A Foreclosure in 2008 and Now Trying to Sell Again in 2011: 440 N. McClurg in Streeterville

This 2-bedroom duplex-up townhouse style unit in Cityview at 440 N. McClurg in Streeterville has been on and off the market since April 2010.

440-n-mcclurg.jpg

In 2008, the unit was bank owned and being sold in move in condition.

In 2008, it sold for $60,000 under the 2004 purchase price of $340,000. (A deal?)

It came back on the market in April 2010 but this time was listed for $499,000.

Off and on the market since then, it has now been reduced $132,000 and is listed at $367,000.

The unit has 2-bedrooms on the second level and the living/dining/kitchen on the first level.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

At 1350 square feet, it has central air and washer/dryer in the unit.

2 car parking is available for $25,000.

The listing calls this a “rarely available smokin hot deal.”

Will this sell for over the 2008 purchase price 3 years later?

Frank Mitrick at Real-Tek Realty has the listing. See the pictures here.

Unit #110: 2 bedrooms, 2.5 baths, 1350 square feet

  • Sold in February 1999 for $234,000
  • Sold in August 2004 for $400,000
  • Lis pendens filed in March 2007
  • Bank owned in November 2007
  • Sold in June 2008 for $340,000
  • Originally listed in April 2010 for $499,000 (plus $15,000 for parking)
  • Reduced several times
  • Currently listed at $367,000 (plus $25,000 for 2-car parking)
  • Assessments of $683 a month (includes heat, a/c, doorman, cable)
  • Taxes of $6311
  • Central Air
  • Washer/Dryer
  • Bedroom #1: 11×22 (second floor)
  • Bedroom #2: 10×16 (second floor)

32 Responses to “A Foreclosure in 2008 and Now Trying to Sell Again in 2011: 440 N. McClurg in Streeterville”

  1. Oops. That flip didn’t work out so well. LOL that they thought they’d make $160,000 for living there for 2 years. Love it when greedy people chase the market down. They probably could have sold in 2010 had they not shot for the moon with the $499k price.

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  2. Make that $515k price. Love when the try to upcharge for parking

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  3. This does seem like a good deal to me. I’m surprised you can buy a place in this area for less than $400,000 with two parking spaces.

    If I was looking to buy right now, I would definitely look at this. I like how this area is somewhat sealed off from the insanity of Streeterville, while still being close to everything.

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  4. What is the insanity of Streeterville?

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  5. Vlajos – one word: Tourists.

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  6. This is one ugly building.

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  7. “Vlajos – one word: Tourists.”

    Got it, thanks!

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  8. Are there that many tourists in the bulk of streeterville? I thought maybe the wildings at the movie theater or logan sq residents incensed at the 30+ minutes it took to get $10 to-go sandwiches from fox and obel cafe.

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  9. The 2004-2007 owner should buy it back from the bank once this owner loses it.

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  10. This place depresses me.

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  11. Two smaller spaces duplexed instead of 1 larger space on the same floor makes no sense in a highrise. This will be in the $2’s in no time.

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  12. Brad F – you don’t know wtf you are talking about. I own a 2/2/2 in this building. The building is a well kept secret.

    It is a very well-kept building and EXTREMELY convenient:

    1. Driving: When lower wacker was open (and when it reopens), you can be on the eisenhower/kennedy within 5 minutes. You can be on LSD in 2 minutes.
    2. You can walk everywhere (n. michigan, grant park, navy pier, river north). The chicago river is a block away and you can even walk along the river on the riverwalk.
    3. Shopping – steps away (fox and obel is right across the street)
    4. entertainment – steps away. Also, the fireworks are beautiful to watch.

    All in all, it is probably one of the best values in the city.

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  13. Badly overpriced, and I agree with Brad F that this will be closer to high 2’s or low 3’s in due time.

    The building looks cheap and dated, and the immediate area screams transient renter.

    Though I’m biased. Never particularly liked anything east of Michigan and south of the hospital.

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  14. Might be a great location but I agree with miumiu… depressing. I mean… lower wacker drive itself is a ‘great location’, close to expwy, loop etc… doesn’t mean it’s a nice place to live.

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  15. miumiu, with all due respect, you find this place and neighborhood depressing, but don’t find the south loop depressing? ARE YOU KIDDING ME?!! Ridiculous…

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  16. Speaking of ‘wildings’, what happened to the prediction that downtown was going to “the dogs” and that more ‘mob attacks will happen’? Hasn’t been any high profile robberies since Memorial Day. I say it was all hype and fear.

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  17. tomm on August 12th, 2011 at 7:29 pm
    Speaking of ‘wildings’, what happened to the prediction that downtown was going to “the dogs” and that more ‘mob attacks will happen’? Hasn’t been any high profile robberies since Memorial Day. I say it was all hype and fear.

    This week someone was shot in the head on the state street bridge over the chicago river. Not sure if this counts.

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  18. clio, it is this particular house that depresses me. I like the neighborhood.

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  19. “This is one ugly building.”

    I don’t see, (at least from the picture), what is so ‘ugly’ about this building. It looks at least somewhat unique compared to some of the other mid-rise buildings around…

    However…

    with regard to the comment:

    “This does seem like a good deal to me. I’m surprised you can buy a place in this area for less than $400,000 with two parking spaces.”

