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Foreclosure in Museum Park Tower IV: 1235 S. Prairie

Museum Park Tower IV at 1235 S. Prairie in the South Loop closed on units in 2006.  The building is 286 units on 36 floors.

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This two bedroom southeast corner unit is currently bank-owned:

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Unit #1004: 2 bedrooms, 2 baths, 1533 square feet

  • Sold in February 2007 for $700,000
  • Currently listed at $600,000 plus $58,000 for tandem parking
  • Assessments of $531 a month
  • Coldwell Banker has the listing

This entry was posted on Monday, April 7th, 2008 at 1:33 pm 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.

3 Responses to “Foreclosure in Museum Park Tower IV: 1235 S. Prairie”

  1. A look at the Coldwell Banker website shows 13 units in this building for sale.

    Even at the bank-owned price of $600K, this won’t be low enough to start moving units in the overbuilt South Loop area.

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  2. I bet the original sale included parking, so it looks like the owner is trying to make out with a minimal loss on the unit.

    Now that easy credit is gone and non-conforming loans are now going for significantly more (150+bp) than regular loans…good luck with that.

    I say upper 400s for this unit. Enough for the new owner to have 10% down and still get a conforming loan.

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  3. I say upper 400s for this unit. Enough for the new owner to have 10% down and still get a conforming loan.
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    10% = $40,000…….for a 2 bed apartment? At Roosevelt and Prairie? I’d say lower.

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