Developer Slashes Prices $100k-$175k at the Wabash Club: 2301 S. Wabash
These townhouses at the Wabash Club at 2301 S. Wabash in the South Loop have been marketed for several years.
The developer apparently has 3 units left and is cutting prices by $100k to $175k.
Here’s the listing:
BUILDER CLOSEOUT AT WABASH CLUB! $100,000-$175,000 PRICE REDUCTION ON FINAL 3 UNITS.PRIME 2 BR.+ DEN,2 BA.,CORNER TOWNHOME FEATURES EXTRA-WIDE FLR.PLAN W/ HIGHLY UPGRADED FINISHES, + 2 CAR ATTACHED GARAGE.
HOT SOUTH LOOP /MOTOR ROW LOCATION.READY FOR OCCUPANCY NOW. *UNBELIEVABLE OPPORTUNITY*THESE FINAL UNITS ARE PRICED WELL BELOW PRIOR SALES IN THE COMPLEX.INSTANT EQUITY!!!!!!!!!!!!!!!!
Bear Kaufman Realty has the listings. See more pictures here.
2301 S. Wabash: 2 bedrooms, 2 baths, 2035 square feet
- Currently listed for $374,900
- Assessments are $168 a month
- Taxes are “new”
“INSTANT EQUITY!!!!!!!!!!!!!!!!” or instant karma?
I’ll admit, I don’t make it this far south very often, and I used Streetview to see what 23rd and Wabash looks like. One corner are these homes and the other three are parking lots. Two of the parking lots contain a dozen or so unhitched semi-trailers. Amazing. I cannot believe somebody paid $500,000 for one of these, they got ripped off big time. I mean, who thought, hey, I’ll spend $500k to live in the middle of an industrial zone, surrounded by highways, trailers, some projects, and the like? Amazing, just amazing. Real estate only goes up? But where would it go up from $500k? Amazing, these are pretty high on my list for bubble properties.
S Wabash Ave & E 23rd St, Chicago, IL 60616
Link:
I also discovered a few of these for rent on Craigslist from $2200 to $2500 a month (three bedroom units.)
I wonder how low these will go. 23rd/Wabash is one of the (many) locations where developers were pushing the envelope at the height of the South Loop madness. There are some remaining public housing units just a block away on State, and whenever I drive up State there are dozens of people just sort of hanging out around a series of very sketchy grocery stores liquor stores, and fast food places. I ride my bike past this development all the time, since Wabash is the bike route, and I find this stretch of Wabsh to be actually best described as “deserted”, sort of an odd feeling about it.
that picture of the Sears Tower is not doing any favors for the place. I can see the agent now “incredible skyline views at night” pay no attention to how crappy everything else in the vacinity is…
Isn’t there a new hotel somewhere around here too?
Tony Rezko Development?
I went to the opening preview, which was held at Opera. (went for the free food and to see what would happen.) They actually held a lottery for site selection. How things have changed.
With the stuff that has been happening, especially the Citi stuff over the weekend and today, loans to subprime borrows…and even to near prime….for anything (homes, cars, credit cards, store cards, education, business, etc.) are not coming back….banks can’t afford it and they are already charging higher rates despite the low fed funds rate…the fed is out of bullets in that regard. Banks will be approaching closer to check cashing store rates instead of fed funds rates. Banks are scared….and they darn well should be. Chicago is not even halfway through its price declines, that I know from studying FL and CA markets. These are still knife catcher prices.
Is this really a Rezko development?
I agree as far as location – seems pretty marginal. u’d end up driving everywhere.
“INSTANT EQUITY!!!!!!!!!!!!!!!!” might be the best line of the year in a real estate listing. If you put 40% down, you’ll have “instant equity” of 10%.
Not a Rezmar development.
“Isn’t there a new hotel somewhere around here too?”
On State, on the west side of the street, the South Loop Hotel. 2600 South State, so ~4 blocks from these.
TFO – thanks, I was trying to remember where it was and what it was called.
wow, I am sure this will fall further, plus anyone who buys this will feel a lot of love from the neighbors for resetting their comps.
but it doesn’t matter, the taxpayer owns everything and all of you just became proud owners of citibank toxico-asseto. Congratulations Folks!
I live in the neighborhood North of these. I agree with much here, but if this board was in operation in 1995, many would have poo-pooed anything happening then.
1. South Loop Hotel is quite far from these, on the other side of
I-55.
2. I thought these were overpriced, but, this might not be a
bad price point considering the things to come for this area.
