Foreclosure Alert: Fulton Market Townhouse at 310 N. Clinton
Living close to the loop just got cheaper as this bank-owned townhouse recently came on the market in the Fulton Market neighborhood at 310 N. Clinton.
At 2000 square feet, it appears to have its kitchen and baths intact. It also has 3-bedrooms plus a den and an attached garage.
The townhouse is listed above the prior 2004 purchase price.
Is this even a deal?
Anthony Hanas at Coldwell Banker has the listing. See the pictures here.
Unit M: 3 bedrooms, 2 baths, den, 2000 square feet, attached garage
- Sold in March 1999 for $350,000
- Sold in March 2004 for $460,000
- Lis pendens in September 2007
- Bank owned in July 2009
- Currently listed for $499,900
- Assessments of $120 a month
- Taxes of $6545
- Central Air
No way is this a “deal”, unless of course this unit comes with $90k in cash stashed away in the freezer.
There have been multiple offers on this unit that the bank has turned down. The highest that I know about was 461K
$460k.
This is a joke, right?
This place isn’t that bad, It sure needs some renovation to take it out of 1993, but the location is kinda strange. I guess people like the smell of deisel fumes and the sounds of metra trains in the morning, evening, and during the day. This is also sort of a “no man’s land” as far as access to the loop due to the river, unless you enjoy the fierce Green Line. But hey at least you’re close to the Jefferson Tap, and well you can always pickup some sweet produce and meat at the nearby warehouses 🙂
“No way is this a “deal”, unless of course this unit comes with $90k in cash stashed away in the freezer.”
Are you suggesting a politician lived here?
“This is also sort of a “no man’s land” as far as access to the loop due to the river,”
Look at a map, dood. One diagonal block on Milwaukee + Lake St bridge = Wacker.
Also, One block north + one block east + Kinzie bridge = EBC.
I don’t like the location, but saying that the river makes access from here difficult is lulz. But yeah, there are more centrally located locations.
I saw this unit a few weeks ago. These townhomes are popular and recent comps (within three/four months) are in the mid 500’s, but I agree that the bank is being greedy here…take the 460,000 and run. The unit needs upgrading in the amount of about 40-50,000. I will be curious to see what they end up accepting if/when it closes.
Off topic here but anyone notice the hidden phallic gem just down the street on Clinton?
http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=310+N.+Clinton&sll=41.891981,-87.633722&sspn=0.009424,0.016501&ie=UTF8&ll=41.884851,-87.641265&spn=0,359.99175&t=h&z=17&layer=c&cbll=41.884936,-87.64127&panoid=YqtFsvUKyRi3_iL4quU50A&cbp=12,263.42,,0,8.39
Childish, I know… Saw it the other day walkign the dog…
I saw this unit as well and it probably only needs 25K worth of updates.
that’s why I said “sort of” a no mans land. It would be very inconveinent for me to walk to work from there since i’m in the south western part of the loop, but hey its a 2000sqft townhouse for under 500k in the city, I wouldn’t complain too much, except for lack of view and the metra.
“i’m in the south western part of the loop”
Yeah, and Vetro is very inconvenient for someone who works at 333 W Wacker. That doesn’t make Vetro “sort of a “no man’s land” as far as access to the loop”. Which is all that I was busting you for (as I said, not where I’d live).
I dunno, I’m not much of a fan of the river everything on the west side of it around there is sorta dirty and nasty too. I live close to the riverwalk by Erie St. and it stinks like hell. No wonder nobody uses the thing. Talk about a huge waste of $$$
Now the branch from the lake before it splits is ok, not as stinky, but anyhoo… I wouldn’t live here 🙂
Ample size? Check.
Ample outdoor space? Check.
Garage for parking? Check.
City views? Check.
Convenient to downtown? Check.
This sells at or above ask. This is what a 500k property should be when I think of 500k properties. This is near the high paying jobs downtown not like Southport corridor 500k poseur homes that are near 30k/year bartender jobs.
To those of you saying this needs 25-50k worth of updates–please lay off the HGTV! The bubble is _over_ people. This place looks perfectly habitable and no updates are going to yield a positive IRR.
If you look at places like this and guess even places like these need upgrades from your view no wonder we’re in so much trouble with this bubble deflating. Nobody is going to pay you to customize every nook and cranny of a house to your every whim.
No updates needed.
What “updating” would really be necessary?
Wood floors in the bedrooms? Some bathroom fixtures replaced?
That would hardly cost $25K.
Wow, Bob 2 minds thinking alike and 1 minute apart on the post.
“I saw this unit a few weeks ago. These townhomes are popular and recent comps (within three/four months) are in the mid 500’s”
Fairbanks, I don’t see those recent sales. One buyer no longer makes a market. Here are the last sale prices for every TH in this development.
