Foreclosure Alert: 2-Bedrooms Under $240K: 1601 S. State in the South Loop
This newer 2-bedroom condo at 1601 S. State in the South Loop is bank owned.
It has also been reduced by $20,100 from its original list price in July.
It has hard wood floors, granite countertops and stainless steel appliances in the kitchen. It also has in-unit laundry and central air.
The only thing it is missing is parking. There is no space allocated to this unit.
The listing also says the unit faces the El tracks.
There have been several other bank-owned sales in the building recently.
Unit #5H, in the same tier 2/2 but it had a parking space, recently closed in early September for $267,500.
Is this an attractive price for the square footage in this location?
Colin Hebson and George Furla at Koenig & Strey have the listing. See more pictures here.
Unit #3H: 2 bedrooms, 2 baths, 1250 square feet
- Sold in September 2005 but I couldn’t find a sales price
- Lis pendens foreclosure in February 2009
- Listed in July 2009 for $259,900
- Reduced
- Currently listed at $239,000
- Assessments of $315 a month
- Taxes of $4115
- No parking with the unit
- In-unit washer/dryer
- Central Air
i kinda like this place but the south loop just scares me now. assessments seem a bit low too.
Boring unit and building, and for $1589 +$315 with FHA a month its not the best deal in the world. $200k and its probably a deal.
Oh I didn’t even see the part about it facing the El tracks. pass!
Seriously? They still build facing the EL?
1) The South Loop is a disaster. Market times in the Near South Side, which includes the South Loop, are approaching 700 days.
2) It’s amazing how much of the Chicago housing stock is too close to the el and noisy as hell. If you’re going to have widely available public transportation it’s either going to be a real nuisance or you’re going to have to invest in better technology (and not for $2 per ride).
I live in the area…and this building is an eyesore. Units were sold at the height of the bubble. I think there was a unit for sale at 1.1M. There is no neighborhood…..nothing. All by itself next to a carwash and the El….a busy street and a police station. Bring the kids…
run away….
Mocha – wait, the only new bldg is an eyesore? Compared to the carwash, el, busy st & a police station?? I would think the other way around would be true.
The building is not unique by any means. It was quickly constructed to catch the wave of condo units being sold. It’s out there on an island. No natural progression of building out the neighborhood….it just jumped a few blocks to far south too early. It’s not a good looking building, either. I’m sure you’re not good looking, either. But, in the end, what do you care….rent is cheap when you’re living in your parent’s basement…. Snap.
“I’m sure you’re not good looking, either. But, in the end, what do you care….rent is cheap when you’re living in your parent’s basement….”
hahaha, gotta love a good cheap shot for no apparent reason
bAAd day…my bad. Sorry Chi-Guy……
““I’m sure you’re not good looking, either. But, in the end, what do you care….rent is cheap when you’re living in your parent’s basement….””
See, now *that* is an attack. Awesome.
“I’m sure you’re not good looking, either. But, in the end, what do you care….rent is cheap when you’re living in your parent’s basement….”
my parents basement got premium cable…snap!
This is a lot more reasonably priced than a lot of Sloop units, and with a new 18th street L stop and commercial space filling in eventually – this place could actually be livable in ~5 years. Unfortunately, this far south in Sloop is a little risky still for my books with the over-saturation. I’ve seen one or two 2bds in the north Sloop for about the same price.
location location location
and this place doesn’t have it.
plus, if there are other units that bank owned, what happens to YOUR monthly assessments when the other units are not paying??? I’d stay away
just kind of makes you wonder why our mass transit is above ground, even in our central business district. Loud, disgusting looking and quite 3rd world.
charming and iconic, it is not.
bury the el.
“1) The South Loop is a disaster. Market times in the Near South Side, which includes the South Loop, are approaching 700 days.”
Yeah, and prices aren’t dropping fast enough. I really like the south loop (not this area, but near museum park) but I’ve been waiting ages for the prices to drop to reasonable levels. This is a start…..
Yeah, with stats like that further price drops are inevitable in this area – despite my belief that overall Chicago has bottomed. But clearly the Roosevelt corridor is much more happening than the area further south.
Wow, and Assisted Living Facility with marble counters. NICE!
“bury the el.”
You offering to pay for it? Thanks paulj, that will be $8 billion.
Anyone who is concerned about paying for the olympics (which includes me) should avoid suggesting other things the city could do that would cost as much or more.
Will burying the El really cost 8 billion?
“overall Chicago has bottomed”
C’mon Gary. Median price wise, sure. Monthly sales, sure.
