Foreclosures and Short Sales Pepper 440 N. Wabash in River North
By popular demand: Plaza 440, at 440 N. Wabash in River North. Built in 1992 as apartments, it was converted into condominiums in 2005 by American Invsco.
The building has 497 units.
Sellers in this building like to describe it as “Next door to Trump at a fraction of the price.”
There IS parking available, but no washer/dryers in the units. (Can you install it? It’s unclear. I didn’t see any units with it.)
Currently, there are approximately 42 units for sale and 10 for rent.
There are several short sales and at least one bank-owned unit in the building.
Unit #1009: 2 bedrooms, 2 baths
- Sold in February 2005 for $406,000
- Currently listed as a “short sale” for $380,000 including the parking
- Assessments of $497 a month
- REIT Homes has the listing
Unit #3606: 2 bedrooms, 2 baths, 1324 square feet
- Sold in February 2005 for $509,500
- Bank-owned
- Currently listed for $374,900
- Assessments of $697 a month
- Sociohomes has the listing
Unit #609: 2 bedrooms, 2 baths, 1150 square feet
- Sold in March 2005 for $398,500
- Currently listed as a “short sale” for $365,000 plus $40k for parking
- Assessments of $489 a month
- Keller Williams Lincoln Park has the listing
Unit #705: 2 bedrooms, 2 baths, 1118 square feet
- Sold in January 2005 for $374,000
- Currently listed as a “short sale” for $324,900 plus $30k for parking
- Assessments of $511 a month
- Koenig & Strey has the listing
Stay tuned for more developments in this building.
I rented in here for 3 yrs. Its a great building to rent in. I had a 1 br no wd hook up but have heard people have them. I believe there was a foreclosure on the 46th flr next to me as well…. Anyone confirm?
MLS records show that 9 units currently listed for sale in this building have Washer/Dryer in unit.
609
4502
2004
3006
2111
4309
2405
1506
3405
Sabrina, you should double check your sources.
My 1 cent advice to anyone considering a purchase here….don’t forget someone is (was) floating around plans for another high-rise to be built in front of the McDonald’s on that little patch of land between 440/405 and Trump.
The condo glut should kill this proposal for the foreseeable future but don’t expect your views to be protected.
SR: Perhaps those were grandfathered in. I didn’t see any with w/d in the listings I looked at but I didn’t look at every single one of the 50+ listings available in the building.
Or, perhaps, it’s very pricey to put in and no one wants to spend the $10,000 it would cost to put in the hook-up.
The W/D isn’t in every unit.
Absolutely correct Sabrina. The W/D isn’t in every unit. Some people paid to put them in and yes, I suggest that any prospective buyer should read the condo docs and talk to the management office about it before closing.
Blehhhh. Another bland, low-ceilinged cookie-cutter unit with tiny, featureless rooms and white kitchen.
You have to badly want to live downtown to pay this kind of money for this type of place.
You said it once I moved from there to 10 Ft ceilings its amazing…. However if you must have storage space in a 1 br the 02 unit is awesome. 4 walkin closets.
“Next door to Trump at a fraction of the price.”
And 100% of the construction noise, I’m sure…
I lived there since the foundation was poured. However I lived facing west so never heard any construction. I know there were times people on east side were told to keep windows closed from the dust. Construction is pretty much done so not as bad.
Wow, so basically 10% vacant? To you agent-gurus, is that “normal” for a building like this (~16 years old, with a 3 y/o condo conversion)?
Seems high to me, my building of ~300 units typically has maybe 5-10 units tops on the market for rental or sale.
I lived in this building when it was a rental. Our 2 bedroom unit had a stacked washer/dryer. Since the dryer was “ventless” (exhaust air recirculated within the machine rather than venting to the outside) it used a low heat and was slow to dry clothes.
Layout on the 2BR was okay, but the galley kitchen was very small for a 2BR unit and there was no room to expand if you bought it as a condo.
Of course, 405 North Wabash is a better comparable for this building than the Trump Tower.
Another American Invsco conversion with a slew of foreclosures. Go figure. How in the hell does that company stay in business?
800 S. Wells
345 N. LaSalle
3660 LSD
33 W. Ontario
1212 N. LaSalle
I sold unit 2709 in March, 2006 – listed as one of the first flips – my client purchased directly from American Ivsco. Listed for $497,900 with parking and sold for $483,000. Total market time was 205 days – Trump Tower was still pouring the first 4 floors when we sold – this view has a south east view – dead-on view of the lake w/ city views now partially obstructed by Trump.
Washer & dryers are allowed – my client had a stackable. Key to this building – many buyers purchased these units from American Invsco without any updates/upgrades. My clients installed engineered woodfloors thru-out, installed stainless steel appliances, granite countertops and kept the original laminate cabinets with nice hardware. We were on for roughly 4-5 months without updates – off for 30+ days – came back on with the updates and sold relatively quickly.
The unit is tight on space but did have nice views. Unusually great closet space.
Great fitness center – not a bad option – but clearly my clients did well on their sale.
Thanks for the update Tom. I’m sure some of the units that actually did updates are pretty nice.
But don’t you think a lot has changed with the building (and the market) in the last two years?
Belated thanks for the Plaza 440 story, Sabrina!
Sad that there are so many foreclosures, but certainly expected. (You’d think that will all their sleazy conversions that the “Invsco” d-bags could afford to buy a vowel.)
I rented here from 2003-06, and (thankfully) passed on the opportunity to double my monthly nut for the joys of ownership.
Everyone’s comments here are dead-on: W/D in larger 2BR units, awesome views (especially west), good workout room and deck, aging all-white kitchens and cheap carpet in un-upgraded units, but truly unbelievable closet space some units (such as the larger 1BR).
However, no has yet mentioned that residents share the workout room, deck, pool, sauna, and jacuzzi with the Marriott Courtyard next door. Nothing like coming home from a long day at the office to share those supposedly-relaxing places with a family of screaming kids visiting from Moline.
That alone is enough to make the “Trump location on a budget” laughable.
But there’s also the neighbors: prostitutes, drunken Loyola and Columbia kids, large FOB immigrant families, and someone doing something sufficiently illegal to require a CPD SWAT team (including K9s and machine guns) to serve the warrant.
And that’s not to mention the incompetent management and rude, lazy doormen. (The maintenance crew, on the other hand, absolutely rocks!)
Trust me, this place will continue to follow in the footsteps of The Sterling, Invsco’s conversion success story in River North.
Does anyone know anything about the American Invsco conversion at 312 May? There is a unit for sale in there. But unit owners just got hit with a $30K+ special assessment to redo the atrium and roof deck. I am very leary of their conversions, but this is a much smaller 24 unit building. What do you think? More specials to come?
I own a unit at 440 and I have a washer/dryer in the unit.