Get a 2-Bedroom in The Emerald for $85K Off the 2008 Price: 123 S. Green in the West Loop
We haven’t chattered about The Emerald, the 2-building newer construction mid-rise at 123 and 125 S. Green in the Greektown neighborhood of the West Loop in awhile.
This 2-bedroom corner unit recently came back on the market as a short sale. It had previously been listed in 2008 and 2010.
It is now listed for $85,100 under the 2008 purchase price at $374,900.
The unit has floor to ceiling windows and 11 foot ceilings.
It has all the finishes you would expect from 2008 construction including stainless steel appliances and granite counter tops in the kitchen. It also has bamboo floors.
Parking is included and it has central air and washer/dryer in the unit.
Is this a deal?
Christopher Pagano at Coldwell Banker has the listing. See the pictures here.
Unit #801B: 2 bedrooms, 2 baths, 1250 square feet
- Sold in October 2008 for $460,000 (parking included)
- Originally listed in October 2008 for $494,900
- Withdrawn in December 2008
- Re-listed in September 2010 for $459,000
- Withdrawn in April 2011
- Lis pendens foreclosure filed in September 2011
- Currently listed as a “short sale” for $374,900 (parking included)
- Assessments of $420 a month (includes heat, a/c, doorman)
- Taxes of $5941
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×12
- Bedroom #2: 13×11
Is all new construction soulless? I like the building from the outside but I’m really disappointed by the interior.
Purdue football helmet in one of the pics. So much for the theory of the wave of Big Ten grads saving the market.
Wow. Some knife-catcher paid $415 for a 2/2 here just three months ago. Unbelievable. Possibly already at least 10% underwater based on the subject’s asking price. http://www.redfin.com/IL/Chicago/125-S-Green-St-60607/unit-806A/home/28566152
The subject is not even remotely interesting above $300.
BTUH.
Big Ten Alumni Housing.
Never pay more than $200/sf for BTUH.
Oh man, I didn’t even notice the attempted flip right after Lehman Brothers. What an ass.
Good location, assessment reasonable but the apartment is standard developers grade. Thus, its really a commodity property. Also, from the pictures it looks like there is a parking lot or a building site. In the future, this unit is going to be watching a construction site or neighbors across the street. No view.
Here’s a video tour of Emerald 2/2s.
http://www.youtube.com/watch?v=ZCRFg1B23mE
You could rent something like this for less than $2600, right? That’s about the number to hit, at the $375 ask.
I remember looking at these when I was searching and thought they were grossly overpriced for the neighborhood (which I like)
I hope it goes back to the bank to preclude this big10 speculating asshat brau from owning property for at least 7 years.
Bob: brau means beer in German
$285k gets this sold.
HH: its a pun of sorts as they talk kinda funny & all drink miller lite.
Bob: A single owner could really be bold and go drinking at the bar at the hotel on Halsted there, sure to stir up some interesting conversations and random associations, although it’s probably not the best chicago hotel for out-of-town broads, LOL. The 2nd bd. office desk has to be the smallest one I’ve ever seen.
I’m not sure how anything sells at Emerald. The developer was asking for ridiculously inflated prices and now it looks like this poor buyer is paying for it. I’d try asking $340,000, but I suspect it will sell for closer to $320,000. Maybe less.
That Halsted hotel is the overnight lodging choice for many touring bands. Just to be clear we are talking bout the small bands but, where there are musicians there are often some groupies and partiers. It might actually be a place to meet some strange….
We looked at these a couple years ago during our search & thought they were very nice. Location is great, but like David said, they were overpriced & the developer wouldn’t budge. This 01 tier is a northwest corner unit, which was the only tier we could get a 2/2 under $400K at the time. Has a nice view of the northern Chi skyline, but there’s a parking lot across the street & we figured it wouldn’t always be a lot. Sure enough, went by this week & construction is under way. Don’t know what’s going up, but I’m sure it will be higher than a parking lot.
BTW, when there appeared to be a snag in closing on the unit in MP we ended up buying, we revisited the Emerald and prices had been reduced and it appeared the developer is now ready to negotiate. Thus, this “short sale” price doesn’t seem to be any bargain at all to a buyer.