Gold Coast Coach House Listed Below 2000 Selling Price: 1234 N. Dearborn
Remember our favorite bank-owned Gold Coast coach house at 1234 N. Dearborn?
See our October 2008 chatter and pictures here.
It’s not too late to own it.
The bank has reduced it $105,000 since May 2008. It’s now listed $50,000 below the 2000 sales price.
Is this finally a “deal”?
A.D.S. Realty now has the listing. See the listing here (sorry- no interior pictures this time.) See the May 2008 chatter for interior shots.
1234 N. Dearborn #CH: 2 bedrooms, 2.5 baths
- Sold in June 2000 for $395,000
- Bank owned as of September 2007
- Was listed in May 2008 for $450,000
- Reduced
- Was listed in June 2008 for $437,000
- Reduced
- Was listed in October 2008 for $407,000
- Reduced
- Currently listed for $345,000
- Assessments of $335 a month
- Taxes of $3308
- No central air
- No parking
Lol i remember the pictures of this place with the knocked over patio furniture on it… great job staging the place realtor(r)!!!
lol
Dumb bank would rather let the property fall into disrepair and give the listing to a realtor not even interested in selling it, obviously. That being said we’re getting closer. But I can’t imagine how dilapidated the interior is by now after all these months of vacancy and no interior pics.
That price seems high for a 2 BD unit that needs “minor repairs”. One would think Banks are in a hurry to unload all their REOs from 07 and 08 before the 09s arrive.
Just for comparison, the (presumably not trashed) first floor rear 2/1 unit in the main building is listed for $325K. Here’s the listing:
http://www.redfin.com/IL/Chicago/1234-N-Dearborn-St-60610/unit-1R/home/18232083
It’s “currently rented for $1600 a month.”
i recently toured this. there are holes in the 1st floor ceiling where someone cut out to get at something (pipes). and there is water damage all over. it needs big $$ to even be livable. it’s been vacant for over 2 years.
no parking, no a/c, no deal. $200,000 would be my offer for the bank.
Don’t laugh, just make sure your offer gets to the bank.
I would go to $250,000 and then walk away.
I tried to see this when it was listed with one of the previous realtors. They didn’t have a copy of the key to get to the back of the complex (where this free-standing coach house is located), so they suggested that i ring the buzzer of one of the neighbors to let me in. I lucked out as one of the neighbors was walking out and was kind enough to let me in.
when i got to the door of the complex, i could not open the lock box to get the key. I called the agent and confirmed the code – but it simply WOULD NOT open. It was the wrong box.
when i saw them drop the price it was no surprise to me as i was sure it wasn’t really being shown to anyone.
I understand banks want to save some money on commissions, but i don’t know where they find these totally unprofessional realtors who can’t be bothered with actually showing a property, or at the very ensuring that people have access to it. They price things very low but are then worried about a couple thousand dollars in commission. why not give it to a realtor who will actually do a good job marketing it and bring in more than is saved on commissions?
Can anyone explain how the comparison place currently renting for $1600 can have such an optimistic asking price of $325k?
It seems quite obvious that the market can not bear it.
“It seems quite obvious that the market can not bear it.”
Neither can the bank, more than likely. If they had to discouunt all their REO properties to rent-equivalent yield levels I think we’d see a lot of insolvent banks out in plain view (as opposed to hidden now).
So for now we are told to ignore the man behind the curtain and these banks are just fine and we play the waiting game while the banks cling to survival and meter out the losses at a rate commensurate with or less than their capital raising (from taxpayers mostly these days).
“Can anyone explain how the comparison place currently renting for $1600 can have such an optimistic asking price of $325k?”
They are asking as if it will be an o/o unit, when it appears destined to be a rental.
“Can anyone explain how the comparison place currently renting for $1600 can have such an optimistic asking price of $325k?”
They are living in denial. Asking 200+ times monthly rent is not gonna fly today as it did in 2006, whether the property is owner occupied or not.
There is also a 1-bed in the front building listed for $329k.