Bank Owned 2/2 Listed for $86K Under 2004 Purchase Price: 1111 S. Wabash in the South Loop
This 2-bedroom unit in the highrise at 1111 S. Wabash in the South Loop has been on the market since December 2010.
It is bank owned.
It has been reduced $15,000 in that time and is now listed for $86,100 under the 2004 purchase price.
The unit has 2 bedrooms and a den in 1320 square feet.
From the pictures, it appears that the kitchen and at least one of the bathrooms is intact (along with the washer/dryer.)
The kitchen has stainless steel appliances, granite counter tops and maple cabinets.
The listing says the “seller never occupied the property.”
Unit #2008, one floor higher, and also a bank owned unit sold just a few weeks ago, on January 25, 2011, for $265,000.
But that listing warned, “BUILDING IS NOT FHA APPROVED, AND THERE ARE SPECIAL ASSESSMENTS FOR THE COMMON AREA AND BALCONY REPAIRS. TENANTS ARE APPROX 1/3 OF BUILDING OCCUPANTS”.
Is this property a deal?
Juliette Davis at Northpoint Realty has the listing. See the pictures here.
Unit #1908: 2 bedrooms, 2 baths, den, 1320 square feet
- Sold in July 2004 for $336,000
- Lis pendens foreclosure filed in January 2009
- Bank owned in September 2010
- Originally listed in December 2010 for $264,900
- Reduced
- Currently listed for $249,900 (includes parking)
- Assessments of $600 a month (includes heat, A/C, cable, doorman)
- Taxes of $4260
- Bedroom #1: 14×11
- Bedroom #2: 10×13
So who is responsible for causing the special assessments?
Year built: 2004
Developer: Gammonley
Architects:
Fujikana Johnson Associates, Inc.
PPKS Architects, Ltd.
Reviewing Contractor:
WMA Consulting Engineers, Ltd.
General Contractor:
James McHugh Construction Co.
this building makes me sad
“BUILDING IS NOT FHA APPROVED, AND THERE ARE SPECIAL ASSESSMENTS FOR THE COMMON AREA AND BALCONY REPAIRS. TENANTS ARE APPROX 1/3 OF BUILDING OCCUPANTS”
seriously with that how would even at 200k be even a deal?
the risk to own this place is way too dang high, even below rental the risk is too high.
and WTF how do you need balcony repairs 6 years in?
its insane how are people not in jail or at minimum kicked in the nutz/ovaries?
I don’t know much about this building but I won’t be surprised if it ends up like an Invesco (spelling?!) building. Special assessments 6 years in, uninteresting views and interior. There is nothing about this building that makes it special. The only redeeming aspect is the location but even that many will argue against.
We’ll probably see the $99K 1 bd. condo back again soon. That’s what they cost downtown in 1996 when interest rates were 7% – 8%. The incremental savings of getting a 5% loan will be offset by higher incremental assessments and RE taxes, and the monthly payments will be similar.
The housing bubble was such a waste of productive resources. Seeing a stacked w/d that’s probably never been used in a brand new building that’s already falling apart makes me sad for American society.
What do you think we could have built/created/innovated between 2000 and 2009 with all that capital?
This place isn’t that great..I don’t see how 250k is a deal on it , at all…If it was in a better building like museum park i’d give it a second look…this place doesn’t scream any more than 190k to me, parking included.
Fixed.
“What do you think we could have built/created/innovated between 2000 and 2009 with all that debt-fueled illusory wealth?”
“What do you think we could have built/created/innovated between 2000 and 2009 with all that capital?”
Yeah we probably could have won the “war on terror” if not for all that wasted money…
am I right?
You are correct Sonies and Joe. Sad.
I was thinking flying cars, monorails, and flux capacitors…
The GOP are railing against spending 50 bills on something useful like high speed rail while we waste that every month in the mountains of shithole afghanistan and they don’t seem to care about that because its all in the name of “freedom”.
Give me a break!
anyway not to turn this into a political thread, but this building is everything gone wrong with the housing bubble… I mean seriously… 7 years later and only 33% occupied? Can’t even get a standard loan on this place? cash only? Special assessments? Too much supply? Vanilla crap box? what a frickin disaster!
