Someone posted a comment about this 2-bedroom foreclosure, Unit #2206, in The Caravel, at 635 N. Dearborn, in the heart of River North about 10 days ago.
I didn’t chatter about it because I figured it would sell quickly given the price.
It is one of the medium-sized 2-bedroom units in the building at 1225 square feet (including the balcony, apparently, so the unit is probably about 1150 or so.)
But I was wrong.
It’s still on the market, though Tipsters tell me that many, many people have gone to see it. Perhaps the bank is looking at multiple offers.
This unit brings up several questions:
- It is listed $189,000 less than some comparable units in the same tier in the building and low, on a per square foot price, for River North. Why hasn’t it sold?
- Do foreclosures set the new comp in a building? As several same tier units are listed much, much higher. What are the odds of those selling?
There are no pictures of the interior of the unit, but Tipsters who have been inside say that the kitchen and bathrooms are intact and that the unit only needs minor cosmetic updates (new carpeting, a cleaning, new paint.)
Here’s the listing for Unit #2206:
FUNDS. FAX ALL OFFERS GREAT INVESTMENT/ PROPERTY BEING SOLD IN AS-IS CONDITION/ NO SURVEY NOR DISCLOSURES/ PROOF OF FUNDING MUST ACCOMPANY ALL OFFERS/ PRE-APPROVALS NOT PRE-QUALIFICATIONS/ ERNEST MONEY MUST BE CERTIFIED TO OFFICE, NO EMAILS.
Unit #2206: 2 bedrooms, 2 baths, 1225 square feet
- Sold in June 2003 for $441,000
- Became bank owned in March 2008
- Recently listed for $364,900 (includes the parking)
- Assessments of $478 a month
- Taxes of $5,117
- Area Wide Realty has the listing. See the listing here.
Here are the other 06 units available:
- Sold in March 2004 for $360,000
- Currently listed for $499,000 (parking is $35k extra)
- Assessments of $670 a month
- Taxes of $4,701
- Berg Properties has the listing. See more pictures here.
- Sold in October 2003 for $345,500
- Sold in February 2005 for $425,000
- Currently listed for $509,900 (plus $45,000 for parking)
- Assessments of $685 a month
- Taxes of $5,106
- ABA National Realty has the listing. See more pictures here.
- Sold in March 2004 for $387,000
- Currently listed for $490,000 (plus $45,000 for parking)
- Assessments of $629 a month
- Taxes of $4951
- List It, LLC has the listing. See the listing here – no interior pictures available.
Here is the listing for Unit #2606:
$2,500 buyer bonus at closing for contract by 10/15/08 and closing by 11/14/08. Beautiful upgraded split 2 bedroom in the Caravel. Hardwood floors, granite countertops and stainless steel appliances.
Marble master bath w/soaking tub and separate shower. Fantastic city views from the east and south facing 141 square foot wrap around balcony. Excellent location! Prime deeded parking space (#28) for $45,000.