A Million Dollar Condo Foreclosure: 333 N. Canal
This time, the million dollar foreclosure is in River Bend, at 333 N. Canal St. in River West. This is the first foreclosure I have seen in that building.
Unit #2205: 3 bedrooms, 2.5 baths, around 2500 square feet
- Sold in April 2006 for $1,308,500
- Foreclosure auction price of $1,106,288
Currently, Unit #1805, which is of a similar size and the same “tier” in the building, is on the market. It is priced at $1,199,000 which includes one parking space.
Is Unit #2205 a good “deal” at the auction price? We’ll soon see.
I know this may sound “backwords”, but all of these price corrections are making someone like myself who can and should buy this Spring continue to rent for at least six months more. Units that my agent showed me two weeks ago are now reduced at least 5% in asking prices. The natural thought for buyers like myself is, why buy now, when this could continue for at least one year more? Who is to say that next year there will not be a 3bd unit in this building for $900,000?
Morgan, Yes, prices will continue downward. The Fed is following Japan’s fiscal mistakes. Google: ZIRP (Zero Interest Rate Policy). After the dot com bust a short (near) ZIRP by Alan Greenspan begat this housing bubble. However, the pool of qualified buyers is much smaller now than in 2001. A new ZIRP will not help us just like it did not help Japan. Google Japan’s housing market. It has been down and stagnant for 10+ years now.
what a STUNNING view!
I remember hearing that they are planning on building on Wolf Point which is the plot of land next to the Sun-Times building. I doubt it will get built in this market, but you never know. This construction will probably block a lot of the views to the east for a portion of the condo units.
The views are great in this building. All units have east facing views down the River.
There are several buildings that may “hinder” (but not block) the views of this building. There is an office/hotel building that is slated to be built to the south of the building. It won’t hinder views very much though- but will extend the “river walk” that is in front of the building which would be nice.
There has been talk of development at Wolf Point and some proposed plans have been floated. It would block views on the north side of the building more than the south. But you’re right, in this market, it won’t get built.
Morgan: If you wait for the “spring” buying season, you’ll see a lot more product as well. There really isn’t much on the market right now (except many stale listings) but I’m seeing an uptick in listings now as we head into the all important after the Superbowl buying period.
And yes, there really is no incentive to buy right now because odds are prices will be lower in six months. And probably mortgage rates as well.
im looking into a condo on the 14th floor for around 750k..2400 sq feet..is that a gud deal? i think its with the bank…and anyone on the rent i cud get from that condo?
1404 or 1408? Neither appear to be bank owned. How many parking spaces? Does it have a boat slip?
sorry mate…its 1304..for sale at $809000….wats a good price for that unit? potential rent? flip value after a few years?
“wats a good price for that unit?” Not worth contemplating since it will be less tomorrow.
“potential rent?” 2104 corrently asking $4500 with 1 pkg for end of year occup. Looks to be rented for $4300 since 08.
“flip value after a few years?” The current bubble has not fully deflated until nobody asks this question.
“flip value after a few years?” The current bubble has not fully deflated until nobody asks this question.”
thats pure comedy gold, the funniest stuff comes from the truth!!!!
G,
you have been on a bob tirade these last few days, I likey 🙂