Crib Chatter

 

While I’m on the subject of the most foreclosures, we’ll continue on with the list of the buildings that top the list.  This is an unscientific survey based on the number of times I see the building’s address when looking at the foreclosure listings put out by Record Information Services.  The building that has the dubious distinction of claiming the #2 spot, after The Sterling, is Millennium Centre at 33 W. Ontario in River North.  It is a 363 unit building originally developed by American Invsco (hm…yes, them again.)

This building is suffering from the same fate as The Sterling.  Apparently investors no longer are able to flip and many can’t handle the payments.  Many of them bought under the American Invsco “deal” of 2-2-2.  There is also the phenomena of, frankly, people just living above their means.

Several times a month, units come up for foreclosure auction in the building.  Just last week, I talked about the $1 million plus unit that came up on the auction block.  This week it is a more mundane 2 bedroom, 2 bath.

Unit #28G: 2 bedroom, 2 bath, 1300 square feet, NW views

• Previously sold for $437,700 in November 2003
• Previously sold for $560,000 in February 2006
• Auction price of $448,000

There are no pictures of Unit 28G as it’s not currently on the market.  But Unit #26G  is still available for sale through the developer.  The pictures above are of Unit #26G.  Is that carpet I see in the living room?  Gasp! 

Unit #26G is priced at  $459,900 plus $27,000 for parking.  American Invsco has the listing.  Unit #28G is being auctioned off for slightly lower than the Invsco unit currently on the market.  But does that make it a deal?  We’ll see.