Foreclosure Not Selling in The Lancaster: 201 N. Westshore
We chattered about this foreclosure, Unit #1208, in The Lancaster, at 201 N. Westshore in Lakeshore East, in March 2008. Many of you thought it was overpriced then.
It is two months later and it is still on the market.
With NO price reduction.
Maybe its problem is that it isn’t even the cheapest two bedroom in the building. Two units are now listed for less, including one from the developer of the building.
201 N. Westshore was the first condo building in Lakeshore East and was completed in 2005.
Unit #1208: 2 bedrooms, 2.5 baths
- I still can’t locate an original sales price
- Foreclosure auction price of $516,000 in October 2007
- Bank-owned
- Was listed in March 2008 at $540,900 (parking extra)
- Currently listed at $540,900
- Assessments of $409 a month
- Arc Realtors, Inc. has the listing
These other two units are for sale at less than Unit #1208.
Unit #505: 2 bedrooms, 2 baths, 1235 square feet
- Originally listed in March 2008 for $549,000
- Reduced
- Currently listed at $535,000 (parking extra)
- Also available to rent for $2700 a month
- Assessments are $488 a month
- Magellan Realty, the original developer, has the listing (I don’t believe it ever sold from the developer)
Unit #707: 2 bedrooms, 2 baths, 1446 square feet
- Sold in August 2005 for $560,000
- Currently listed for $510,000 plus $35k for parking
- Under Contract
- Assessment of $497 a month
- ABA National Realty LLC
I like Lake Shore East and this building. Overall, great place to live, beautiful park, etc.
The interior looks poorly planned and executed. This is a very average building looking for premium prices. Will the east facing units lose their lake views at some point?
Yes, developer owns the plot of land directly east of the building. They were always planning on a tall luxury building. The plans are currently on hold but I would assume something will be built there in the next 5-10 years. The park side is the protected view and quite lovely!
Average building or not, I thought any new condo with lots of glass and all the amenities, with this kind of space, would fetch at least this much money in this prime area.
If this place cant get at least this much, then anything in the same size range, but older and with higher maintenance, further up the lakefront is going to suffer much worse.
Nice looking building. Does that park allow dogs? This would be a nice place to live if it was about 40% cheaper. Those cabinets are kind of cool looking too, never seen them before.
Bob, that park has a fenced-in dog area. I believe (hope) that the rest of the park requires dogs to be on a leash.
It’s a really nice park, but I was through there last weekend and it looked a little worn. A little bit of landscaping attention will bring it back.
If I called to make an offer on this place, I wonder if it would suddenly be a “multiple offer” situation.
Pete, if you make a reasonable offer, present a contract and an earnest money check, I suspect you will be taken seriously.
The yahoos on this site indicating that the agents are telling them that there are multiple offers probably are not being taken seriously because they are not serious about their offers. (Jason, does this mean you?)
Arc Realtors again? Interesting.
Paulj:
I think it’s a low blow to say that Jason was making non-serious offers on all of the properties he was interested in.
EVERY offer should be taken seriously- yes, even those that are 20% below the list. Why bother to say there are multiple offers then? Just reject the offer.
It’s sounds like a ploy by some of the banks to try and get an offer closer to asking. But Jason was smart and didn’t play that game and ended up with a great property at a great price.
Congrats again Jason.
And for everyone else where there are “multiple offers” on a property- just say “no” and walk away. There is record inventory out there. There are too many properties available to get into some kind of overbid situation.
Paulj,
The only non-serious offers would be where the buyer could not qualify for the loan on offer or has no intention of seeing the deal through to closing. What you might not consider a “serious” offer because the offer is too low might very well become a serious offer in a few months time when you seller enters financial distress or the bank decides they need to reduce their inventory.
I live in Lakeshore East and i heard the Lancaster is pretty nice but doesnt have a pool. I actually just listed my 1 bedroom in the Chandler just so I could upgrade to a bigger place in the same area
This condo (#1208) went under contract on 06/05/08. #505 was sold by the developer during pre construction sales and the owner recently took a lease rather than selling. This unit does not compare to the (08) tier. It is west facing and about 100 sq. ft. smaller.
Thanks for the update on Unit #1208. There are more foreclosures coming in some of the Lakeshore East buildings- unfortunately (but not surprising, given that sales of those buildings were during the “peak” boom years.)
I’ll keep an eye out to see what #1208 closes for. It’s taking a long time for the foreclosures to close on some of these units. I’ve been eying a few others that have been under contract for several months.
#1208 closed on Monday for $420,500 for just the condo, there was no parking with this unit. #1908 closed a couple of months ago for $510,000 with one parking space.