Dramatic Price Reduction On This Bank Owned 2/2 South Loop Loft: 1528 S. Wabash
How long does it take to go from a regular listing to a distressed property to bank owned to being back on the market from the bank?
In the case of this 2-bedroom loft at 1528 S. Wabash in the South Loop- it has been 3 years.
And if the loft looks familiar it’s because we chattered about it over the years as a “regular” listing and in June 2010 when it was a short sale.
See our 2010 chatter here.
Back in 2010 there was a special assessment.
Liz Sheeran, the realtor for the 2010 listing, clarified what was happening:
“To all those blogging about this unit: I am the listing agent and want to set the record straight. There is a special assessment on the building for roof work, a new parapet wall, tuckpointing and balcony repair. For this unit it will be slighty under 20K. The association is not dipping into the reserves at all for the repairs leaving the reserves at a decent amount. This is a top floor corner unit with south and east exposures. It is 4 floors above the freight line to the south and the farthest unit to the east of the El. It is roughly 1150 sq. ft and is all useable sq footage. All the newer construction 2/2 condos in the South Loop are all around 900 sq. ft with terrible layouts.”
Now it is bank owned.
From the listing pictures, the kitchen and baths still look to be intact. The kitchen has stainless steel appliances and granite counter tops.
The loft is a corner unit with exposed brick and 11 foot ceilings and has concrete ceilings. The bedrooms also have full floor to ceiling walls, which is rare for lofts.
The loft has the features buyers look for including central air, washer/dryer in the unit and deeded parking is now included.
Originally listed by the bank for $229,000 it was recently reduced $59,100.
Will this finally sell after 3 years of trying?
Pamela Martin at Realty Services Consortium now has the listing. See the pictures here.
Unit#608: 2 bedrooms, 2 baths, 1200 square feet
- Sold in January 2004 for $268,000
- Originally listed in October 2008 for $299,900 (parking is extra)
- Reduced
- Was listed in February 2009 for $284,900 (parking is $34,000 extra)
- Reduced several times
- Was listed in May 2009 for $261,900 (parking is $28,000 extra)
- Withdrawn
- Listed in April 2010 for $289,900
- Reduced
- Currently listed as a “short sale” for $214,900 (plus $25,000 for parking)
- Withdrawn
- Bank owned
- Originally listed in October 2011 for $229,000 (included the parking)
- Reduced
- Currently listed for $169,900 (includes the parking)
- Assessments of $433 a month (includes heat, gas and cable)
- Taxes of $3656
- Washer/Dryer in the unit
- Central Air
- Bedroom #1: 14×12
- Bedroom #2: 12×11
- Living room: 14×18
- Kitchen: 14×9
Testing, testing. Is this thing on?
Maybe Endora’s friend can consider this. Assessments are not too bad either given that they include cable and heating.
If the association did things right, the buyer might still be responsible for the special
This seems like a great deal but the unit seems dark and is so close to the tracks. Its not for me but prolly is for someone at this price.
“Minutes from…the South Loop City limits.”
Huh?
i live in the SL and had to look at a map to find this place. the bit about being on the el tracks is spot on. not sure what price it would take but this whole building should never have become residential.
I like how they lit the photography in a way to drive home the eyesore theme.
This looks like a great price. Although the back of this building sits right against the L tracks, this unit is on the opposite end so I would think the noise isn’t so bad. As for the freight tracks that run right against the South side of the building, I’ve heard that that is going to be converted to a bike / jogging path in the near future. Can someone familiar confirm this? A realtor told me this when I was looking at a unit at Dearborn Tower (1530 S State), which is also right against tracks.
Agree with Stuart. Looks like two el tracks wrap two sides of this building. Can’t think of a noisier property, except maybe Lake and Wells in the Loop, where the el screeches around the corner.
Correction: wrapped by freight line and el. Still awful.
Another listing with horrible pictures. Not one was remotely pleasing to the eye. The price is intriguing, but nothing in the photos would make me take the time to visit.
I used to live at Lake and Wells, the noise actually wasn’t that bad. But then I like city noise!
@Stuart,
When you say “this whole building should never have become residential”…do you realize how many housing units would be gone if we didn’t have residential housing next to El tracks? Some people don’t mind. I rented a place once that backed up to the tracks. It wasn’t for me.
This place looks like an ok deal to me…especially on the top floor. I’m liking these low prices.