Bank Owned 2-Bedroom Deal in Lakeshore East? 201 N. Westshore
We’ve chattered about distress sales several times in 201 N. Westshore, The Lancaster, in Lakeshore East.
The Lancaster, which was built in 2004, was the first of the Lakeshore East high rises.
See our March 2009 chatter about short sales on 08 tier units here.
The unit mentioned in the March chatter, Unit #1008, finally went under contract recently. Here’s its history:
Unit #1008: 2 bedrooms, 2.5 baths, 1295 square feet
- I couldn’t find an original sales price (the records on this building are awful)
- Originally listed in August 2008 for $539,900
- Several reductions
- Was listed in March 2009 at $450,000 (plus $35,000 for parking)
- Several reductions
- Currently listed as a short sale at $415,000 (plus $35,000 for parking)
- Under contract
- Assessments of $537 a month
- Taxes of $6260
- Siri Laurin at ABA National Realty has the listing. See the pictures here.
Now, a bank owned 2 bedroom has just come on the market. It is priced similarly to some of the 1-bedrooms currently on the market in the building. It is the cheapest 2-bedroom currently for sale.
There are no pictures with the listing so the condition of the unit is unknown.
But given what other 2/2s are going for in the neighborhood, is this a deal?
Katy Elliott at Great Lakes Realty has the listing. See the listing here.
Unit #605: 2 bedrooms, 2 baths, no square footage listed
- Sold in December 2004 for $474,500
- Lis pendens in November 2008
- Bank owned as of August 2009
- Currently listed for $400,950 (includes 1 parking spot)
- Assessments of $573 a month (includes heat, cable, ac)
- Taxes of $6016
- Bedroom #1: 14×12
- Bedroom #2: 11×11
- Living room: 16×16
- Kitchen: 10×9
It’s a deal if you want to live in a non-neighborhood in a soulless apartment and eventually look into a new building to the east.
I looked at a few units as rentals back in the summer. Some of the 2 bedrooms are fine, others have terrible floor plans. Regardless, the common hallways on both floors I visited were dirty with broken light fixtures and burned-out bulbs.
I don’t know where the assessments are going here.
do people really factor in the risk of a newbuilding to the east at this location? we almost bought here bc i thought it priced inexpensively enough not to care. i was implicitly assuming the economy would stop a new building from coming up in the next 5 years (if not longer).
I am going to email the realtor to ask if it would it be possible to hit golf balls off the balcony here into the spire hole.
“i was implicitly assuming the economy would stop a new building from coming up in the next 5 years (if not longer).”
And you think 5 years is a long enough timeframe for an owner in a “views” building to not care about the views potentially being ruined?
i’m just using the rule of thumb that average person owns for 5-7 years… yes it would be better if i was confident it was 10+ years.
Expensive, glorified rental apartment. No thanks.
why is there a special assessment on a building less than 5 years old?
Wouldn’t want to be the seller of #2605 or the buyer of #505 in this building. #505 was listed at around $479,000 and is currently under contract, hopefully the buyer is still able to back out of the deal.
I have been in #605 and although there are some minor problems (broken closet doors, scratches in floor), the unit is definitely in good condition.
What is the Special for? How much is it?
DC, what special assessment?
“It’s a deal if you want to live in a non-neighborhood in a soulless apartment and eventually look into a new building to the east.”
I really like Chicago’s high-rises and architecture. Although not a residential neighborhood, I wouldn’t put it past myself renting down here if the price was right.
Very few other cities have the kind of high-rise living Chicago does in certain neighborhoods. Still the pricing is generally way off in terms of rents but I see a correction coming.
I saw unit 505 in the same tier in this bldg in the summer, the layout is boring/monotonous, the materials are so-so verging on cheap, and the view is horrible. Because of the 3-tier road system at LSE, the 5th floor in this bldg is really, really low. You look out the window of this unit and the first thing you see is a huge construction site with dirt and debris, you can see some of navy pier but that will be completely blocked by the new construction. This only has eastern exposure and 1 window so there are no other views from the unit. So, no, it’s probably not worth the money.
It’s been mentioned several times on this blog that this is a non-neighborhood, but it does have a bit of a ‘resort’ feel to it, being surrounded by water, and I suppose there are those who like that.
Lakeshoreeast,
the 05 tier faces west and overlooks a fantastic park. The east side of the building overlooks the future construction site. In terms of neighborhood it is getting there. The nice thing is you do not have to deal with all the tourists.
VB, sorry, I mistyped. It wasn’t 505, It was a unit I think in the ’01 tier’. However, my comment about the inside of the apartment still stands, although the view facing LSE park will be considerably better than the east view in the future.
I agree that it is a nice thing not to deal with the tourists. The ‘off the beaten path’ feel as well as the proximity to the water and parks is a positive thing for many people, judging by how this are is holding its’ value.
Talked to one of the bank reps. about 2605.
They said that only one of the four Odin’s have agreed to the short sale.
When I asked when he thought it would finally go through, he said “two years ”
WOW. That is a long time to have your money tied up