Get This Bank Owned 2/2 For Under $500,000 in the Fordham: 25 E. Superior in River North
This 2-bedroom in the Fordham at 25 E. Superior in River North recently came on the market.
It is bank owned.
It is listed $257,100 under the 2003 purchase price.
From the listing pictures, the unit appears to have the kitchen and bathrooms intact.
The kitchen has upgraded stainless steel appliances and granite counter tops.
The bathrooms also appear to have stone counters and floors.
The unit has central air and a washer/dryer hook-up.
The listing doesn’t mention parking and the 2003 purchase doesn’t appear to include the parking either.
Is this a deal for the square footage and location?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
Unit #1202: 2 bedrooms, 2 baths, 1600 square feet
- Sold in February 2003 for $755,000
- Bank owned in September 2010
- Currently listed for $497,900 (does not include parking)
- Assessment of $828 a month (includes doorman)
- Taxes of $8956
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom #1: 15×14
- Bedroom #2: 14×11
In the infamous thread during Sabrina’s vacation I criticized the neighborhood for its unreported crime problems. Some of the RN/GC lemmings said I was making it all up and demanded proof. I think Sonies or someone implied I was racist.
Step forward to today: 5 headlines on Drudge Report
Waiting for the apologies… 😉
Who paid three quarters of a million dollars for this in 2003? What bank and more importantly who’s appraiser thought that $468 per sq. ft. made sense?
I know that we got caught up in irrational exuberance and things got out of whack but people made some crazy ass decisions about values.
I recall falling in lust with those units that were located on the north side of Skybridge Tower back in that era. They featured an awesome layout and had incredible views but I just could not understand how the unit could be priced so high and took a pass. I even recall making a verbal offer to one of the builders in the low $500’s. He thanked me but laughed at my offer.
What is this average condo in a nicer than average building worth today? My guess is that someone might jump for $400-$450 with one parking spot.
How to get pics???
“He thanked me but laughed at my offer. ”
JP3, don’t you wish you had a video clip of that event — i bet you’d post it everywhere you could and even pay someone to set up a screen and projector outside the open house. 😀
jp3:
like this one:
http://www.redfin.com/IL/Chicago/737-W-Washington-Blvd-60661/unit-1701/home/12680809
u/c (quickly) with a list of $587,500. ’06 sale for $724k
“Who paid three quarters of a million dollars for this in 2003? What bank and more importantly who’s appraiser thought that $468 per sq. ft. made sense?”
Clearly the clinically insane. An even worse example is 5008 in Plaza 440. That “penthouse” (cough, cough) unit is a 2/2 with around 1,600 square feet, similar to the one in the OP. It sold for $813,000 in 2005, even more than the Fordham one despite being in a lower end building (though with two more years of bubbliciousness). A couple of months ago, it sold for $310,000, or an approximately 62% price decline.
Aaah the Drudge Report – scaring old conservative people since 1996
Anon – Right on the money with your link! Sure I know that the west loop (Skybridge) is not as high end r well located as some RN, Old Town, or Lincoln Park high rises but this is still a great unit with unobstructed views. I’d take this unit over a random 2 bedroom 12th floor unit at Fordham etc any day.
unit 2704 sold on May 23 for 475K including the parking,though by its description it was a smaller 2/2
http://www.redfin.com/IL/Chicago/25-E-Superior-St-60611/unit-2704/home/12694973
didnt ze live in this building? remember him saying the neighbors werent neighborly
humorously not neighborly. Stressfully so as well. Very uptight. Noses so far in the air it was unbearable. It was a terribly constructed place as well. Water was always running down some pipe somewhere. Cracks all over the facade. Only thing i liked was the dog run on the roof…
and as for the 12th floor… with those Cathedral bells goin off, not worth thinking about unless you have a hunchback and a girlfriend named Esmeralda.
did john cusack live there? wife’s coworker mentioned living in the same building as he does. I think it was this one
yes… I almost wrote that, they LOVE bringing that up. Since I am generally messy, I was mistaken, at different times, for a construction worker and a pizza delivery guy. My wife being Latina, by several people… our dog walker.
