Short Sales Destroy Comps in a Condo Building

This is a story about how a short sale can destroy the comps in a condo building.

Take 2024 S. Wabash, a 42 unit loft building in the up and coming Motor Row area of the South Loop.

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Two similar units are on the market in the building.  One unit, #406, is still lived in by the owner- who also bothered to pain the walls.

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Unit #406: 2 bedroom, 2 bath, 1200 square feet

  • Sold in May 2004 for $258,000
  • Currently listed for $289,900 plus $15,000 for parking
  • @Properties has the listing

The second unit, #506, doesn’t look as cool.  White walls and lack of furniture can do that.

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2024-s-wabash-_506-kitchen.jpg

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Unit #506: 2 bedroom, 2 bath, 1200 square feet

  • Sold in September 2004 for $269,900
  • Currently listed for $280,000 plus $20,000 for parking (must be sold with the unit)
  • Is a “short sale”
  • Cacciatore Harper has the listing

Identical units – different paint jobs.

One owner will suffer (with a declining sales price) as the other owner, already in financial distress, simply tries to dump the unit.

No one wins.

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