Another Million Dollar Foreclosure in Millennium Centre
What is it about Millennium Centre anyway? Not only is it in the top three of condo buildings for foreclosures, but it is winning the unfortunate title of having the most expensive units under foreclosure.
There was a million dollar foreclosure a few weeks back. This new one is even pricier:
33 W. Ontario Unit #PHD: (no information about the size of the unit, but probably quite large)
- Sold in June 2005 for $1,900,000
- Sold in September 2006 for $2,100,000
- Also sold in October 2006 for $2,999,500 (the public records show this sale, but I think someone messed up inputting the data)
- Going to auction for $2,386,914
Any idea who has the listing? I can’t find it anywhere.
Jessi: They apparently haven’t tried to sell it yet. Sometimes the foreclosures are on the market prior to the foreclosure as the homeowner tries to sell and get out of the property before it’s too late.
In this case, they didn’t do that. The foreclosure auction is this week. It may or may not sell at that auction (or otherwise be resolved with the bank.)
We’ll have to see if it comes on the market as bank-owned in the next few weeks.
I am NOT writing with respect to this unit, but with respect to unit 14H which was sold today absolute at Auction in this building. I attended the auction and had an interest in bidding, but it sold for more than I was willing to pay (though only 4 years old the unit needed work). It sold for 313,500 (plus the auctioneer’s 7.5% commision) for a total of $337,000.
Thanks for the info Norm. Was it the only unit auctioned in that building?
How many people bid on it? (aka- how crowded was the auction?)
Some background on Unit 14H:
It’s a 2 bedroom, 2 bath unit. It sold in October 2005 for $455,800. It sold again in May 2006 for $600,000.
You can all do the math on how big of a reduction that is with the latest selling price.
I believe that unit originally sold for around $315,000 in late 2003. The auction was from Rick Levin and it was the only unit in that building. There were probably 300 people at the auction and my best guess is there were 5-6 people bidding on this unit. The unit is on the same floor as the outdoor pool and workout area. For someone who wants to live there, they got a fairly good deal. I believe 15H sold (not through Auction) at around $375,000 this fall.
Thanks Norm! great update. I have a couple clients in the building and they all seem to like it. Personally, I wouldn’t want to live on the workout/pool floor but that was a good price.