Foreclosure and Short Sales in 1600 S. Indiana
The mid-tier bracket around $400,000 seems to be very a very hard sell right now. And every month there is new inventory coming on-line.
With all the new high-rises closing in the South Loop, there will be a glut of the small two/twos there.
There’s currently a short sale and a foreclosure in 1600 S. Indiana in the South Loop. 1600 S. Indiana is a high-rise building completed in 2006.
In short sale:
Unit #1806: 2 bedrooms, 2 baths, 1000 square feet
- Sold in August 2006 for $415,591
- Currently listed for $399,900 plus $35k for parking
- Listing says it’s a short sale- subject to bank approval
- Top floor penthouse unit
- Views of the Lake
- Assessments of $385 a month
- @Properties has the listing
This unit has gone into foreclosure:
Unit #1405: 2 bedrooms, 2 baths, 1000 square feet
- Sold in August 2006 for $422,399
- Currently listed on the MLS for $435,000 plus $30k for parking
- Auction foreclosure price this week of $379,385
- Assessments of $440 a month
- Deborah Thomas of Coldwell Banker has the listing (until the foreclosure auction this week)
Perhaps if the owner had spent less time staring into the telescope not-pointed-at-the-sky and more time working, the condo wouldn’t be in foreclosure.
I’m guessing that there is an attractive person living a few blocks north that is in financial distress and can’t afford any window treatments.
Even setting aside issues of over supply and price falling, I’m just not sure how much demand can there really be in the market for this kind of place. The only profile would be singles/couples without kids who are making $125K+ and who want a city lifestyle. That’s basically recent MBAs and JDs plus some empty nesters (who are going to find these condos very small). Now, these same people are quite mobile and would likely be happy to rent, as long as they don’t feel they are missing out financially on a real estate boom.
$435/sf…wow. Places can be found for as little as $200/sf in the area, so I’m unsure what the bank is thinking.
DZ newly minted MBAs and JDs aren’t going to buy a place like this at these prices as easy credit is gone. No way a bank is going to underwrite a 350k+ mortgage to someone with limited earnings history, no downpayment and a hefty amount of student loan debt.
(Also any MBA who had a real estate course would be able to see this as a bad deal very quickly).
The only profile would be singles/couples without kids who are making $125K+ and who want a city lifestyle. That’s basically recent MBAs and JDs
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Not a dig on DZ, but why does everyone assume that JD’s and MBA’s and doctors are stupid or blind to spotting bad financial deals??
I am a brand new potential home buyer and was curious about this building. I saw a listing of a unit in this building that I was hoping to get some feedback on. Its a 2br/2ba plus den at 1183 sq ft listed at 260k. Is that a good price for the space and location? If anyone has any tips, that would be much appreciated.
Anyone have any insight into this building for lb?
I don’t know if this is possible or not, but is there any way to tell if the foreclosure listed above is still available? I realize it went to auction a year ago but in this market, but I think it would be worth checking into.
“I am a brand new potential home buyer”
lb, we have a term some of us use on here that could cut down on typing so much, we call it ‘knifecatcher’.
Bob, don’t be so hard on the guy. We need somebody to set comps on the way down.
“I don’t know if this is possible or not, but is there any way to tell if the foreclosure listed above is still available? I realize it went to auction a year ago but in this market, but I think it would be worth checking into.”
It’s not available if it went to auction. I can’t find any record of it selling so it probably went back to the bank. It’ll likely come back on the market at some point. It’s taking anywhere from 6 months to a year to come back on the market.
Thanks for the information Sabrina!