Get Your Million Dollar Penthouse Condo 50% Off: 40 E. 9th
Several penthouse properties are in distress in 40 E. 9th, Burnham Park Plaza Condos, in the South Loop. The building was built in 1912 and converted into condominiums earlier in this decade. It has 290 units.
One penthouse is already bank owned and now listed 55% less than its previous sale. Another has a lis pendens filed against it.
A third penthouse is on the market after selling just last year. Here’s the listing:
DUPLEX PENTHOUSE CONDO! HUGE LIVING/DINING ROOM COMBO WITH HARDWOOD FLOORS. KITCHEN FEATURES SS APPLIANCES AND 1 1/4 GRANITE COUNTER OPEN FLOOR PLAN. LOFT MASTER BEDROOM WITH LARGE DECK WITH FANTASTIC VIEWS. ONE CAR GARAGE PARKING INCLUDED
Unit #1902: 2 bedrooms, 2 baths, 2500 square feet, rooftop terrace
- Sold in April 2007 for $1.1 million
- Currently listed for $1.2 million (parking included)
- Assessments of $541 a month
- Taxes of $578 (this is what it says…)
- Sudler Sothebys has the listing
Unit #1906 is already bank-owned and drastically reduced from the last sale. (Sorry- no interior pictures.)
Unit #1906: 3 bedrooms, 3 baths, no square footage listed
- Sold in December 2006 for $1.65 million
- Foreclosure
- Bank owned and listed for $754,900 (parking included)
- Assessments of $1532 a month
- Taxes of $1,717 (this is what it says)
- Amalgamated Real Estate has the listing
Unit #1916 has a lis pendens filed against it.
Unit #1916:
- Sold in October 2006 for $1.55 million
- Lis pendens filed in June 2008 by the Bank of New York
- Foreclosure amount of $989,595
Stay tuned.
Taxes may pre-date the conversion. Of course, that means that the 2009 re-assessment will hurt. Expect property tax issues here in 2010 (when those bills come due).
Banks are finally starting to dump thier REO’s. I am seeing this 50% off stuff everywhere.
I have been wondering how the property tax issue is going to play itself out as well. I think here in Cook county we’re somewhat insulated as the taxes are based on a convoluted formula not as directly tied to sale prices. But in other areas I don’t think the taxman is going to stand for a hit to his revenue as government spending went up a lot during the bubble to put the increased tax receipts to use.
Here’s how taxes work in IL.
The taxing bodies set their budgets. The assessor sets the assessed values based on a percentage (by prop type) of MV. The tax rate is determined simply by dividing the budgets by the assessment total.
Any drop in assessed value will jst cause an increase in the tax rate. So your taxes will remain the same unless budgets are cut (yeah, right.)
I was seeing comments a little while back on the Irvine Housing Blog forums about Orange County (CA) cutting assessed values by substantial amounts (10-25%, IIRC) in response to appeals.
(California has their Prop. 13 system, where assessed values are capped at purchase price plus about 2% per year.)
I also am hearing that appeals are dramatically up in most places, but I have no hard data (and no info at all on the responses).
CA and other states with re tax caps (MI, IN are two I know of) will be hurtin for certain.
Here is the main IHB thread on Orange County assessment adjustments:
http://www.irvinehousingblog.com/forums/viewthread/2516/
If you win on appeal, the tax just gets shifted to someone else.
If you win on appeal, the tax just gets shifted to someone else.
Exactly, which is why they don’t mind letting you appeal. As long as they can keep the people fighting amongst themselves, they can get away with inflated budgets and patronage jobs.
If I’m spending a million dollars on a condo, I’d better have a kitchen and bathroom nicer than that those. And what crummy carpet. I’m amazed that they ever could sell those condos for those prices, no matter the location and square footage.
What’s with the trailer siding on the exterior?
And how about those panel bifold doors on the wall closet? Looks totally cheapo, and certainly not compatable with the ultra-clean and minimilist styling of the rest of the space…
I’ve looked in this guilding. Typical low-end developer crap. I also know someone who bought in here and essentially treated the unit as raw space. Tore out pretty much everything and started over from scratch.
The building was once a YMCA. I was on the penthouse floor (it’s shared with some common area facilities); it doesn’t feel especially high end to me.
the reason why its 55% off is because its north worth a $1,000,000.