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Is $300,000 the New Normal for a 2/2 in River North? 200 W. Grand

A year or two ago, bank owned 2-bedroom units in prime neighborhoods would sell fairly quickly.

Not anymore.

This 2 bedroom in the newer construction high rise at 200 W. Grand in River North has been on the market since August 2011.

It has also been reduced $30,100 to $339,900 and still there are no takers.

From the pictures, it appears the kitchen and bathrooms are intact.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.

There are hardwood floors in the main living area.

The unit has newer construction features like central air, washer/dryer in the unit and deeded parking included.

Will this go to $300,000 before finding a buyer?

Coya Smith at Smith Partners & Associates has the listing. See the pictures here.

Unit #1004: 2 bedrooms, 2 baths, no square footage listed

  • Sold in June 2006 for $412,000 (parking included)
  • Lis pendens filed in March 2007
  • Bank owned in December 2010
  • Originally listed in August 2011 for $370,000
  • Reduced
  • Currently listed at $339,900 (includes the parking)
  • Assessments of $620 a month (includes doorman)
  • Taxes are not listed
  • Bedroom #1: 12×12
  • Bedroom #2: 13×10

 

 

This entry was posted on Wednesday, November 9th, 2011 at 11:03 am and is filed under Foreclosures, River North. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

15 Responses to “Is $300,000 the New Normal for a 2/2 in River North? 200 W. Grand”

  1. Is this Grand on Grand, or the Grand Orleans….or whatever these places were called, I got sick of seeing their ads every week in the Trib RE section.

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  2. I predict $299,000 with parking. I wouldn’t say it’s a spectacular deal, but would be a nice place for a young professional. I know someone who worked with this agent and she’s responsive. It’s a foreclosure and the buyer could close quickly without having to deal with short sale issues.

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  3. Not all River North Condos suffer from this problem. Only those that are fairly generic. They sold well in the boom b/c they were new, but there is nothing special about them. To sell well these days, they need to have unusual architecture, views, etc…

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  4. Wonder if this unit had a little mortgage fraud going on? Specuvestor? Closed in June 06 and foreclosure filed in March 07? First payment wouldn’t have been till August of 06… so the owner barely made four payments if any at all. Normally takes three missed payments before bank starts foreclosing.

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  5. The views are protected from this building so that will also be an attraction. Well managed building, good reserve, GREAT location. Can’t opine on the unit however, but sub $300k for this area, views – I will be surprised.

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  6. If it’s a breath-taking view, why is there no photo of it?
    From the one photo I see looking out a window, the view is anything but breath-taking, which is no surprise from only 10 floors up. If I were to live here, it would have to be much higher in the building.

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  7. Yes 300k for a small and outdated 2/2 in river north is normal. Seeing the title of this unit had me a bit worried, but this place isn’t in the best shape, looks like a rental

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  8. I love the poop stains on the toilet in the photos. The paint in this apartment makes me want to vomit. That aside, 299 wouldn’t be bad for the size and location…but I wouldn’t be shocked if it went lower. it’s awfully generic.

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  9. It just amazes me how inexpensive properties have become. $2,200/month @4.25% assuming $5k for taxes a $300k purchase and a $60k downpayment.

    Prices are where they need to be, it just the commitment part by young professionals….

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  10. Arch Snarky Commentator on November 9th, 2011 at 5:30 pm

    “Prices are where they need to be, it just the commitment part by young professionals….”

    What % of “young professionals” in this city have 60k laying around?

    15%?

    10%?

    Less?

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  11. Yeah, that’s pretty blah, although standard reo-pics don’t help. At this price, the assessment is a huge chunk of the payment. What exactly am I getting for more than $600/mo in a 7yr-old building?

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  12. “What % of “young professionals” in this city have 60k laying around?”

    Practically none. Especially if they have student loans. Possibly if they have two pretty good incomes though. But it’s still going to take them several years to save up $60k.

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  13. As a young professional with a high income… no friggin way. Student loans are at 7% plus! At that price point, paying down loans should be priority 1 for every young doctor, lawyer, dentist, banker, etc.

    Every time I feel bad about my law school debt, I remind myself that my friend who just finished dental school owes $200k. $200k at 7%.

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  14. 300K or under including the parking and this will sell. It’s the Grand on Grand! LOL

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  15. reduced to 331,000.

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