2-Bedroom Returns to the Market “Completely Renovated”: 635 N. Dearborn in River North
This 2-bedroom unit in The Caravel at 635 N. Dearborn in River North was bank owned in July 2008.
It then sold from the bank in 2009 for $137,000 under the 2003 purchase price.
It has now returned to the market and the listing says it is “completely renovated.”
The master bathroom, for instance, has been enlarged and now has marble with a separate tub and shower and a double sink and vanity.
The kitchen has white cabinets, granite counter tops and white appliances.
There is crown molding throughout.
The floors are white oak.
Fran Goldstein at Prudential Rubloff has the listing. See the pictures here.
Unit #2304: 2 bedrooms, 2 baths, no square footage listed
- Sold in September 2003 for $462,000
- Lis pendens in August 2007
- Bank owned in July 2008
- Sold in March 2009 for $325,000 (2 car parking included)
- Currently listed for $469,000 (2 car parking $60,000 extra)
- Assessments of $722 a month (includes gas, heat, ac, doorman, cable)
- Taxes of $4992
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×13
- Bedroom #2: 12×11
not even commenting
I’ve not been looking in the 2BR condo market but looks completely vanilla to me. I wouldn’t have guessed a renovation had happened without the listing telling me. It’s just looks cleaned up and staged. I don’t think it’s ridiculously overpriced, but I don’t think it’s priced to move either. I would guess 5-10% discount and it gets more interest (my back of the envelope on rental equivalence).
529K with parking for a galley kitchen and an UGLY and outdated renovation?? Ummm … no thank you.
I haven’t seen a condo this nice since I visited grandma down in Boca.
Madeline, I was just thinking of palm dsetert!
It looks like a room at a new Best Western.
La Quinta renovation.
I’ve been looking in River North. There’s way too much 2 bed/2 bath inventory for this to go for $469. The other “large” 2/2s in this building are asking about $449 plus $40 for parking. The listing says “double parking space” versus two spaces so not clear if you have to buy both.
I’m all for renovators that do a good job making a few bucks, but a $200k premium for this is ridiculous
All this tasteful decor and your balcony/condo gets to be across the street from Excalibur!!!!!
Just think of how impressed the 50 year old cougar you bring home will be! Awesome, what a deal!
My guess is that its a tandem spot, so its a package deal.
“The listing says “double parking space” versus two spaces so not clear if you have to buy both”
bahhahaha Madeline, dead on.
The parking actually consists of two full size spots. Though this is a different unit (http://www.redfin.com/IL/Chicago/635-N-Dearborn-St-60654/unit-701/home/12674883) this is what the kitchen looked like BEFORE the renovation. This REALTOR OWNED unit has been absolutely destroyed. Way to ruin a pretty good buy and piss away your low cost basis from the initial REO deal!
I think im gonna be sick
The renovation needs a renovation.
Does someone like pastels, pink a little too much?
I just threw up in my mouth.
yup if it was the 80’s this thing would be ahead of its time.
Whoa what happened here?! I lived in an 04 in this building and the view from every single window is directly into the Millenium Center. YUCK- inside and out!
I think the decorator is trying to appeal to retirees who frequent Florida.
WOW.
Take away the furnishings (which we aren’t supposed to discuss) and paint the interior…not that bad a place.
I do have an issue with the asking price. The cost of a ‘good’ renovation is roughly 1/4 of the purchase price. The parking is an additional $60k, which was included in the previous sale. The financials just do not add up for a guaaranteed sale.
The brilliant renovator feels a $204,000 increase in the price for spending ‘maybe’ $70k? I don’t see what exactly was renovated to justify that increase.
Not going to happen.
“The brilliant renovator feels a $204,000 increase in the price for spending ‘maybe’ $70k? I don’t see what exactly was renovated to justify that increase.
Not going to happen.”
S/he prob looks at it as jackpot for getting a good deal on the buy–it’s “only” $67k more than it was when new, and apparently supposedly better than new.
Don’t we have several people around here who insist what the seller paid isn’t relevant?
But, yeah, of course it’s not going to happen.
Del Boca Vista North.
The only thing this place is missing is Izzy Mandelbaum yelling, “It’s go time!”