Foreclosure Alert: 48% Reduction at 33 W. Ontario in River North
I don’t know if this unit at 33 W. Ontario in River North is under contract yet (it came on the market a little while ago.)
But it is further evidence as to what is going on in the market.
We’ve chattered about other foreclosures in 33 W. Ontario before. This 2-bedroom unit is now bank-owned and reduced by 48% from its 2006 sale.
Here’s the listing:
MUST SEE CONDO IN THE HEART OF THE CITY, GREAT OPPORTUNITY! VACANT, EASY TO SHOW. AS-IS. BUYER TO VERIFY RM COUNT, ZONING & DIMENSIONS. EARNEST MONEY MUST BE CASHIERS CHECK. NO DISCLOSURES/NO SURVEY PROVIDED BY SELLER. BUYER RESPONSIBLE FOR INSPECTIONS, COMPL & ESCROWS AS NEEDED.
FAX OFFERS WITH PRE-QUAL OR PROOF OF FUNDS TO LISTING OFFICE. ADDENDUMS APPLY UPON ACCEPTANCE. ALLOW TIME FOR RESPONSE. SEE AGENT REMARKS
Great Street Properties, Inc. has the listing. See more pictures here.
Unit #27H: 2 bedrooms, 2 baths, no square footage listed
- Sold in May 2006 for $610,000
- Bank-owned
- Currently listed at $315,000
- Assessments of $422 a month
- Taxes of $4,612
- Parking? It doesn’t look like there’s any included
- Bedroom #1: 14×12
- Bedroom #2: 10×12
- Living room: 18×18
- Kitchen: 13×8
MLS states that is is under contract
American Invesco STAY AWAY!
I agree with the comment about American Inve(scam)co. The price would otherwise be great, but who wants to buy into an unstable building with foreclosures left and right? I can only imagine what the association’s finances must look like.
plenty more of these type of deals on the way
Note to realtor: OPEN THE BLINDS before taking pictures. What are you hiding??
It is a banked owned property and it is under contract. Great unit at a great price.
Are those blinds the paper blinds ??? (3 blinds for $9?)
This would be another of many examples of terrible real estate photography. I don’t know much about photography, but I do know that lighting is everything.
Seriously, if you are selling something that costs hundreds of thousands, if not millions, of dollars take some decent photos. Most cars for sale online have photos that are many times better even though taken by amateurs.
“Seriously, if you are selling something that costs hundreds of thousands, if not millions, of dollars take some decent photos.”
They haven’t figured it out yet. Some realtors got in this game when market was so hot that the properties practically sold themselves, so they never had to bother with the little things like good staging and photography.
Why are so many people scared to buy property in American Invesco buildings with foreclosures in them? If you are trying to make a quick buck and flip the property, then I can understand your pessimism given the steady decline in property values over the past year(s). However, if you are looking to buy a home and plan on living in it for many years to come, now is the perfect time to buy because prices are so low.
A foreclosed property represents an excellent opportunity to buy a great home at a very reasonable price. In time, property values will once again go up and when the home owner finally does decide it’s time to move out and sell…he/she will be able to realize a substantial gain on his/her investment. Getting paid to live in your own home – What’s wrong with that??
Remember, these properties went into foreclosure because the original owner couldnt afford the property to begin with and ended up over-extended himself/herself when they made the purchase. In essence…they bought more than they could afford.
Lets all keep in mind one thing; the fact that these homes went into foreclosure isn’t because of American Invesco, the mortgage broker who sold the loan, or wallstreet, rather, it’s the buyer’s fault for not understanding their own perssonal finacial situation. If your competentent enough to go through the process of buying a home, then you should understand how a mortgage works and the implications it will have on you and your family if and when the market turns sour.
Scott – These places were way over priced when they were originally sold. The prices they are selling at in foreclosure are closer to fmv then the prices they were originally sold for. Check the rent rates in the building and then tell me what you think fmv is.
Scott — while some foreclosures may be fine choices, buying a unit in a building of foreclosures requires careful thought. For example, earlier this year The Sterling (an American Invsco building at 345 N LaSalle) reached 25% foreclosures — all other owners are going to have to carry the association until those units start paying their assessments again. Not only with regular assessments grow rapidly, but special assessments will hit the owners particularly hard. Sure, the association may eventually recover back assessments, but until they do the monthly costs and reserve fund will be supported only by a few owners.
See http://cribchatter.com/?p=2424 for details on The Sterling.
Linda – Brokers who have foreclosures do not take photos and probably never even walk through the unit. They are ususally located int he burbs somewhere, Why the banks use these realtors is about as mysterious as why they lent the monry in the first place.
Stupid is as stupid does…
Kevin – The Sterling won their lawsuit against the developer and the assoc is in great shape. They actually have too much money now and are considering monthly association dues reductions. Anyone who purchased at the bottom is smiling now…
Yeah, the quality of these REO realtors (lack thereof) is just phenomenal. In addition to horrible listings they don’t return phone calls. Great way to sell things. And judging from the way corporate
America doles out business I’m sure that it would be difficult to become a bank’s preferred REO realtor.
Steve.. “at the bottom”?? maybe just a “wee-bit” premature?
“Stupid is as stupid does.”
In regards to Kevin’s comment, I heard that 10 E Ontario is starting to levy a special assessment due to unpaid condo assessments by units in foreclosure.
I also advise clients to be careful about buying in the Invsco buildings (345 N Lasalle, 33 W Delaware, etc). While the units in short sale & foreclosure are attractively priced, there is absolutely no way to figure appreciation at these buildings. In particular, we all know about how Invsco sold the units at the very high end of the price spectrum. I also point out just wait until the deferred building maintenance issues start popping up. Plumbing, facade, etc issues may start soon. 345 N Lasalle is only a 6 year old building and have already had a special assessment to repair the facade. And that was a ‘new’ building…
I completely agree with Scott and am more than happy with my condo purchase in 33 W Ontario in the last year- not only am I excited to enjoy this incredible unit but revel in its appreciated value upon selling in 5-10 years.
(Un)fortunately, someone else’s bad decision was a great stepping stone for my financial future.
Is this unit still available?
I am looking at a short sale in the 33 W, Delaware Bldg. Does anyone know anything about this bldg? Thanks.
Chris: If you do a search on Crib Chatter you’ll see that we discussed 33 W. Delaware a few times.
Crain’s also included it in the article it did on the foreclosures in the American Invsco buildings. There are a lot in the building, as you can see (if you’ve been looking there.)