A Bank Owned 4-Bedroom With No Kitchen in River North: 653 N. Kingsbury
This 4-bedroom in Kingsbury on the Park at 653 N. Kingsbury in River North just came on the market.
Built in 2003, it has 126 units and a parking garage. It’s a full amenity building with a doorman and exercise room.
The listing for this unit says it was originally a combined unit bought from the developer.
It has 2800 square feet.
It is now bank owned and being sold “as-is.”
The listing says it needs a kitchen and flooring.
It appears that some of the bathrooms are intact.
It has central air and a washer/dryer hook-up in the unit.
Additionally 2 garage spaces are included in the price.
If you want to know what the unit looked like previously, check out this video from a prior listing (warning- it has music).
Watch it here.
This unit was originally listed in March 2018 for $1,249,900 and was reduced to $900,000 in 2019 before being withdrawn from the market.
It has come back on from the bank at $785,000.
Is this a deal for the square footage in this location?
Sarah Han at Century 21 SGR has the listing. See the pictures here.
Unit #1801: 4 bedrooms, 4.5 baths, 2800 square feet
- Sold in September 2003 for $587,500
- Lis pendens foreclosure filed in March 2010
- Listed in March 2018 for $1,249,900
- Lis pendens foreclosure filed in April 2018
- Reduced
- Listed in March 2019 for $900,000
- Withdrawn
- Bank owned in November 2019
- Currently listed “as-is” for $785,000 (2 garage parking spaces included)
- Assessments of $1859 a month (includes heat, a/c, gas, parking, doorman, cable, exercise room, exterior maintenance, scavenger, snow removal, Internet)
- Taxes aren’t listed (???)
- Central Air
- Washer/dryer hook-up in the unit
- Bedroom #1: 17×12
- Bedroom #2: 12×10
- Bedroom #3: 13×10
- Bedroom #4: 11×11
- Living room: 19×15
- Family room: 28×18
- Kitchen: 18×8
- Laundry room: 9×8
- Mudroom: 9×6
Add $20k to the price for prorated taxes and HOA.
Pictures are crap and don’t help with trying to sell this. SWAG of $300-600k to finish (depending on finish choices). Views are nothing special. If the videos correct, 4th Br isn’t closed off so 3 + Den.
For a flipper this is a $500k Property.
I never understood the appeal of buying in this area. It’s so desolate and devoid of any character. The views of the river are overshadowed by the views and noise of the massive interstate.
agree with JohnnyU, this is not worth more than 500-600k in its current state.
Always love to see the crappy closetmaid racks, with angle brackets, in closets of supposedly $1m+ homes.
I really don’t care for this area AT ALL, but this is a huge amount of space in a decent building (with 2 parking spaces!). Even with the work required, I think this will sell for more than $600k, but I’d be surprised if it went for more than $700k.
Anyone paying > $600k has more dollars than sense.
Best case you’d be able to move-in by the end of the October. No one is going to want to try and WFH with a construction project going on. So you’re paying 10Mo of property taxes and HOA + carrying 2 mortgages. Call it $30k (Tax & HOA) + $15k Double mortgage or Mortgage + Rent
Also this view sucks and lessens the value considerably, the views out towards the Hancock are great as city views go.
I’m probably in the minority but I always liked this area. Had a nice project further down Kingsbury back in the day. This area wasn’t some sterile, lace curtain, suburban recreation of a city.
You’re also a couple of blocks away from the best Italian beef in the city
“I never understood the appeal of buying in this area. It’s so desolate and devoid of any character.”
For some reason I like this location and area. The Erie Cafe park isone of the coolest small urban parks in the USA. The access to much of all the GZ via car makes the location good. Nobody who buys this unit will be using zipcars or Uber. Larrabee is a great street to get northbound quickly. River North and Loop are close, you can hit River West, Kennedy expy., West Loop and West Town pretty quickly too. Chicago Ave and Halsted traffic is getting considerably worse however, at least before COVID.
This particular building is not as good as the modernist steel cousin across the street, built by same developer (who passed away, I recall).