Foreclosures and Short Sales in The Columbian: 1160 S. Michigan
As a reader pointed out a week or so ago, a two bedroom short sale has appeared on the market in The Columbian, at 1160 S. Michigan, in the South Loop. This is the new construction high rise at the corner of Michigan Avenue and Roosevelt Road.
Here is the listing for Unit #2502:
SHORT SALE… SELLER IN PRE-FORECLOSURE… ALL OFFERS CONSIDERED… NVR LVD IN 02 TIER OF ‘THE COLUMBIAN’. UNOBST PROTECTED LAKE, MUSEUM CAMPUS VIEWS, LRG BALC ACCESS FRM MSTR & LIV AREAS. HIGHLY UPGRAD W/ SPLIT OPEN FLR PLAN 1231 SQFT. KIT W/ 42′ CABS, GRNTE, SS APPL. MARBLE MSTR BATH W/ SEP SHOWER.
FULL AMENITY BLDG, 24HR DRMN, EXERCISE RM, PARTY RM, DOG RUN & SUNDK GAR 40K… ALL OFFERS SUBJECT TO LEND…
Unit #2502: 2 bedrooms, 2 baths
- Sold in fall of 2007 for $477,900
- Now listed in short sale for $399,900 plus $40k for parking
- Assessments of $304 a month
- Elite Realty Advisors Inc has the listing
Unit #2505 went to foreclosure auction in mid-April 2008 and has not yet come back on the market (if no one bought it at the auction- which is likely.)
From what I can tell it appears to be taking about two to three months for properties to come onto the market from the bank.
Unit #2505: Two bedrooms, two baths, 1479 square feet, unit faces Northwest
- Sold in September 2007 for $550,500
- I believe that includes a parking space
- Foreclosure auction price of $406,320
- Not yet back on the market
I don’t have pictures of #2505 but it would be similar looking to the pictures below of Unit #3105 which is also still on the market. It’s listed at $575,000 plus $35k for parking.
Stay tuned.
This comparison of listings in the same buidling, where units in foreclosure are not selling at auction, while other, precisely comparable units, are listed $100K higher, just shows you how disconnected from reality the whole real estate market is.
They’re attractive apartments. If they can’t sell for $450K, then we are indeed deflating.
As south loop locations go, I think it doesn’t get much better than this. Throw in an east view and this place seems like a bargain to me. I know everyone has been pretty gloom and doom about the prospects for the south loop, but are the upscale buildings with rare features (like lots of units with unobstructed park views) really going to lose much more value than this?
Danny:
We won’t know until some of these sell. This particular building was only 70% sold when closings began and a lot of the units were investor owned.
But I agree with you- if you have a view and a great location (which this building has- and actually the west view is pretty nice as well)- then you’d think you’d do alright in the long run.
Is this another American Invsco building?
Little Boi:
The Columbian is NOT an American Invsco building.
Being a Realtor that has a buyer with an offer on this specific unit, I will tell you that the bank is holding out for something definitely higher than $399,000. They received multiple offers on this unit and have taken over a month and still no response!
The listing agent said that we’d need to come into the low 400’s to even compete.
The “best” (sarcastic) part about this and other short sales is that buyers think they are going to get 100’s of 1000’s of dollars off and get such an incredible deal, but in all reality, the properties end up selling for about 30,000 less than comparable non-“short sale” units do. And, buyers don’t look at that like it’s a deal!
Go figure.
Sierra:
Thanks for the update on the status of this foreclosure. I could definitely see how it would get multiple offers given the price.
But there will be more foreclosures coming down the pike in this building. From watching other buildings- it appears that there is a “frenzy” on units when they first come on the market at what seems to be a really low price, until another unit comes on and then another and then another.
Obviously- with more supply of supposedly “cheap” units, the thrill that a buyer gets who thinks they’re getting a “deal” goes away.
It’s not the best example, but look at the Sterling. Many of the foreclosures that are coming on the market now are languishing versus what was selling for similar prices even six months ago.
Now maybe that’s because those banks are also dragging their feet, I don’t know. But I think it’s more psychological than anything.
Interesting about the bank taking its old sweet time.
Can someone contact me regarding 1160 S. Michigan, #2502? I am real estate agent for @ Properties in Chicago and I have an approved buyer would like to purchase this unit. My cell is 312-296-4212. Thanks.
A high floor ’05 (or ’03) boulevard unit for low $400k’s??? That’s a steal. I bought here back in March 2008 on the top ’03 unit (not tower or penthouse) and am very pleased with the purchase. I bought from the developer, although my unit was contracted with someone before who had to switch pre-closing to a less expensive unit due to a change in personal circumstances (so I was told.) The sales here still appear to be slow, and as of this posting I understand we are about 75% closed, but it can only be because of the mortgage market problems. This place is a beautiful, elegant brick-clad building with fantastic views (I have south and west, and it’s like an animated Richard Scarry book for adults with all the lights and activity if you enjoy looking around) and I have no regrets about pulling the trigger in March when I did. I got some buyers concessions (parking, a little off list), but nothing crazy, and I’d do it again. When (not if) the market turns in a lot of months or more likely a few years, this is a park and near lake goldmine, but I don’t think I’ll ever really want to sell.
If anyone is aware of the listing agent for either #2502 or #2505, I would appreciate if you could send it to me at cmcfadden@post.harvard.edu. Thank you!