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Foreclosure Alert: Bank-Owned 2-Bedroom at 1620 S. Michigan

We’ve chattered about 1620 S. Michigan in the South Loop several times this year. Some owners have been under stress in the building.

1620-s-michigan-_2.jpg

Last May, Unit #522 was going to foreclosure auction.

The bank now owns it and has recently re-listed it.

Here’s the listing:

NEWER CONDO IN NEED OF MINOR, COSMETIC REPAIRS. NEWER APPLIANCES. IN-UNIT LAUNDRY. ELEVATOR BUILDING. BASEMENT PARKING. CORPORATE OWNED-SOLD ‘AS IS’.

SPECIAL ADDENDUMS, PROOF OF FUNDS, CERTIFIED E.M CHECK (MIN. $2,000) WITH ALL OFFERS. ROOM SIZES ESTIMATED. NO TERMITE REPORT. BUYER RESPONSIBLE FOR CONDO DOCS. ALLOW TIME FOR RESPONSE.

Re/Max City Realtors has the listing. There are no interior pictures available.

Unit #522: 2 bedrooms, 1 bath, 1100 square feet

  • Sold in December 2006 for $286,000
  • Was listed in early May 2008 for $274,999 (parking was $35k)
  • Foreclosure auction price in May 2008 of $305,734
  • Currently listed for $256,500 (includes the parking)
  • Assessments of $342 a month
  • Taxes are “new”

This entry was posted on Tuesday, September 2nd, 2008 at 10:15 am and is filed under Foreclosures. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

14 Responses to “Foreclosure Alert: Bank-Owned 2-Bedroom at 1620 S. Michigan”

  1. I’d go 250 or so, wish I had the down payment at the moment. Any 1BR’s in this place and what are they going for?

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  2. I think the 2br/1ba in foreclosure before on this building was on the 2nd or 3rd floor as it had a terrace. Never heard a follow up on how that foreclosure auction proceeded..

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  3. This one will put others underwater. Here are the closest units that I located:
    #422 Sold 8/4/06 $284,000 w/pkg $269,500 mortgage Lis Pendens filed 2/25/08
    #622 Sold 12/18/06 $298,375 w/pkg 95% financing ($238,700+$44,700)

    The return of affordability is just starting here.

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  4. 1620michigan.com shows the unit at 922 SF… with a windowless second bedroom.

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  5. I see 922 SF as well on the internet archive (1620michigan.com is not showing the other pages). Looks like the unit faces west which means that it doesn’t have the nicest view. None the less..not a bad deal.

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  6. Another foreclosure in this building? Boy, that’s a surprise (tic).
    If the saying goes ‘Form Follows Function’, then function here is cheaply constructed Soviet Style housing…

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  7. Harris, you keep repeating “Soviet Style housing,” have you ever seen it? Because if you have, you would know that this building looks nothing like it. You would know that “Soviet Style housing” means no drywall in the units, just naked cement walls. You would also know that a “Soviet Style housing” building would not have anywhere near as many windows as this building has.

    There is plenty of “Soviet Style housing” as you would like to call it in Toronto, Ottawa, Montreal, etc. but in Chicago, the closest thing to it would be the “projects” on the west/south side.

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  8. Here’s the numbers on all of the other -22 tier units in the bldg.

    Unit Action Sale Date Pkg Sale $ total mort LtoV
    322 Sold 8/28/2006 NONE $309,000 $277,752 90%

    422 Sold 8/4/2006 P83 $284,000 $269,500 95%
    422 LIS PENDENS filed 2/25/08
    622 Sold 12/18/2006 P158 $298,375 $283,400 95%

    722 Sold 8/29/2009 P189 $293,000 $269,610 92%
    722 Refi 10/12/2007 P189 $293,000 $289,750 99%

    822 Sold 9/7/2006 P35 $297,000 $296,680 100%
    822 Mtg Release2/19/2008 $297,000 $222,510 75%

    922 Sold 9/19/2006 P142 $297,500 $297,350 100%
    922 Refi 11/9/2007 P142 $297,500 $302,000 102%

    1022 Sold 9/22/2006 P120 $302,000 $286,710 95%

    1122 Sold 10/6/2006 P123 $305,500 $289,800 95%

    522 is already foreclosed as highlighted by Sabrina. It’s not clear if 422 is still in the foreclosure pipeline. Regardless, this is a tier (building? neighborhood? city?) of bitter owners in the making.

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  9. CORRECTION:

    #722 was sold on 8/29/06, not 8/29/09.

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  10. Did Eastern Europeans build this thing ? Because it really does have a Soviet Project feel to it.

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  11. Take a look at these:

    http://farm2.static.flickr.com/1203/634652322_2227ead540.jpg?v=0
    http://lh4.ggpht.com/_AT9GjB1Zdxc/RRLbPs9rABI/AAAAAAAAADE/IqRxWClXvXo/IMG_0722.JPG

    Very similar, indeed.

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  12. G,

    Also a building of bitter bankers. There are quite a few specvestors in this unit whose names are on 5+ properties. From what I can tell the flippers definitely lost on this one. They will likely just walk away with a shot credit score and the idiot bank that gave them the loans will pay the price.

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  13. I’ve been to Russia: St. Petersburg and Moscow. This is not soviet style housing but it is close. The exterior needs some more gray. That’ll happen over time as nature takes its course.

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  14. Looks more like Czech style public housing…

    http://lh5.ggpht.com/_Euym6ezQ9HE/SHvAs6wqDRI/AAAAAAAAD9I/3iqrReec0QM/DSC_6808.JPG

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