7 Months on the Market for This Bank Owned 2/2: 800 N. Michigan in the Gold Coast
This 2-bedroom in Park Tower at 800 N. Michigan came on the market in April 2018.
The Park Tower was constructed in 2000 and has 117 units and a parking garage. There’s a hotel on the lower portion of the building.
It sits directly across the street from the historic Water Tower.
This unit has tray ceilings and recessed lighting with hardwood floors.
The listing describes the kitchen as a “chef’s kitchen” with stainless steel appliances, granite counter tops, a large island and a “wine cooler” (aka a “refrigerator”?).
The master suite has a master bath with a walk-in shower.
The unit has central air and parking is included. It doesn’t mention an in-unit washer/dryer but the units in this building traditionally have had that feature and there’s a 5×7 laundry room in the listing. Is that it off the kitchen?
This unit became bank owned in October 2017.
It was under contract once since April but has now been reduced $326,000 to $1,099,000.
Is this a deal for this luxury building?
Michael Olszewski at Area Wide Realty has the listing. See the pictures here.
Unit #2203: 2 bedrooms, 2 baths, 2000 square feet
- Sold in August 2000 for $471,000
- Lis pendens foreclosure filed in August 2015
- Bank owned in October 2017
- Originally listed in April 2018 for $1.425 million
- Reduced
- Under contract in August 2018 when listed at $1,223,600
- Back on the market
- Reduced
- Currently listed at $1,099,000 (includes 1-car parking)
- Assessments of $1102 a month (includes gas, doorman, cable, exercise room, exterior maintenance, lawn care, scavenger and snow removal)
- Taxes of $24,279
- Central Air
- Washer/dryer in the unit???
- Bedroom #1: 14×15
- Bedroom #2: 14×13
- Laundry room: 5×7
- Foyer: 12×7
Lot of effort put in by this realator for a $1MM ask.
The smoke stains on the Venetian plaster is a nice touch, good luck fixing
This place needs to either find an offshore investor or cut the $ to make this attractive for a flipper
I’M SOLD. MY DRUNK CAT TOOK THOSE PICS LOLZ!!!!
CUBBIES 2019 YAZZ!!!!!!!!
It’s really shocking how poor the photos are for a property listed for over $1m.
what’s with the floor height in the bathrooms? Are all those drains relocated from where the developer put them?
Maybe it’s the poor photo quality, but this doesn’t strike me as the kind of unit I’d expect to see in this particular building. Horrible views, too. Still, I can’t imagine a 2/2 here going for much less than the listing price, considering the building and location.
“It’s really shocking how poor the photos are for a property listed for over $1m.”
It’s bank owned. They never care. It’s been like that since the financial crisis. You can always tell the bank owned units because the date is listed on the pictures too.
“This place needs to either find an offshore investor or cut the $ to make this attractive for a flipper”
It’s been cutting the price. For months.
It’s bank owned. The pictures always look like this. The banks only use certain realtors.
Ah, I didn’t notice it was bank owned.
Banks seem to act irrationally. I know some people who had financial issues (and ultimately defaulted) in ’09. They were upside down but wanted to avoid defaulting (both because they didn’t want the credit hit and thought it was wrong and would have preferred not defaulting if they at all could, and they could have sacrificed and done so if the bank had worked with them with a refi), but the bank wouldn’t talk to them about a refi at all, and the advice they got was that a bank wouldn’t pay any attention so long as they were paying, so stop paying. They did, lived there free for over a year (no great efforts, the bank took its time), and then lost the place. After renting for a while they bought a new place (in Berwyn, prior place was NW side), so apparently the credit hit wasn’t all that long lasting.
Add to this the poor marketing of places banks are trying to sell, and it just seems so foolish.
I bought a foreclosure once and the banks and realtors in those transactions arent any good either. You put in your offer, and 6 months later, they get in touch. Plus, when you buy in a foreclosure condo, don’t you have to pay 6 months back assessments? That is some kind of law. What I don’t get are the steps up to the toilet and shower. Ridiculous. Just what I want to do coming out of a shower all wet is to maneuver steps. The previous owner probably foreclosed because they were in a coma after falling down the steps after a shower.
If I remove those toilet seats, will my taxes go down?
Hey don’t knock the bank. They splurged for a toilet air freshener!
This was reduced again to $999,000.
How low will this go?