Foreclosure Alert: Stresses Grow in 10 E. Ontario in River North
The number of properties heading into trouble in 10 E. Ontario, the American Invsco conversion in River North, is spiking.
Will it overtake The Sterling, at 345 N. LaSalle, as the #1 high-rise building for foreclosures in the city?
There are approximately 61 units, or 13% of the building, currently under some form of stress – for example, a lis pendens has been filed. Not all of these units will go into foreclosure, but it certainly doesn’t bode well for the building.
(Thanks to the Tipster who sent me the lis pendens information.)
Current stats (out of 467 units):
- 65 units for sale
- 10 units for rent
Some units may be both for sale AND for rent
Quite a few of the current listings are selling as short sales. For example, the second cheapest 1-bedroom currently on the market is a short sale. Here’s the listing for Unit #3108:
SHORT SALE SUBJECT TO LENDER APPROVAL. SOLD AS IS CONDITION. 100% TAX PRORATION, PROVE OF FUND OR PRE APPROVED LETTER AND CERTIFIED CHECK EARNEST MONEY WITH ALL OFFERS.TENANT OCUPIED UNTIL 11/30/2008. TENANT’S LEASE CAN BE NEGOTIATED! SHOWING ONLY TUESDAY OR SATURDAY FROM 9 AM-5 PM. 48HRS NOTICE TO SHOW.
Unit #3108: 1 bedroom, 1 bath, 995 square feet
- Sold in March 2006 for $384,500
- Lis pendens filed in May 2008
- Currently listed as a “short sale” for $219,900
- Assessments of $451 a month
- Taxes of $4853
- G.L.K. Realty has the listing. See the listing here. (No interior pictures available.)
This listing, Unit #1503, is still trying to sell at the bubble prices.
LOCATION-LOCATION-LOCATION, ONTARIO PLACE PRIVATE RESIDENCES HAS IT ALL-NEW CONDO CONVERSION – UNIT HAS GIANT 150SQ FT BALC SPACIOUS ONE BDRM WHITE KITCHEN APPLIANCES PANARAMIC CITY VIEWS AVAIL-AMENITIES INCLUDE HEALTH CLUB,POOL,DECK,PARK,PARTY RM & DOORMAN.DEEDED PRKG AVAIL
Unit #1503: 1 bedroom, 1 bath, 995 square feet
- Sold in October 2007 for $406,500
- Currently listed for $395,000 (parking extra)
- Lis pendens filed in April 2008
- Assessments of $487 a month
- Taxes of $6,000
- American Invsco has the listing. See more pictures here.
Stay tuned.
I remember looking at this place back in June for a rental. we toured a 1br/1ba. the girl that was there said rent was $1750 and when I called the owner to see if I could haggle it down, he said he couldn’t even rent it at $1700, because his mortgage was now in the 2K range. I laughed a little on the phone. I wish i could remember the unit number, as I imagine he didn’t find a suitor and is now in trouble. Also sounded like one of those scummy eastern europeans that peolpe mention about mortgage fraud so much on this board.
Another fantastic conversion brought to you by American Inv(scam)co!
Stay AWAY!!!
“Also sounded like one of those scummy eastern europeans that peolpe mention about mortgage fraud so much on this board.”
If you actually talked to the guy, he doesn’t fit the profile. The scummy euros I’ve alluded to are people who took the money and ran. This guy sounds like he was at least *trying* to stick it out and make it work.
“American Inv(scam)co”
haha–so **that’s** why they left out some letters! It finally makes sense.
Another American Invesco great. Lots of foreclosures in all of their buildings. I live in one of them. STAY AWAY.
The short sale one bedroom looks like a decent deal for the the size but you will have to deal with all the foreclosures in the rest of the building eating away at the condo reserves, if they have any to begin with.
A friend of mine just rented a studio/convertible in there for $1400 and there were multiple applications for the rental. So the large one bedroom should get you $1600-1700 in rent.
@ condo investor:
1400 for a studio? dang. Glad I waited for and received my diamond in the rough for my 1/1.
Grand/Wells. 900sqft. real hardwood, granite, dishwasher, crown moulding, 15 ft ceilings, w/d in unit, pet friendly, and previous tenants rent hadn’t been raised in the 8 yrs he lived there. Rent is $1100/month + Util – totals about $1300. The only catch is no elevator, no amenities (garbage, water about it), no parking, and our entry-com is forever broken.
I feel like I got a rent controlled apt. in NYC
I don’t think I’ve ever seen a building with such huge price differences for essentially the same unit. Something is definitely not right here and I’d be afraid to buy anything in this building at this point, regardless of listing price. There is way too little transparency here.
I think it will take years for all of the side effects of such blatant mortgage fraud to be worked out.
I cant believe anyone would have paid those prices for units in this building. All you would have to do is google American Invsco to know to stay away. And, besides that, the units are small and cheap. Paying $400,000 for a conversion that is less than 1000 sq ft in size is insane, especially with the finishes, kitchen size, bathroom size and number of units in this building.
Wasn’t this a bldg where rents were guaranteed to cover all expenses for 2 years, with the actual figure calculated at closing and handed to the buyer in the form of a check?
I wouldn’t trust any developer sale price from American Inves-ho to reflect the real amount of the transaction. These conversions were designed to facilitate fraud, deliberately or not?
As previously posted, if it says American Invesco, stay away! But seems everyone here already knows that.
This building is a perfect example of a condo conversion right where the worm turned in the market.
Fact is, citywide in 2006 market value, RE values were over priced by some thirty percent.
In the next couple of years, there is going to be so much re-developed RE in this city the units in this building are going to sell for under $200K.
The reign of Bull$hit value in the market is OVER.
Help me out, I’m ignornant to these matters. What if the price is low, say $140K for a 1 bed? Isn’t it good to go ahead and buy it? I mean it can’t get much lower right? Even if it did you’d have a 800-900 sf place in a great location for under $700 a month + assessments. Tell me, how does this market affect the assessments? Do they go up or down? I’d love answers to my e-mail address. I’m looking at buying a cheap little place and then keeping it for my kids when they visit or vacation. I’ll buy a nice place in 2011 in a neighborhood.