Wait a couple years and nobody will remember that Fordham once had cachet. This will soon be just another commodity 2/2 like the dumps at 30 E Huron, 33 W Ontario and 10 E Ontario. Only this has the added safety issue of being so close to the State/Chicago McDonalds.
$349k incl parking. Some day, at least.
And the $828 assessment is only to cover the letters you will get under your door every morning informing everyone what rules are not properly being followed and how if the doormen are not meeting you at your car within 2 seconds after it stops, this must be reported.
Like livin under the Staszi.
“Like livin under the Staszi”
Then they would have known you weren’t a delivery guy and your wife not a dog walker.
More like Stalag 13, no?
“This will soon be just another commodity 2/2 like the dumps at 30 E Huron, 33 W Ontario and 10 E Ontario.”
You are _seriously_ comparing 30 E Huron & 33 W Ontario with 10 E Ontario?
Hint: only one is undergoing significant distress.
Another hint: only one was built as apartments then converted during the boom by Invsco.
You can’t use Invsco buildings as valid comps for buildings that had legitimate (non-fraudulent) financing arrangements.
“You can’t use Invsco buildings as valid comps for buildings that had legitimate (non-fraudulent) financing arrangements.”
33 W Ontario was an Invsco building.
I think 25 E was originally intended as apartments. Felt like one. 10 E. was also high end apartments when built.. I think that’s what SoPo means.. it loses its shine, doc.
…and wouldn’t that be Richard Dawson playing a pizza delivery guy while the little french guy walked the dog. And can we get the ’88 version of Katarina Witt into this remake somehow?
Ahhh… now waxin reminiscent about sick days as a kid when you got the special sick day TV program schedule.
“33 W Ontario was an Invsco building.”
Ohhh….haha. Well it hasn’t hit the level of distress as 10 E…yet.
Probably chasing right behind it though.
Dude I almost got hit by a cab in this neighboorhood! Completely unsafe. . .
Regarding the place, I think the floor is too low. Too much noise from chatter below.
“Regarding the place, I think the floor is too low. Too much noise from chatter below.”
Used to live @ 30 E Huron ten years ago. Even from the 40th floor with the windows closed I easily could hear the bucket kids drumming away in front of Saks, the “tuba guy” in front of Crate/Barrel and the “sax guy” who usually was by the Sony store.
though still more peaceful than living in Mahattan.
I don’t really like this one very much. The price seems absolutely absurd.
This is one of the larger 2/2s in the building at 1600 square feet. What is 1600 square feet going for in peer buildings like The Pinnacle?
A 1555 square foot 2-bedroom is currently listed for $850,000 in that building.
http://www.coldwellbankeronline.com/ID/1319421
To me, that makes this one in the Fordham seem like a screaming deal.
Most of these comments indicate that you guys have absolutely no idea what you are talking about. It is $310 psf for one of the best buildings in River North. There is no comparison to 30 E. Huron or any of the surrounding buildings other than The Pinnacle or 55 E. Erie. It was not originally built as apartments (last time I checked they do not put standard crown molding in apartments…more like popcorn ceilings). If you are confused about which building it is, or have no idea what you are talking about, don’t comment. “gringozecarioca” made negative comments but at least they were relevant and came from a point of experience. Assessments suck, stuffy building, low floor can be loud…However, it will not move this into the $300k range. That is an uneducated guess.
This will move for 90-100% of the ask. Look at the comps in the building on a PSF basis.
This building is really depressing. It reminds me of an upscale retirement home. Then add that there have been multiple structural issues that necessitated special assessments and that both the east and south views are completely blocked and the whole building is a loser.
Does anyone know if John Cusack still lives in the Fordham building?