Bank Owned Gold Coast Coach House Finally Sells: 1234 N. Dearborn
Remember the bank-owned Gold Coast coach house that we chattered about several times in 2008 at 1234 N. Dearborn?
After over a year on the market and numerous price reductions by the bank, it finally sold for under its 2000 purchase price.
Did someone get a deal on this property?
To refresh your memory- check out the pictures here.
1234 N. Dearborn #CH: 2 bedrooms, 2.5 baths
- Sold in June 2000 for $395,000
- Bank owned as of September 2007
- Was listed in May 2008 for $450,000
- Reduced
- Was listed in June 2008 for $437,000
- Reduced
- Was listed in October 2008 for $407,000
- Reduced
- Was listed in March 2009 for $345,000
- Sold in June 2009 for $350,000
- Assessments of $335 a month
- Taxes of $3308
- No central air
- No parking
- A.D.S. Realty had the listing.
“deal” — depends on how badly trashed it was. The pictures don’t look too good.
The realtor should be fired for those pictures, geez at least pick up the chairs!
Aaaannd, it goes in the books as selling over asking price!
Yep, sale price % of last list is a leading indicator according to the SHill.
“Yep, sale price % of last list is a leading indicator according to the SHill.”
It’s up at least 6% (annual rate) since the March listing! At this rate, it’ll be worth it’s 2000 price in June 2011!!
Are all banks this greedy with IL foreclosures? Granted IL isn’t getting the spanking that the West Coast is getting, I would expect to see some better deals.
“Are all banks this greedy with IL foreclosures?”
Maybe if the purchasers insisted the banks cover the tax liens on the properties and make them current at closing then the banks would have a greater incentive to move inventory.
Its my understanding now the bank typically doesn’t cover the tax liens or tries to get the purchaser to cover those.
“Maybe if the purchasers insisted the banks cover the tax liens on the properties and make them current at closing ”
$7800 (2 halfs) was paid April 15, so it looks like the lender brought it current before closing.
I know for a fact that lenders are taking much bigger haircuts in the suburbs. I know someone who got the bank to take .65 on the loan dollar in northbrook.
I recently bought a foreclosed condo and the bank took care of both taxes and assessments, so when i bought there was no left-over taxes/assessments due.
i know this has been discussed before, but i believe the past-due assessment are wiped out by the foreclosure process, but past-due taxes are not.
I tried to get into this unit – and was not able to (the gate to the complex was locked – i got a neighbor buzz me in, but the wrong key was in the lock-box). no wonder it took so long to sell – seems like a great price for the area. A little house in the gold coast.
I wonder if the new owners will pick up the damn chair?
“i believe the past-due assessment are wiped out by the foreclosure process, but past-due taxes are not.”
Past-due assessments limited to 6 months; past-due real estate taxes *never* go away, always accrue interest, are always payable before a mortgage debt and can lead to a sale of the property.
I recall the alleys in Gold Coast had a serious rat problem, which would concern anyone considering living in a ground-floor unit. Alley access for a home is always problematic; there’s a reason why these coachhouses housed horses and servants.