Bank Owned 3-Bedroom With City Views: 737 W. Washington in the West Loop
We’ve chattered about Skybridge, at 737 W. Washington, the award winning high rise right on the Kennedy Expressway in the West Loop several times before.
A 3-bedroom bank owned unit is on the market on the 17th floor that has western and southern “city views”. For those of you who think the downtown is the only great view- the west is spectacular at night.
This unit has generous room sizes, hardwood floors and, from the pictures, it appears the kitchen is intact with stainless steel appliances and granite counter tops.
It is currently listed for $149,100 under the 2004 purchase price.
Is this a deal at this price?
Arthur Cirignani at Chicago Realty Partners Ltd. has the listing. See the pictures here.
Unit #1708: 3 bedrooms, 2 baths, 1 car parking included, no square footage listed
- Sold in September 2004 for $599,000
- Lis pendens filed in July 2008
- Bank owned as of September 2009
- Assessments of $811 a month (includes heat and air conditioning)
- Taxes of $7052
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 24×15
- Bedroom #2: 15×13
- Bedroom #3: 14×11
- Living room/dining: 25×14
- Kitchen: 11×9
Not only is $1400/month for assessments and taxes brutal, but no gas stove is a killer for me. Not to mention a weird proximity to the El.
Best asset? Dominicks a quick elevator ride away.
I’ve always hated this building. Not for any good reason. It just does not appeal to me aesthetically.
Assuming assessments cover most bills, $1400 (including tax) doesn’t at all seem to be too out of line with high amenity buildings this close to downtown for this size unit.
If the bank actually wants to get ride of it for this price, I think it sells.
>generous room sizes
Who says “generous room sizes” other that real estate marketers?
Husband: “Man, that room size is GENEROUS!”
Wife: “Don’t you mean that room is big?”
Husband: “Yes.”
i don’t see the price “It is currently listed for $149,100 under the 2004 purchase price.”
my bad
yeah its not bad. but costly. only if PTs weren’t in the way when looking out. (yeah the current list price isn’t in the summary)
“but no gas stove is a killer for me.”
Depends, can’t tell from the pics, but could be induction which is arguably much better than gas. Even if it’s resistance electric wouldn’t take much to drop in induction.
I looked at the end unit when under developemnt. I think that it was an 01 tier. It was a great space with east north and west views. A very sexy great floor plan with 3 bedrooms. If i recall correctly they wanted 750+ for that unit with standard finishes. I knew that it was overpriced and I am glad that I passed. I’m wondering what that unit is worth today?
No disrespect, but can someone please tell me what is so “award winning” about this building? It induces bouts of uncontrollable yawning whenever I see it.
Boring. Reminds me of the hundreds of other units in the west loop.
“Assuming assessments cover most bills, $1400 (including tax) doesn’t at all seem to be too out of line with high amenity buildings this close to downtown for this size unit.”
I just checked out their website to see what amenities this has. I didn’t see any. I’d argue that this isn’t a “high amenity” building, but I could be missing something. Dominicks doesn’t count.
I rent in this building. It’s fairly nice, but I wouldn’t really call it a “high amenity” building. The lobby is pretty sparse, and the gym is pretty small and poorly appointed for a building of its size. (Only two treadmills, two elipticals, and two stationary bikes, and weights.) The roof deck is so high up that it is almost always really windy, so you can’t really use it for meals or parties. Also, one consistently irritating feature is that you cannot go directly from your unit to your car unless you have access to the service elevator, which is hit or miss.
That said, it has great views, a great doorstaff, and has a Dominicks in the building.
410k…wat ya guys think? i wanna give an offer..iv seen the unit and much smaller 2 beds are selling for around 400k…thoughts?
Snap it up for the cash flow and the future appreciation, Investor, snap it up!!! Grab this bull by the horns and ride it to future prosperity!
Investor: What makes you think you can get $3000 a month? Is that from careful research about the rental market in this building and nearby buildings?
I see that #2708 is on the market for $3700 a month. Perhaps someone with MLS access can tell us how long they’ve been trying to rent that one out at the much higher price point.
Also- you are making assumptions that you’ll be able to sell it in only 5 years with 45% appreciation in that time period or 9% appreciation per year. That is not the historic norm for Chicago (which is usually about 3% to 5%, depending on neighborhood.) And that’s in a “normal” market- which we are not in.
Considering we haven’t hit bottom yet (sorry Gary, I disagree with you about seeing the bottom given the recent increase in foreclosures I’ve seen- which are taking about 18 months to come on the market from start to finish- and that rents remain, in some cases, 50% less than buying the same property)- what makes you think that this particular unit, in this building, will suddenly see appreciation?
It’s likely we are several years away from ANY appreciation- once we do hit the bottom, of course.
homedelete….u playing with me? or u really think its a good grab?
Bad investment.
people say this is a buyers market..buying this at 410k will put me at the cheapest bought unit in the building per sq foot….so if this is a bad investment….wat is a good investment???
A good investment will make you a few hundred bucks a month with some future appreciation. This purchase won’t cash flow and price wise its just setting a comp on the way down. In short its a better price for a place to live as compared to a few yrs ago but still no deal for investing purposes.
If you’re not buying for cash flow and long term appreciation don’t bother investing. Its not 2005 anymore. There are deals here and there for the skilled and the extremely lucky but you have to known exactly what you’re doing.
hmmm…so lets say i buy this at 410k…..how many years do u think i will have to wait till i can make around 100k off of it in appreciation?
Seriously how did you make enough money “investing” to buy this place?
Granny die? I can’t believe someone who would be a cash buyer of a 400k property would ask such a ridiculous question.
made enuf money investing by asking questions and hanging around with people who r kind enuf to give me as much knowledge as they can with out being a bitch about it:)
what are you 12? Who types like that? I’m very interested as to how you made “enuf” money to buy this property with cash… my guess is a lucrative crack selling business, or perhaps a winning lotto ticket? Friend of an NBA star?
investa, YRU wasting tym heA wen u shd B buyiN? Buy 2 w8, dnt w8 2 buy.
I’m very interested as to how you made “enuf” money to buy this property with cash—->made enuf money investing by asking questions and hanging around with people who r kind enuf to give me as much knowledge as they can with out being a bitch about it:)
thats how..:D
get it this time around or should i say it a few more times b4 it registers?!
must hurt a little that a 12 year old who knows nothing about the market has probably made more money than you have in your whole life….so lets assume your into real estate…how does it feel to be a failure?