Foreclosure Alert: 1305 S. Michigan in the South Loop
1305 S. Michigan, the Museum Park Lofts, in the South Loop were built in 2006.
This two bedroom unit is now bank-owned. There are no interior pictures.
Unit #1212: 2 bedrooms, 2 baths, no square footage given
- Sold in November 2006 for $389,500
- Foreclosure
- Bank owned and currently listed for $329,900 (includes the parking)
- Assessments of $271 a month
- Taxes of $2941
- Prudential Old English has the listing
This other ’12’ tier unit is also currently on the market. There are some interior pictures:
Unit #512: 2 bedrooms, 2 baths, no square footage given
- Sold in June 2006 for $359,000
- Currently listed for $350,000 (plus $35,000 for parking)
- Assessments of $323 a month
- No taxes yet
- Coldwell Banker has the listing
An ’12’ tier unit recently closed. Unit #1512 sold in June 2008 for $398,000.
Drab, boring, and a clone of the thousands of other units available. Also when they close the blinds like that for photos, it usually means the view sucks. I have no idea why a standard 2 bedroom in this building recently went for 400k. Much better deals.
It’s like a fancy prison cell. Tthousands of these units will not appreciate for a very long time.
The next wave of residential housing will require talented architects and creative developers.
These units are like $5 gas, kinda hurts but it going to bring wonderful turnabout and great design..
Yes- it’s hard to tell the buildings apart in some parts of the South Loop. And yet, there are still more to close.
Just this week, I believe Library Towers in Printers Row is starting closings.
I don’t like the look of the building so would never live there. That being said there are some redeeming qualities of the interior: the bathroom is definitely NOT one of them. Can’t tell what suburban townhouse the developer got that one from.
I do like the kitchen aside from the cheap looking island. Also who are they kidding with parking? We all know they got parking included with their unit so now they feel entitled to a 26k gain. No thanks.
Another seller who thinks that their particular condo unit is special and defies the overall market. REO in a year.
That area looks nice now after the street was repaved and new trees planted. (Wabash is being redone too) It looks like the dead parts of Streeterville. (Michigan Ave from Roosevelt to around 14ST). You’re paying for location… The closer you are to Roosevelt, the higher the price. Why I do not know.
look at the island. it appears that they put the hang-over on the wrong end.
^^Or the bar stools on the wrong side….
(Joke!)
@Jack Der
The closer you are to Roosevelt, the closer you are to the El, the Loop, Grant Park, and marginally quicker access to LSD and the expressways.
this unit #1212 has NO appliances, NO toilet, NO cabinets, NO island (all stolen). would never pay $329,000 for that!
Amy:
Really? Have you been in it then?
We’ve seen this before. It’s becoming more common for the kitchen to be missing.
yes, i checked out the property — there’s not even a sink or toilet. only the bathtub is left, likely because they couldn’t remove it. the carpet needs to be replaced as well as the paint (poorly done maroon).
Wow. I wonder if the owner can be criminally prosecuted for that. (Obviously, it’s meaningless to say that the bank can sue him for it.) It’s tricky, because while he was in the unit, the fixtures were “his” to do with as he will. Still, the removals *feel* so much like “theft”…
The banks have so much going on right now the last thing on their minds is chasing some guy down for a toilet or fridge. If the bank were smart they would have done the “cash for keys” thing and saved themselves a $10,000 or $15,000 credit at closing. Typical. Right now with the losses bank departments are understaffed, overworked and not really sure what to do with the volume. The bank execs see expanding foreclosure or “loss mitigation” departments as throwing good money after bad so those department just have to deal. And of course all they do is push the paperwork; it’s up to another department half-way across the country to price the unit and another departments to negotiate downward. It’s truly an unmitigated disaster.