310 N CLINTON ST M 7/6/2009 REO
320 N CLINTON ST H 6/15/2009 $548,000
320 N CLINTON ST E 10/16/2008 $560,000
320 N CLINTON ST I 9/17/2007 $545,000
310 N CLINTON ST L 8/31/2007 $582,000
320 N CLINTON ST G 8/27/2007 $625,000
320 N CLINTON ST C 8/8/2006 $520,000
320 N CLINTON ST L 4/19/2006 $550,000
310 N CLINTON ST F 2/15/2006 $565,000
310 N CLINTON ST H 7/25/2005 $555,000
320 N CLINTON ST A 3/31/2005 $477,500
310 N CLINTON ST A 2/8/2005 $496,000
310 N CLINTON ST G 9/8/2004 $495,000
320 N CLINTON ST J 7/19/2004 $460,000
310 N CLINTON ST K 4/20/2004 $458,000
320 N CLINTON ST K 3/8/2004 $450,000
310 N CLINTON ST D 11/19/2003 $460,000
320 N CLINTON ST F 11/7/2003 $484,000
320 N CLINTON ST D 2/5/2003 $475,000
310 N CLINTON ST C 5/13/1999 $359,000
310 N CLINTON ST B 5/6/1999 $342,000
310 N CLINTON ST E 4/9/1999 $332,000
310 N CLINTON ST J 2/25/1999 $333,000
320 N CLINTON ST B 9/11/1998 $308,000
The rail lines are a definite health issue. These are two heavily used lines and I’ve noticed that the locomotives frequently sit idling while waiting for switching and train interference. Developments like this will be known as Chicago’s Love Canal as City has no qualms about allowing people to live in areas such as these where the cancer risk is double that of just ordinary awful urban air.
Wow Bob this will be a first, I completely agree with you.
Bob on August 10th, 2009 at 3:33 pm
To those of you saying this needs 25-50k worth of updates–please lay off the HGTV! The bubble is _over_ people. This place looks perfectly habitable and no updates are going to yield a positive IRR.
If you look at places like this and guess even places like these need upgrades from your view no wonder we’re in so much trouble with this bubble deflating. Nobody is going to pay you to customize every nook and cranny of a house to your every whim.
No updates needed.
This location is just south of the new park across from Blommer Chocolate. I’ve been to that park which is nice, however the Blommer Chocolate factory operates 24/7/365 and it’s not just the profuma that is noticeable it’s the sound.
That factory is LOUD.
IMO, assuming there are no hidden issues, this is a good deal. End units, while good noise-wise, sometimes have water problems.
I guess the line about “Buyer is responsible for any/all compliances” means they want the buyer to pay the missed assessments.
I looked at this unit both when the owner in foreclosure was selling and recently. In my opinion it needs minimally $25K – $50K in updates – former owner had a dog that can still be smelled in every sq ft of recently cleaned carpet, wood floors/ stairs & door were scratched, evidence of roof or skylight leaks in upstairs closets, deferred maintenance. After $50K in upgrading its condition would still be inferior to the most recently sold unit (320H). IMO a prospective purchaser buys at his/her peril because this unit was not heated last winter & this lender/ owner will only sell “as is”. Further Chicago has a plan to expand this rail corridor into Clinton street right of way – who knows if/when it will ever happen. Finally this east end unit overlooking the tracks heading uphill into a commuter station is on the wrong end in my opinion.
You guys should go see the place before declaring no updates needed.
HAHA
I second DanL’s comment about smell at the chocolate factory. I can sometimes smell it as far away as Grand/Wells. Can’t imagine it only a few hundred yards away… the concentration of chocolate in the air might be too much for my dog, even…
I want to remind people that the public school for this house in now under Odgen, if your kid is still in Kindergarden.
Consider this is a much better school than the previous assigned school, plus the lower price than before I would think this is a deal.
If you want to go Odgen and want to find a townhouse with this size prepare at least 700k.
At Grand and Orleans it makes for a nice, interesting smell. It’s not there all the time. They have a factory store. The vanilla cremes taste pretty good.
Hey JohnChiTown:
Identically sized 320 Clinton(H) sold for $548K less than 2 months ago. Similar sized 309 N Union(D)(2 blocks west – in Ogden?) sold a month ago for $455K. There are currently more townhomes for sale than there are buyers in this submarket – 36 available between $400K -$600K vs 6 closings in last 90 days, the peak months for this market. Why would any prospective buyer pay more than market?
I have not looked at it yet, not sure how much money you need to fix stuff.
But 309 N Union is not comparable, it is too close to highway, where the noise is always there 24 by 7. For school, I think the kindergardeners can go to Skinner now, not a bad school at all.
310 Clinton is now PENDING so will be closing soon
This closed for $475,000
Closed Date: 10/12/2009