Another Foreclosure in Museum Park Tower IV: 1235 S. Prairie
In April, I chattered about a foreclosure in Museum Park Tower IV, at 1235 S. Prairie, in the South Loop. The building has 286 units on 36 floors and was completed in 2006.
The current stats in the building:
- 19 for sale
- 11 for rent
Some units might be listed as both for sale AND for rent. The cheapest two bedroom, is Unit #605, a 2 bedroom, 2 bath with 1500 square feet at $499,900 (parking $40k extra.)
This bank-owned unit from April is still for sale (with no price reduction) and apparently a foreclosure auction is pending on a second unit.
Unit #1004: 2 bedrooms, 2 baths, 1533 square feet
- Sold in June 2006 for $536,000
- Sold in February 2007 for $700,000
- Bank owned
- Was listed in early April 2008 at $600,000 plus $58,000 for tandem parking
- Currently still listed at $600,000 plus the parking
- Assessments of $531 a month
- Coldwell Banker has the listing
Unit #604: 2 bedrooms, 2 baths, 1516 square feet
- Sold in June 2006 for $588,000
- Currently listed for $649,000 (parking extra)
- Foreclosure auction price of $615,907
- Assessments of $481 a month
- Realty Smarts! Inv. Ser. LLC has the listing
Every time I pass it on LSD I think of what a truly beautiful building this is.
Not sure if I’d want to live so close to LSD or any highway however due to pollution reasons. Maybe with the lake breeze this isn’t much of a problem though.
How much to rent a 2 br including a parking space? I’m moving soon to a larger place and would like to stay in University Village or South Loop. My biggest concern is that my rental unit not get foreclosed.
Don’t rent in a new construction building where there were lots of investors. The rents aren’t covering the mortgage costs.
But nothing is guaranteed (for renters.)
A lease agreement is a legal hold on a unit, and as a tenant you have very specific rights. So even if you’re in a unit that is foreclosed, you’re legally allowed to occupy until the terms are up. Some leases have clauses to deal with the sale of the unit, so it just depends. A lot of people in California are renting foreclosed houses and banks are having trouble selling the places because the renters in them refuse to leave, and the courts are siding with them.
“A lease agreement is a legal hold on a unit”
Subject to any superior interest. If there is a mortgage in place when you sign the lease (as is typical), unless the bank agrees to honor the lease (non-disturbance agreement), the foreclosure can wipe out the lease. Now, they (typically) do have to provide notice, and if the mortgage is new after the date of the lease, then the tenant has an argument.
Since Jan 1, 2008, tenants have decent rights against banks. Illinois law 735 ILCS 5/15-1701(h)(4) provides that:
“(4) In a case of foreclosure where the tenant is current on his or her rent, any order of possession must allow the tenant to retain possession of the property covered in his or her rental agreement (i) for 120 days following the notice of the hearing on the supplemental petition that has been properly served upon the tenant, or (ii) through the duration of his or her lease, whichever is shorter. This item (4) shall only apply if the tenant continues to pay his or her rent in full during the 120?day period.”
That is, a tenant (who pays their rent) can remain for four months or to the end of their lease (whichever is shorter).
Bob,
I don’t think pollution would be much of an issue near Lakeshore Drive, as it’s not a truck route – in facts, trucks aren’t allowed. The only fumes come from the occasional dirty buses (the new ones have particulate filters and use low-sulfur diesel, so even that problem will soon be solved).
But I wouldn’t want to live overlooking the Kennedy, for sure.
Does anyone know if 1004 is a pre-foreclosure or if it is already a bank owned foreclosure? Also, does anyone know if the bank is sitting on a lot of offers? Any thoughts/advice, please let me know.
Allison:
Unit #1004 says it is “bank-owned”. So that means they own it. A bank cannot “own” a pre-foreclosure (but can participate in a short sale situation.)
Of course, the bank ultimately owns all of these properties until the mortgage is paid off.
Who should I contact if I wanted some additional information on Unit #605, or any of the other foreclosures or pre-foreclosures in Museum Park Tower 4?
There are now two 1brs for sale in this building for
There are now two 1brs for sale in this building for under 300k. Units 1508 & 1108.
Funny story about MLS listings: unit 1508 was reduced to 299,500 on 7/11. Unit 1108 was just listed on 9/23 for 299,900 and in the MLS listing it says: “Best priced 1br in fabulous museum park!”.
Listing agents must be really stupid if they can’t figure out in under 30 seconds this is not the “best priced 1br”.
Obviously, 1508 is over/under priced and 1108 is the “best priced”. Note, they didn’t say “lowest priced”, which has a clear meaning. “Best priced” *could* mean lots of things.
is 1004 (foreclosure) still on the market?
Hello Lisa
Unit 604 is in Foreclose and was mortgaged to over $699000 at one point. Unit 605, my unit, is not in foreclosure but we are very motivated to sell due to changes in family. (Basically taking on Mother-in-law, so, need 3 bedroom house.)
You can contact Craig Palmer, the listing agent at http://www.bairdwarner.com/content/PropertyDetail.asp?qspagcod=yes&show=yes&listingNumber=06934222
Regards
Kevin Wagner
Anyone know what the original sales pricing might have been in this building for the 2 BR units on the 35th and 36th floors? (Penthouse area)?
In regards to my dads comment on our unit we are no longer selling it due to changes in the market and changes in family plans.