Foreclosure Alert: River North Loft at 28% Off: 900 N. Kingsbury
This bank-owned 2-bedroom loft just came on the market at 900 N. Kingsbury in River North.
It is priced $115,100 under the 2003 purchase price.
It appears that parking is not included in the current price (but was included in the 2003 sale.)
It is the cheapest 2/2 in the building and is cheaper than several of the currently listed 1/1s.
Is this a steal?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
Unit #822: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 2002 for $360,000
- Sold in December 2003 for $405,000 (appears to include parking)
- Bank owned in February 2009 (also appears to include the parking)
- Currently listed for $289,900 (no parking)
- Assessments of $582 a month
- Taxes of $4595
- Bedroom #1: 13×20
- Bedroom #2: 10×11
Yuk. I especially love the blocked living room window, the HVAC duct surrounded by glass block, and the fake brick or whatever it is on the side of the kitchen island.
yay assessments!
Lol this unit looks hilariously tacky. Yet unlike hooters slogan, unrefined.
Not sure what they were going for with that floorplan, but ‘epic fail’ comes to mind. Who would’ve paid 400k for a college dorm room if we had sane lending standards back in 2003?
This might be the worst unit in the building? The wood floors appear to be in terrible shape. The owner probably had multiple animals. This building has low income residents so this unit could have been subsidized by one of those Fed programs? Hence the low selling price … I think it’s hilarious that the photographer and agent didn’t have enough sense to move the piece of cardboard on the floor. It’s probably covering up an animal stain / burn / hole
That’s Cabrini, not RN.
I don’t think this is a deal at all.
That is not a $400k condo… horribly bad floorplan. The living room is as wide as some people’s closets. The realtor could have at least picked the the cardboard box up so it wasn’t in the picture.
FAIL.
Sonies is right, North of Chicago it is NOT River North. That is the good ole Cabrini Green hood.
You couldn’t pay me to live over there.
Whats funny is some people equate the projects with the high-rises. And while its true there are only three white and three red (soon to be two) high/mid-rises left, there are really tons and tons of those rowhomes, at least four rows deep. Many more behind the ones you can see from the El. Check it out on google maps satellite view.
Terrible floorplan, terrible interior design, terrible location. Some sucker might buy this for 250k but I wouldn’t pay more than 150 for it.
correct me if im wrong, but cabrini is IN river north.
but yeah, the place is hideous.
One could (probably) turn it into a decent 1 br, no?
“correct me if im wrong, but cabrini is IN river north.”
According to redfin.com Cabrini is in the “near north side” neighborhood which encompasses all of RN, Old Town, Gold Coast, and Lakeshore East.
Also according to redfin, River north goes from the river on the south, to Chicago Ave. On the north. The river on the west, to Clark St. On the east.
RN is in “Near North Side,” and Cabrini is in “Near North Side,” but Cabrini is NOT in RN. RN is south of Chicago, Cabrini is north of Chicago.
gotcha, thanks.
I’d say to the east, RN stops at Michigan Ave.
I live in the townhome community across the street from 900 N. Kingsbury.
FYI, this area is a great place to live, quiet, family/pet friendly, easy access to downtown, Michigan Ave, 90/94. Probably safer than many, as the police dept is only 2 blocks away.
No one on this website ever has anything positive to say about any neighborhood, property, price, interior decor, seller, buyer, loan structure….it really gets old.
Not saying I like this particular listing either, just making a point.
Actually a week ago Jill the peanut gallery was going ga-ga over an agent.
As it pertains to the RE market, its pretty tough to be positive these days. These days it takes a lot of effort to even find the silver lining, and some do indeed try. Employment is at 91.5% and is expected to exceed 90% all year–hooray!
I think complaining about the lack of positive viewpoints perhaps reveals you don’t understand the gravity and enormity of the current economic situation. Without going into boring details major macroeconomic and credit market indicators are painting a far grimmer picture than the press is presenting to the public.
Do your glasses have perhaps a rose-hued tint to them?
I know, that’s why I didn’t include “agent” in my list above! ( :
Obviously we are in the midst of a frightening economic climate, and the real estate market will continue to reflect that for the foreseeable future.
Call me “Patty Positive” if you must…I just try to avoid thinking about all the doom and gloom whenever possible.
> I think complaining about the lack of positive viewpoints perhaps reveals you don’t understand the gravity and enormity of the current economic situation.
THE END IS NEAR! (at which point we still wont be at the bottom)
Bit of exaggeration there Jill? Guess you haven’t read the recent discussions of properties on N. Wayne, N. LSD or W. Webster to mention a few.
Yes, some listings get universally panned, but most generate a mix of opinions.
“No one on this website ever has anything positive to say about any neighborhood, property, price, interior decor, seller, buyer, loan structure….it really gets old.”
IMHO, Jill is not exaggerating, somedays (not always) this site really deserves to be called CribBasher, not Cribchatter, as someone mentioned.
The site is overly negative. However, the properties posted are usually geared towards generated a negative reaction. Sabrina does a great job of finding properties that are severely over priced, have piss poor agents, or show like college dorm rooms. Her site traffic would probably be less than 10% of what it is if it were all roses and champagne. People like to slow down see a car wreck if you will…
phil, jill,
while it may be true that some people here are extremely negative (and i mean, way off the deep end), and not commenting on whether or not that is deserved, but maybe your point would have more impact if it was stated on a property that was more… deserving.
lets be honest, this really isnt the safest neighborhood, despite your claims jill. sorry, but ive personally been victim to robberies here, and this unit, while affordable, is truly a dungeon. plus, at $290k, you can find other 2 beds in areas such as printer’s row.
me personally, im looking to sell one and buy another house at this point, so that means that my general outlook is pretty bullish, but lets call them as we see them, right?
