Foreclosure Alert: Streeterville Vintage at 257 E. Delaware
This 2 bedroom-unit at 257 E. Delaware in Streeterville is bank-owned. Who’s up for it?
There are NO pictures of the kitchen in the listing.
Here’s the listing:
STREETERVILLE VINTAGE TRADITIONAL 2 BEDROOM, 2 FULL BATH CONDO IN A FANTASTIC LOCATION W/VIEW OF LAKE MICHIGAN!
THE UNIT FEATURES:LARGE ROOMS, 2 FIREPLACES, HARDWOOD FLOORS, AND HIGH CEILINGS. MOLDINGS ARE SOME OF THE FINE APPOINTMENTS IN THIS HISTORIC BUILDING!
Re/Max Properties Northwest has the listing. See more pictures here.
Unit #2B2D: 2 bedrooms, 2 baths (or maybe 1.5 baths- per the listing), no square footage but it has large room sizes
- I couldn’t find a prior sales price but it last sold in 1988
- Bank owned as of August 2008
- Recently listed at $521,900
- Reduced
- Currently listed at $477,900
- Assessments of $877 a month
- Taxes of $6,215
- Doesn’t look like it has central air
- No parking
- Living room: 21×20
- Dining room: 13×12
- Bedroom #1: 16×15
- Bedroom #2: 16×12
- Kitchen: 12×8
what. the hell. is that bathroom. that sink is weird.
i think you can get a small glimpse of the kitchen in the 3rd pic on the listing website (kinda ug). place is pretty badass, but the no parking and possibly no central air is gonna hurt it.
I think picture 4 is actually of the kitchen – where the fridge would go.
Looks like someone got in over their head and abandoned ship. Lots of cool paneling. Very odd sink in the bath with what appears to be white faucets.
Cool pad but the bathrooms need to be redone. Not sure what the flopper was thinking.
Does the Harley come with?
Gorgeous old place. I’d replace that weird sink, but love the paneling. Herringbone parquet floors. Beautifully proportioned rooms. Stately old building.
Maintenance nightmare. Kitchen is probably a disaster.
I also thought buildings like this were more careful who they let buy in. Even if you’re a condo, you can qualify buyers first. You have a right to make sure a buyer has at least an offhand chance of paying his way. I wonder how much assessment arrears this foreclosure has.
So, if this place is rentable at $3k/month (too high, I think), an 8% rate means it’s worth about $240k.
How you feel about that price apparently says a lot about you.
$16,739 a year in taxes and assessents. Where can I sign up for this albatross?
that wood paneling is ugly! If I wanted the backwoods cabin look, i’d be living in Denver, not Chicago
oh wow. i think JB is right. wow…
Okay, I hadn’t looked at the pics before. Whatever the PP is, it should include a significant closing credit (at least $25k). Probably make it impossible to finance, so at least $50k of the otherwise “reasonable” price.
I’m too lazy to check but does anyone have any idea why the outrageous assessments? Not a high rise. No elevator. They got some kind of staff? Looks like steam heat, probably included but unless the heat pours out of the building I don’t get it. Is the building falling apart?
Mr Happy Condo: honey the bank is foreclosing
Mrs: NOooo… why?
Mr: something about not paying the mortgage
Mrs: go figure?
Mr: WE will show them! take the toilet seat and just let them try to sell the place with out it. 🙂
looks like the kitchen sink is gone also, was wondering about the assessments too.
this is my very first comment on this site – I must say – Where is the toilet seat cover?
I think the assessment is in line with other units of this size in 1920’s era buildings. The building DOES have an elevator.
As a practical matter, condos have no control who they let into the building. I’ve seen “right of first refusal” language in numerous buildings, meaning the assocation has a right to purchase a unit that is under contract. I can’t imagine they would ever excercise this just to exlcude a purchaser of marginal means. And i don’t think they really have no way of finding out about the buyer’s finances, anyway.
Has anyone actually been through this place? Listing agent tells me it was under contract, but the initial buyer backed out due to how much work he finally determined would have to been done to the unit.
Supposedly several new offers have been made.
Au contre, bubbleboi, it’s starting to happen in New York, condo’s there are starting to have very stringent requirements, much like co-ops. It WILL happen here, especially in high end or “stressed” buildings.
ND – i stand corrected.
Do you have some links to point me to? i wasn’t aware that an existing condo buidling could start screening applicants, beyond right of first refusal. Do they need to change their by-laws and put some new provisions into it? or is there a way for existing condos to do this that i’m not aware of.
most buidlings in NYC are co=ops, which do have signiccant control over buyers.
Looks like they have combined two one bedroom units, and ran out of money for the rehab. Heat is surely included. Is the building a co-op? Maybe taxes are, too.
The rehabbers were very ambitious: herringbone floors, all the paneling. What do you guys think it should go for, given that it essentially has no kitchen or baths, and the floors look like they need staining/sealing, and all the panelling painted, etc?
Bubbleboi, I’d have to do some searching, but there have been several articles about in the NYT over the past year or so. Most new construction in NYC (or at least Manhattan) has been condo though. No reason a building couldn’t change their by-laws. A friend of mine lives in a three-flat condo I believe they wrote the by-laws to be very stringent, i.e. must be owner occupier/no investors.
This is a steal and im shocked there is a foreclosure in this building.