Short Sales Are Popping up in 200 N. Dearborn in the Loop

200 N. Dearborn, the high rise conversion in the loop, was the last of the American Invsco conversion buildings during the boom.

It has not sold out.

Current stats (out of 308 units):

  • 33 for sale on the MLS
  • 6 for rent

Some units may be both for sale AND for rent.

Recently, several short sales began appearing in the building.

The cheapest 1/1 in the building is currently Unit #4107.

This is the bigger 1-bedroom unit. The listing says it’s been upgraded. It has granite countertops in the kitchen and the bathroom is renovated. It still has carpeting, however.

The listing also says it is tenant occupied.

Unit #4107: 1 bedroom, 1 bath, 860 square feet, west city views

  • I couldn’t find the original sales price
  • Currently listed for $275,000
  • Short Sale
  • Assessments of $429 a month
  • Taxes are “new”
  • Parking available in the building
  • No in-unit washer/dryer
  • Jenna Smith at Dream Town Realty has the listing. See the pictures here.

Unit #3507 is also in short sale. From the pictures it looks like it is being used as an office. [UPDATE: This unit was apparently the developer’s sales center- hence the desks.]

It also has an upgraded kitchen and baths but carpeting throughout.

Unit #3507: 1 bedroom, 1 bath, 860 square feet

  • There are two original sales prices in the public record (if someone can figure out which is which- as nearly all the units have two prices in the records, please let me know)
  • Sold in May 2008 for $252,500
  • Sold in May 2008 for $407,500
  • Currently listed for $319,000
  • Short Sale
  • Assessments of $420 a month
  • Taxes are “new”
  • Parking is extra
  • Jenna Smith at Dream Town Realty has the listing. See the pictures here.

Unit #3407, in the same tier, is currently listed for sale from the developer for $464,000.

25 Responses to “Short Sales Are Popping up in 200 N. Dearborn in the Loop”

  1. I see the flippers are still out there. Where’d this seller get financed in 2008? Somebody needs to tell her/him/them that it isn’t 2005 anymore and that the era of the cookie-cutter concrete high-rise one bed one bath for a fancy price, is OVER.

    The loop and south loop are stuffed with half-empty high-rises, many of which are really beautiful, which this one is not. This is a very ordinary apartment and the only outstanding thing about it is its location in the middle of the business district.

    But you’ve got a lot of choice at this price level.

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  2. I remember visiting this place before i rented my current apartment. What a joke this building was. My best memory was how they took us to their model unit on a mid-level floor, which had decent views. But then we asked about the unit up for rent, which was on the 6th floor (i think?) and they informed me the windows on the south wall in the model were non-existent in the unit they were actually renting. I have no idea what the reason was. pretty much game over when they tell you the “family room/kitchen” would only have 2 windows facing east across dearborn.

    blessing in disguise.

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  3. This is an Invsco building?? Thanks but no thanks.

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  4. >The loop and south loop are stuffed with half-empty high-rises..

    So, i was walking down Wabash on my way home the other day at about 10pm. Walking by the Trump, there were “literally” 3 condos facing Wabash with lights on. (condos as in 20th+ floor) I know 10pm is soooo late, but it was pretty amazing. was going to take a photo for all the Chatterers to enjoy, but the iPhone camera just wouldn’t do it justice (unless i was an RE agent).

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  5. I realize this is an Invesco building and a short sale, but could Agents go the extra inch on all their listings and take pics of the views esp in high rises? And perhaps throw us a floorplan to get a better idea of what is being offered? I know you all are SICK of me bringing up NYC, but all of the listings there feature floorplans…can’t tell you how much time it saves people looking to purchase. If the floorplan is not workable, why waste your time doing a showing?

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  6. LOL @ your observation Chiguy!
    In speaking to the sales reps/models at Trump numerous times I learned that ‘a large number’ of units HAVE closed. Further info revealed and a ‘large number’ of owners are out of town/state/country-ers who use these “spectacular homes in the sky” (his words exactly) on weekends or holidays. His sales pitch was if I were to buy there it would be SO quiet at all times of the day with little traffic to deal with in the building.
    Gotta love Trump marketing!!

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  7. “but the iPhone camera just wouldn’t do it justice (unless i was an RE agent)”

    Chiguy, thank you for given the groove his morning laugh 🙂

    i may be wrong, (plus to busy to look it up). if you wanted to be in the loop, couldnt you get a 1/1 for these prices at 6 n Michigan or 310 s michigan?