But do you really think that 3/2 duplex condos in good but not great locations in prime ‘hoods are not going below $750k?
Or are you saying that the prices set by the distressed sales are the current “normal” so that when non-distressed sales are higher than the distressed comps, that’s an increase?
i’d be less worried about the el tracks here and more about the power lines some of YOU live by. I’ve been looking to buy in this area for quite some time and the size + finishes for this area are worth it alone. everything else i’ve seen in the area is crap and more expensive. so what about the el tracks…it’s still a swanky place for the price. Also, Columbia U has a building across the street…that will only help the area.
“Will burying the El really cost 8 billion?”
If it’s being done by the CTA? Yeah; actually probably a lot more. If you and I had total control? No, probably not, assuming that we didn’t need to buy any land to do it. But maybe still, since you needed to keep the trains running while you’re doing it.
They spent $250mm (or something like that) on the Block 37 SuperStation (and some track corssovers) and it isn’t done enough to even be usable as a normal CTA station (ie barely safe). The city spent $600mm+ to turn an existing stadium into the smallest NFL stadium.
The graft/incompetence/union-extortion in city-run construction is the *only* reason I’m pulling for Rio to win. If we could hire Bechtel or DPW or whoever to do the whole thing on a fixed price contract, I’d love to have the Olys here–I think that their fund-raising/sponsership/etc plans are totally realistic, their failure is on the cost side of the ledger.
c’mon anon.. you are cheering for Rio in order to have an excuse to come down and visit me. Off to the beach to watch the results.
what time are the results today?
“what time are the results today?”
11:30 our time. Live on all the local channels
“c’mon anon.. you are cheering for Rio in order to have an excuse to come down and visit me. ”
With the bozos who would run it here, I suspect it would cost my family less to come to Rio for the whole three weeks than to have it here, so, yeah, basically.
They could build the underground rail lines directly beneath the existing elevated tracks(which I believe the CTA or city owns the property anyway. I don’t see how in the hell it could cost 8 billion dollars to do that.. I mean Texas stadium only cost 1.2 billion and that place is huge and luxurious…
It just pisses me off that we’re using 100 year old technology and wondering why its loud and looks like shit. Just think of what It would do for the city, it would open things up downtown and would raise property values near the el for sure.
“I don’t see how in the hell it could cost 8 billion dollars to do that.. I mean Texas stadium only cost 1.2 billion and that place is huge and luxurious.”
Compare Texas Stadium to Soldier Field. SF cost over half as much, ten years ago, and used an existing structure.
Also, how exactly do you do a cut’n’cover tunnel (a fraction of the price of boring) while still running the train above? Not to mention that boring wouldn’t even be an option, b/c it doesn’t work very well in the Chicago swamp untill you get *far* underground–hence the caisson drilling for high-rises–you can’t drill a tunnel thru loose fill–the fill just collapses behind you. There’s a reason that the existing subway sections are almost entirely under streets.
I dunno, but I’m sure that some bright (read: not CTA) engineers could find a cost effective, efficient, long term solution.
“some bright (read: not CTA) engineers ”
So, you agree with me!
“what time are the results today?”
chicago eliminated in first round voting!
yeah, wow that’s a surprise
unbeleivable……… Bob must be celebrating!
“Bob must be celebrating!”
My entire office is pretty much cheering for joy
the whole accounting department burst into laughter when we got voted out of the first round.
as much as i wanted to have chicago olympics its funny to get the boot before tokyo 🙂
billy dec was part of the delegation team in copenhagen, cant believe we lost
“unbeleivable……… Bob must be celebrating!”
YAAAY!!! No bailout for the hominid RE monkeys who believe in unicorns, cinderella fairy tales and that someone will bail them out of their 2002-2008 purchasing decision.
bob,
Glad to see you happy for a change!
I showed this unit a few times. For the money,the unit features are really nice. And the space is excellent compared to other 2/2’s on the market. However, there is no parking with the unit. There are zero spaces for rent in the building as well. (you could get a rental spot behind the building thru the CTA for 75 a month) Also, you have the el directly behind your unit. The noise is suprisingly quiet when the doors are shut.But if they are open when the EL passes by, god help you. You have to scream to the person next to you. 180k is what I think its worth. No parking,no view, cant keep windows open.
I am truly surprised Chicago didn’t get the Olympics. I assumed the fix was in. My faith in humanity to do the right thing has been somewhat restored.
They lowered the price again on this unit. It’s now listed for 229K