I rent in the building. Very nice building with Japonais (overpriiced but nice), David Barton Gym, Allyu Spa, Motel Bar and Kitchsn Restaurant. The attached heated garage makes for a safe and easy in and out. The location is actually very good if you don’t wander down the wrong streets. Its central to everything downtown, lincoln park, bucktown but its pushed back enough so there is never any congestion. This unit looks dull but its still not a bad price. Those who are bashing Domain (900 N. Kingsbury) have obviously never been inside of it. Its very nice. Not Luxe but def not Shabby at all.
Over the last 5-10 years, I would say this area went from being dangerous to being mostly safe, but still pretty run-down and crappy.
Your car will be robbed nightly if parked on the street. Instead of tearing down Cabrini Green, they should have thrown some granite and ss aplliances in the units. I am sure some bozo would have paid $300k for those as well 🙂
The 2003 price was a total ripoff. Other than that I think this place actually has potential, if someone sees it as a home and not an investment. I actually like places like this, because they give you the chance to strip it and make it your own….if you have the patience to live in a construction zone for a few months.
Edumakated: I cover plenty of properties that should be selling, with all the bells and whistles, but aren’t. What’s “overpriced” in a market that is declining? I don’t know anymore.
That being said- people want “deals” right now. They want to see the foreclosures (for good or bad.) They want to know about the auctions and the price cuts.
I’m also happy to cover properties that ARE selling (as we’ve seen in recent days, actually.) I’m always open to tips on those properties. Please keep sending them.
the pessimism is interesting and helpful for someone like me who’s moving to Chicago and looking to buy (2br place in an appreciating neighborhood for
Went and looked at this building yesterday. The section 8 part makes for some interesting characters in the elevator. As far as the units….eh….looks like a converted Montogomery Wards warehouse. Wait, IT IS!!!
“like a converted Montogomery Wards warehouse. Wait, IT IS!!!”
So that explains the box that the realtor left on the kitchen counter! Its an authentic MW box!!! Antique! lol
“They want to see the foreclosures (for good or bad.)”
I definitely do but after seeing a couple this weekend I don’t want to see foreclosures where they basically trashed the place to crap. Thats because its going to be hard for me to come up with 20% down AND a construction loan to restore the place to livable condition.
i made the mistake of renting an apt with Section 8’s and will never do that again. I wouldn’t even entertain of buying in a complex that has it.
Realty Trac’s foreclosure data for Q1 is out.
The usual suspects still top the list (Nevada, Arizona, California and Florida.)
Who’s next of the remaining 46 states? You guessed it: Illinois.
Nothing to see here, move along now…
You’re welcome.
“Who’s next of the remaining 46 states? You guessed it: Illinois.”
No actually I guessed Michigan.
LOL, HD. Sorry, Bob, MI is #6.
Didn’t someone claim that IL can’t be grouped with the “bad” states? It looks like CNN didn’t get the memo.
“Worst-hit states
Five states accounted for nearly 60% of the total foreclosure activity in the first quarter: In California, Florida, Arizona, Nevada and Illinois, 479,516 properties received foreclosure filings.”
http://money.cnn.com/2009/04/16/real_estate/foreclosures/index.htm?postversion=2009041607
I can’t see the complete breakdown, but CA and FL alone make up 350k of that 479k. I am sure Nevada and AZ are substantially higher than IL. No state is immune, but AZ, CA, NV, and FL are a whole different world compared to IL. Those four states are absolutely ground zero. We have lenders that won’t even lend in FL right now on 50% ltv deals it is so bad there.
I still think there needs to be some perspective though The worst is NV with 1 in every 27 households. AZ is 1 out of 54. This doesn’t even consider that of that “1” half or more are investors or fraud related.
This is possibly the worst unit in the building in terms of layout and design. I have rented several units in this building and all have been far nicer. The units in this building range from 4000+ square foot ($ 2 million) and million dollar penthouses (fabulous views) to small one bedrooms. The assessments look high but that’s because they include everything (heated parking, doorman, fitness room, heat, air conditionng, gas, water, full cable, and internet). There are not low income individuals in this building (as in section 8 housing) but there are some units that are income contingent but these belong to lower paid professionals such as police officers, social workers, and teachers. This is part of an effort to keep essential, educationed, but lower paid professionals in the city. Yes, there are some Cabrini Row homes left which are said to be slated for revitalization but, under the city’s revitalization plan, every neighboorhood (including Lincoln Park) will have a couple of buildings for low income individuals. As for street parking, I’m not sure if its problematic b/c all the units in the building have secured, heated parking. Guests should park in the lot next door which has 24 hour security…its only 8 bucks.
There is no section 8 in the building…. To the contrary, there are several million dollar custom lofts for families with kids, bankers, and local sports players. It is in River North, a few blocks from old cabrini (which apart from one street of row homes is being torn down..and even old towne and lincoln park have subsidizing housing)…which is not ideal, but if you want a true loft (brick, high ceilings, large units some as large as 4500, outdoor space, with fabulous views) close to Michigan avenue and the loop, this is the best building. Bets West Loop and Printers Row.
“(which apart from one street of row homes is being torn down”
No actually the Cabrini Green rowhomes are eight rows of homes. The streets of the row homes are: Locust, Iowa, Mohawk, Cleveland, and Hudson.
please cite the “subsidized housing” in Lincoln Park and Old Town! If it’s anything other than Senior Housing, I’m not convinced such a thing exists there.