Short Sale Alert: 1 Year Later and Reduced $180K: 182 W. Lake
Century Tower at 182 W. Lake in the loop is an American Invsco conversion circa 2006-2007.
The building sold-out quickly in the heyday because of an innovative 1-day auction where they were going to let buyers/investors put bids in via hand-held devices.
See the press release for a blast from the past describing how the building sold out at the event, the “buyer’s market”, and how it was a “fantastic real estate wealth building opportunity.”
This 3-bedroom unit on the 27th floor is in the prestige part of the building because of the view and the fact that it could have in-unit laundry (as units below floor 20 or 21, I believe it was, could NOT have in-unit laundry.)
First listed for sale in July 2008, it is now a “short sale” and has been reduced $179,900.
It is also listed $105,000 under the 2007 purchase price.
The unit has east, south and west exposures and, according to the listing, overlooks the “site of the Dark Knight” (not sure what that means.)
Sherine Azzam at Baird & Warner has the listing. See the pictures here.
Unit #2701: 3 bedrooms, 2 baths, no square footage listed
- Sold in February 2007 for $455,000
- Originally listed in July 2008 for $529,900
- Reduced several times
- “Short Sale”
- Currently listed for $350,000
- Assessments of $944 a month
- Taxes of $5375
- No parking- leased nearby
- Central Air
- In-unit washer/dryer
- Bedroom #1: 11×10
- Bedroom #2: 11×8
- Bedroom #3: 11×8
- Living room: 16×12
- Dining room: 13×8
- Kitchen: 11×11
It overlooks the site of the dark knight, as in, it is near filming locations of the movie.
What is that, a $1 per SF per month assessment?
This one really puts the’ass’ in assessments
I’m guessing not quite a dollar per sq ft assessment. Let’s say the assessment is about double comparable buildings. Easy math $450 x 12 = $5400 per year. Depending on your cap rate, I would guess that would shave $70K off the price vs. comparable units with normal assessments.
Stay away from this building!
I am both amazed and digusted that Americo was able to sell-out at these price in 2007. That must be the most talented group of snake-oil salesmen ever.
American Invsco STAY AWAY.
Floorplan* from the website sez 1190 sf. And shows meanignfully different room dimensions (meaningful onlt b/c they are so small).
* http://www.centurytowercondos.com/downloads/CT_3BD_2BA_1190sf_2701-2801.pdf
Reading the press release now — “Live music greeted guests who enjoyed hor d’ouevres during a welcome reception…The celebration of the ‘buyer’s market’ continued with a Greek buffet…”
I hope whoever bought this place had a really nice time at the event. Sounds like a pricey ticket.
what a nasty layout. The master bed is off the kitchen?
the west view will be blocked soon by a new rental high-rise
this should be marketed as a 1 bed room with 2 walkin closets, and a large hallway for a dining room.
I never thought it was possible to squeeze a 3 bedroom, 2 bathroom out of 1190 square feet. I guess this is how it is done…awful.
Absolutely awful. The bedrooms are smaller than my kitchen. I can’t understand why anyone would ever buy this unit, now or previously.
I have a 1 bedroom apt that is a little smaller than this but with bigger rooms. My rent is less than the assessments. Granted, I am throwing my money away in rent 😉 but just gives an idea of the rip off that this place is.
from all the commentary – is it too aggressive to say this won’t be a deal until it is below $200K?
I was interested in this building as it was located close to my work.
I found out that the building had numerous absentee landlords. So I researched rental review websites and found numerous complaints from renters and condo owners in the building.
Apparently it was a well run building then they cheaped-out and now it’s gone downhill.
Everything I read scared me off this place.
Is this the building where a women tragically fell to her death within the last year?
wasnt this building falling apart a while back? I seem to remember it being in the news for raining shards onto the sidewalk. Also, I tip of the pointy tower is new b/c it is a different color than the rest (if i’m thinking of the right pointy tower)
“is it too aggressive to say this won’t be a deal until it is below $200K?”
Not at all–using Stevo’s BOTE calculation for (over)valuing property, and assuming $2400 rent (high, imo)– 12*(2400-944) – 5375 / .055 = $220k. Add in Stevo’s down payment factor, you still only get to $275k.
What a disaster. Every Invsco conversion is absolutely repulsive.
$944/month assessments on a $350,000 unit? No parking on site so additional $$ to lease nearby. Common amentities are not more extensive than other downtown buildings. Awkward floorplan with vanilla finishes. Invsco building– most of which have been plagued by foreclosures. Good luck!
Right above the L tracks. Forget it.
We rented here before the condo conversion in one of the “premium” units. It’s not only right above the L, it’s right above a bend: think of all the screeching of the Brown & Purple lines as they enter/exit the loop. We could hear the screech from the 21st floor.
The finishes are vanilla, it’s a “soft loft” (i.e. open bedrooms and no privacy), the appliances are undersized, and just super, super tiny.
By the time our short-term lease was up, we were ready to run screaming.
Top that all off with the fact that it’s an American Invsco building and you couldn’t pay me to live there again.
fugly.
I love the fake windows they put in (as paintings or picture or something) in the den, to make it look like its not a tiny cave that should have never been called a bedroom.
Also I love when realtors put not just one but TWO pictures of the view, not from your actual place that you’ll be living in, but the frickin rooftop deck.
That and pictures of lobbies really drives me nuts. Who gives a shit about the lobby as long as it doesn’t look like a frickin crack house?