Get a Huge Terrace for $51,600 Under the 2002 Price: 208 W. Washington in the Loop
This 2-bedroom at City Centre at 208 W. Washington in the Loop has been on the market since June 2011.
It has been reduced $15,000 in that time.
It is bank owned and currently listed $51,600 under the 2002 purchase price.
It is one of the few units in the building with a 20×30 roof top terrace with city views.
At 1200 square feet, I’ve been told the kitchen and bathrooms are intact.
The kitchen has stainless steel appliances and granite counter tops.
The unit has central air and in-unit washer/dryer.
The listing says 1 assigned parking space is available for $121.60 a month.
I’ve been told that a LOT of buyers have looked at this unit since it came on the market in June.
How low will this go?
Jack Lewitz at IL Real Estate Specialists has the listing. See the pictures here.
Unit #2208: 2 bedrooms, 2 baths, 1200 square feet
- Sold in April 2002 for $366,500
- Lis pendens foreclosure filed in May 2010
- Bank owned in May 2011
- Originally listed in June 2011 for $329,900
- Reduced in July 2011 to $314,900
- Currently still listed at $314,900
- Assessments of $566 a month (includes heat, A/C, gas, doorman)
- Taxes of $5877
- Central Air
- Washer/Dryer in the unit
- Parking available for $121.60 a month
- Terrace: 20×30
- Bedroom #1: 14×12
- Bedroom #2: 12×10
The view may be a dealbreaker. I’d feel hemmed in looking out my window into all those other buildings. I’m betting sunlight is hard to come by.
Some may like the idea of living in the Loop. It never appealed to me. I like work to be separated more from home. And this part of the Loop has always been kind of a backwater, without a lot of interesting shops or restaurants (I know because I spent 9 years working just 2 blocks from here).
“$200 psf, or $240,000”
Gotta add something for the 600 sf roof. Not more than $50 psf, and likely less, more more than $0.
depressing.
I would jump on this if I was in the market. I like the idea of living very close to work. I love the outdoor space.
Note to broker though: You may want to remove the piles of fetid garbage before taking photos of a great outdoor terrace.
its not that great but come on that is a decent price if you can get those taxes appealed, I mean where else close to downtown can you get a place with 1200 sqft, 2/2 and a 20×30 terrace for under 330k and not having ridiculous assessments?
This is too much like living at work. Office views…not neighborhood..ugh.
Question from someone who likes reading this blog – but not in the “biz”. I notice on a lot of posts that are bank-owned, it mentions that the kitchen/bathroom are/are not intact.
Why is that? Do the squatters take it all with?
MJ, most foreclosures are complete dumps as the borrower being foreclosed will often start selling stuff – appliances, copper plumbing, etc. More common with single family homes.
Also, you can’t get financing without an intact kitchen/bath. They put that in the listing to let you know the property isn’t a crack den…(yet).
Pictures kinda suck, but from what I can see, I wouldn’t mind the views. Doesn’t seem like a half bad place to me. The 20×30 terrace really makes it though, hate the kitchen.
Russ, you are being entirely too harsh.
The borrower starts an extensive renovation project right before defaulting. They are environmentally friendly and do their best to ensure reuse of the materials that are about to be replaced.
I rented a condo in this building seven years ago. The unit doors are not solid so there’s a lot of noise from the hallway. Also, the building is right next to the el so there may be a lot of noise on the terrace.
Honestly this seems like a perfect in town for someone. That terrace could be amazing. Would work for a parent buying for a downtown college student for now then using it as an in town when they graduate.
Hi All,
I’ve toured this unit a number of times for myself and with clients.
Both bedrooms have windows and are decent sizes which is rare for this type of “soft” loft conversion from 1999-2000.
The Kitchen and bathrooms are all decent/livable but of course they can be updated.
The terrace is phenemonal, safe for children/pets etc since it has a 10ft brick wall surrounding it, but the view is of the sky/tops of other buildings.
The parking assessment stinks but it’s what everyone has to pay in the building if you own a space. The parking garage actually crosses through a public garage and 212 Washington’s garage, then into the private 208 garage, so there are these fees that go to the public garage owner.
Anyway, would love to sell it! I would buy it if I could!
Is 208 W Washington the “West Loop” per se? This is (yes I’m saying it again) very close to the el trains and more specifically not far from an el STOP.
I think this would have to go to 250K to sell. It’s a small box. Lack of pictures of half the rooms does not bode well.
Target market will be someone who needs a weekday place (like the small short sale on Michigan from a few weeks back).
Had a friend who lived in this building. Everything in it is CHEAP CHEAP CHEAP! And I don’t know how I feel about have 20 floors of assholes throwing their cigarette remains on my property. If I were exempt from retaliation against said assholes maybe….
“I think this would have to go to 250K to sell.”
At $315k, the implied annual rent (using the modified Heitman) is:
(315,000*.055)+5877+(12*(566+121.60)) = 31,453.20, or $2,621/mo
which seems non-absurd, except fot the lack of amenities. Strong feeling that this is a ~$2100 rental, with the parking included?
This building is a tough sell. Been meaning to do an update on it. All finishes are cheap and assessments are really high. Location is not that exciting but getting a bit more residential with the apartment building across the street now. Even the terraces feel closed in – views not that great from up there and you can kinda get the sense from the photos.
This bldg was re-developed by a total scumbag who is currently lowering the classiness of whatever federal pen he is serving time in much the same as he lowered the class of every rehab he touched. But hey like one of our posters he lived large & bragged loud and often about his successes before his sentencing.
a on August 24th, 2011 at 5:49 pm
This is the 2nd highest level, 22. I believe you are referring to the terraces on the 5th floor….yes…those are a bit hard to maintain b/c of the 20 floors of balconies above you.
PJWestLoop
No, this is the Loop proper. It is east of Wacker/Franklin etc, 5 blocks to Macy’s/Millennium Park etc
Southbound, who developed this building?
Definitely a “poor cousin” to the lovely 212 next door.
Please disregard southbound’s comments. His opinions are poisoned by his inability to see the truth and his overwhelming jealousy of anyone remotely more successful than him. Honestly, Laura, don’t even open up that can of worms.
The terrace is phenemonal, safe for children/pets etc since it has a 10ft brick wall surrounding it, but the view is of the sky/tops of other buildings.
That sounds so depressing and evaporated any interest I had in the unit.
“That sounds so depressing and evaporated any interest I had in the unit.”
It’s not that tall on all sides–the one pic that is in the listing twice shows a wall that’s ~4′ high. Rather doubtful that it’s 6′ taller in other sections.
Pending