Short Sale Alert in the Park Millennium: 222 N. Columbus in the East Loop
The Park Millennium at 222 N. Columbus in the East Loop (or the “New East Side” as some call it) was converted from apartments into condominiums near the height of the housing boom in the fall of 2005.
The high rise has 480 units. Current stats in the building:
- 30 for sale
- 23 for rent
Some units may be both for sale and for rent.
Stresses are appearing in the building as several units are now in short sale.
Unit #1708 is the cheapest 2/2 in the building. The listing says it can close in 90 days.
The kitchen has maple cabinets, granite counter tops and white appliances. The unit also has carpet (no hardwood.)
It does, however, have an in-unit washer/dryer. Parking is available for lease in the building.
Michael Cuevas at Parkvue Realty has the listing. See the pictures here.
Unit #1708: 2 bedrooms, 2 baths, 1200 square feet
- Sold in December 2005 for $441,000
- Originally listed in May 2009 as a “short sale” for $359,900
- Reduced several times
- Currently listed at $319,900
- Assessments of $664 a month (includes heat, air conditioning which is space pak and cable)
- Taxes of $6450
- In-unit washer/dryer
- Parking is rental
It won’t close in 90 days because there’s no way in hell the bank will sell this place for so cheap. Someone will have to bid above the ask in order for the buerocrats at the bank to approve anything.
Speaking of short sales/blow out prices by a developer…. Does anyone know the status of Lexington Park? Down in the South Loop 22nd Street and Indiana.
Mortgage is for $374,765. With an amortizing loan, probably ~$365k in principal left. But the lis pendens was filed in September, so there will be a lot of interest/penalty/fees added to that.
Nonetheless, if someone offered $319, the bank would be foolish not to accept it.
There’s a bunch of projects on 22nd st. that I’m not sure if they are removing or not. Either way, I’d stay far far away from that development. There’s an old saying, and “If it sounds too good to be true, it probably is.”
I guarantee the bank would let this go at the ask price. Even if you assumed the owner got 100% financing (because I’m too lazy to look it up on ccrd) the ask price to face amount of the note would be 0.72. The banks have all this stuff marked in the mid-high 60s and they would much rather let it go at 319K than deal with the foreclosure process. A short sale at 319K would result in a much higher PV to the bank than a foreclosure.
this place makes me wonder what is going to happen at Aqua. Have a friend who put money down for a similar unit. but why close for high 600’s when you can move down the street for half that.
It appears to be a bit dated for the area, but it would make a pretty nice home for that price. Why would the bank not sell at this point? Is has everything to lose on it so why not let it go? Don’t understand your point Sonies…
Because banks are stupid and greedy… trust me, my best friend did short sale negotiations and they take FOREVER. Year+
This building is a disaster. With those assessments and taxes units like this will go for mid-200s at the bottom of the bust.
An Aqua unit vs this unit…any unit in the area and you don’t see why you would move down to this place?
Seriously? Have you visited Aqua’s sales center? Amazing for all the other basic new construction buildings in Chicago. According to the reps there (and who can believe them) that place is going well and looks to be sold out prior to opening, which was moved up from the original opening date.
Truth or wish it was true statement….I would go with the former.
The projects on 22nd street are getting dramatically scaled back but not going away. Currently the plans are for all but three to be demo’d but those three aren’t going away soon. And they’re mere steps from you. No thanks.
why the 90 day close?
“With those assessments and taxes”
Assessments will probably only go up, but the taxes are already headed down–the assessed value was reduced by ~12% and there is no homeowner’s exemption filed. Taxes next year should be ~$2k less.
Great amenities and building management. Most units have views of the lake, river and/or skyline. If $600 assessments were a deal breaker, wouldn’t no units sell in the Gold Coast Bob because assessments are $1,000+?
This building will survive the economic downturn because it is relatively new (2002) and in an location where everything built on a go forward basis will be much more expensive (unlike the South Loop).
Also, units converted to condo in 2005 for in the $350 to $450ish range. Therefore, this are very affordable units in the long term when new condos in the area are $500+ per sqft.
^ Aqua is virtually sold out but we’ll see what happens when it’s time for closings…Aqua’s biggest drawback is its 8½ ceiling heights. Very sub-par for all new construction.
havent been to Aqua’s office since spring of 06. I just have the anecdotal evidence of my friend who doesn’t know if he should close or walk away. And I think this place falls on the reason to walk away list. Not sure if the 8.5 ceiling height will bug him as he isnt that tall.
Strictly speaking, this properly is not in Streeterville, since it’s south of the river.
Believe it or not, I also think the smaller size of these units will help in the long run relative to the new units being built. People are finally starting to think about whether they need 800 sqft or 700 sqft for a 1 bedroom and the associated operating expenses (taxes and assessment, opportunity cost) that go along with the extra space.
Regardless of feelings on 222 N Columbus, I still think this area (New East Side) will start to see pricing stability first.
I thought you had to be north of the river to be in Streeterville?
CSal…correct. this is the New East Side or I think they are now calling themselves the East Side Millennium Gateway.
You’re right. Sorry! It was late when I did this post.
It’s not Steeterville- but the East Loop.
I thought that area was referred to as ‘Lakeshore East’?
All of these area breakdowns and re-categorization in an attempt to persuade buyers into thinking they are in the latest and greatest new ‘hood.
I gotta say, it takes a lot of creativity to come up with all these new names!
I looked at renting one of the penthouses here a few months ago. The penthouses are indeed very nice, but you can rent a 3BR/3BA with gas cooking for $3300-$3500 and get a very large terrace to go with it.
Considering the assessments, that puts the value somewhere near $400,000 for a unit that is about twice the size and immensely more desirable. I definitely wouldn’t pay $320,000 for the 2BR with a crappy electric stove.
Why so hard on the “New East Side” name? It’s an official city designation, and has been since the 1930’s. Just because newcomers like you haven’t heard of it doesn’t make it invalid. Do a little research. It’s not hard.
For others who are similarly confused, “Lakeshore East” is a specific development within the New East Side.
The name dates back to 1980s rather than 1930s (back in the thirties, it was little more than a rail yard), but other than that, Steve is correct.
I believe it’s two words – “New Eastside”.
I do frequently see it referred to with three words – “New East Side”.
However the neighborhood organization always has it as two works.
http://www.neweastside.org/
Eric