Short Sales Destroy Comps in a Condo Building
This is a story about how a short sale can destroy the comps in a condo building.
Take 2024 S. Wabash, a 42 unit loft building in the up and coming Motor Row area of the South Loop.
Two similar units are on the market in the building. One unit, #406, is still lived in by the owner- who also bothered to pain the walls.
Unit #406: 2 bedroom, 2 bath, 1200 square feet
- Sold in May 2004 for $258,000
- Currently listed for $289,900 plus $15,000 for parking
- @Properties has the listing
The second unit, #506, doesn’t look as cool. White walls and lack of furniture can do that.
Unit #506: 2 bedroom, 2 bath, 1200 square feet
- Sold in September 2004 for $269,900
- Currently listed for $280,000 plus $20,000 for parking (must be sold with the unit)
- Is a “short sale”
- Cacciatore Harper has the listing
Identical units – different paint jobs.
One owner will suffer (with a declining sales price) as the other owner, already in financial distress, simply tries to dump the unit.
No one wins.