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