«
»

Foreclosure Alert: Still Time to Get This Motor Row Loft: 2000 S. Michigan

This one bedroom loft, Unit #107, at the Locomobile Lofts at 2000 S. Michigan in Motor Row in the South Loop, just went to foreclosure auction. (We just chattered about a big penthouse unit in this same building last week.)

2000-s-michigan-_3.jpg

This is the first time I’ve seen the listing agent tell it like it is. This unit has already gone to foreclosure auction but apparently no one purchased it so it will revert back to the bank:

DID YOU MISS THE AUCTION LAST WEEK? WELL YOU STILL HAVE TIME TO MAKE AN OFFER.. ALL OFFERS SUBJECT TO LENDERS APPROVAL SELLER WILL NOT PROVIDE SURVEY, TERMITE, OR VILLAGE INSPECTION; THESE ITEMS MUST BE CROSS OFF THE CONTRACT.

TAXES PRORATED AT 100%. PROPERTY SOLD ‘AS IS’. 203K AND CONSTRUCTION LOANS FOR FIRST-TIME HOME BUYERS AND INVESTORS ARE AVAILABLE THROUGH JAMES HARRIS @ WELLS FARGO HOME MOR…

Question is: is this a “deal” at this price? Why not simply wait for the bank to re-list it at possibly a lower price?

There are no interior pictures for this unit- but it’s a large 1280 square foot one bedroom.

Unit #107: 1 bedroom, 2 bath, 1280 square feet, 1 car parking (not sure if it’s included)

  • Sold in September 2005 for $306,000
  • Sold in February 2007 for $385,000
  • Foreclosure auction price of $384,808
  • Currently listed as “as is” for $320,000
  • Assessments of $251 a month
  • Prudential Partners Re has the listing

Unit #104, also currently on the market, has the same square footage but two bedrooms (instead of one.) It has 22 foot ceiling.

Here’s a few pictures from Unit #104, which is listed at $334,900 plus $30k for parking:

2000-s-michigan-_104-kitchen.jpg

2000-s-michigan-_104-windows.jpg

2000-s-michigan-_104-loft.jpg

Koenig & Strey has the listing for Unit #104.

This entry was posted on Thursday, June 5th, 2008 at 5:24 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.

6 Responses to “Foreclosure Alert: Still Time to Get This Motor Row Loft: 2000 S. Michigan”

  1. Well, I can tell you why there are no pictures, its because the place must be destroyed inside. This is a typical example of how you can get hints from the ads. *203K AND CONSTRUCTION LOANS FOR FIRST-TIME HOME BUYERS AND INVESTORS ARE AVAILABLE THROUGH JAMES HARRIS @ WELLS FARGO HOME MOR…* Intepretation: This place is so bad you could never get a conventional loan to buy it. Also, that price is way too high.

    From experience, I would seriously wait. (I know a nice 2 br in Uptown that you can get for $210K!! 😉

    0
    0

  2. Is it me or should the wood flooring have gone the other direction?

    0
    0

  3. You are right!

    0
    0

  4. My sense is that flooring generally runs the long way in a room — if this is a big room with the kitchen stuck at one narrow end, this might have been the “right” way to do it. Of course, diagonal would have avoided this…

    0
    0

  5. I just went by this place on way home from work.It looks like the retail party store that was at street level moved out.
    I’d be curious to know if the original developers were renting the space out or it was sold to someone.

    0
    0

  6. Who in Gods name would buy a luxury condo in a low rise building with a liquor store, especially one only a couple blocks from the projects?
    These loan-owners deserve to be wiped out via the stupidity of the year award.

    Then again during the bubble, even Forrest Gumps were given 300k mortgages.

    0
    0

Leave a Reply