630 N. Franklin: Even Desperation Prices Aren’t Working
A one bedroom, one bath condo just went into foreclosure at 630 N. Franklin, the 2 year old 165 unit CMK mid-rise loft style building in River North.
Before it did so, however, the seller must have gotten approval from the bank to try a short sale. It came too little, too late.
Unit #810: 1 bedroom, 1 bath
- First sold in November 2005 for $239,000
- Sold in November 2006 for $335,000
- Originally listed for $340,000 a few months ago
- Lowered to $235,000 by late October 2007
The listing states:
SELLER IN DISTRESS! MUST SELL BY 10/30/07! ZERO DOWN AVAILABLE, MAY HELP WITH CLOSING COST! SLEEK, STEEL & GLASS BUILDING IN HIP RIVER NORTH! CLOSE TO WORK & PLAY, PERFECT FOR THE BUSY PROFESSIONAL. LARGE ENOUGH FOR ENTERTAINING, SMALL ENOUGH FOR EASY MAINTENANCE. OPEN LAYOUT LR/KIT FEATURESS STAINLESS STEEL APPS, MAPLE CABINETRY & GRANITE COUNTERTOPS. IN UNIT W/D FOR YOUR CONVENIENCE.
The condo likely was foreclosed on last week. It showed up on the auction lists.
- Auction price of $357,902
But the interesting thing is- it still wasn’t selling even at the “bargain” price of $235,000. Maybe buyers really don’t consider that to be all that cheap after all.
That is basically the 2005 price. Below are a few pictures of the unit:
The building was not originally built to be “upscale” or luxury- yet some of the prices they are asking now would make you think so. It has CMK’s signature use of concrete for the ceilings and walls. The picture below is the living room of Unit #802, which is also for sale:
Realty Executives Residential has the listing for the foreclosed Unit #810. Re/Max City has the listing of #802, priced at $259,000 plus $34,000 for the parking.
Sabrina,
I am not sure I understand this post. Was it foreclosed upon or not? Did it not sell at auction? I just don’t follow this one.
Given that (a) it was listed at $235k and (b) sold at auction for $357k+, it’s pretty safe to assume that the Lender bid its full mortgage balance. Anything else and the auction buyer is too dumb for words.
Anon: That is correct. I’m assuming the bank is going to take it and we’ll see it return to the market for sale again (given that no buyer was interested even at $235k before foreclosure.)
It’ll be interesting to see what the bank lists it for.
That’s a little odd.. some of the prices that are listed may have sold with parking, and are now listed without parking.. factor in about $30-$35 in the difference of price there. The building may not be built to be ‘luxury’ – but the assessments are very cheap from what I understand. You won’t find many buildings that have 2 bedroom with assessments for less than $250 that include parking. For unit 810.. I’m not sure what idiot in their right mind would pay $335k for a 1 bedroom 1 bath that couldn’t be more than 800 sq feet. I did some research on this building and the prices are very competitive for the area. I would calculate the cost of the unit divided by total sq footage to give you a better read as to what they should be going for.