Distress Sales Continue in Plaza 440: 440 N. Wabash in River North
We’ve chattered about Plaza 440, the conversion high rise at 440 N. Wabash in River North, several times in the past.
Distress sales continue to work their way through the building.
This 2-bedroom short sale is listed for $149,500 under the 2005 purchase price.
It has a split floor plan with 1324 square feet.
The north facing unit has an in-unit washer/dryer, central air and parking is included.
It also has carpeted rooms and an all-white kitchen (both cabinets and appliances.)
Compared with Trump right next door, is Plaza 440 now a deal?
Sharon Rizzo at Koenig & Strey has the listing. See the pictures here.
Unit #1606: 2 bedrooms, 2 baths, 1364 square feet
- Sold in January 2005 for $469,500
- Originally listed as a “short sale” in December 2009 for $325,000
- Reduced
- Currently listed as a “short sale” for $320,000 (parking included)
- Assessments of $666 a month (includes heat, a/c, cable, pool, doorman)
- Taxes of $5589
- Bedroom #1: 18×11
- Bedroom #2: 15×11
It’s a good price, but the owner is dreaming. There is absolutely no way the bank approves this sale.
Floorplans are here:
http://www.plaza440condos.com/Floorplans/floorplans.asp
But, it’s an Invsco conversion, so I don’t have anything new to say, except that this floorplan is *ideal* for a roommate situation, with the only meaningful inequity being that one person has the “public” bathroom.
good luck with that… the 320k price will not get approved by the bank and nobody will fall in love with this place enough to overpay for it. Nothing has been upgraded since it was an apartment so I think these owners have a bit of work to do if they want that price approved.
Currently renter-occupied? I’m basing that on the sign on the dryer, although I guess it could be a 2 roommates who aren’t speaking to each other situation. Maybe they each blame the other for the decision to buy this shitty over-priced condo. (also if you need to leave the door open while using the dryer, doesn’t that indicate it’s installed improperly?)
assessments are demonic
The assessments are not demonic, stop being so dramatic/suburban. They are pretty average for a 2/2 in near north.
According to the MLS, this bldg has a dozen 2/2s and 43 total units on the market. Yikes.
(okay, I lied) Dude actually put some $$ down–the first is $369 and change and the 2d is $86k. Both loans with JPM, so there isn’t a 2d lien stick-up going on. sub-15% loss on the 1st mortgage–in an Invsco building–probably isn’t too bad.
“The assessments are not demonic”
So, you don’t remember the number of the beast?
@Madeline
“(also if you need to leave the door open while using the dryer, doesn’t that indicate it’s installed improperly?)”
When dryer are installed in a tight closet, like this one is, slatted/louvered doors are required. This is because a dryer works by moving hot air. If you have a closed confined space there is limited air to be moved.
If this is a gas dryer I’d be extremely worry about a fire hazard. Since this is a highrise, I assume its electric. But still a fire hazard, especially with this old beast of a dryer.
My guess is that the dryer faulted & shut down due to the lack of air flow- a good safety feature. The owner finally figured it out. Seems that convirting the apartments over to condoes didn’t require any type of inspection by the city.
Assesments are $666… that should be a sign.
Jim, you know the treasure island building on lsd used to have a different address but they changed it at some pt….because it was demonic.
never dramatic, btw.
http://en.wikipedia.org/wiki/680_N_Lake_Shore_Drive
“It’s a good price, but the owner is dreaming. There is absolutely no way the bank approves this sale.”
Really? They would be foolish not to. Here are the most recent sales in the tier. Every one was a short sale except for 3206 & 4206 which were REO sales. Only 906 was renovated and not similar to 1606 and the rest. The high floors have very nice views including the lake.
1606 asking $320,000 w/pkg
3110 closed 2/11/10 $310,000 w/pkg
1506 closed 11/30/09 $290,200 w/pkg
3506 closed 10/9/09 $350,000 w/pkg
3206 closed 9/30/09 $308,500 w/pkg
906 closed 9/21/09 $340,000 w/pkg renovated unit
2806 closed 8/21/09 $330,000 w/pkg
2106 closed 7/20/09 $290,000 w/pkg
4806 closed 7/10/09 $347,000 w/pkg
4206 closed 6/30/09 $315,000 w/pkg
1106 closed 5/21/09 $275,000 w/pkg
3606 closed 5/16/08 $365,000 no pkg
1506 is currently asking $2440 rent w/pkg
2306 is currently asking $2400 rent w/pkg
906 rented 12/20/09 for $2050 pkg unclear renovated unit
5006 rented 12/28/09 for $2400 w/pkg renovated unit
2506 rented 7/25/09 for $2300 w/pkg renovated unit
4006 rented 8/9/09 for $2595 w/pkg renovated unit
2006 rented 8/31/09 for $2250 w/pkg
3006 rented 7/1/09 for $2400 w/pkg
2606 rented 5/7/09 for $2200 no pkg
150 grand is a pretty significant haircut. I don’t gloat at these people’s misfortune. I can draw my own conclusions from their experience (e.g. keep renting).
I think that price seems right as a market rate, but for a short sale I’d expect to pay much less than that.
I am liking those rental prices. Poeple are willing to compromise certain things, to live in that area, albeit stainless steel, granite, etc. If you put 2-3K of renovation, your rent will jump up 500/month. The upgrades and renovation will pay for themselves.
http://en.wikipedia.org/wiki/680_N_Lake_Shore_Drive
also known as the playboy building, lol.