1-Bedroom With Outdoor Kitchen is Now Bank Owned: 611 S. Wells in the South Loop
This 1-bedroom in The Vetro at 611 S. Wells in the South Loop recently came on the market.
Thanks to one of the original Crib Chatter readers, Bob, who pointed out that we had chattered about this unit in March 2009 when it had a large landscaped west-facing terrace with an outdoor kitchen.
You can see that chatter here.
While the Great Recession was in full swing by March 2009, there were still many who believed that housing prices wouldn’t be impacted.
Hence, many flippers were still trying to flip new construction units such as these at the Vetro.
Originally purchased in 2007 for $502,000, it was back on the market in 2009 for $869,000, plus $30,000 for parking.
It never sold and a lis pendens was filed in January 2010.
The bank finally took it back in October 2017 (incredible that it took nearly 8 years!) and has now re-listed it.
However, the outdoor kitchen was a unique feature in 2009. See the picture from 2009 below.
It’s kind of ironic if you look at the current pictures that I also described the terrace in 2009 by saying: “Usually they remain a slab of unwelcoming concrete.”
As that outdoor kitchen, plus the landscaping, is long gone.
This unit was very customized originally.
From the 2009 listing:
The listing states it has Birger Juell floors and Waterwork baths including a Zen Master bath with steam and separate jet tub. The 950 square foot terrace has ipewood floors and an outdoor kitchen.
Currently, it looks like the floors and at least one bath remains, along with a platform bed in the bedroom.
However, as I said above, the outdoor kitchen is no longer there.
Additionally, the new Riverline project across the street, along the Chicago River, is now underway.
There will be new construction buildings across the street, just west of this building.
This unit has the features buyers look for including central air and washer/dryer in the unit.
It also has a rare 2-car parking which is included in the price.
This unit has come back on the market from the bank at just $385,900.
Is this a deal?
Kirby Pearson at Parker Pearson has the listing. See the pictures here.
Unit #705: 1 bedroom, 1.5 baths, no square footage listed now, 950 square foot terrace (this is the square footage from 2009)
- Sold in November 2007 for $502,000 (included 2 parking spaces)
- Was listed in March 2009 for $869,000 (parking is $30k extra)
- Withdrawn
- Lis pendens foreclosure filed in January 2010
- Lis pendens filed in March 2010
- Bank owned in October 2017
- Currently listed as a Fannnie Mae Homepath property at $385,900 (includes 2 parking spaces)
- Assessments are now $602 a month (they were $367 a month in 2009)(this includes the parking assessment, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes are now $6532 (they were “new” in 2009)
- Central Air
- Washer/dryer in the unit
- Bedroom: 15×12
- Terrace
Toured and a few things to note. Unit is probably around 1100 sq ft. The wood floors are still there (nice) and the master bath and powder room are both decent/better than most at this price point. However, the terrace decking/kitchen/everything is gone, kitchen is more or less gone. The unit is also on the amenities floor.
The unit was likely originally purchased with government money. Once the bank had a deadbeat they decided to pretend all was well and sit on it for seven years and not acknowledge the non-performing loan.
Now 500k cheaper the unit is being sold via Fannie Mae Homepath, a zero down government subsidized program. Glad my taxpayer dollars are going towards subsidizing the owners of this unit and for an idiot to build an outdoor kitchen in Chicago.
Are the floors that are out of level or did someone mess with the refrig feet?
Figure throwing $75-100M into the place and you have a big 1BR with a huge balcony for under $500M. Not a screaming deal but not horrible
wow what a hilarious and sad story of this place
that kitchen was just thrown in there so it could be financed… looks like they found those cabinets and appliances in a dumpster!
omfg
SAD JAN FACE!!! 🙁
I NEED AN OLD STYLE.
The realtor is reaching for a new low with her selection of dark photos.
The kitchen makes no sense. Is it supposed to be a galley kitchen? It looks like they just placed a refrigerator in the middle of the kitchen.
The indoor kitchen makes me sad. Those cabinets and the layout?
The unit was featured by Chicago Magazine back in 2009. http://www.chicagomag.com/Radar/Deal-Estate/April-2009/On-the-Market-Outdoor-Cooking-in-the-South-Loop/
sonies is right, they ripped out the high-end kitchen and appliances and just threw that sh*t in there so it would sale…
Wait I stand corrected–the 2010 buyer got to live there rent free for almost eight years–it is I who is the idiot!
“Wait I stand corrected–the 2010 buyer got to live there rent free for almost eight years–it is I who is the idiot!”
I’ve seen situations where they stayed without paying a mortgage for 7 years (because that’s how far backed up the foreclosure backlog is in Illinois) but they still paid the monthly assessments. If you don’t pay the assessments, the condo board can take possession of the unit and rent it out in order to cover the assessments.
I’ve known people who have paid their property taxes as well, so that they could continue to live there without any issues.
Obviously, paying monthly assessments for a unit like this is much less than paying that plus a mortgage.
Also, the bank CAN try and collect the unpaid mortgage payments.
“The realtor is reaching for a new low with her selection of dark photos.”
Doesn’t anyone remember foreclosures? It hasn’t been THAT long since I used to cover one a week on this site. Lol.
They don’t get professional pictures for the foreclosures. And they use certain realtors to put them on the market. They’re not really “marketed” and the pictures are usually pretty terrible.
I would make an offer of $250k cash to the bank. At this point, the bank just may cut and run.
Agreed, a cash offer of 250 and then you really just have to rehab the kitchen and you would have a sweet place, that has everything…fireplace, outdoor space…(who needs an outdoor kitchen when you live in a little condo.) The check pattern is a bit much but…
Wait, someone paid 900k for a 1B in a cheap, commieblock building in the South Loop of all places, in 2009? How does that even happen? The building looks like suburban Bucharest.
Love the view of the Sears Tower in the last picture. The rest? No.
Wait, someone paid 900k for a 1B in a cheap, commieblock building in the South Loop of all places, in 2009?
No. No one paid $900,000 for this.
As the post says:
“Originally purchased in 2007 for $502,000, it was back on the market in 2009 for $869,000, plus $30,000 for parking.
It never sold and a lis pendens was filed in January 2010.”
“Agreed, a cash offer of 250 and then you really just have to rehab the kitchen and you would have a sweet place,”
Why would the bank sell to you for $250,000? They can clearly get much, much more.
If the bank sat on it for over eight years it doesn’t appear they’re in a rush to get out at 250k. Extend & pretend is the opposite of fire sale.
This will sell. Hell, had I not bought one of the big terrace units at The Legacy I definitely would be interested in this one at that price.
A – is this your unit?
https://www.redfin.com/IL/Chicago/60-E-Monroe-St-60603/unit-7201/home/45475172
Small “terrace” but I guess it could work based on the awesome views. Maybe you plan to downsize afterall?