Is This Bank Owned 2-Bedroom Loft a Deal? 1020 S. Wabash
This 2-bedroom loft at 1020 S. Wabash in the South Loop just came on the market.
It is bank owned.
From the pictures, it appears the kitchen and bathrooms are intact.
The kitchen has maple cabinets, granite counter tops and stainless steel appliances.
The corner unit is 1786 square feet and has hardwood floors and tall concrete ceilings.
It has central air but doesn’t mention in-unit laundry. There’s also no deeded parking with the unit.
So what’s the catch?
That is the El directly out the living room window (see the pictures). And I do mean DIRECTLY.
This is a Freddie Mac Homesteps property so they will only take owner occupier offers in the first 15 days.
But given its location near the El tracks, will this loft end up selling to an investor anyway?
Gerard Lewis at Better Homes for America has the listing. See the pictures here.
Unit #2B: 2 bedrooms, 2 baths, 1786 square feet
- Sold in April 2002 for $285,500
- Sold in June 2004 for $206,000
- Lis pendens foreclosure filed in February 2012
- Bank owned in December 2012
- Currently listed for $309,900
- Assessments of $386 a month
- Taxes of $4312
- Central Air
- Washer/Dryer??? (it’s not listed)
- No parking
- Bedroom #1: 19×14
- Bedroom #2: 12×7
I was chatting with someone at a party recently who told me he purposely chose his apartment because it directly faces the El. His plan is to put a large TV screen in his window and have a running “tweets from the El” theme. He said he also liked the sound of the El and the way the sparks look as the train turns (he lives near a bend in the tracks).
This is all to say that apparently, there is a market for properties directly facing the El tracks.
Not a deal, I mean… holy crap the el must be loud right there and what an eyesore
Perfect for blind AND deaf folks though…
It has an 11×6 laundry room so it’s probably safe to say it has in-unit laundry or hook-ups.
Jake: How often does the train go by?
Elwood: So often you won’t even notice it!
Sold for $296,000 in 2004, not $206,000.
If you catch the el in the morning by literally reaching out the window and grabing on as one comes by, you’re going to need a hell of a discount for me to be a buyer. Not having openable windows is also a deal breaker for me. I can’t imagine paying more than about $225k for this place. It is mind boggling 2 people bought for close to $300k already!
How many HEL/OCs do you have to take out to go into foreclosure 8 years after purchase?!? I certainly hope they enjoyed whatever they did with the money!
that listing seriously made me laugh!
“How many HEL/OCs do you have to take out to go into foreclosure 8 years after purchase?!? ”
Bet they deafulted no later than 2008.
Fred, it might have been an ARM that adjusted…
“I was chatting with someone at a party…This is all to say that apparently, there is a market for properties directly facing the El tracks.”
just what type of parties are you going to Jenny?
“Sold for $296,000 in 2004, not $206,000.”
The public record says $206,000 but there is always room for human error (i.e. typos.)
As someone that lives at 900 S Wabash….the next block up from this place, the EL tracks do not bother me and one will quickly become inured to the sound. In fact, I actually notice when I haven’t heard the EL go by if that makes any sense. Furthermore, it is not like the trains are going by every five seconds and the Green/Orange lines stop at a certain time anyway.
So, Elwood was right!