Dramatic Price Cut on Bank Owned Gold Coast 2/2: 111 E. Chestnut
This corner 2-bedroom at 111 E. Chestnut in the heart of the Gold Coast and the Mag Mile shopping district has been on and off the market throughout 2015.
It is now bank owned.
From the pictures, the unit appears to be intact.
Located on the 12th floor, it has the preferred northeast side exposure which includes the John Hancock building.
The kitchen has white cabinets and white appliances.
There is a fully marble master bathroom.
The unit has washer/dryer in the unit, window air conditioning and deeded parking, which can sell for anywhere from $45,000 to $75,000 a spot, is included.
The listing says this is a deal and is $100,000 lower than other 2-bedrooms in the building that are under contract.
In July 2015, it was listed for $595,000.
It recently came back on the market listed nearly $100,000 less, at $499,000, which includes the parking.
Rentals are allowed in this building.
Is this a deal for an investor?
Sophia Klopas at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.
Unit #12A: 2 bedrooms, 2 baths, 1600 square feet, northeast corner
- Sold in May 1997 for $264,000
- Was listed in January 2015 for $595,000
- Under contract in February 2015
- Came back on the market in July 2015 at $595,000
- Reduced to $529,000 in late July 2015
- Not sure when it became bank owned- looks like October 2015
- Re-listed in December 2015 for $499,000 (includes 1 indoor garage parking spot)
- Assessments of $868 a month (includes doorman, cable, internet, exercise room, pool, exterior maintenance, scavenger, snow removal)
- Taxes of $6783
- No central air- built-in window units
- Washer/Dryer in the unit
- Bedroom #1: 16×13
- Bedroom #2: 16×14
- Laundry room: 5×7
I own units in this building and it just shocks me at how much people are willing to pay for these units.
The unit being written about is a GREAT deal – it normally would be snatched up for 550-600 w parking. Being 499k, I can almost guarantee that it will go under contract within days. This unit can get 4000/month with parking – easy
That being said, I don’t think that I could ever myself live in this building.
The location is GREAT but here are the issues:
– it feels like a 70s building
– hallways are depressing and it feels like you are living in a tenement
– the elevators are slower than molasses
– the heat is electric and bills are usually 800/month in the winter
– the parking garage is narrow and terrible
All told, I think there are many better buildings – but, for the price, this unit is a great buy
heh haven’t seen a realtor use “instant equity” in a while
this place sucks though… I can’t believe people would pay 4k a month to live in a place like that… great location though but still
This unit is not bank owned yet. Final price has to be approved by lender – this is what the listing says: “Subject to Court Approval. property is in a bankruptcy case. Motion has been filled to sell the property and then strike a deal with the bank… this is priced WAY below market – buyer just needs to be patient for an incredible deal.” So, it might take time, like a short sale, and hard to predict what price bank will approve.
This unit is in a great building, though most buyers who look in this building settle for higher floors. Most sales in the past couple years were of high floor units. And, this unit would benefit from opening kitchen wall and updating kitchen, most buyers in today’s market are so opposed to a project – they want everything new or almost new. Great building in great location.
I agree, it is a great deal for building. That said you get a lot of roof in your views on the lower floors.