Get A 2/2 With Parking For Under $290K In The South Loop: 1600 S. Indiana
This 2-bedroom at 1600 S. Indiana in the South Loop has been on the market since August 2012.
It is a Fannie Mae Homepath property which can be bought for 3% down.
According to the pictures, the corner unit still has its kitchen and baths intact.
The kitchen has maple cabinets, stainless steel appliances and granite counter tops.
I’m not sure I”m understanding that kitchen/living room layout however.
Both bedrooms have windows and there are hardwood floors in the living areas.
There is central air, washer/dryer in the unit and parking is included.
The buyer is, however, responsible for past assessments of $1916.
The unit has been reduced $24,100 since August and is now listed at $289,900.
Is this a deal?
Jason Shapiro at Rising Realty has the listing. See the pictures here.
Unit #1308: 2 bedrooms, 2 baths, 1200 square feet
- Sold in September 2006 for $420,000 (included the parking)
- Lis pendens foreclosure filed in September 2010
- Bank owned in August 2011
- Originally listed in August 2012 for $314,000
- Reduced
- Currently listed at $289,900 (parking included)
- Assessments of $342 a month
- Taxes of $4183
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×11
- Bedroom #2: 10×12
The one advantage of the oddly shaped kitchen is that you can easily grab beers out of the refrigerator while not needing to get up off your LR sofa!! It’s a very odd shape–leaving very little room for what you’d like to include in both a LR & DR area–particularly in a 2BR
I looked up the floorplan–see link below. This place looks like it was designed by a crazed geometry professor!
http://www.dreamtown.com/buildings/lakeside-tower.html#dirfloorplans
“I’m not sure I”m understanding that kitchen/living room layout however.”
No, just no. Change the 2 to a 1, and then maybe. I am shocked that this ever sold for $420k.
I am a big fan of the south loop, but I still think this place is overpriced by at least $70k.
That is not selling at 289K unless it comes with seven parking spots and a deeded cabana by the pool like the place on Irving Park Rd.
So does the listing description on Redfin need to be changed or is it still technically a foreclosure?
“BUYER RESPONSIBLE FOR ANY & ALL CITY LIENS/VIOLATIONS IF ANY”
Not the most enticing property I’ve ever seen on CC, that’s for sure. Needs to be priced a lot lower. I’m guessing this building has a lot of recent college grads hoping to recreate their frat culture, so that’s another strike against it.
This is one of the worst kitchen/living/dining combos I’ve seen. My one bedroom rental in Sheridan park has more common living space than this unit.
Everyone involved in constructing this shithole needs to be banished from real estate. Developer, financier, architects, pre construction purchasers… there is no excuse for such horribly laid out units.
“I am a big fan of the south loop, but I still think this place is overpriced by at least $70k”
what should the 1/1s in this building go for?
“what should the 1/1s in this building go for?”
that’s part of the problem… this SHOULD BE a 1/1
Actually, looking at the floorplans in the link provided by JAH, some of the actual 1br floorplans do have better/bigger living room layouts than this 2br, even if the overall square footage of the 1br is smaller.
This place – the building and the unit – looks like a Communist-era housing project in Bucharest.
By the way, those are sure some dramatic views out of the bedroom windows. Nothing like staring right into another housing complex.
Similar unit in the building sold for $230k within the last year.
“what should the 1/1s in this building go for?”
For the record, they have been selling for around 160-170k mostly.
I am not familiar with the building, its location or its views (To me, Monroe is the south side.) , but I like that the design allows for so many windows. I remember when a building only had 4 corners. Do I think it was ever worth $420k, well no, but relative to the $800k a 2 bedroom would bring in 2006 River North…it all seems relative.
“Similar unit in the building sold for $230k within the last year.”
Most likely not a comp then. The market has changed.
“So does the listing description on Redfin need to be changed or is it still technically a foreclosure?”
The bank owns it.
Wow…looks like a great deal. Great location, solid price. Not a ton of room, but still very, very nice.