“We’ll probably see the $99K 1 bd. condo back again soon”
Not in healthy buildings for quality fp’s you wont…
“high speed rail while we waste that every month in the mountains of shithole afghanistan and they don’t seem to care about that because its all in the name of “freedom””
I hear ya but personally, I prefer freedom over public transportation, high speed or not.
newsflash, we’d still be free whether or not we are wasting money fighting mountain men in the Hindu Kush or not
Sonies –
“TENANTS ARE APPROX 1/3 OF BUILDING OCCUPANTS”.
I think this means the building is 33% rental not 33% occupied.
“newsflash, we’d still be free whether or not we are wasting money fighting mountain men in the Hindu Kush or not”
To an extent, yes. I think it’s more of a display to the world than anything (demo of what is a different convo), but there are better infastructure investments than a high speed rail imo, like financial reform and/or job creation (though one can argue a high speed rail will create jobs).
Defective balconies on a 7 year old high rise is simply criminal. That’s all the indicator you need that everything else was also done on the cheap.
“but there are better infastructure investments than a high speed rail imo, like financial reform and/or job creation (though one can argue a high speed rail will create jobs).”
we already did financial reform… and that isn’t an infrastructure improvement anyway…
But whatever, I’m sure there were dumbasses that bitched about the cost of the interstate system too way back in the day
Nah, that probably means only 33% of the building is owner occupied. No reason to mention it unless the owner occupancy rate is causing problems with financing. It most likely is as a lot of the cheapo highrises are over run with renters now which is why it was mentioned in the listing so people don’t waste their time. Generally you can’t have more than 50% rental on existing buidings. 30% on new construction buildings. You can get around it, but it can be problematic on lower down payment deals which is likely to be the type of borrower who purchases this place.
“we already did financial reform… and that isn’t an infrastructure improvement anyway…”
Hardly reform, rich still gettin richer, hard to get loans, wall street making a killing…and how isn’t the financial system infastructure? It’s institutional infrastructure.
The point is we already have an interstate system; we already have an ocean-to-ocean railroad…what’s the point of a high speed rail right now…just to get from point A to point B in less time?
did time stop equaling money?
and yes, I agree the dodd-frank bill is/was a piece of crap, almost as big a piece of crap as this 1111 s. wabash building
“did time stop equaling money?
and yes, I agree the dodd-frank bill is/was a piece of crap, almost as big a piece of crap as this 1111 s. wabash building”
I’m with ya…time = money…always has always will.
But right now, given all the other issues our country is experiencing…don’t get me wrong, I want to travel 300kph across the country drinking some stiff drink, magnetically elevated above the tracks singing the Homer Simpson “monorail, monorail, mono-DOH!” song, just the wrong time I feel.
High speed rail makes sense only if it is truly high speed. The problem is the NIMBYs and environmentalist will make it patently impossible to built a true high speed rail system. High speed rail would be preferred to flying on trips that take less than 2 or 3 hours. I much rather get on on a bullet train going 250mph to St. Louis than to have to hop on a some crop duster regional jet with no leg room. Flying from Chicago to LA makes sense though.
Of course, there wouldn’t necessarily be a need for high speed rail if the TSA, government, and airlines would pull their heads out of their asses so it didn’t take 2 freaking hours just to get on a flight.
not too much of a bother here in the midwest, but the fact that we don’t have high speed rail on the east coast is criminal. Compare Amtrak to a Beijing/Shanghai train that goes 870 miles in 5 hours. That’s double the distance from Boston to DC, four times the Boston to NY distance, and eight times the NY Phili distance. Just the amount of wasted time and energy caused by NJ commuters is worth some public works transit remedy.
“Just the amount of wasted time and energy caused by NJ commuters is worth some public works transit remedy.”
So, a train that stops at every subdivision? That’s not going to help anything.
“So, a train that stops at every subdivision? That’s not going to help anything.”
Faster first. The NJ transit is already a sprawl, but no one will use something that takes an hour and a half to get to your office when you can be stuck in traffic for an hour instead.
Yeah the issue is getting up and down the turnpike or up and down route 1 get to the Amtrak and NJ Transit lines. There are stretches of Rt 1 near Princeton in the Pharma corridor where it takes 45 minutes to go 5 miles every morning between 7 and 9.
A high speed rail line to suburban NJ where many corporates are headquartered wouldn’t do much good if you have to cab it another 10 miles to get to the office or find a shuttle or bus.
A bullet train along the NE Corridor would do wonders for Philly and Baltimore though.
Problem with high speed trains very few places are dense enough to support the passenger load necessary to make them costs efficient. They also only really work in cities where you do not need a car. If a city is 3-hour drive away then it makes no sense to take a bullet train if you have to rent-a-car when you get there.
