Another Bank Owned Unit Appears in Avenue East: 160 E. Illinois in Streeterville
We last chattered about a bank owned unit in Avenue East, the new construction high rise just off the Mag Mile at 160 E. Illinois, in September 2009.
See our prior chatter on the building here.
That 1100 square foot 2/2 ended up selling for $380,000 including the parking.
This latest bank owned 2-bedroom looks like a slightly larger unit.
According to the pictures, the kitchens and bathrooms are intact. None of the appliances are missing.
The kitchen has granite counter tops and stainless steel appliances. There are wood floors in the living/dining area but carpet in the bedrooms.
You also get a rare side-by-side washer/dryer.
A parking space is included.
Is this a deal?
Arthur Cirignani at Chicago Realty Partners has the listing. See the pictures here.
Unit #902: 2 bedrooms, 2 baths, no square footage listed
- Sold in December 2007 for $662,000
- Lis pendens filed October 2008
- Bank owned in October 2009
- Currently listed for $430,600 (including the parking)
- Assessments of $773 a month (includes heat, air conditioning)
- Taxes are “new”
- Bedroom #1: 11×16
- Bedroom #2: 10×12
- Living room: 14×19
- Dining room: 10×12
- Kitchen: 8×10
Well, compared to other newer 2/2s in this location, yes, reasonable.
No view but a great location if you want to be right off Michigan Ave.
I am still in awe of an actual laundry room in a 2/2. You don’t see that everyday.
What a boring shitbox.
Completely off topic here, but anyone know of a good resource to see the property tax rates for the various chicagoland municipalities? an interactive map would be great, but a simple list would be a great help.
Something I notice about so many new, expensive apartments and condos, which is that the electrical and/or heating/ac panels, which are very unsightly, are located in really visible, prominent places, like in the living room of this unit, where it draws your eye immediately. It was the first thing I noticed about this place.
This really is a “boring shitbox” of a condo. The kitchen cabinets look like trash, even though the range is actually built in, wonder of wonders. In most “luxury” condos, the developer just shoves a mid-priced free-standing range into a niche, where you can have fun later pulling the thing out to clean the sides because food will drop down into the cracks if you really use your kitchen.
This place looks like a few thousand other units that went up in the downtown area in the past 10 years. How many boring, oblong apartments shoehorned into the sides of oversized skyscrapers, with the usual open kitchen and tiny rooms and small closets, can the market absorb?
“What a boring shitbox.” Now this is an efficient use of the English language.
This place is definitely nothing special. the location is good, but I would not want to own a unit that looks like a million others. I can’t justify some of the prices that these 2/2 in high rises command. Even at $430k I think it is over priced since the building is nothing special and the assessments are quite steep.
The fact someone would pay $662k for this glorified apartment in ’07 is mind boggling as well…
I think its priced right to garner some attention and I bet it sells for $400k. I dont think anyone would notice that its a “boring sh*tbox” if it had furniture, and I think there are some good decorating possibilities. The kitched was done right, and the idea of having a full laundry room is awesome. The assessments are steep for a new building, which deters me, but if I thought I could pick it up for $350K, I would.
“What a boring shitbox.”
In a lowenberg building of all places!
“property tax rates for the various chicagoland municipalities”
http://www.cookcountyclerk.com/upload/news_235.PDF has the individual rates for each Cook County taxing authority for the current tax year. These WILL change year to year, but it’s a good guide.
addisonadvantage DOT org/visitors/property.shtml (not a link to avoid blocking) has the DuPage rates for 2008.
“What a boring shitbox.” Now this is an efficient use of the English language.
It is indeed – I couldn’t have described it any better.
“In a lowenberg building of all places!”
Not a Lowenberg designed building. Architect of record is OWP/P. Still a boring shitbox non the less.
