Big Price Reductions Ahead of the End of the Credit: 200 N. Dearborn in the Loop
We’ve chattered about 200 N. Dearborn in the Loop before.
It is the conversion high rise building by American Invsco. There have been distress sales in the building.
The building has not sold out from the developer.
But just in time for the end of the first time homebuyers tax credit, are these new price reductions of “over 43%” – according to the company’s website.
The reductions are on 40 units and good through April 30th.
Some price reductions listed on the website (this is their data):
Corner 1-bedroom unit #1901:
- Was $284,900
- Now $147,409
- Reduction of 48.22%
2 Bedroom Unit #1307:
- Was $480,300
- Now $243,537
- Reduction of 49.29%
See the website for the complete list of reductions.
200 N. Dearborn [website]
Wow, I feel bed for those bubble purchasers that are now American Inves KO’D
Current prices still aren’t where they need to be considering the potential for special assessments and individual units’ potential repairs. Fail all around until it’s converted back to a rental building.
How are the American Fiasco people not in jail yet?
Lots of suicides in that building in the last 5 years
seen the aftrmath truck in front several times.
should be called the Death House.
James – you think the death issue relates to buyers who wanted American Invesco essentially cut the value of the condo they bought in half?
Does anyone know the assessments for a 2 bedroom for this building. Because if they aren’t ourageous this place is starting to look like a deal at these prices.
***How are the American Fiasco people not in jail yet?***
ya, was wondering this as well. there’s a fine line between incompetence and willful negligence/fraud. also surprised that i haven’t heard word of any class action suits.
my inner cynic thinks that the Gouletas (sp?) family is connected with the Daley-Madigan machine, so I don’t expect any action from Lisa Madigan.
signed, wishing that there was an alternative from the wingnut downstate Republicans and Chicago machine Democratics.
“wishing that there was an alternative from the wingnut downstate Republicans and Chicago machine Democratics.”
Second.
I saw the ad on redeye, tempting price, but so many horrible stories with American Invesco …
Holy crap. This actually does look like a deal, but so many people are now underwater and will be bailing. I’d stay away from this at least for a year to see how the assessments and overall health of the building plays out.
“This actually does look like a deal,”
Would you really pay ~$2000/month* to live in one of the 2br dumps in this dumpy building in this uninspiring location?
It does have excellent slurpee access, if that’s your thing.
*plus the high risk of a significant special shortly after Invsco finally dumps all their units. Plus the *certainty* of having to cover a fair amount of defaulted assessments from all of the foreclosures coming soon.
Great deals! Do you think if I buy two or three units next to each other that they would let me combine them into a one large unit? I would be the envy of my neighbors!
“Do you think if I buy two or three units next to each other that they would let me combine them into a one large unit? ”
Wasn’t there a big, over improved one for sale? Did it sell (to not-the-lender)?
“I would be the envy of my neighbors!”
Or your neighbors would point and laugh at your foolish decision.
Matt the Coffeeman on April 23rd, 2010 at 12:58 pm
“Or your neighbors would point and laugh at your foolish decision.”
A classic case of condo envy…you’re just jealous because my unit would be larger than yours…
“A classic case of condo envy…you’re just jealous because my unit would be larger than yours…”
I think it’s more envy that you’d (apparently) have $750k+ to put into a garbage can and burn.
“I think it’s more envy that you’d (apparently) have $750k+ to put into a garbage can and burn.”
Well, that’s how I roll….and if burning money keeps your mom warm at night, who am I to complain….
“Does anyone know the assessments for a 2 bedroom for this building. Because if they aren’t ourageous this place is starting to look like a deal at these prices.”
Your monthly assessment—which at minimum can range from $295 for a convertible to $522 for a two-bedroom/two-bath—pays for almost everything: water, heat, air-conditioning, trash removal, 24-hour doorman, maintenance, 24-hour security, indoor heated swimming pool, outdoor sun deck, fitness center, laundry, building insurance, on-site management, and bike room and storage facility.
http://www.200ndearborn.com/residences/default.asp
Saw the units but the ones that are reduced are only up to the 12th floor and have window on only one side. They come with new carpet but you need to do the rest of the upgrades yourself. Ceilings are only 8 feet. American Invesco is supposed to redo hallways but would hate to take a chance that they won’t. Limited parking availability if you need a car. only 2 bedrooms may get a space.