Short Sale: 30% Off a Million Dollar Unit at Millenium Centre
Want a 2700 square foot unit in River North at 30% off 2005 prices? Check out Millenium Centre, at 33 W. Ontario.
Short sales and reductions have hit hard there over the last few months.
Unit #55E is just one of many examples. The listing states:
CONTRACT CONTINGENT ON LENDER ACCEPT OF SHORT SALE. MUST LIQUIDATE ESTATE. BRING ANY/ALL REASONABLE OFFERS.
Thanks to the tipster who sent me information on this unit. It’s been on the market for six months already.
Unit #55E: 3 bedrooms, 2.5 baths, 2700 square feet
- Sold in April 2005 for $1.4 million
- Was originally listed last fall for $1.39 million
- Currently listed at $975,000 (parking included)
- Assessments of $1450 a month
- American Invsco Realty has the listing
But if you think that’s a “deal” maybe it’s not.
Unit #52E, similarly sized, just re-sold two months ago. Here’s its price history:
- Sold in February 2005 for $1.45 million
- Sold in October 2005 for $1,799,500
- Re-sold in February 2008 for $865,000
WOW/.
If I were the bank, I’d refuse any sale that gave additional $$ to Invsco in any way–no commission for the folks who profited from my soon-to-be loss.
This link has a list of American Invsco Developments in Illinois. http://www.invsco.com/corporate/aidevelopments.html
This building had some serious mischief going on.
50E sold out of foreclosure – closed 3/08 for $901,000 (supposedly sold for $1.8 million in December 05 per listing).
51E selling out of foreclosure – under contract asking was $954,900 mls
52E sold out of foreclosure 2/08 $864,900 per mls
58E sold out of foreclosure 1/08 $875,000
doubt the units were ever actually sold and/or worth $1.5+.
massive fraud?
If these lenders weren’t in on this scheme they were incredibly lazy/idiotic.
Bubbleboi:
I’ve talked about this building being one of the top three buildings in the city for foreclosures. Check out the other posts on this building for more info on the foreclosures.
This building is an Invsco development. There have been a lot of foreclosures in the Invsco developments. They sold a lot of units to investors and had various deals such as the 2/2/2 (which was two years of free assessments, two years of paid taxes and two years of finding a renter for you to cover your costs.)