Buy a 2/2 Foreclosure in the Hot Fulton Market District: 1118 W. Fulton
This 2-bedroom at 1118 W. Fulton in the Fulton Market District of the West Loop just came on the market.
It is bank owned and being sold “as is.”
From the pictures, the unit has hardwood floors and French doors.
The pictures indicate that the two bathrooms are intact but there are no pictures of the kitchen so carpe diem.
The buyer is responsible for 6 months of association dues.
The price includes one garage space.
Old listings indicate that the unit has central air and there are washer/dryer hook-ups in the unit.
Fulton Market is one of the hottest neighborhoods in the city with new restaurants and hotels going in not to mention the Morgan El stop.
Will this property get multiple offers?
Jeff Mrozek at Crosstown Realtors has the listing. See the pictures here.
Unit #503: 2 bedrooms, 2 baths, no square footage listed
- Sold in May 1999 for $530,000
- Lis pendens foreclosure filed in May 2010
- Lis pendens filed in September 2012
- Bank owned in December 2014
- Currently listed “as is” for $280,800
- Assessments of $430 a month
- Taxes of $6406
- Unclear about central air
- Unclear about washer/dryer
- Attached parking included
- Bedroom #1: 12×12
- Bedroom #2: 13×12
- Office: 10×11
definitely a deal, depending on how much the “city repairs” and “6 months assessments” is… could be some huge special assessment that someone didn’t want to pay and walked, who knows. Guarantee this closes over 300, maybe even 400! though, that area is hot as hell with very little inventory and they probably want a quick sale.
How was this place initially listed at $1,050,000 in 2009? Were things ever that irrational?
I would bid on this if I could. While the unit is not as cool as when it was a 3000sq/ft 3bd 2.5bth place (see old listing, where one could defecate with beautiful Mediterranean views!), this will definitely get a lot of interest and sell over ask. This will become “the neighborhood” as google cements its presence at 1000 W Fulton. This place represents a much better value in an already emerging neighborhood with huge growth potential, than a douchepad you could buy for 150k+ more in the overcrowded River North area to the east.
Uh not ‘definitely a deal’ – no kitchen or other necessities as this unit as Elliot alludes apparently was previously combined with an adjacent unit.
It really is amazing these bank listing brokers care so little about these sales. As usual awful pictures, pathetic listing. Do the bank people in charge of these listing not monitor these sales at all. Do their bosses not care at all? No accountability. Pathetic..
The DO NOT ENTER sign in the first photo is very appropriate.
The reason the unit is so cheap is because it is ONLY bedrooms and baths. You heard that right. No kitchen and no living room. It is a long story as how it got to that point.
People checking out the space are in for a surprise.
Chris, I completely agree. I actually discussed this with an REO agent from Wells Fargo once, and he basically justified the lack of photographic quality for 2 reasons:
1. (Cost) The amount of inventory they’re dealing with doesn’t make it financially feasible to subcontract out decent photographers. (This conversation was in 2011 so he had a LOT on his plate)
2) (Intrinsic value & Listing Price to Photo Rate cost ratio) Most bank listings under 100k aren’t even worth decent photography. The little commission they get from selling those <100k properties doesn't justify the cost.
We all know that great photography can increase marketability, interest, which can yield to a higher sale price, but I think these bank agents have a mentality that listings (like this one), that have an attractive price and location, will sell themselves without the need for quality photographs. I have tried ad-nauseam to convince them otherwise, but this reasoning makes a lot of since. Since it's extremely difficult to quantify the difference (if any) that a unit sells for without quality photos versus with quality photos, this line of reasoning continues. They just want to sell the place, and any increase in sale price from decent photographs is seen as marginal and not worth the time & money.
These agents are more like asset managers than they are real estate agents.
https://www.redfin.com/IL/Chicago/180-E-Pearson-St-60611/unit-5502/home/14117430
here’s a 1.9 million dollar listing with photos almost worse than these… and its not bank owned…
“The reason the unit is so cheap is because it is ONLY bedrooms and baths. You heard that right. No kitchen and no living room. It is a long story as how it got to that point.”
Awesome! I can’t wait to see how this is going to turn out.
“PROPERTY HAS NO KITCHEN OR LIVING ROOM”
Nice of the realtor to finally add that little piece of info. I wonder how much flak he took before he realized that’s something people need to know about. They should’ve never split up the original layout.
The Answer on February 5th, 2015 at 8:33 am
It is a long story as how it got to that point.
I have time…
This location is about as far from a park, or patch of greenery, as any place in Chicago. You’d be better off north of the tracks on Hubbard or something, at least there’s some trees there.