After More than 2 Years: From Pre-Foreclosure to Bank Owned: 1330 N. LaSalle in the Gold Coast
We last chattered about this 3-bedroom duplex condo at 1330 N. LaSalle in the Gold Coast in January 2010 after it had been on the market over 2 years and was listed as a “pre-foreclosure.”
See our January 2010 chatter here.
At that time it had been reduced by $110,099.
The bank finally took possession in March 2010 and immediately re-listed it for sale at a further reduced price.
The unit is now listed just $9,900 over the 2000 purchase price.
There are no interior pictures with the new listing, but we know from the January chatter that the kitchen had been renovated with maple cabinets and granite counter tops.
Since there are no current interior pictures, however, it’s unclear what remains inside the property.
There was also a walled-in patio off the living/dining rooms.
All three bedrooms are on the second level. It also has central air, an in-unit washer/dryer and a parking spot.
Is this a steal for this amount of space in this location?
Susanne Lenz-Cassare at Re/Max Regency now has the listing. See the listing here.
Unit #106: 3 bedrooms, 2.5 baths, 1 car garage, 1900 square feet
- Sold in February 1992 for $215,000
- Sold in July 1998 for $253,000
- Sold in May 2000 for $340,000
- Lis pendens in February 2009
- Originally listed in October 2007 for $489,999
- Reduced numerous times
- Was listed as a “pre-foreclosure” in January 2010 for $379,900
- Bank owned as of March 2010
- Currently listed for $349,900
- Assessment of $416 a month
- Taxes of $5759
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 16×14
- Bedroom #2: 17×11
- Bedroom #3: 15×10
Question for the more knowledgeable: when a place is sold ‘as is’ such as this, are you allowed to tour the property?
Thread hijack ahead …
Where was everybody yesterday? Gary Lucido and I were the only ones who showed up for the CribChtter meetup in University Village, so I asked Gary to do a video tour of University Village. CCers will probably most enjoy part 7 of this 9-part video, focused on short sales:
http://www.youtube.com/view_play_list?p=77DDF4439EC79D1C
There was a meetup?
what’s the deal with the painted lines on Emerald St. in your video number 8 of 9 with Gary? Like they’re trying to enforce some kind of street parking rule in front of each of those mansions? I do like the lines painted to delineate where the hydrant is. Is that considered a gated community even on Emerald? weird.
Yes, imagine my surprise when in the middle of my debate with Joe about the Union Row development I get a call and it’s Joe inviting me to do this video. Of course, I immediately had visions of Andy Kaufman getting dumped on his head in the wrestling ring but Joe proved to be quite gracious. He’s actually a pretty nice guy. And as he was leaving he said something along the lines of “now we can go back to fighting” 🙂
I think the lines on the street is a good idea. Nothing irks me more than the person that parks right in the middle of two spaces. Of course, lines won’t prevent that but at least it allows everyone to see how stupid the bad parker is.
Oh…no gated community on Emerald. And sold as is merely means that you can look at it and you can inspect it but we don’t care what you do we’re not going to fix anything but you can walk away if you want.
Wicker on April 14th, 2010 at 5:49 am
“Question for the more knowledgeable: when a place is sold ‘as is’ such as this, are you allowed to tour the property?”
They’ll let you see it but they won’t make any representations and warranties as to its condition. I think it’s common in bank sales because the bank has no knowledge of the condition and wants to close its books on the stupid loan that it made a few years ago with no trailing liability.
I toured this place a couple times when it was on the market before. Assuming they’ve done nothing to it since, it needs at a minimum:
– all HW floors on main floor need to be redone
– all carpet upstairs needs to be replaced
– a new refrigerator
– new screens for the windows
Unless something has changed, these updates would make this place very livable. The bathrooms could use an update, but they are totally usable. Kitchen cabinets/counters are nice. 1900 s.f. includes the 400 s.f. outdoor space.
I think this will sell very near this asking price. However, there was a $10K unpaid special assessment when it was on the market before. I imagine this still needs to be paid.
Why would the special need to be paid? If it is a past assessment more than 6 months ago, I think the association is just out the money.
I’m not sure if they do or not, but I do know the building only has $80K in reserves.
Wicker, you see a lot of “as-is” sales when dealing with estate sales as well. They don’t want to go around fixing everything, they want to get on with their life.
A meetup? Was this actually announced somewhere or is Joe just joking? I think a crib chatter brunch club or something along those lines would be awesome.
chi_dad — That’s rather worrisome. Were you able to discover anything else about the management and HOA of this building?
“I do know the building only has $80K in reserves.”
JPS – The special assessment was for the roof and some electrical work, and there was one other owner as of late last year that hadn’t paid the $10K.
I do know there are several units rented out, but it must be fewer than half of them since this unit obtained FHA spot approval at some point in 2009. The building allows dogs, but only 1 with a 20 lb weight limit.
A 3rd floor 3/2.5 recently closed for $388K. It was in much better condition but had a balcony on the alley side (blech!) instead of the patio space that this one has.
A meetup? Was this actually announced somewhere or is Joe just joking? I think a crib chatter brunch club or something along those lines would be awesome.
I’d go to a meetup, if only to prove that I’m not Joe. I’d like to meet him too, he does know a lot about Chicago.
Sparky,
I’m pretty sure you know Joe. But hey if Joe needs an e-friend in an attempt to lend credibility to his online rantings, I suppose he can chalk one up. How are those pom-poms holding up? 😀
you would be wrong, Bob, and your insistence without proof makes you look idiotic.
Arguing with someone on the internet is like wrestling with a pig…you both get dirty, but the pig likes it.
Do you enjoy this type of banter, Bob? I don’t and I’m sure others don’t as well. I’m done wrestling.
C’mon Joe Zekas, you surely enjoy this type of banter. Talking about brunches and such, then having your online persona say how knowledgeable you are.
I guess someone has to, or else you’d be like the Facebook kid with zero friends on the recent South Park.
How are all those homedebtors you steered towards purchasing in 2003-2008 faring, Joe? Give us an update! A where are they now of sorts.
You know what really drives you nuts, Bob? The fact that I’ve provided 100s of times more – and more credible – information about Chicago real estate to many, many thousands of more home buyers than pay attention to your sad rants and pathetic scraps of ill-digested info.
Home buyers make their own decisions, Bob. Almost all of the buyers I reach are better informed and more sophisticated than you – because they get out and see the offerings and talk to the people you denigrate, people who know things that home buyers want to know.
It’s time you learned, as Yeats did long ago, “that to be choked with hate may well be of all evil chances chief.” Hate has made you a cripple, Bob.
“Almost all of the buyers I reach are better informed and more sophisticated than you”
Really? How sophisticated were the buyers of those one bedrooms at 1720 South Michigan Joe who bought directly from the developer?
Is the size of one’s financial loss positively correlated with one’s level of sophistication in the Zekas universe? Rex Grossman must be on par with Einstein in the Zekas universe.
Can you two please play nice or maybe I’ll have to ban the both of you.
It’s really annoying.
Grow up.
Sabrina,
Grown-ups don’t allow their commenters to make false and repeated defamatory accusations about commenters who have a public identity.
If calling you out on that is cause for banning me, then so be it.