Nearly 50% Off This 2-Bedroom in Plaza 440 But Is It Even a Deal? 440 N. Wabash in River North
This 2-bedroom short sale in Plaza 440 at 440 N. Wabash in River North has been on and off the market since 2009.
It has been under contract numerous times, including just last November.
However, the deal has not been able to close.
The listing says this is a “total deal”.
With northeast views, it is the largest floor plan in the building.
The unit hasn’t been upgraded. It has carpeting and a completely white kitchen.
It does have central air and a washer/dryer in the unit. It also appears to have parking (of some kind- I can’t tell if it’s owned or rented.)
The listing says this is a deal because the seller paid $570,000 in 2005 (public records show $605,000, however) and it’s now listed for just $325,000.
But is $325,000 a “deal” or simply “the market” in this building in 2012?
Jennifer Mills at Koenig & Strey Real Living has the listing. See the pictures here.
Unit #4106: 2 bedrooms, 2 baths, no square footage listed
- Sold in February 2005 for $605,000 (it looks like parking was included)
- Originally listed in May 2009
- Under contract several times
- Lis pendens filed in February 2010
- Was listed in July 2011 for $310,000
- Under contract in November 2011
- Re-listed for $325,000
- Assessments of $726 a month (includes heat, a/c, doorman)
- Taxes of $4877
- Central Air
- Washer/Dryer in the unit
- Parking may be included (?)
- Bedroom #1: 15×11
- Bedroom #2: 18×11
- Living room: 19×20
- Kitchen: 7×12
March 2, 2014:
“$199,999. TOTAL DEAL! SHORT SALE! SELLER PAID $325,000! Hurry it’s vacant! Low $1,224 assessments”
You know it is a crappy listing when half the pictures aren’t even of the unit. How anyone paid $570k+ for this is mind boggling.
“How anyone paid $570k+ for this is mind boggling.”
from wiki: “The building was sold to American Invsco in September 2004 at a price of US$107 million. The previous owners, Archstone-Smith, had purchased the building two years previous for US$24 million”
i’m in at $75,000.
Where is Sad@440?
I will say this knowing little about the building and not having looked at the unit photos: It’s good that it’s on a high floor, but you want a river view if you’re in this building. The southeast units would be the best tier.
I was in a condo at this building over 25 years ago when a friend lived there, and at the time it seemed very nice. However, the building was less than 10 years old at the time. Sounds like it’s been allowed to deteriorate. The exterior was nver attractive n the first place, but location and views are great. My friend was on about the 30th floor with a SE view, and had an excellent view of the Wrigley Building’s clock tower.
Are they implying you have a standing reservation at Joe’s? WTF.
“My friend was on about the 30th floor with a SE view, and had an excellent view of the Wrigley Building’s clock tower.”
That’s now a view of the 30th floor of Trump, no?
A friend of mine rented a condo here a few years ago and loved the location. The unit itself was nothing special, but fine as a rental.
Height is this unit’s only upside, otherwise it is just another rental quality finish 2 bed in an American Invesco converted building. Gutting the kitchen and putting in laminate floors would go a long way to help sell this place.
As we saw the other day on Franklin, $300k seems to be the new pricepoint for these condos. I don’t see this ever being a premium building.
anon,
I may be wrong, but I think the east side of this building still looks right at the Wrigley building. It’s basically right behind it. It would be the west views from this building that would look into the Trump.
“I may be wrong, but I think the east side of this building still looks right at the Wrigley building. It’s basically right behind it. It would be the west views from this building that would look into the Trump.”
440 Wabash is west side of Wabash, Trump is east side of Wabash. Dunno about angle; that’s the only question.
Dan2 perhaps thinking of 405 Wabash. Not sure 440 ever saw the Wrigley tower–405 across the street is older.
Trump has obstructed views from both buildings, but SW views of 405 got it worst.
hahaha! so much to laugh at about this listing!
whether it ‘s the low-grade 2-bed someone at one point paid $570k for, or the fact that the listing agent uses that fact as the main selling point…
carpet, low-grade kitchen, low ceilings, no balcony… i don’t see it mentioned, but to top it off, I wouldn’t be surprised if there’s no in-unit laundry either…
“Not sure 440 ever saw the Wrigley tower”
Ok, checked streetview–partial view of wrigley from in front of 440, mostly blocked by 405.
405’s view of Wrigley totally unaffected by Trump.
440’s view of river *hugely* affected by Trump.
You’re right – I had the wrong building. I was thinking of 405 Wabash. Strike what I said earlier about being there 25 years ago and seeing the Wrigley Tower. Don’t think this building was there 25 years ago. They sure look similar though.
Actually, I think the north views are the best – real “city views,” especially at night on the higher floors.
The recreation areas are shared with the hotel next door.
No in-unit laundries as far as I can remember.
But for some reason, those who live here really, really love it – units sell fast with multiple offers.
“But for some reason, those who live here really, really love it ”
Except our friend, SadatPlaza440.
Unfortunately, I’ve been so busy I haven’t even been able to read Cribchatter! That said, $325k looks like market price or a little higher for this unit, so not a “deal.” 4706 sold in Nov. 11 for $340k, and 3006 sold in Oct. 11 for $295k. Assuming 4106 comes with a deed spot, $320k to $325k sounds about right; if it doesn’t have a deeded spot then subtract $20-$25k or so. I’m also assuming all 3 units have the same level of finishes, which could be wrong.
As for the bigger picture issues, I’ll say what I’ve said before. Plaza 440 is the paradigm of a rental building that should never have been turned into condos. The finishes of most units simply are too low end for it to have been sold as condos.
If you’re looking for a place to rent, I would strongly encourage you to look at renting in Plaza 440. Rents are reasonable (haven’t really increased much since 2005), and the location simply is excellent for someone who wants to walk to work in the Loop, Mich Ave., the beach, the Red Line, etc.
But if you want to buy somewhere to live, I’d pass and leave Plaza 440 to investors buying rental units. I paid $280k seven years ago for a condo that is now worth about $180k, which is probably the worst decision I’ve ever made.
@ 440
Thanks for the insight