For a loft, this is an easy gamble; a townhome, I don’t know.
3. No this is not a Rezko development – sadly, Rezko may have
turned out to be the best and most honest developer in the
South Loop. How ironic is that?
Negatives – Ickes home and the wastland west of these. However, compared to the original South Loop transformation, (starting at Roosevelt in 1995-1996), there may be some catalysts that make this an opportunity worth considering.
A) Ickes Homes – City already working on plan to shut these down in
next 2-3 years. Think 2-3 of these buildings are still in
operation, but it still looks like Michael Jackson Thriller
video 3 blocks west some times during the day. The needs
of the Teaching Academy issues may quicken this pace.
B) New “L” Stop on Green Line – CTA/RTA/DPD is looking at station
for either Cermak or 18th on Green Line, or eventually both.
The Cermak proposal (I have seen it), will include some
additional towers, and serious retail just west of here. A
5-10 year proposition (which would be expidited if the
Olympics happen.)
C) Olympics – If this happens, the area in Motor Row around the
McCormick Place is gold, and will get some serious make-over.
There is also discussion of a circulater/monorail line from
somewhere on the green line to McCormick and Northerly Island
from down near 23rd to 26th origin.
D) Motor Row – A great deal has taken place already, with some
things to come including a botique hotel at 24th and Indiana,
etc. These people are better off then when they bought.
E) Restauraunts – Two new proposed, and O’Malley has also bought
up 4 buildings in Motor Row for restaurant plans (owner of
Grace O’Malley’s, Fire House, Park Grill, etc.)
Also, one caviat, did you know Michelle Obama sat on the committee for the Motor Row redevelopment and Landmarking proposal? An ace in the hole? Who knew?
The South Loop Hotel is four blocks and a world away. It is on the other side of the expressway and I would think it has no impact – positive or negative – on this development whatsoever.
I was just wondering how close it was.
South Loop Resident said: “Motor Row – A great deal has taken place already, with some things to come including a botique hotel at 24th and Indiana, etc. These people are better off then when they bought.”
The prices are still too high in an area that is “up and coming.” The lofts in Motor Row are priced in the $500,000s for a 2/2. I can buy the same thing in a very established River North or Streeterville and not wait for “things” to come to the neighborhood.
Only 7 or 8 years ago- if you lived in no man’s land, you paid much lower prices because of that fact. Now, suddenly, I have to get a jumbo loan to live near the Stevenson Expressway in my 1300 square feet. How do you figure?
I don’t see how these hold their value in this bust. Eventually- yes- this area could be fantastic. But right now? Only for much cheaper prices.
I fully agree 1000% that developers need to be offering
‘pioneering’ discounts on top of a market correction factor, but I have yet to see $500K for 2BR.
I toured every unit of Motor Row Lofts (not Lofts on Motor Row which the Eurotrash guy defaulted on), and they had some great 3BR and 3BR+ for $450ish with parking. For the size it was very nice, plus a big tax savings. Now, I still thought it should have been about $25 – $50K less, but nothing in the $500K price.
To the original point about the price of the Townhome (I personally am not overwelmed by the design), but if someone liked the design, the price point is worth considering as a starting point. It has more potential than people give it credit for, that’s all.
Motor Row Lofts must have lowered their prices then. Because when I toured them over a year ago, they were definitely in the $500,000s (and higher) for the 3-bedroom units.
1-bedrooms were about $300,000 which I thought was crazy given the location. Again, there was NO discount for choosing to live in an up and coming neighborhood with only a Burger King across the street.
Does anyone know the latest status around the wabash club area? Last time I drove by state street, looks like some of the project has been closed.
And there are quite a few of these townhomes listed for sale and on the foreclosure market too.
There are now short sales for the Wabash Club–MLS 07410823 shows a 2/2 at 2321 S Wabash listed for 310k.
There are now foreclosures in Wabash Club. You can now get a 2 bedroom, 2 bath foreclosure with 1,550 square feet for $175k from the bank. MLS 08031592. The implosion in valuations at this place is staggering.
There have been foreclosures in this development for ages now. These were never a good idea…
Bob, 59 E 23rd isn’t even a deal either. 2321 S Wabash #12 sold on 3/30 for $196k and from the pictures it doesn’t appear to have mold on all 4 floors as 59 E. 23rd does according to the disclosure and Redfin agent.
Can anyone provide a status on how well 23rd Wabash has progressed. Do these units truly have mold? Do you kne of any god deals on one?