A Return to Yesteryear Prices in 212 W. Washington
There are a few signs of distress among owners in 212 W. Washington in the Loop. Many downtown condo buildings are seeing some issues with foreclosures and slow sales, however, so this building is not unique. But the current prices are telling part of the story.
There will be a foreclosure auction on a 1 bedroom condo this week.
Unit #1406: 1 bedroom, 1 bath
- Sold in January 2006 for $227,000
- Auction price of $181,299
Also, there is a large three bedroom, 2 bath that is being sold “as-is” (which usually means “bank owned”). There is only one picture of it:
Looks like it could be one of those units where the bedrooms have no windows.
Unit #1904: 3 bedroom, 2 bath, 2 car parking
- Sold in March 2000 for $361,000
- Originally listed for $437,900
- Was reduced and is currently listed for $389,900
- There is two car parking but I don’t know if that is included in the price
- Winfield Realty has the listing
Unit #1904 is interesting because you would think this might be a “deal”, right? Only it has been on the market for several months at the reduced price with no takers.
This unit could easily sell for less than its 2000 price. We shall see.
The tier 4 units actually do have windows in the bedroom, as it’s a corner unit.
This posting makes me a bit nervous as I’m planning on putting my unit on the market within the next month or two. I’m fortunate to have not taken a “shady” loan when I bought in early 2005…but I lost my job and I foresee having to take a paycut when I get a new position.
I’m wondering if the smaller units in this building (under 300k) move quicker than the expensive ones (over 300k). Any advice from the doom and gloom crew?
if you’re curious, check out the MLS from ziprealty.
you can search by address …. enter 212 W Wash
then you’ll see all units on MLS and it’s sortable by listing date.
Most other websites’ MLS don’t let you sort by variables.
Hi 212 Owner,
What size unit do you own? parking? windows in bedroom? what did you pay?
212 Owner:
I think you’re going to have to have a good selling strategy in the spring. 212 is a nice building in a good location. Units are selling pretty well in there (from what I’ve seen.) But price will be key.
Are you going to sell with an agent? Make sure you get a good agent who understands the market (and your need to sell fairly quickly.) You’ll be fine.
I own a 2 bed/1 bath unit (823 sq ft) and I do own a single parking spot, as well. I do not have windows in either bedroom.
I have already started speaking to an agent and she’s shown me some of the comps in the area. The price I was planning on going with ($285k) is in the mid-range when I compare it to the other properties, but this price does not including the parking spot, that would be extra. Unfortunately, I can’t afford to sell the condo without the parking spot.
My concern is Sabrina’s comment of “Yesteryear prices” in my building. I know of a few units in my building that have been on the market forever. Plus, there’s been a few units that have gone on the market in the past year and then taken off a few months later without any offers.
I’m concerned the price I’ve come up with may be too high. If that’s the case, then I need to consider whether or not I could even afford to sell my condo, as I don’t want to have to pay an arm and a leg at closing, either.
Anyone know a good fortune teller I can talk to? (Just kidding)
Hi 212 Owner,
I think you may have a hard time cracking the 300K range with the parking. I would price the unit more aggressively if you need a quick sale.
I know that some of the smaller 2 bed 2 bath, 900-1000 sq ft (both bedrooms w/no windows) have been going for around 289K-299K without parking. You should price below them.
212 Owner,
I agree with Streeterville Realtor and don’t think you will go over $300K with the parking. I also think every day you wait to put it on the market at the right price will end up costing you cash. There won’t be many knife-catchers left in a couple of months.
There doesn’t seem to be any units like yours available now at 212. Here are the 2BR’s in your building that are currently for sale in the MLS that I believe lack windows in the bedrooms. Note that they all have 2 baths.
#708 2BR/2BA listed 4/10/07 $349,000 reduced to $309,000 pkg $40K add’l
Could not located original purchase, but looks like it was an early purchase from developer.
#1408 2BR/2BA listed 9/24/07 $343,000 reduced to $324,000 w/o pkg
#1408 purchased 7/30/04 $330,000 w/pkg
#1501 2BR/2BA listed 11/6/07 $359,000 reduced to $349,000 w/2 “side-by-side” pkg
#1501 purchased 7/11/06 $328,000 w/pkg
#1907 2BR/2BA listed 11/29/07 $329,000 pkg not clear
#1907 purchased 11/22/05 $325,000 w/pkg
#2008 2BR/2BA listed 9/20/07 $359,000 reduced to $349,000 w/pkg
#2008 purchased 7/14/04 $318,000 w/pkg
I don’t see any recent sales of units similar to yours. As a matter of fact, I only see 7 sales in all of 2007 for 2BR’s. Only 2 of the sales have closed since August. Not a good trend in regards to getting anything meaningful out of recent sales in order to set your price. Same goes for your agent’s comps – you should figure on pricing below all of them if you need to sell.
Hi G and 212 Owner,
There have been a couple of recent sales at 208 Washington (more or less the same exact building/units) of 2 bed 1 bath units. I will pull a couple of comps. Unfortunately, the lack of a 2nd bathroom puts you at a disadvantage and you must price below these comps to sell in this market.
Unit 709 is a 2 bed 1 bath currently listed for $285,000, parking available for extra, market time 95 days
Unit 1009 is a 2 bed 1 bath currently listed for rent at $1600/month, parking extra
Unit 1209 closed in 3/05 for $224,250
At 212 Washington:
Unit 1811 is a 2 bed 1 bath that closed for $267,000 in 04/06 without parking.
212 Owner:
Some helpful advice might also be to get your place into the best position it can be to stand out in this market. That means, re-paint it if necessary. Remove clutter. Possibly even putting in some new appliances.
Are there any quick and low cost fixes you can do to make it look “newer” and “fresh”? New light fixtures, for instance. That can make a big difference but not cost a lot of money.
Buyers want to move right in now. If your place looks updated and fresh it will stand a better chance.
212 Owner:
Sabrina is absolutely right. Definitely declutter, repaint, change any dated lighting, etc….You may want to put in cheaper SS. I have had many clients who refuse to buy a place or even consider it if SS appliances aren’t there.
I really appreciate everyone’s opinion on this. I have a lot to think about, but I’m leaning towards to keeping the condo and manipulating other aspects of my budget to make ends meet. I’d rather use my savings on myself, instead of closing costs.
Thanks again to everyone and thank you, Sabrina, for starting such an informative blog.
You’re welcome 212 Owner. I’m glad you like the site.
My advice (but I’m not a real estate agent) is if you don’t need to sell your property in the next several years- then don’t. If you can swing staying there- that’s probably a better situation for you.
Good luck!