“Great Investment Opportunity” in Bank Owned 2-Bedroom at 720 N. Larrabee in River North
This 2-bedroom unit in the Two River Place high rise at 720 N. Larrabee in River North has been on the market since August.
It is bank owned and is listed for $66,000 under the 2004 purchase price.
It has all the bells and whistles of newer construction including central air, washer/dryer in the unit and hardwood floors.
From the pictures, the kitchen looks intact with its stainless steel appliances. One bathroom also appears intact (the second one isn’t pictured.)
The listing calls this a “great investment opportunity.”
Is it?
Jason Shapior at Rising Realty LLC has the listing. See the pictures here.
Unit #1413: 2 bedrooms, 2 baths, no square footage listed
- Sold in December 2004 for $410,000
- Lis pendens filed in May 2006
- Bank owned in August 2008
- Originally listed in August 2010 for $344,000
- Currently still listed for $344,000
- Assessments of $591 a month (includes cable)
- Taxes of $4704
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×16
- Bedroom #2: 12×12
- Living room: 27×15
- Kitchen: 10×11
Wow all three case examples are within a block today. Sabrina must have had dinner at Erie on the Park last night!
This further proves my point of why I do not understand how that strip of $2 and $3 million dollar homes on Superior ever got built. It just does not scream upscale ritzy neighborhood!
I guess that you could combine 5 units in this building at
Would this really rent for ~$3k/month? Because that’s what it would take to be a “great” investment.
The restaurant is called “Erie Cafe”
Erie on the park is the lucien lagrange condo building across from erie park
Concrete ceilings. Yuck.
Am I the only one that hates the interiors of these two buildings (River Place)? The concrete ceilings, exposed duct work and concrete poles implemented as design elements to create the fake loft feel are just silly.
I don’t mind concrete ceilings or even walls, but the concrete poles are pretty awful, exposed ductwork if done right can look cool, most of the time it isn’t done right
A friend of mine lives in either this building or it’s twin next door. The one good thing that he always mentions is how healthy the homeowners association is. He “says” they have plenty of reserves since all of the units were sold and there have been very few foreclosure in the building. Will this help keep prices up enough for him to prevent substantial losses when he tries to sell his one bedroom loft setup in five years that he bought with parking for around 300k in the spring of 2006?
restaurant is called “Erie Cafe
Sonies thanks for the correction. Have not been there since August. Good catch.
“Will this help keep prices up enough for him to prevent substantial losses when he tries to sell his one bedroom loft setup in five years that he bought with parking for around 300k in the spring of 2006?”
I think that depends on your definition of what “substantial losses” is… most 1 bedrooms even in streeterville aren’t going for 300k, more like 275k for a big 1 bedroom in a really nice building
“most 1 bedrooms even in streeterville aren’t going for 300k, more like 275k for a big 1 bedroom in a really nice building”
600 NF, 550 StC, 240 E Illinois (if you call that SV), 505 N McC, 600 N LSD….none of which you will find a big 1-bd for under 350k.
Some of the loftier buildings possibly, over by Navy Pier and north up LSD…doubtful w/parking.
I think this part of River North neighborhood is pretty nice. Nice new park with fabulous views, dog park, and river walk. Close to the loop, restaurants, and Mag Mile. It’s a new neighborhood, but it has a pretty diverse housing stock and is not nearly as crowded or touristy as Streeterville. This building, however, is one of the most bland buildings in the neighborhood. The living rooms are all really long and skinny. Not a great layout. The builder tried to maximize views for every unit at the cost of a good floorplan.
Anyone have any thoughts on reasonable rent in this building. several two bedrooms are listed for rent at $2800-3000 w/out parking, but there is a new apt building a block away that just opened, lots of other inventory in the ‘hood. A friend is trying to rent her 2 BR / 2 BA and is using those comps, but in my opinion, way too high. Thoughts?
Go to the rental buildings and see what kind of “deals” you get. A lot of them are still giving away 1 or 2 months free rent to get people in the door.
Normal 2/2s in the older condo buildings usually go anywhere from $2200 to $2500 if nicer with views etc. It all depends on location, upgrades, views etc. That includes the parking in many cases.