See more pictures here.
Looks nasty
Would make a great dorm on a Big 10 campus.
Friends used to rent in here. Very little natural light. It doesn’t look like they made big improvements when they converted to condos.
you can’t blame the housing bubble for this thing selling for $300,000+ in 2005, that is just pure stupidity.
You can see exopsed pipes under the sink in the bathroom, does that make it a “loft”?
Yet another building that should have stayed apartments for the post-collegiate boys and girls…
MitchellD,
Exactly! Not too many post collegiate boys and girls are going to be purchasing 200k, let alone 300k condos with no downpayment anymore.
And ma and pa might be a little short on change helping with the down payment given the state of the stock market.
125k
This is quite the unfortunate atrocity bestowed upon Lincoln Park. Definately a WTF were they thinking building windowless concrete facades on the north and south facing walls?
Looper – I think it’s smart to build with no windows on north and south sides in case high rises get built to the north or south of this building.
This building should never have been built. It sticks out like a sore thumb and represents greed.
bubbleboi–I’m pretty sure you’re kidding, but I can’t quite tell.
dd – They shouldn’t have built this on Clark but the size is appropriate for the area.
The condo conversion represents greed; I think a rental building full of small reasonably-priced apartments was a great addition to a relatively transient neighborhood.
Any highrise building along Clark that is as ugly as this is should not have been built, condo or apt. This building is at a very noticable jog on Clark and ruins the streetscape.
Ah – the building that has long been number one on my “places I’d love to dy-no-mite” list.
50K.
“investors dream” – that’s hilarious/)
Starting to look good here under 100k when you consider what you can rent them for
not to mention I’m hearing people are buying multiple units and opening them up to each other into 2 bed 2 bath units. Could change the dynamic of the building from dorms to small families. I mean 1400 sqft 2bed 2bath for 200k in that neighborhood is dirt cheap.