Crib Chatter

 

Sorry to keep talking about the foreclosures, but they’re inescapable right now.  I’m hoping that I’m at least providing information for those people looking to buy in certain buildings (and want to avoid buildings with multiple foreclosures) or to those looking to see where some deals might be.

Yes, the “deal of the century” is still available (that’s the unit I’ve talked about before that is about 50% off its sales price of only two years ago.)  Clearly, the price will be going lower.

River City, at 800 S. Wells, in the Printers Row/South Loop neighborhood, continues to see condos going on the foreclosure auction block.  If it keeps up this pace, it could challenge The Sterling as the #1 foreclosed building in the city.

Right now, I would put it at a close second for that title.

Part of the problem with the building is that some of the units were bought in the original condition from the developer, American Invsco, so they look nasty.  Other units were renovated- but it’s hard to sell that product when the unit next door is so ugly.

This is an “original condition” unit.  Unit #542:

It’s 3 bedrooms, 2.5 baths and listed at $318,000.  Chicago Realty Partners Ltd. has the listing.

This is a renovated unit.  Unit #533:

This unit is also 3 bedrooms, 2.5 baths.  It’s listed at $374,900 and it just had a price reduction.  Sudler Sotheby’s has the listing.

Which unit would you rather buy?

Unfortunately, foreclosures are simply destroying any kind of value in the building.

Last week another large unit went to auction (similar to the “Deal of the Century” unit and the units show above):

Unit #510: 3 bedroom, 2.5 baths

• Last sold in July 2005 for $534,700
• Auction price of $427,756

This week, two one bedrooms came up for auction:

Unit #1318: 1 bedroom, 1 bath

• Sold in October 2002 for $198,500
• Sold in August 2006 for $250,000
• Auction price of $199,901

Unit #1245: 1 bedroom, 1 bath

• I can’t find a prior sale price
• Auction price of $239,885

Unit #1345, which I’m presuming is the same as #1245 just one floor higher, is still on the market from the developer American Invsco.  They’ve listed it for $194,900.  It’s 660 square feet.

There are 44 units for sale and/or 24 units for rent currently on the market out of 448 units.

River City is a famous Chicago building but it has proven to be an awful investment for condo owners.