Bank Owned 1-Bedroom Duplex Under 2002 Price and Still Not Selling: 1221 N. Dearborn in the Gold Coast
A lot of first time buyers who want to live in the Gold Coast gravitate towards the high rise at 1221 N. Dearborn.
Most of the 1-bedroom units are duplex up, with the bedroom on the second level.
The building also has an indoor pool and leased parking.
There are no washer/dryers in the units- but several added it before it was banned and are grandfathered in.
This bank-owned 1-bedroom has been on the market since December and has been reduced twice.
It is now listed for under the 2002 purchase price but is still looking for a buyer.
Is foreclosure “deal” fatigue setting in as more foreclosures come on the market?
Rosario Terracciano at Resurrecting Real Estate has the listing. See the pictures here.
Unit 1001S: 1 bedroom, 1 bath
- Sold in April 1989 for $62,000
- Sold in June 1993 for $71,500
- Sold in November 1998 for $113,000
- Sold in November 2002 for $175,000
- Sold in July 2005 for $203,000
- Sold in July 2006 for $220,000
- Lis pendens filed in May 2008
- Bank owned in November 2009
- Originally listed in December 2009 for $174,900
- Reduced twice
- Currently listed for $154,500
- Assessments of $350 a month (includes cable, pool, doorman)
- Taxes of $1601
- No central air- window units
- No in-unit washer/dryer
- Rental parking for $175 to $250 a month
- Living room: 22×13
- Bedroom: 16×13
- Kitchen: 8×6
Not a bad deal, at least at first flush. It’s a spacious duplex in a top tier neighborhood. The assessment seems awfully low for a building with a pool and doorman and garage- is money being set aside for a reserve and does the building have a healthy reserve- or is maintenance merely being deferred until millions of dollars worth of work is necessary to keep the building functional and safe?
What are the taxes?
This unit looks like it needs a lot of work. Would it be practical to replace that staircase, which is really narrow? I see exposed outlets here and there, and the bathroom cabinetry looks shabby.
what’s the dealio here? did they just take the unit above and hack a hole in the floor to make these “duplex”, or did they build the building like this originally.
Hard to tell anything about the place. photos do not really provide any useful info other than “needs work”.
The duplex floorplan is the standard here. This building is an eyesore on a great block. Lots of recent college grads – hallways reek like ramen. The pool and deck are great, though.
The bedroom is open to the lower level? eww. Guess it could be walled off?
Unit #1605N is also a foreclosure and is listed for $132.5K. I couldn’t find any pictures, but it might not be much worse than the unit featured here…
This could be a pretty badass place with $50k worth of work. It’s a shame that the owner didn’t add in-unit w/d when he had the chance, though.
A friend rented in this building for a while…I think it was built this way. In her unit, the space was too cramped to enjoy any of the open-ness they were trying to go for. There was maybe 5 feet between the windows and the floor of the upper level. Plus, the “bedroom” we are talking about here is the upper level. My friend had a screen up to get some privacy in her bedroom, but it was effectively a studio. You either get natural light or privacy in the bedroom here, not both.
I don’t remember the building or that apartment being very nice…and I’m not sure sinking money into the unit to upgrade it would help improve the unit much. Good location, though, and pretty cheap. Someone looking for a starter unit might go for it.
I’ve owned a 1 unit there for 20 years. Easy to rent in this building. Very loud through the walls, you can hear phones etc.
Elevators need to be all replaced. Too many renters in the building who abuse the building with their behavior and trash.
Great location, good staff and property manager. Just some real nut cases living there.