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  8. that price seems high for a short sale, in a crappy conversion next to the el. I would be depressed for a long time if i paid that price for that place.

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  9. I wouldn’t even consider looking at a 1br place unless it was under 200k. Invsco sucks

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  10. “Trump…condos as in 20th+ floor”

    The condos start at 29. Up to that is the parking (up to 12 or so)and the hotel (17-28).

    “all are SICK of me bringing up NYC, but all of the listings there feature floorplans”

    That is one thing in which NYC is *clearly* superior, regardless of what you otherwise think about the place.

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  11. Can you get me a list of all the short sale/foreclosure units in this building? I live here and would like to warn these people! They’re probably still paying rent to the individual owners.

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  12. I’ve rented several units in this building and, for *rentals*, they’re a pretty good deal: Spacious floor plans (for a rental), balconies, adequate amenities (for a rental), really good closet space and great location (if you’re a student at one of the downtown universities or want to walk to work in the Loop). Most are priced fairly (for a rental) and sometimes you can get an updated kitchen.

    But to buy? er… The building, despite being so recently converted, still looks and feels like an aging rental building (even more so than other Invsco Buildings I’ve seen). Its really almost scarey.

    Not surprised there are owners in trouble here.

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  13. How come okay to blast Invsco here, but when I blasted CMK on another post my comment was removed?

    A bit of editing bias perhaps…….??

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  14. “There are two original sales prices in the public record (if someone can figure out which is which- as nearly all the units have two prices in the records, please let me know)”

    Looks like most of the units were conveyed from “200 N Dearborn LTD PS” to “Dearborn Resid LLLC” and THEN conveyed to the individual buyers. This probably has something to do with the funky financing (& 2/2/2) offer from Invsco–>I would expect that the lower deed amount reflects the “market” value of the unit and the higher amount reflects the added value of the Invsco financing/guarantee offers. It’s hard to track, as the units don’t appear to have separate PINs (or, at least, they are not properly searchable).

    I don’t see how this isn’t amenable to a fraud prosecution.

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  15. You can get far better places in non-Invesco buildings in that neighborhood for far less than that. Market rate on that place might be $230. I can’t imagine this well sell above $225.

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  16. “I know you all are SICK of me bringing up NYC, but all of the listings there feature floorplans…can’t tell you how much time it saves people looking to purchase.”

    Uhh they don’t feature floorplans or else they would have to show the room where we keep the cow pen here in Chi-town. Any decent condo has a cow pen to bring our furry neighbors closer to us and for quick milk.

    On an equally serious note…Invsco? $320/sqft? LMAO!

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  17. “a cow pen to bring our furry neighbors closer”

    That’s a strange “cow” you have there Bob. I look forward to seeing cow-fur coats soon, tho.

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  18. Re: Unit #4107. $320 per sq/ft? They need to get their heads examined.

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  19. well, in nyc most “floorplans” are records submitted to the city when that building was originally built, so are often wildly inaccurate. As far as, the absence of floorplans – here’s the Picture Plan for this unit: “http://www.smartfloorplan.com/il/v292124”

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  20. on review, here’s the Picture Plan of the 4107 unit also discussed in this thread: “http://www.smartfloorplan.com/il/v292267”

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  21. It seems like many agents are just desperate to have someone see a unit, or at least call about it. So they leave out from the listing any traits that are highly undesirable but very visible. All this does is make the prospect pissed off at having their time wasted. These same agents no doubt wonder why nobody wants to buy their properties. I will never understand this type of marketing, and why anyone would actually think it would work.

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  22. “It seems like many agents are just desperate to have someone see a unit, or at least call about it. So they leave out from the listing any traits that are highly undesirable but very visible. All this does is make the prospect pissed off at having their time wasted. These same agents no doubt wonder why nobody wants to buy their properties. I will never understand this type of marketing, and why anyone would actually think it would work.”

    Give the agents a break, they only had a 2 hour ‘sales training’ class to get their license.

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  23. I thought that was bartending school.

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  24. bartending school is like 4 weeks.

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  25. “Is that a “kitchen counter turned reception desk” in unit 3507? WTF Mate! Lauren put it best, anything Investco is just setting you up for heartburn down the road…”

    I’ve been told that this unit was the Invscso sales center- hence the desks and the glass countertop in the kitchen.

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