Foreclosure Deals in 521 W. Superior in River North
521 – 525 W. Superior is actually the same building complex in River North (most know it by 521 W. Superior.) The buildings are timber lofts with lots of authentic brick. They were converted in the late 1990s- early 2000s.
Mysteriously, a listing for a foreclosure in the building appeared on Craigslist yesterday morning, April Fool’s Day, and then was mysteriously deleted within hours.
It was for a 2/2, 1390 square feet, with the parking included, for $319,831.
Maybe someone snatched it up in a matter of hours.
Or maybe it’s this listing that just appeared on the MLS (the one on Craigslist had no unit number):
521 W. Superior, Unit #123: 2 bedrooms, 2 baths, 1400 square feet
- I couldn’t find an original sales price
- Currently on the market for $320,000 (can’t tell if that includes the parking- but it might)
- Assessments of $415 a month
- Royal Crest Realty, Inc. has the listing
There is another unit that the listing says is a short-sale but from the records it appears that it has now gone into foreclosure as well.
525 W. Superior, Unit #426: 2 bedrooms, 2 baths, 1395 square feet
- I couldn’t find an original sale price
- Was listed as a short-sale for $420,000 with the parking extra
- Foreclosure auction price of $364,881
- Assessments of $430 a month
- First Chicago Real Estate, Inc. has the listing
To give you an idea of what the non-foreclosures are being listed for:
521 W. Superior, Unit #324: 2 bedrooms, 2 baths, no square footage given
- Sold in April 2005 for $394,000
- Currently listed for $439,000 (parking included)
- Listing states: “Stunning renovation”- but there are no pictures
- Assessments of $456 a month
- First Source Realty has the listing
I managed to find some pictures of one of the interiors of a unit in the building.
This is Unit #531 a 2/2 that was for sale recently for $464,900 with the parking included. I can’t find any record that it sold.
Some units have absolutely NO VIEWS, look directly into other units. You could honestly open your window, lean out, and tap on someone else’s window! NOT SURE ABOUT THESE PARTICULAR UNITS THOUGH
SR: But these units both clearly sold for more than the $320,000 they’re asking for the one foreclosure at some point in the last few years (views or not.)
So we’re really seeing early 2000 prices here.
If anyone sees these units, please report in.
S:
So $320k was the approximate original price for a 2/2 from the converter/developer?
If you think that these would rent for ~$2k/month for the foreseeable future (adj. for inflation), then $320k is about right.
Sorry to post something off-topic, but most of the regular posters here seem to really have a handle on the Chicago market (I lived in Chi for a year and I’m returning permanently in May), in which I’m (carefully) looking to buy. Other than Craigslist, can anyone recommend the best sources for rentals? Thanks.
***Sorry to post something off-topic, but most of the regular posters here seem to really have a handle on the Chicago market (I lived in Chi for a year and I’m returning permanently in May), in which I’m (carefully) looking to buy. Other than Craigslist, can anyone recommend the best sources for rentals? Thanks.***
The Chicago Reader….then a distant #2 chicagotribune/apartments.com
Just checked with the realtor and unit #123 is available for sale. Since having a balcony/patio is so important in Chicago, how much discount does it take compare to similar units above ground floor with balcony? Any guess? 40-50k?
Does anyone have information about RNC loft buildings? Considering the properties, and would like to know of any complaints, problems, etc.