Selling Within Months of Buying: 565 W. Quincy in the West Loop
This 2-bedroom unit appears to be the first re-sale in the new construction high rise 565 W. Quincy in the West Loop.
It sold in July 2010 and apparently came back on the market just 2 months later, in September 2010.
The corner unit is 963 square feet and has the new construction kitchen with stainless steel appliances and granite counter tops.
Originally listed for $2,900 over the July purchase price, the $20,000 parking has now been stripped out of the purchase price so it is showing up on the MLS for under $300,000.
If you’re thinking just renting it out would be a better option for this seller, then you should not be surprised to know that it is also available to rent for $2250 a month plus $200 extra for parking.
Will it rent or sell first?
Courtney Welsch at Baird & Warner has the listing. See the pictures here.
Unit #1310: 2 bedrooms, 2 baths, 963 square feet
- Sold in July 2010 for $318,000
- Originally listed in September 2010 for $320,900
- Currently listed for $299,900 plus $20,000 for parking
- Assessments of $346 a month
- Taxes are “new”
- OR available to rent for $2250 a month plus $200 for parking
- Central Air
- In-unit washer/dryer
- Bedroom #1: 11×11
- Bedroom #2: 11×12
$2,450/mo for a 963sqft 2/2? Pass that pipe.
Yeah, ridiculous rent price. There are a bunch of similar places in South and West Loop. Why do they think they’ll get premium rent for this?
Why would the buyer immediately turn around and sell it for a loss? What could possibly be going on?
pass on both buying and renting. They are dreaming on both prices.
There could be all kinds of reasons. Maybe the owner is getting divorced. Maybe they just got a job offer in Boston. Maybe they moved in and hate the location/building.
I wouldn’t be surprised if they eventually got $2000/month rent with the parking thrown in.
I typed in 565 W Quincy into Redfin and it asked me:
“Did you mean:
Listings:
* 565 W Quincy St #1310, CHICAGO
* 565 W Quincy St #1512, CHICAGO
* 565 W Quincy St #814, CHICAGO
* 565 W Quincy St #518, CHICAGO
* 565 W Quincy St #1410, CHICAGO
* 565 W Quincy St #1307, CHICAGO
* 565 W Quincy St #1302, CHICAGO
* 565 W Quincy St #1706, CHICAGO
* 565 W Quincy St #816, CHICAGO
* 565 W Quincy St #1712, CHICAGO
* 565 W Quincy St #1317, CHICAGO
* 565 W Quincy St #606, CHICAGO
* 565 W Quincy St #1516, CHICAGO
* 565 W Quincy St #717, CHICAGO
* 565 W Quincy St #1717, CHICAGO
* 565 W Quincy St #1708, CHICAGO
* 565 W Quincy St #1508, CHICAGO
* 565 W Quincy St #1105, CHICAGO
* 565 W Quincy St #1614, CHICAGO
* 565 W Quincy St #1707, CHICAGO
* 565 W Quincy St #1308, CHICAGO
* 565 W Quincy St #1002, CHICAGO
* 565 W Quincy St #512, CHICAGO
* 565 W Quincy St #1715, CHICAGO
* 565 W Quincy St #1316, CHICAGO
* 565 W Quincy St #1405, CHICAGO
* 565 W Quincy St #1714, CHICAGO
* 565 W Quincy St #1515, CHICAGO
* 565 W Quincy St #612, CHICAGO”
All I have to say to this owner is he makes Special Olympics Athletes look like Einsteins by comparison. Seriously WTH was he thinking?
People like this owner deserve to have their finances ruined either via FICO score or via bringing 50k cash to closing. No more bailouts for cracky!
Awesome prior thread on 565:
http://cribchatter.com/?p=8055
1610 rented Jan 2010 for $2000 w/pkg
1607 (2/2 1100sf) rented Mar 2010 for $2000 w/pkg
Developer is asking basically the same price for 1410 w/pkg ($321,900). Who would have ever guessed that they would not be sold out by now?
Big wonder Joe Zekas doesn’t post here anymore–his paradigm and positions just don’t stand the test of time nor stand up to the light of reality…from the prior thread:
“G on December 24th, 2008 at 8:45 am
Alan Lev, the head of Belgravia, stated this past spring that they will never lower their prices in their developments. I laughed when I read it. We shall see.
Joe Zekas on December 24th, 2008 at 10:03 am
Lev’s position is more nuanced than G suggests, and likely to survive G’s ridicule. If you want to understand Lev’s actual approach, watch this video (price discussion begins at about 3:45):
http://www.youtube.com/watch?v=nz9EdXloihQ
Did I miss the nuance of Lev’s position? Did it survive my ridicule?”
Good thing I never listened to shills like Joe Zekas who were out trying to get people to make egregiously poor financial/life decisions towards the end of the boom. Or else I might be as F’d as this owner.
he will be back. he’s paid to do it
“Awesome prior thread on 565:
http://cribchatter.com/?p=8055”
Probably enough info to generate a social map of CC.
ouch, that 2nd bedroom with the giant pillar in the middle is bad, also expect those assessments to double in a year or two.
First it won’t sell. Then it won’t rent. Then it won’t sell again in a short sale. Finally it will sell after being foreclosed.
