Update on Foreclosures in The Sterling: 345 N. LaSalle
In late December 2007, I chattered about a three bedroom, three bath unit on the 47th floor in The Sterling, at 345 N. LaSalle in River North, that was in foreclosure.
Here were the stats back in December- along with the Craigslist ad at the time:
Unit 4701: 3 bedroom, 3 bath, 1900 square feet
- An ad on Craigslist says it sold in September 2005 for $895,000
- It also sold in February 2005 for $719,500
- Currently listed for $725,900
- Assessment of $816 a month
Here’s the Craigslist ad:
This is a great chance to own a Penthouse condo at a remarkable price. (SOLD FOR $895,000 IN 2005.) Great views. High quality interior finish. Bank-owned, so make an offer!!!
I asked if this was a good “deal” for a three bedroom unit in River North.
Apparently, no buyers thought so. The unit is still available.
It’s been reduced to $709,900. But even more interesting is the latest Craigslist ad:
DON’T MISS OUT ON THIS PENTHOUSE LIVING AT A WHOLESALE PRICE!! BANK WILL ACCEPT AT LEAST $590,000!!! HURRY…THIS ONE WON’T LAST!!!
UNIT FEATURES:
1900 SQ FT
3 BD
3 BA
HARDWOOD FLOORS
GRANITE
STAINLESS STEEL APPLIANCES
WASHER & DRYER IN UNIT
FLOOR TO CEILING WINDOWS
TERRACE
47TH FLOORASSESMENT = $816/MONTH
INCLUDES: Heat, Air Conditioning, Water, Gas, Common Insurance, Security, Doorman, TV/Cable, Clubhouse, Exercise Facilities, Pool, Exterior Maintenance, Scavenger, Snow Removal, OtherBANK VERY MOTIVATED…..JUST MAKE AN OFFER!!!!
Bank will accept “at least” $590,000???
Why doesn’t the bank just cut the price?
By the way, the foreclosures continue in the building.
This unit just came on the market and is bank-owned:
Unit #4107: 2 bedrooms, 2 baths, no square footage listed
- Sold in July 2004 for $602,500 (parking is rental in the garage next door)
- Sold in August 2005 for $670,000
- Currently listed for $360,000
- Assessments of $663 a month
- T.G. Holmes Realty, Inc. has the listing
That’s a 45% reduction.
No pictures yet.
Also just listed for you buyers looking for “deals” is this two bedroom:
Unit #406: 2 bedrooms, 2 baths, no square footage listed
- Sold in February 2004 for $450,000
- Listed for $285,000
- Assessments of $496 a month
- Great Street Properties, Inc. has the listing
If you remember, Unit #206, with a similar layout to #406 above, was also a foreclosure. Originally listed for $299,000. Reduced to $259,000. Finally sold. Anyone with a closing price on that one? I couldn’t find a close on it.
#206 was, apparently, the new “comp”.
206 has not yet closed. It is still listed as Pending on the MLS.
I have tried to see this apartment but whoever has the key is in Addison, IL and you must drive there to get the key and bring it back the same day. My realtor offered to have a messenger sent and they wouldn’t do it.How can they sell it if nobody sees it?
SR: Thanks for the update on 206. I wonder what is taking so long to close on it?
Hmmm…
JCB: thanks for the info that you can’t get in to see the unit. Yes, that WOULD be a problem. The pictures they have on-line are also not the most attractive.
Has everyone become so used to foreclosures in The Sterling that no one thinks any of these are good “deals”?
Could be…
I’ll let you know if any fall below $200,000. That might spur some interest.
So I called the agent for #4701 (the one asking for $590K and owned by the bank) and scheduled a time to see it this weekend. The price seems pretty good, no? I am thinking it should be around high $400K given the location, and did someone say that there is going to be a building being built or (maybe it’s already built) that blocks some of the view there? I’ll let everyone know after I am in the unit and will post something here!
Sorry I meant to say unit #4701 (the penthouse listed for $590k).
Crap! I got it right, I thought I typed 4107…
Anyway, sorry for the multiple postings!
Thanks Little Boi: You’re the first one to get inside to see it. Definitely report in. We’re all interested in the condition of the unit/views etc.
The location is awesome; it’s the building that’s rotten.
What about the building, Kenworthey? Not maintained well?
You’re new here. 😉 Take a look at all the posts (and comments to them) Sabrina has made on The Sterling. Click the category over to the right, and you’ll see what I mean!
Haha! Yes I just read them 😉 Pretty bad reputation! I am debating if I should even make the effort to go up there this weekend (after reading all about American Invasco etc.)
Forget about 4107, just put in a bid. Expect it to be gone by tomorrow.
thats funny i just put in a bid as well haha good luck
Any info on whether unit 206 closed and if so for how much?
According to the MLS, unit 206 has not yet closed and is “pending.”
So those people’s bids are not accepted?
Unit #206 under contract for $262K
I am in negotiations for Unit 406. Will revert with details (if/once) buy.
I rent out 207. 206 is on my left. And a few weeks ago the unit on my right 208 was foreclosed on as well. I really dont think there is anyone else living on this floor. Im like the queen of the 2nd floor… hope my unit isnt next….. :S
does anyone know if the penthouse has sold yet? i rent here & dig everything about this bldg & would consider buying a 2 or 3 bedroom if somebody made an attempt to solicit buy interest. how are the assessments? does everybody get crushed by assessments if foreclosed property owners aren’t making their payments?
Hi Dave and anyone else intrested in purchasing in the Sterling Bldg. I sold one of the units last year. If anyone is intrested in purchasing other units and is not represented by another Realtor- email me at TGHolmesRealty@gmail.com and I’ll get you going in your purchase..