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More Distress in River City with 50% Reductions

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How low will the prices fall in River City at 800 S. Wells in the South Loop?

Ever lower- so it seems.  And the foreclosures continue to mount.  This building is in serious trouble.

The latest foreclosure:

Unit #554: likely a 3 bedroom, 2.5 bath duplex (I don’t have the exact size of the unit but likely around 1600 square feet)

  • Last sold for $504,500 in December 2005
  • Auction price of $403,600

Other units in distress are the following:

Unit #508: 3 bedroom, 2.5 baths, 1600 square feet, sold “as is”

  • Last sold for $498,100 in August 2005
  • Currently listed for $279,900

Unit #542: 3 bedroom, 2.5 baths,  1600 square feet, duplex, sold “as is”

  • Last sold for $500,000 in July 2005
  • Currently listed for $318,000

And this unit is priced at 50% less than what it sold for 3 years ago.  Yikes!  Brutal.

Unit #551: 3 bedrooms, 2.5 baths, sold “as is”

  • Last sold for $511,700 in December 2004
  • Currently listed for $254,900

You have to ask yourself- if the 3 bedrooms are all listed for $260,000 or so (and STILL not selling) what are the one bedrooms in the building worth?

Oh- and the “opportunity of a lifetime” that was 42% off  its original sales price – that I wrote about a few weeks ago?  Still for sale- and not so much of an “opportunity.”  That unit was listed for $268,000– a full $13,000 more than #551 above (also a three bedroom, 2.5 bath).  Seems that #551 is now the “opportunity” (if you want to call it that.)

This entry was posted on Tuesday, October 9th, 2007 at 2:00 pm and is filed under South Loop. 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.

4 Responses to “More Distress in River City with 50% Reductions”

  1. It could be because the assessments are more than $900 a month

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  2. $900 a month for a three bedroom duplex unit is not overtly high as far as assessments. Assessments on many smaller two bedroom units in high rises can run around $600 to $800 a month. It’s not unusual to have three bedroom assessments at $1000 a month.

    But for someone expecting a “deal”- then, yes, they’ll have to pay the big assessment as well.

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  3. I am thinking about buying one bedroom in the buiding for renting it out. Is it a good deal? how much are the assessments and for how much could I rent it out?
    thank you,
    Eduardo

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