More Distress in River City with 50% Reductions
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.)
It could be because the assessments are more than $900 a month
$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.
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