I love it when Realtors take pictures like the 3rd one (the living room). Here’s a hint – taking a head-on picture of a narrow, darkened room, with bright light outside, makes me feel like I’m in prison. Throw in a shiv and a communal shower and the illusion is complete.
“Throw in a shiv”
If you haven’t seen it yet, read the “most helpful” review of “The Secret” (harcover) on Amazon for a laugh.
Lookup “steering wheel laptop desk” on Amazon. Two great points: look at user submitted pictures in order, and then the reviews are all pretty awesome.
“Lookup “steering wheel laptop desk” on Amazon. Two great points: look at user submitted pictures in order, and then the reviews are all pretty awesome”
LOL that is frickin hilarous, those pictures with comments are classic
#1102 is also a short sale and is listed for $550,000, what a joke – just goes to show that all short sales aren’t necessarily a “good deal”.
I don’t understand why assessments are significantly higher in this building than others nearby when others have a pool and additional outdoor space.
Cubsfan,
Which buildings are you comparing it to?
160 IL has around 130 units
505 Mcclurg has 268
600 Fairbanks has 212
340 Randolph has 344
If you haven’t seen it yet, read the “most helpful” review of “The Secret” (harcover) on Amazon for a laugh.
that was excellent. oprah should have the author on.
she should also have that steering wheel desk on her favorite things episode
As a long time reader here, I enjoy the excellent chatter about real estate. But I haven’t laugher louder than the recent tips on “The Secret” and the “Steering Wheel”. I love this site!
what a shoring bitbox.
anon, your link was just to the press release and only includes a sample of tax rates by tax code. Of course, you could add up all of the individual taxing units if you know which apply…or you could go to the assessor’s website for the tax code and then go here for the complete list by tax code:
http://www.cookctyclerk.com/pdf/2008%20tax%20code%20rate%20report.pdf
“Of course, you could add up all of the individual taxing units if you know which apply…or you could go to the assessor’s website for the tax code and then go here for the complete list by tax code”
Multi-step either way. And I posted the first useful thing I found, not having all day to find the best thing.
“Multi-step either way.”
Sure, one is two easy steps and the other is more than two not-so-easy steps.
“Sure, one is two easy steps and the other is more than two not-so-easy steps.”
Last I checked, I wasn’t drawing a salary from the CC. As they say, you get what you pay for.
I think that unit is roughly 1400 square feet which would put the price at just over $300 per square foot. I think that’s reasonable for the building and nit’s quality compared to other stuff in Streeterville.
Wow. Just looked again at this building’s website. This unit is actually 1508 square feet.
http://search.realtyproducer.com/160illinois/viewDetail.do?ln=6390347
That’s $285 per square foot. Yeah, the cabinets are ugly and the place is borring but that is cheap for that building.
You’d have to put some art on the walls, but I think the place could be made to look pretty nice. I think it would sell for around $400,000, but not much more. The listing pictures are awful, as they make the place have all the appeal of a prison cell. I’m guessing it looks a lot less dreary in good light.
My husband and I actually just moved out of this unit. We were renting it from a condo owner and he went into foreclosure. We were wanting to move north to Lincoln Park anyway, so we didn’t look into purchasing the unit. However, if you are in the market for a condo in Streeterville, I personally think this unit is a really good deal. It is a huge unit – there is a full laundry room and an area for a dining table. The master bathroom is also quite large. The finishes are really nice. It is on a low floor so you do look right into the Tribune Tower, but the balcony is also big and you can see a little lake when you are on it. It is a really quiet building and everyone who works there is so nice. We loved living there.
This unit just closed for $425,000 (parking included.)
Just did a blog post on all the foreclosures / short sales available in Streeterville – 15 currently available including a few in this building:
http://www.streetervillehomes.com/blog/foreclosures-short-sales-on-the-market-in-streeterville/
Thanks! Great info
Vdubbs,
You put out a pretty darn good product 🙂
in the foreclosure theme, Do you see the said “shadow” inventory in streeterville as i see in my area?