China has I believe 90+ cities that are greater than or equal to the size of NYC. When you are connecting those types of cities with high speed rail it makes sense. America just doesn’t have the ‘big cities’ to support high-speed rail.
“Faster first. The NJ transit is already a sprawl, but no one will use something that takes an hour and a half to get to your office when you can be stuck in traffic for an hour instead.”
Frequent stops defeat the utility of high speed rail. If the train spends all of it’s time starting and stopping, it’s not much of a speed gain. And if NJ commuters need to drive 15 minutes to walk /wait for the train 10 minutes to be on the train for 15 minutes to then walk/cab/subway for 15 minutes, why not just drive 15 more minutes?
The last mile (from the train to your destination) is always the problem with public transit.
However, there are a lot of cities that could use high speed rail to connect relatively close destinations. LA to SF. NY to DC. NY to BOSTON, etc. Makes no sense to need to fly.
that isn’t a problem at all… did you guys know that pretty much every large commercial building here in the loop has a shuttle bus that runs from both major rail centers directly to the front door of the building?
There needs to be rail investment at all levels, not just high speed. Amtrak needs to invest in new rail cars, upgrade existing stations (i.e. bathrooms), and construct new overpasses/underpasses to separate existing road and and rail crossings.
The final few miles of Amtrak’s City of New Orleans/Illini/Saluki line approaching Chicago are tortuously slow. It can take close to an hour to get from McCormick place to Union Station. Union Station itself is a horrible mess and a toxic environment.
I agree that HSR does not make sense where there is insufficient population to support it. But there should be reliable and fast enough (~90 mph) regional train service between cities like Chicago-Milwaukee, Chicago-Detroit, Chicago-Indinapolis, etc.
“China has I believe 90+ cities that are greater than or equal to the size of NYC.”
Um, no. NYC metro is the 4th largest in the world (behind Tokyo, Seoul and Ciudad Mexico), and the city proper is 14th (Shanghai and Beijing only Chinese cities ahead).
There are 8 Chinese cities as large as or larger than LA, and 3 more as large or larger than Chicago.
Most European countries have high speed trains. I agree that the geographical immensity of US and hence its population density make things harder, but I think the state of public transportation is borderline embarrassing for a country that thinks it leads the world. Forget high speed. Have any of you taken Amtrak? It is a joke with all the stops for freight trains. Oh and the lovely CTA. It takes an hour to make it to O’Hare on Blue line from down town. Can’t they at least have some high speed trains for the airport in a city as prosperous as Chicago.
Oh and then there are the planes with angry, overweight, and lazy flight attendants who feel like vigilantes after September 11th. Last time my poor fellow passenger looking at the menu asked the flight attendant what shallots are and she snapped at him that she cannot explain what they are and he should make a decision already. I mean cannot she just say they are small onions or something. She also gave me a dirty look when I opened another blanket besides mine because I was cold and told me these blankets are big enough and there is no need to open another one! Oh… and then there is the joy of going through the security in the airport. Sorry about the rant, but I am hormonal these days : )
“Problem with high speed trains very few places are dense enough to support the passenger load necessary to make them costs efficient. They also only really work in cities where you do not need a car. If a city is 3-hour drive away then it makes no sense to take a bullet train if you have to rent-a-car when you get there.
China has I believe 90+ cities that are greater than or equal to the size of NYC. When you are connecting those types of cities with high speed rail it makes sense. America just doesn’t have the ‘big cities’ to support high-speed rail.”
All of this talk of HSR capability is second to cost.
You are speaking of huge capital investments w/very little return unless ticket prices are high. No one will want to ride if it costs $50/ticket, or even $20, regardless of population density or convenience.
America is not ready for a HSR unless it is an alternative to flying cross country as pointed out by Russ.
The capital investment could be put to better use.
“Most European countries have high speed trains.”
Guess what? Just because you’re white and there are a lot of white people in America does not mean America is Europe. Our land is vastly larger and there are totally different dynamics.
I am _SICK_ of Americans such as you wanting America to be like Europe just because you took some time out of your suburban Wal-Mart cul-de-sac existence to goto Europe and act like fat, pale, impatient Americans for a week or two and think that makes you some sort of expert on European culture and how much better it is than here. You probably say the same thing about european healthcare.
We aren’t Europe, and knowing you, you’d probably see fit to be an ugly American and complain about the slow service at a european restaurant because trust me, miumiu, most Americans who talk like you do just don’t get it.
