A 2/2 With Parking for Under $280K in River North: 653 N. Kingsbury

We’ve seen 2/2s under $280k in River North before (aka in The Sterling) but never with a deeded parking space such as this unit has at Kingsbury on the Park at 653 N. Kingsbury.

It is bank owned and listed for $91,100 under the 2004 purchase price.

The unit has the bells and whistles buyers look for including hardwood floors, central air, in-unit washer/dryer and the deeded parking.

It also sports floor to ceiling windows.

The kitchen appears to have granite counter tops and at least some of its appliances.

Is this a steal?

Sally Crachy at Applebrook Realty has the listing. See the pictures here.

Unit #1903: 2 bedrooms, 2 baths, no square footage listed

  • Sold in January 2004 for $371,000
  • Lis pendens filed in October 2008
  • Bank owned in October 2009
  • Just listed for $279,900 (parking included)
  • Assessments of $714 a month (includes air conditioning, doorman)
  • I’ve been told there is a special assessment of $199 a month through 2011 covering garage repair, fitness center, reserves
  • Bedroom #1: 15×13
  • Bedroom #2: 13×11
  • Living room: 17×17
  • Kitchen: 12×9

19 Responses to “A 2/2 With Parking for Under $280K in River North: 653 N. Kingsbury”

  1. Those assessments are horrible and I’m not a huge fan of the finishes, but the price is right. It looks like the microwave is the only missing appliance…

    0
    0
  2. Are those the standard kitchen cabinets or did the owner opt for a downgrade? Those look pretty cheap compared to what else I’ve seen in this building.

    0
    0
  3. Whenever I’m on this site I always see condos in high-rise apartments that I really like as far as finishes are concerned. But I’d never purchase one because the assessments are always soooo high. I know a lot of it is having a doorman, but I don’t like that things like heating/AC are included because then there is no incentive for anyone to regulate their own usage (open windows on nice days, turn on fans instead of A/C) because it won’t lead to any monetary savings. It seems so wasteful. Not to mention, I don’t like the idea of having a doorman in the first place. So, I guess my feelings on this place are that I like the actual place, but would never live in a building like this.

    0
    0
  4. If there was a grocery store in this hood, I would consider this place even with the high assessments. The price seems good, maybe it will even close above ask.

    0
    0
  5. PermaBear, most people walk to the Jewel on Des Plaines. It’s not exactly next door, but certainly a great walkable option.

    This seems like a good deal for this neighborhood. I think this is a sign that cookie cutter units in high rises without city or lake views are screwed unfortunately.

    0
    0
  6. Yeah, the Jewel on Des Plaines isn’t that far, but those rainy days and -10 windchill days wouldn’t be fun. On those days, a store in that cluster of buildings on Kingsbury would be very convenient and would help bring buyers to this area.

    0
    0
  7. so those assessments will be 914 a month for a year?

    bleh no wonder its so cheap

    0
    0
  8. The area is solid! There is a great kids park down the street. They also have one of the most perfect outdoor dining spots at Erie on the Park located within a block of this condo. I’d be there every night if I lived here! I’d bet that I would pick up way more than the 12lbs that Groove77 claimed to have picked up last spring.

    I think that with the parking included that the Jewel or Whole Foods option is perfectly acceptable. On a (-10) day or a rainy/snowy afternoon even having a local small grocery store would be an obstacle. On those days I’d drive a bit further and pull into the underground parking lot at the Dominick’s on Halsted and Washington. My wife hates that store but still uses it during adverse conditions.

    0
    0
  9. As a prospective buyer I’d negotiate that the seller would be responsible for any special to be paid in full at closing. Still high at $714!

    0
    0
  10. doesn’t it seem like the fridge is missing too?

    and, man, if i’m an agent and i’m listing a place with “views, views, views”…i think i try a bit harder to capture those views.

    like, say with this listing:

    http://www.redfin.com/IL/Chicago/653-N-Kingsbury-St-60654/unit-1807/home/28657133

    i know this is bank owned, but is it that hard to come back and take pics on a sunny day?

    0
    0
  11. “I’d bet that I would pick up way more than the 12lbs that Groove77 claimed to have picked up last spring”

    most of it is melting away since flag football league started. i will say that extra weight has slowed me down and my teammates are calling me on the slowness.

    for me i would rather drive to a grocery once than make smaller more frequent walking trips. but everybody has different priorities.

    i just wish this listing showcased these so called views.

    0
    0
  12. What is the typical length of time between “lis pendens” and “bank owned”? The 12 months for this property seems like it’s one of the quicker ones.

    Though why would the bank take another 12 months before listing it?

    0
    0
  13. Anyone here have a good source for MLS access they would be willing to share to help me set up a rental query? I’ve tried things like DreamTown but I get the sense they are limited only to their own listings…

    0
    0
  14. Groove77 is Betty White

    0
    0
  15. Has anyone else heard that 653 Kingsbury has pending litigation which is preventing banks from underwriting mortgages to potential buyers? I have no specifics, but maybe someone else can chime in.

    0
    0
  16. I live around the corner from here without a car and usually shop at the Jewel on Des Plaines. Its ~mile, but not bad at all. There is also a 7-Eleven at Kingsbury/Ontario and the Galleria Market at Orleans/Superior for those days I don’t want to make the trek to Jewel.

    0
    0
  17. great price, but between the taxes and the assessments it’s over $1100 a month on top of the mortgage!

    0
    0
  18. Of course the price is unbelievable low, but as mentioned before, the assessments (including specials) are what make this not such a great deal. Assessments only go up over time and to buy into a place with $700+ assessments that is less than 10 years old is asking for trouble.

    0
    0
  19. “Assessments only go up over time and to buy into a place with $700+ assessments that is less than 10 years old is asking for trouble”

    Do any of you guys realize the costs of owning a house?!!! It is much more than 700/month assessment that you may be paying for a condo. God, do the the numbers and you will realize that you will end up spending a LOT more on a house (in terms of upkeep/maint. than almost all condos).

    0
    0

Leave a Reply