    Again, people just cannot seem to get past their pre-2008 mentality!
    $392k for a 2-bed w/ 2 parking spots is still high! This is not a “deal”; not by a long-shot!

    Even the sale price of 400k back in 2004 was already a ‘bubble’ price, with the ridiculous expectation of 15-20% annual appreciation built into that 400k valuation.

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  20. no picture of the bedrooms?

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  21. “This week someone was shot in the head on the state street bridge over the chicago river. Not sure if this counts.”

    That doesn’t count. It wasn’t a “random” attack. The assailant knew the victim.

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  22. “miumiu, with all due respect, you find this place and neighborhood depressing, but don’t find the south loop depressing? ARE YOU KIDDING ME?!! Ridiculous…”

    There are different “feels” to some parts of certain neighborhoods and I have to agree with Miumiu that some parts of Streeterville are not altogether attractive. There is nothing “there” in some parts of it.

    Same can be said for the South Loop- but, in my opinion, not the part that Miumiu is interested in in the buildings overlooking Grant Park.

    It’s a block by block thing in many of these neighborhoods. Clio, if you actually got out of your car and walked around for hours (as I have done) you would know what I’m talking about. Actually, it’s a block by block thing even in Lincoln Park and Lakeview.

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  23. If I recall, the two parking spots is a tandem spot? Its been a while since I’ve walked the garage.

    I think the environment around the building is better since Dick’s moved to Marina.

    If you prefer a mid-rise building, it is one of the few mid-rise buildings in the area.

    Its not a bad location. Its mid-way between the Pier and Michigan Ave. So not as isolated as the buildings that are on the 400 E. block of addresses.

    Pricing is going to vary in terms of how the individual unit has been maintained and how are the upgrades.

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  24. Not to bring up the whole city vs suburb debate but when you look at the subject property and then you look at what is available in the suburbs for just a little more, it is no wonder why young families will be flocking to the suburbs:

    http://www.redfin.com/IL/Saint-Charles/1655-Hampton-Crse-60174/home/16992772

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  25. clio – no one wants to move to the suburbs of Dekalb.

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  26. @PermaBear

    Agreed. Its highly unlikely posters on this site are interested in far far away from Chicago center manure farms adjacent to commercial treatment properties even when offered via seller’s vig

    🙂

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  27. chichow and permabear,

    they may not WANT to, they may realize that there are not that many other viable alternatives.

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  28. clio:

    It is a nice home. But its a 77 minute commute to downtown.
    There are other alternatives closer in: Wheaton, Glen Ellyn, Lombard, etc.

    Remember younger generations are generally “softer” than the boomers and increasingly won’t be willing to make the lifestyle sacrifices the boomers did. Could you honestly see a millenial commuting to work for more than an hour? I couldn’t.

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  29. Clio, you would do far better on here using houses in Oak Park, Evanston, even Kenilworth than Oak Brook and St. Charles. Cribchatter is about Chicago….not Dupage or Kane County. Most of us have NO interest in living out there or going out there other than to visit grandparents, visit outlet malls or similar trips.

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  30. I’m sure you could find something better for under $500k in Oak Park than St. Charles that people on here would actually consider….

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  31. “Could you honestly see a millenial commuting to work for more than an hour? I couldn’t.”

    Lol at Boomer Bob’s grandpa mentality. I’m a millenial, and I commuted 105 min one way in the Philly suburbs in my pharma days. I don’t do long commutes anymore because I have business emails until 2 a.m. no matter what, so I’d like to see my family for an hour or two before I go back to my electronic tether, something Boomer Bob would never have stood for as a young man – but those few in my cohort who got professional jobs will do absolutely anything to keep them, since the alternatives are so grim and your career can end in an instant.

    In their youth, boomers enjoyed $500/year college tuition, good public schools for themselves and their kids, middle-class blue-collar wages, and lifetime employment. Now they’re going to suck Social Security and Medicare dry after driving single-family housing prices through the roof. Even that wouldn’t be so bad, except that those of us left to pick up the pieces have to listen to Boomer Bob calling us lazy.

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  32. Hang it up clio…there are born to be in the city people and those who want to live a suburban lifestyle. It is very hard to change one’s mind to change how they live their entire lives all for the sake of breeding and raising a family.
    Even for some who do decide to raise a family they are still very reluctant to do so.
    Here in NYC there are certain neighborhoods that may not be all that conducive to child rearing, but true NYers will not pick up and move to Long Island or New Jersey just because they want a family. I think the same mentality would be there in Chicago.
    As nice as some of the upper level subs are in Chic, if I were a full time resident (as I might be on Astor Street in a few months) of Chicago, there is no way in hell I would even think about living in Oak Brook and Hinsdale…and yes, I have been in some kick ass mansions there but still the thrill of living ina high rise looking out over the city and all it offers will never be taken away from me.
    And don’t use the whole childless gay argument with me. Even if I decide to go that route, my kids will be raised in the culture rich neighborhoods of NYC (or Chicago or Denver or Miami).
    This is one dedicated city only boy!! …And I know I am not the only one who feels this dedicated to their inner city neighborhood!!

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