I’ve been getting inquiries about the status of 1717 S. Prairie in the South Loop.
If you recall, the building was in litigation with the developer over water issues.
Here’s a bit about what is going on (taken from a NY Times article in April 2010.)
The view from Tom and Jane Justic’s eighth-floor condominium in the South Loop — with Soldier Field in the foreground and majestic Lake Michigan behind it — is exactly what they were looking for when they moved from Beverly in 2005.
But the condominium that came with that view has an unexpected and unwelcome additional cost: $850 a month in special assessments for the next five years, to cover the expense of building repairs that were completed late last year.
“The sun still comes up every morning,” Ms. Justic said one recent afternoon, rolling her eyes in mock reverie.
Since it was constructed in 2002, the Justics’ 23-story building at 1717 South Prairie Avenue has become an extreme example of the strains and pains that many South Loop condominiums and town houses now face from the area’s boom in construction before the market collapsed in late 2008. Once one of the city’s hottest real estate markets, the South Loop is crisscrossed by scaffolding and suffused with the frustration and anxiety of litigation between condo boards and developers.
Howard Dakoff, a condominium lawyer, said his firm had represented at least 10 South Loop condominium associations in fights over what they alleged was faulty construction in the last decade. But now, as suits brought by Mr. Dakoff and other lawyers have been settled, dismissed or just died in the face of mounting legal costs, the question for those still litigating and for the South Loop residents who remain in a state of real estate limbo is, how long to keep holding on?
In its lawsuit, the condominium association claimed that faulty construction resulted in “severe water infiltration” and that the developer had failed in its duty to address repair requests made by the board within a year after the condominium turnover.
The scaffolding came down in December, after nine months and $6.5 million worth of repairs to replace all of the windows and improve the masonry after severe cases of water leakage. The suit the board filed in 2005 against the developers and subcontractors moves slowly through Cook County Circuit Court.
Meanwhile, Tina Feldstein, president of the Prairie District Neighborhood Alliance, said, “Many people are forced into default now because they simply cannot afford their monthly assessment, their special assessment, and they can’t refinance because their property wouldn’t appraise for what it would have to appraise for.”
Unexpected repairs rattle owners of new condos [New York Times, Daniel Libit, Apr 22, 2010]
What does this mean for the building in 2011?
In a listing for Unit #1005, a 3-bedroom unit that recently came on the market it says: BLDG IS IN EXCELLENT SHAPE FINANCIALLY & PHYSICALLY W/ ALL IMPROVEMENTS COMPLETELY DONE.
That unit has a monthly assessment of $826. You can see the pictures and listing here.
But there are some bank owned units also listed in the building.
This corner 2/2 on the 20th floor is bank owned and appears to have the kitchen and bathrooms intact.
The kitchen has stainless steel appliances and granite counter tops.
It also has the new construction amenities such as washer/dryer in the unit, central air and garage parking.
Originally listed in June 2011 for $211,900, it has been reduced to just $172,900.
However, a Redfin agent who saw the unit states in the agent notes on the Redfin web site that the special assessment for the building repairs is included in the assessment amount- which is why the assessment is at $1622 a month.
If this building is turning itself around, is this a deal?
Barbara Thouvenell at P.R.S. Associates has the listing. See the pictures here.
Unit #2006: 2 bedrooms, 2 baths, no square footage listed
- Sold in October 2004 for $370,000 (included parking)
- Lis pendens foreclosure filed in September 2009
- Bank owned in August 2010
- Listed in June 2011 for $211,900
- Reduced several times
- Currently listed at $172,900 (includes the parking)
- Assessments of $1622 a month (includes doorman- and also apparently the building repair special assessment)
- Taxes of $4849
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 12×12
- Bedroom #2: 10×10