Does anyone else thing they need to come up with different ways to describe properties. When I see HWF, SS aps, 42 Cabs, Granite, etc… then I look at the pictures and the place still looks cheap, I feel really cheated.
Looks like the rent price has already been reduced down to $2200 (plus $200 for parking).
Funny thing is if this were a one bedroom with a master bath, and/or a den and a half bath, it would be more appealing imo..
“ouch, that 2nd bedroom with the giant pillar in the middle is bad, also expect those assessments to double in a year or two.”
Nothing says “Great Floorplan” like a giant pillar in the middle of a bedroom with an electrical cord running from one side of the pillar to the other (and underneath the bed – perhaps all the way to the opposite wall???).
In a new construction/conversion building no less…
“Nothing says “Great Floorplan” like a giant pillar in the middle of a bedroom with an electrical cord running from one side of the pillar to the other (and underneath the bed – perhaps all the way to the opposite wall???).”
Can’t be electric–there’s an outlet on the post. I’m going with coax for the tv.
Dear Mr. Lev:
Please enlighten us as to your thoughts on the 2011 market. I was able to take from your words last November some insightful points and would like to do the same again.
KThxBye,
RV
“Why would the buyer immediately turn around and sell it for a loss? What could possibly be going on?”
Clio – My wager is on….. “Honey if you just buy me this home our problems will be over and our relationship will be so much better.” My close runner up would be “my job is totally secure and they cant live without me at the office.” Nothing like overconfidence in the current job market.
The last theory is that someone got a genuine unexpected huge opportunity for an immediate transfer to another city due to the death or sudden departure of another key employee. This could be a legitimate reason to move for long term upside in business even though the short term consequences will likely be terrible for the seller.
“Clio – My wager is on…..”
How do you know it wasn’t me with my grand scheme:
1) Let’s get this puppy under contract by April 30th for the $8k credit. Then lets never make a single payment on the note and see how long I can get free rent.
Hey Joe Zekas it appears Lev’s video is now marked private.
There must be some mistake in the settings or something on your end because Lev’s outlook was obviously spot on I suspect regarding his outlook.
Maybe instead you’ve realized what a genius Lev is with regard to predicting the future so have instead opened up a trading account based on Lev’s outlook and would prefer to keep it more proprietary?
LMFAO Joey caught red-handed in one his misinformation stunts–it doesn’t get any better than this.
Idiot knife-catcher choose a butt ugly building to make his fortunes. Are those balconies supported structurally by a wire to the roof? I see ten kinds of stupid with this building.
“1) Let’s get this puppy under contract by April 30th for the $8k credit. Then lets never make a single payment on the note and see how long I can get free rent.”
that’s pretty stupid because if you don’t stay in the place for 3 years before you sell (which this might happen) you have to pay the IRs back
so not only would you have the bank, and collections agencies on your ass, you have the IRS up your butt as well
“so not only would you have the bank, and collections agencies on your ass, you have the IRS up your butt as well”
From someone who has undergone some serious audits, i can assure you that you do NOT want to have the IRS “up your butt” – you will NOT win!!!!
Ah, yes. Nothing has changed at CribChatter. It’s largely the same old sour crowd making the same twisted misrepresentations.
I explained in an earlier thread why the video was marked private.
http://cribchatter.com/?p=8055#comment-61011
Bob knows that because he commented on it at the time. He’s been a slimy piece of work from the time he was banned from YoChicago years ago. And, yeah, I know he’ll vehemently deny he’s the same Bob.
Last week I went through a perfect property for Clio. 4-car garage, plus enough surface parking behind a gate for half a dozen more cars. Only $9.9M. You can watch the 3-part video tour at YoChicago.
“Disclosure: Belgravia / Quincy is an advertising client of ours.”
“banned from YoChicago”
Is YoChicago highly censored? and set up for paying customers to push their PR???
I’m glad Bob is not censored, I enjoy his posts.
Wow I just visited YoChicago for the first time. I feel like someone just tried to sell me a used Miata.
wait wait wait, I just saw the links to the Webster square development. 1 bedroom condos starting at 475k? Really? Not a chance.
“Wow I just visited YoChicago for the first time. I feel like someone just tried to sell me a used Miata.”
DOOOOODE i just laughed so hard tear came out, thank you bro i needed that 🙂
No resales in the building to date. There appears to still be 35 of 241 total units unsold by the developer including 1 pending and 2 contingent contracts.
Will there be another price reduction to move the remaining units? The first price cut drowned the earlier buyers. What will another cut do to the approx 45% of current owners who had 90% or greater LTV at time of purchase (more than half of which were at 95% or greater LTV)?
G: Do you reallyt miss him that much?
I think you have to type his name to summon the smoke monster.
I don’t know why you guys vilify Joe Zekas so much on this site. He is actually putting his money where his mouth is and actually doing something instead of just sitting on his ass and criticizing everyone and every property out there.
Wouldn’t that be “putting his mouth where his money is”?
G- that is pretty funny. i have to remember that one.
clio, you cannot imagine the happiness that my comments bring to those passers-by who gaze upon them. Their smiles alone make sitting on my ass and wasting time here worthwhile.
RoscoeVillager,
Per your earlier request, here’s Alan Lev’s current take on the new construction market. He thinks it may take five years before any sizable new projects are built in the city.
http://www.youtube.com/watch?v=WieodXksAwc