Short Sale Fails to Find Buyer: One Bedroom in 212 E. Cullerton
This seller of a one bedroom at 212 E. Cullerton in the South Loop, knew time was of the essence:
SERIOUS BUYERS ONLY! SHORT SALE AND PKG INCLUDED. HURRY THOUGH THIS GOES TO SALE SOON SO WE NEED OFFERS!!!
UPGRADED 1 BR WITH GRANITE TOPS, ITALIAN CABS, SS APPLS, LARGE TERRACE, GRANITE TILED BTH, HRWD FLRS, W/D IN UNIT. LOCATED STEPS TO THE LAKE, IN THE HISTORIC PRAIRIE DISTRICT, 24 HR DOORMAN, EXERCISE FACILITY, REALLY CANNOT GO WRONG HERE. SUBJECT TO LENDER APPROVAL.NOTHING UNDER 230K WILL BE CON…
Unfortunately, it appears the unit has gone into pre-foreclosure and will be auctioned this week. There aren’t any interior pictures.
Unit #509: 1 bedroom, 1 bath
- Sold in June 2006 for $272,000
- Currently listed for $228,000 (parking included)
- Foreclosure auction price of $243,935 this week
- Assessments of $248 a month
- Koenig & Strey has the listing
The bank is going to take their lumps on this. I was following a top floor unit (PH8) and that either took a good while to sell or was delisted at a price of 227.5 (parking 30k more). I’d imagine this might be a similar floorplan unit.
No way it sells for auction if the PH sold for ask or didn’t sell.
Bob,
Unit PH8 sold from the developer to the current owner on 9/8/03 for $244,000 w/pkg (with a $219,000 mortgage.) Here’s the listing history for the unit which shows they haven’t been flexible in the price even though they have tried to sell it for almost 2 years.
Orig $ Last $
6173389 For Sale 6/12/2006 Expired 9/12/2006 $269,900 $269,900
6330862 For Sale 11/3/2006 Expired 1/3/2007 $264,900 $264,900
6459437 For Sale 3/30/2007 Expired 6/30/2007 $264,900 $264,900
6608331 For Sale 7/16/2007 Cancelled 3/5/2008 $264,900 $257,500
The condo assoc filed a lien against the owner of PH8 on 3/31/08 for $2,951. Could a lis pendens be far off? I expect to see this result repeatedly in the near future as it was always the obvious outcome of the “showdown” between buyers and sellers.
No matter how cheap this price might seem relative to the Peak of 2005-2007, it is clearly still too high.
We’re so desensitized to really outrageous prices for everything that we are not seeing what is happening- that prices are most likely rolling back to 2002 levels, based on fundamentals such as incomes and rents.
Might as well deduct 30% from the ‘peak’ price just for starters.
Here’s the sale history for unit #509:
Sold 8/25/2003 $197,000 w/pkg
Sold 10/10/2003 $196,000 w/o pkg
Sold 6/7/2005 $217,000 w/o pkg
Sold 8/3/2005 $20,000 pkg
Sold 5/26/2006 $272,000 w/pkg
The current upside-down owner financed 100% of the purchase ($217,600 + $54,400.) It also appears that the foreclosure sale is for the first lien only. Citibank filed the lis pendens over a year ago (3/12/07, not many payments before default?) and will learn the hard way that time was not on their side. They will not be putting off foreclosures while waiting for short sales too many more times after lessons like this.
The condo assn also filed a lien in 10/07 against the unit. This is definitely a building that will prove the rule that the problems first appear at the margins (of price ranges, of credit worthiness, of civilization, etc.)
This building will drop well below the original developer pricing. The ’09’ units were billed as 788 sf. However, the only rooms seem to be a LR/DR/Kit combo of 19×17, a BR of 12×10 and a 10×4 foyer. There must be a lot of closets and a large bathroom.
They will be lucky to bottom at $200/sf.
I dunno G. The foreclosed buyer is telling me in caps that I “REALLY CANNOT GO WRONG HERE”. He is obviously very serious, I mean who can argue with caps. ;D