You love your chain stores like McDonalds & Wal-Mart and the convenience and comforts of driving. You may not like to admit it but you do (or at least those who talk like you).
European highspeed rail wouldn’t survive without massive taxpayer subsidies. And judging by the state of their finances, their little experiment in spending money on public goods at the whim of bureaucrats doesn’t seem to be working out so well these days.
Oh yeah forgot Starbucks. Americans who want America to be like Europe because they vacation there every few years love their Starbucks, too. The New York Times as well for some of them (it allows them to feel intellectual even though they aren’t at all).
a-fed an infrastructure program like HSR doesn’t need to be profitable for it to be beneficial, although profitability helps there are other economic benefits to having HSR other than just black or red ink from operations only
“We aren’t Europe, and knowing you, you’d probably see fit to be an ugly American and complain about the slow service at a european restaurant because trust me, miumiu, most Americans who talk like you do just don’t get it.”
I can’t wait to read miumiu’s response to this.
There is an existing Metra line that goes to the “O’hare Transfer Station” in as little as 33 minutes (on the expresses) from downtown. The people mover at O’hare could easily be extended to reach the Metra Station.
Now imagine if the line were seriously upgraded and frequent direct service were available. Metra could realistically reduce this time to 20 minutes or so (followed by a 10 minute people mover ride). Daley’s largest white elephant is the block 57 superstation to nowhere. An airport express could have left directly from Union Station, requiring very little additional construction cost.
Don’t know about pale and impatient, but MiuMiu is very vocal about the disgust she feels for overweight people. She would rather die, I’m sure, than be fat. I just hope if hormonal means horny that she has plenty of protection.
Bob:”because you took some time out of your suburban Wal-Mart cul-de-sac existence to goto Europe and act like fat, pale, impatient Americans for a week or two and think that makes you some sort of expert on European culture and how much better it is than here.”
@ Juliana, Hormonal means pregnant. I don’t feel disgust for anyone including people who are overweight. I feel however that unlike things that one is born with and cannot control, ones weight is controllable and it is both against ones interest to ignore ones health as it is selfish in terms of cost and inconvenience it causes the society. Same as smoking which is a bad habit for the individual and the public.
@Bob, I am not American and while I admit I eat McDonald fries every couple years, I have never shopped at Walmart nor intend to do so. But of course there is nothing bad shopping there. As for Starbucks, I hate that place with its horrible drinks with tones of calorie. The only thing I will ever buy there is a Camomille tea. US is a very big country with very diverse population arguably more than any other place in the world so I won’t stereotype all Americans to your simple umbrella. Many of them love small business and hate places like Walmart. As there are many who shop there mostly because the prices are good. I am sure if I had less income I would be forced to do so too. I mentioned Europe because it was argued only huge metropoles merit fast trains. France and Italy have fast trains between cities that are not comparable to Chicago. I never wanted US to become Europe that being said I think if there is a good idea anywhere in the word why shouldn’t we all be open to adopting it. We are all citizens of the earth and can learn from each other.
Oh, thought you meant pms. I’m sure you’ll be a wonderful parent, and will feel proud of your child, even if he/she struggles with a weight problem. Reminds me of my sister. One of her sayings in her younger days was “better dead than red” (she meant ginger). Funny thing is she ended up with a red haired son who is, of course, a shining star in her eyes.
“Hormonal means pregnant.”
@Juliana, thank you and sorry if I offended you the other day. I meant no harm. I would love my child as any other person regardless of how they look. But, I sure hope we can all help each others to improve and try to defeat the hardships in front of us. BTW, I love red heads. They are gorgeous and I love freckles.
Miumiu has a point – while there is nothing inherently wrong about being fat/overweight – you ARE asking for trouble in terms of your health (mental and physical). I don’t think people understand the true cost of obesity – everyone should make every attempt to be as thin as is deemed healthy for them.
umm… I think people should hop on a high speed rail away from this place…..far away
I agree. I have had to live through years of my teen daughter’s angst about not being thin enough, though, and wish there was some way to help girls focus on health above thinness. It gets dangerous when being the perfect weight is added to the pressures of getting good grades, and having a good complexion, perfect hair, perfect smile, and on and on. Eating disorders develop, and can become dangerous. My daughter, who is a well toned dancer with an hourglass figure, still wants to be a waif-like.
clio:”I don’t think people understand the true cost of obesity – everyone should make every attempt to be as thin as is deemed healthy for them.”
