This 1-bedroom loft at 1601 S. Michigan in the South Loop just came back on the market after selling as a short sale sometime between December 2011 and February 2012 (I can’t tell exactly from the public record.)
We last chattered about it in March 2011 when it was listed for just $100,000.
See our prior chatter here.
This is the short sale unit that Chuk attempted to buy last year. From Chuk:
“I was under contract for this unit for 107k. There was a 1st and 2nd mortgage on the place and the short sale was taking forever. They wanted me to kick in more money, but I wouldn’t. After 5 months, I told my attorney to cancel the contract because I found something else I wanted to buy. They immediately approved the short sale to me that day, but I had made up my mind. This unit closed today for 107k, and is back on the market for 175k. Who said flipping was dead?”
From the pictures from the two listings, it appears that the only major renovations done to the unit were in the kitchen.
The “new” kitchen now has dark cabinets (painted?) and a backsplash. The “old” kitchen had lighter, maple cabinets.
Both have the same counter tops and black appliances.
The bathroom appears to be the same in both listings.
See the prior listing here.
Bought as a short sale for $107,000, it is currently listed for $175,000.
Will the seller successfully get the higher price?
Laurie Foote at Century 21 S.G.R. has the listing. (She also had the prior short sale listing.) See the current pictures here.
Unit #205: 1 bedroom, 1 bath, no square footage listed
- Sold in May 1999 for $93,000
- Sold in September 2006 for $221,500
- Originally listed in November 2010 for $180,000
- Reduced several times
- Was listed as a “short sale” in March 2011 for $100,000
- Lis pendens foreclosure filed in November 2011
- Sold in December 2011 or February 2012 (I can’t tell for sure) for $107,000
- Just re-listed for $175,000 (no parking)
- Assessments of $218 a month (includes cable)
- Taxes of $1435
- Central Air
- Washer/Dryer in the unit
- Bedroom: 12×10
- Living room: 18×14
- Kitchen: 12×5