River North Loft Short Sales Loses Fight- Faces Foreclosure
Some buildings just don’t quite make it- even in a booming market. 420 W. Ontario is one of those.
It was converted into lofts only about 4 years ago and is an authentic brick and timber building with only 28 units. Those of you familiar with River North know it as the Reza’s building.
The top floor of the building has great skylights that provided a lot of light to the bedrooms which were in the back of the unit and didn’t have windows.
The units, unfortunately, have never held their value. Prices have actually declined in the building since the first closings.
Unit #402: 2 bedroom, 2 bath, 1400 square feet, deeded parking, skylights
- Currently listed for $369,900
- Auction price $323,232
The listing is already a short sale.
SHORT SALE IN RIVER NORTH! Large Top Floor 2B/2B timber loft with 14′ ceilings just a few blocks to the L, and Kennedy Expy access. Price Includes deeded/heated parking space. Beautiful hard wood floors throughout. Washer/Dryer in-unit, Balcony facing Ontario. UNIT ALSO COMES WITH 750 SQFT OF ROOF RIGHTS TO BE BUILT OUT AS YOU WISH. All offers subject to lender approval. Pre-approved and serious only.
There are a couple of other 2 bedroom units also for sale in the building (neither on the top floor). Unit #309 is listed for only $319,900 ,which doesn’t include the parking.
Are any of these a deal? Doesn’t seem like it to me. We’ll see if this unit even sells at the foreclosure sale.
Hi there-I’m actually interested in this short sale. Do you have more information on it or can you point me in the right direction?
Currently, this building is on the up and up! While there are a number of units for sale, this building has really gotten their stuff together. It is like a community within River North. The restaurant downstairs Reza’s has been a thorn in the side of this building for the last couple of years. However, things have quickly changed as assessments did not change in 2010 from 2009. The current board has drastically cut expenses over the past few months and made some great changes.
The building did receive a brand new tear off and reroof 5 to 6 months ago. Along, with that everything the engineer said to take care of was done. Now – there is nothing in the foreseeable future the building will need. There is a good chance that the monthly assessments will go down drastically in 2011! That is great for everyone. Also, once Reza’s pays there final share of the roof – the building will be the best deal around for the money. Convenient to everything and the lowest assessments around will really go far in the heart of Chicago. This is diamond in the ruff right now and all the South facing units are prime real estate!