I agree too. Actually people come in many shapes and forms and that is beauty of life. It is so sad when unrealistic expectations are forced on people. I just don’t like extremes being anorexic is as bad as being obese so I am not sure why young girls find one better than the other.
I read an interesting study on weight recently that suggests that weight cycling (losing and gaining weight through dieting) is more dangerous than never dieting, and posits a Health At Every Size paradign to replace the existing one which promotes of weight loss and dieting.
http://www.nutritionj.com/content/10/1/9
Very interesting. I am not surprised. I have quite a few friends who are yoyo dieters. For instance, I cannot imagine doing the no carb thing. I for one cannot work out and use my brain if I don’t eat bread, pasta, or rice.
Diet industry is a business so I am not surprised if they try to sell useless ideas just to make money. I am not at all an expert on this, but moderations seems to be a key. I don’t believe in self deprivation of any kind. Of course it is good to be calorie conscious and not eat things that have no nutritional value and tones of calories, but going to extremes is not sustainable in the long run.
I used to have a spinning instructor who was amazingly fit but she was not slim by any standards and I was at the beginning so surprised that she was so fit. I used to think only slim people are fit before I met her. I was half dead after my session and she would just do one class after an other.
There are so many more complications when doing procedures on fat/obese people it is ridiculous. You can’t see where you are going – if you start bleeding during a procedure, it is incredibly difficult if not impossible to stop. From a physician’s perspective, it is just incredibly awful.
and it makes your ding dong smaller
Gasoline is 3x more expensive there.
“France and Italy have fast trains between cities that are not comparable to Chicago.”
Miumiu, what do you do for a living?
“it makes your ding dong smaller”
Your perception of it or the real size? I had never heard that one before.
You are right Dan. I know I will get lynched for this comment but I wish it was more expensive here too so public transport would improve. Joe I, don’t you know that curiosity killed the cat ; ) But good news is that “satisfaction brought it back”.
miumiu on February 10th, 2011 at 7:01 pm
“Most European countries have high speed trains. I agree that the geographical immensity of US and hence its population density make things harder, but I think the state of public transportation is borderline embarrassing for a country that thinks it leads the world. Forget high speed. Have any of you taken Amtrak? It is a joke with all the stops for freight trains.”
I have heard rail enthusiasts say that our rail system is highly optimized for freight traffic, much to the detriment of passenger traffic.
Well, it is for sure not optimized for passenger trains. The person who did that optimization should learn something about QoS constraints. It would have helped if he had factored in a bounded delay for passenger trains.
Here we are again….not focused on the property or the neighborhood…
a bunch of narcissists continue to rant..
Bob: high speed rail wouldn’t exist in Europe without massive government subsidies?
the car wouldn’t exist in American without massive government subsidies: roads.
Regarding the original property, it’s amazing how poorly some of these big buildings were planned and managed.
For the last 5 – 10 years, it also seems like the South Loop has consistently had massive oversupply of condos, and I don’t see that changing any time soon.
With respect to high speed rail, sure, it sounds very nice, but it’s only realistic in a few densely-populated areas (like where the Acela is now). A larger network would be massively expensive to build and we’d just be supplementing an existing dominant system – air travel – with a system that would take decades to build and would be far more expensive from a capital and maintenance perspective than passengers would be willing to pay.
How we ended up fat American tourists is beyond me but absolutely hilarious.
My question is for the experts: Do banks not require an inspection of a condo building, the same way they do with single family homes, before funding the mortgage?
Back on the topic of the property, this would have trouble selling north of the river at this price right now, even without the building issues. The monthly assessments should be closer to 450, especially for a new building. Depending on the size of the special, I’d say another 25 to 50 might do the trick. I’ve been looking at near north condo’s for some time now, and 1 bedrooms of this variety are going for around 150.
Most lenders do a varying amount of due diligence on the applicable building and condo association, including maybe requesting records about its operations and reserves. And of course there’s a regular appraisal which would expose major problems with the unit.
I lived in this Building back in 2006-2006. It was OK. But I remeber they were trying to sell me a one bedroom (small) for near 200K as I remember. It didn’t feel right to me so I didn’t bite. The building is nothing special. The lower balconies have a divider with the unit next to it. I guess I ain’t really saying nothing, except if I had bought a one or two bedroom at the top of the market, I would have felt it was a waste of money. Very few units have a good view unless you go higher up. But I guess that’s every building.