Foreclosure Alert: The Affordable River North 1-Bedroom: 600 N. Kingsbury
We’ve chattered about 600 N. Kingsbury, or Park Place, in River North before.
The building was built in 2002 and has 165 units.
This 1-bedroom bank owned unit just came on the market.
The listing says it has a maple kitchen with granite counter tops and hardwood floors. There are no pictures with the listing yet.
The unit has central air, in-unit washer/dryer and a parking space is included.
It is also priced $37,000 under the 2002 purchase price.
If the kitchen and bath are intact, is this a deal for River North?
Henry Jones at Jones Realty has the listing. See the listing here (no interior pictures yet.)
Unit #814: 1 bedroom, 1 bath, 705 square feet
- Sold in December 2002 for $215,000
- Lis pendens filed in February 2006
- Lis pendens filed in August 2008
- Bank owned in June 2009
- Currently listed for $178,200 (parking included)
- Assessments of $406 a month
- Taxes of $2859
- Central Air
- Washer/Dryer in the unit
If you like the area, I think this is a fair price for a river north 1/1 with laundry, parking, etc.
I think it sells @ 170k, and with parking the price is pretty sweet, given the unit is livable condition.
i have never lived in a condo/townhome before can some one explain why a 1 bedroom would have a $400 assessment? the listing doesnt say taxes included in assessment.
Hmm, I wonder where the unit is in relationship to the Ohio ramp.
Assessment Includes
• Heat
• Air Conditioning
• Water
• Gas
• Common Insurance
• Doorman
• TV/Cable
• Pool
• Lawn Care
• Scavenger
• Snow Removal
If this place is livable that’s a pretty solid deal in my opinion, the location is pretty decent, near tons of great restaurants and nightlife, and the hood is quiet… hopefully the Ohio/ontario st. feeder isn’t right outside your window.
If you put 20% down (35k)
Tax + Ass = $644 (without HO exemption probably)
Mort P+I = $765
Insurance is like $10 a month
So….
$1419 a month and every bill but your cell phone is paid for.
Most 1br’s in RN rent for 1300ish so this is not a bad deal at all, if you can deal with the space.
Well nevermind, I was reading more and saw “Sale Terms – Cash Only”
That isn’t a deal cash only!
No interior pictures isn’t usually a good sign….
other than this foreclosure listing, the cheapest 1bed/1bath currently for sale in the building is listed at 259k – 770sft. per the mls, this unit is 705sft – but still.
in the last 6 months, three 1bed/1bath units have closed at 600 n kingsbury – they sold for 260k, 267.5k, and 269.9k.
the bank wants a bidding war – this is NOT going for less than list price, i predict. 🙂
in my opinion, this presents the opportunity for a very good deal.
oh man, and this listing (the foreclosure) says the price includes parking and the other one on the market for 259k says “Rental Parking available in the Building from $200 to $250.” at a quick glance, it looks like all three of those comp sales had parking spots included in the final sale price.
“That isn’t a deal cash only!”
Offer less, buy all cash, and then put debt on it after you take possession.
“every bill but your cell phone is paid for”
Then you’d be wasting the cable tv in your assessment, with no electricity.
““every bill but your cell phone is paid for”
Then you’d be wasting the cable tv in your assessment, with no electricity.”
Hmmm how’d I miss that one!
“Then you’d be wasting the cable tv in your assessment, with no electricity.”
Sonies has a bike hooked up to a generator. Its a lot of pedaling but for those with muscular enough legs..
This listing exemplifies why those looking for deals shouldn’t even deal with those who bought the past decade who are selling when it isn’t a short sale or foreclosure.
Those who bought during the bubble cannot compete pricing-wise with foreclosure pricing. Its not even close.
This is a deal and will sell for above ask, around 220k is my guess.
Yeah Bob, but the money you save by buying a ‘great deal’ foreclosed property ends up going right back into it in the form hidden maintenace expenses due to negligence. If issues are not readily apparent during a walk through, your inspector will usually (and I say USUALLY) bring these matters to your attention. In my experience, roughly 75% of foreclosured houses are sold as ‘as is’ properties…as is meaning a boatload of $$ needs to be invested.
If a person is forced into foreclosure, you can bet that absolutely zero $$$ has gone into even the most basic maintenance for around a year or so. What you think is a ‘good deal’ ends up being an endless money pit. Take it from someone who has had to dig deep to find unseen damages caused from either lack of maintenace or an angry debt ridden owner.
Wasn’t it you who said you have left places you have lived in before in disgusting condition? And you were merely a disgruntled tenant. Now take that anger you felt towards the absent or neglectful landlord and multiply it by 1000….this is how a person who is forced to give up their ‘dream home’ feels. And the rage that ends up in destructive action.
These places are priced outrageously low and don’t have interior pictures for a reason kids…
“(and I say USUALLY)”
True but in reality unless there are structural issues or chinese drywall issues, saving tens of thousands of dollars (or more) accounts for any other issues.
Remember that 2/2 foreclosure at 1620 S Michigan I posted that was listed for 220k? Well an investor jumped on that one. Remember that 3/3.5 foreclosure house in Bridgeport Village I posted for 400k? Investor jumped on that one as well. Oh yeah no appliances boohoo thats a 5k expense at Sears who cares.
Both of these properties looked up to par from pictures and not like they were trashed or required a ton of work.
There are foreclosures all over the spectrum: from absolute teardowns/lot value only all the way to those that aren’t disasters and are completely habitable. Its the latter I am probably going to purchase in the future–I’m not bailing out someone else’s reckless financial decision to buy high, no I’m going to buy low.
westloopelo,
this is a one bedroom condo, not a three flat or SFH. Even if this person took everything even the electrical wiring and walls, the rehab most likely wont be structural. I dont think a boat load of $$$$$ will be needed to fix. its a one bedroom condo
I could rehab this place myself in two weeks… not like its a huge space.
The place probably needs a real good paint job throughout and new carpet.
It isn’t a luxury unit….
I think this is a deal @ $250 sq ft. The location can’t be beat — right on the river — feeder ramp is not that close. The only thing I’d be concerned about is that I’ve heard rumors that the construction quality of the building isn’t that great.
I’m at Grand and Orleans on the 18th floor near E. Ohio and Ontario about a block or so away, and there is no noise from the Kennedy. The Brown line, otoh, can be bothersome. Some of the folks in the Silver may be very annoyed by the EL since it runs right next to them, and they are only a half a block away from the ramps to I90.
“No noise” when the windows are closed. When they are open we get the whole panoply of urban sounds.
I love urban dissonance. If the unit faces the ramp buyers will bid accordingly.
411 Ontario gets the worst of the ramp noise here — the whole back half of the building sits right on the ramp.
This building is full or short sales, foreclosures….amazing how one building can be sick and the one next door healthy
“411 Ontario gets the worst of the ramp noise here — the whole back half of the building sits right on the ramp.”
This building is directly west of 411 Ontario and will get the same ramp noise on the south side of the building.
“This building is full or short sales, foreclosures….amazing how one building can be sick and the one next door healthy”
Birds of a feather flock together. I’m not surprised financially irresponsible people tend to congregate together. Check the garages of these buildings with all these foreclosures. Chances are you’ll see some pretty nice cars in them.