Short Sale Alert: 2-Bedroom Loft Under the 1999 Purchase Price: 130 S. Canal in the West Loop
This 2-bedroom concrete loft at 130 S. Canal in the West Loop came on the market just 3 weeks ago.
It is listed as a short sale for $22,100 under the 1999 purchase price.
There are no interior pictures with the listing but a tipster told me that in the agent’s comments on the MLS it says that the appliances are missing.
Also, offers were due by 5 pm on April 1 but the listing is still marked as “active”.
The unit has 1300 square feet and is located across the street from Union Station.
It has central air, a washer/dryer hook-up in the unit and a heated garage space.
Is this unit a steal?
Dawn Siben at Green Brick Realty has the listing. See the listing here.
Unit #804: 2 bedrooms, 2 baths, 1300 square feet
- Sold in July 1999 for $242,000
- Sold in February 2004 for $305,000
- Sold in September 2005 for $333,000
- Currently listed as a “short sale” for $219,900 (parking included)
- Assessments of $458 a month (includes doorman)
- Taxes of $4951
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom #1: 15×12
- Bedroom #2: 12×11
great building and great deal
someone should buy
This building is right by my office. It’s extremely convenient to some areas of the loop, but there are a host of problems with the location, beyond the fact that the loop is dead on weekends (it is pretty close to West Loop though). It’s kitty corner from Union Station and down the street from all the bus stops there. It’s also across the street from the loading dock and garbage area for another building. The area frequently has diesel fumes from trucks and trains and it can get pretty noisy during commutes.
We have a winner! Great for a Naperville exec who works the occasional late night.
Do Naperville execs really do that? Naperville isn’t that far away especially with no traffic and the trains run hourly until about midnight, right?
wouldnt renting a studio for the overtime late night/secretary hook up be cheaper than just the taxes and assessments?
or how about a room at the crowne plaza
I used to work right near here on multiple jobs. At first I was gonna say you’d have to be a douchebag to want to live here.
Then I saw the price: 219k is a steal. The thing is will the bank actually accept 219k? I’ve seen optimistic inexperienced realtors listing ridiculously low ask prices on short sales only to have the bank balk and they waste everybody’s time.
i think the listing agent must be Bill Swerski.
‘Da Bearss.. Spacious Cando..”
“The thing is will the bank actually accept 219k? I’ve seen optimistic inexperienced realtors listing ridiculously low ask prices on short sales only to have the bank balk and they waste everybody’s time.”
I’m waiting on a response for a short sale right now. The ask wasn’t ridiculous, but it was lower than any comps around, and I lowballed that and got a signed contract. Of course, I have absolutely no clue if my contract isn’t worth the paper it’s printed on, as I have yet to hear back from the bank. It’s no hair off my ass because I’m just sitting around waiting to hear back, but I have put in a fair amount of time and effort up to this point with really no clue if my offer is even playing the same sport, let alone in the same ballpark of what the bank is looking for.
Wow nice if you can get that at the price and assuming the unit doesn’t wreak of cat piss or has a view of a brick wall or something.
It took me 3 offers on short sales and 2 offers on forclosures to make one work (REO foreclosure). I was outbid on 2 of the 3 short sales and the third I haven’t heard back yet (6 months ago offer went in).
REO’s are much easier to deal with.
This appears to be a great deal for the square footage and including an assigned (non-deeded) parking space ($20k-30k value). As far as the location goes, it’s pretty convenient to get around via public transportation but traffic noise might be an issue during the week since it’s right across from Union Station and in downtown but it really depends on whether the unit faces east. The appliances aren’t really that big of an issue because that can be easily replaced (at the new buyers expense) but I’d be much more interested to see if they took anything else or damaged anything while removing the applicances. Obviously, a home inspector is probably recommended. There is another unit for sale in the same building on the same floor that offers the same amount of square footage with pictures provided in the link below. I would say that this property is highly ideal for a single person/couple, who does not have a pet, working in the loop.
http://www.redfin.com/IL/Chicago/130-S-Canal-St-60606/unit-822/home/12764697
I think Russ needs to chime in on this.
I think a few months back he explained its harder to get financing when there is no kitchen and bathroom? (i might be wrong)
I think the new method banks are using for selling is to put a very low number and get a plethora of bids and try to start a bidding war. It is a pain in the ass for everyone involved (sellers agent and all the bidders).
There was an all brick SFH on Ohio St. in West Town (which I can’t find on redfin anymore so I don’t know the exact addres) that was listed for $250k. It got something like 30 offers.
Pretty sketchy method of doing things but what else should we except from our banks.
I agree, perfect for the Naperville execs that don’t want to fight the construction on 290.
“Groove77 on April 5th, 2010 at 9:39 am
I think Russ needs to chime in on this.
I think a few months back he explained its harder to get financing when there is no kitchen and bathroom? (i might be wrong)”
-I’m not a mortgage pro but I’ve been looking to purchase a REO’d 2-4flats. As I understand it, no appliances is fine but no kitchen is not. The place just has to inhabitable for regular financing. So for a kitchen it’s basically a connected sink and either a gas line or electrical for a stove.
And for baths: toliet, sink, shower.
Lots of regular, non-distressed sales don’t include appliances. The statndard MLS sales contract even has checkmarks to mark for what appliances are and are not included.
Usually when the deal is this good you get a handful of cash offers so financing would not be an issue. That might be what the bank is looking for??
Thanks Tom (ufo) for clearing that up my memory is very selective and i loose many details as the months go by 🙂
copper is still very price, wonder if this place still has the pipes? or is it just appliances missing?
This pricing tactic (setting a lowball ask to stimulate a bidding war) is very common in Canada and the UK. However in these situations you know quickly if your bid was accepted, things don’t drag out for weeks or months.
“Pretty sketchy method of doing things but what else should we except from our banks.”
no pix = assuming interior unit facing alley 🙁
I would’ve jumped on this in 2003… parking + 2 bedrooms in the loop at that price… even with having to buy appliances that price is a wow…
But, like all of you, I’m wondering if this is too good to be true. Plus, dealing with short sales is nightmarish. I’ve got a friend who’s been trying to sell his house on a short sale… he’s got a buyer, but his bank keeps dragging their feet with the process… it’s been almost a year now… not knowing, waiting, waiting, waiting… Not sure I’d have the patience for dealing with a wait anything close to that…
i think this property went under contract 3 weeks ago and the realtor doesnt exist! anyone got a number for him? i cudnt find anything.