Foreclosures Hit the Heritage at 130 N. Garland
Foreclosures are now hitting the heart of downtown. A foreclosure auction is scheduled on a one bedroom unit today at The Heritage, at 130 N. Garland Court near Millennium Park in the Loop.
The Heritage is the building that started the Millennium Park craze and revitalized the loop as a residential destination for “luxury” buildings. It’s a large building with 356 units. The east facing lake and Millennium Park units are the most valuable but I’ve been in the west facing (or city view) units and they are very nice. There is a great vista of the interesting downtown skyline from the west facing units (although you do hear the brown line El loud and clear below the building.)
The building has done well since originally closing in 2005. Original owners have been able to flip and make some money, especially those on the east side of the building. Lately, however, appreciation has slowed.
This is why I’m surprised to see a foreclosure in the building. Not because homeowners in the building couldn’t get into financial trouble. No.
But because they should be able to sell and get out of the trouble.
This one bedroom is going to foreclosure auction at the Cook County Courthouse today:
Unit #2410: 1 bedroom, 1.1 baths, 900 square feet
- Originally sold in April 2005 for $339,500
- Sold in September 2005 for $394,500
- Auction price of $331,218
I can’t find any record that it was listed recently for sale. It appears that the owner wasn’t trying to sell to get out of the mortgage crunch. The cheapest one bedroom unit currently on the market is one of the smaller one bedroom units.
Unit #2108: 1 bedroom, 1 bath
- Sold in February 2005 for $348,000
- Currently listed for $349,000 plus $45,000 for parking
In September I chattered about Unit #5701, a penthouse unit with a lofty price of $4.4 million that I said was trying to set a new price point in the upper bracket for both the building and the Millennium Park area.
Apparently, the area isn’t quite ready for that price.
The unit was just reduced to $3.8 million. Stay tuned.