Bank Owned Gold Coast 2/2 Sells For 54% Under The 2002 Price: 1155 N. Dearborn
We chattered about this 2-bedroom unit in Elm Tower at 1155 N. Dearborn in the Gold Coast several times over the last few years.
See our November 2010 chatter here.
The unit originally sold in 2002 for $621,000.
In November, it was bank owned and listed for $399,000.
One of you thought it would have to be in the $200s to sell. Another one of you thought it wouldn’t sell under $300,000.
It sold for $283,000.
The unit appeared to have its kitchen and bathrooms intact.
But it seemed to have no view- looking into the building behind the building.
Did someone get a deal for the location and square footage?
James Poulos at REO Plus Inc. had the listing.
Unit #502: 2 bedrooms, 2 baths, 1487 square feet
- Sold in December 2002 for $621,000
- Originally listed in September 2007 for $699,000
- Reduced several times
- Was listed in October 2008 for $499,000 (parking is $38,000 extra)
- Lis pendens foreclosure filed in January 2009
- Bank owned in August 2010
- Originally listed in September 2010 for $399,900
- Reduced twice
- Was listed in November 2010 for $349,900 (is parking included or extra???)
- Reduced
- Sold in April 2011 for $283,000 (looks like the parking spot was included but I’m still not 100% sure.)
- Assessments of $910 a month (includes heat, a/c, doorman)
- Taxes of $8055
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom #1: 17×16
- Bedroom #2: 11×11
$190 PSF seems like a pretty good price. Congrats to the buyer. Especially if parking was included.
Great deal!!!. …. that is until the buyer realized that getting the best deal isn’t the most important thing. This is what we have been seeing with MANY people that bought foreclosures/short sales last year. Sure, they got a great deal, but that clouded their judgement and they compromised on many things that they really wanted. Now, many of these people want to re-sell and actually go for something that they really want (unfortunately because of commissions and closing costs, they are now stuck for 5-8 more years). So buyer beware – don’t just look at something because it is a deal – you really have to like the place and not compromise!!!
Oh – and this place isn’t good for an investor either – look at the assm and taxes. This, in the long run was probably not a very good personal deal at all.
this building is great, this location is great…but this unit was like a prison. it was on a low floor in the back of the building. your view was the brick wall next door and every thursday, friday, and saturday night, you were sleeping 25ft away from the 1/2 block long line waiting to get into the Hangge Uppe.
This unit was terrible. No light, no view…very cave like. However, for the location, this is a great price. I don’t think it will affect comps for the other units of the building if they have a decent view and light. I saw this unit and its truly not great. The biggest problem is how disproportionate the assessment is with the unit price. Most units that sell for this amount (and in this location) have assessments at around $300-400 per month.
Assessment is rather high, wonder what it includes.
The real killer is the tax bill, way too high for its real market value, which we now know.
But, still, very attractive building and very low price, much lower than I would have thought.
so really, not a good deal at all; even if assessments were a more reasonable $300-400 it still would just be ok.
With such a poor view, I can’t see someone wanting this as primary residence; maybe someone looking at it as a secondary/weekend place wouldn’t mind it.
Insider deal?
“Insider deal?”
Wouldn’t that presume that this was an awesome deal? I don’t think it’s anything close to being a good deal.
“Most units that sell for this amount (and in this location) have assessments at around $300-400 per month.”
Not in doorman buildings with heat/AC included.
Are you kidding me? For a 2BR, I’d say minimum assessment is $500-600 and that is on the low side.
“Most units that sell for this amount (and in this location) have assessments at around $300-400 per month.”
If this is valet parking that alone can add $200 to an assesment, at least that was my experience at 8 W Monroe
Taxes and assessments are almost double what they should be. You’re paying almost $1600/month here before any mortgage payment. With a sales price of $283,000 that makes very little sense. Hopefully they get the taxes reduced…good luck on the assessments 😉
a-local: I agree with you in principal: this 2/2 shouldn’t be used as a comparable for other 2/2s in the area for the reasons you’ve listed.
However the system doesn’t work that way, and I have to believe that if I tried to buy a 2/2 in a neighboring building my bank’s appraiser who doesn’t know the area will include it.
Looks like was purchased by an investor. Listed for rent today for $3500 a month plus $200 for parking
Wow. Fantastic deal. I would have jumped at this place for this price. Not just typical stainless appliances either right? Think it had top of the line Viking. Great deal.