South Loop Loft Listed 69% Off 2007 Purchase Price: 1020 S. Wabash
This huge 1-bedroom loft at 1020 S. Wabash in the South Loop has been on the market since July. It is being sold “as-is.”
It has been reduced several times and is now listed for 69% under the 2007 purchase price.
It is also listed for $131,400 under the 2004 purchase price.
While only a 1-bedroom, the living/dining space is a massive 35×24 and the bedroom is 24 x 19.
It also has 2-baths, somewhat rare for 1-bedroom units.
The unit has stainless steel appliances, an in-unit washer/dryer and central air. It also appears to have a parking space included.
Is this a steal?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
Unit #2G: 1 bedroom, 2 baths, no square footage listed
- Sold in September 2004 for $365,000
- Sold in June 2007 for $750,000
- Originally listed in July 2009 for $258,390
- Reduced several times
- Currently listed at $233,600
- Assessments of $424 a month
- Taxes of $4199
- Central Air
- In-Unit Washer/Dryer
why couldnt i have been the 2007 seller.
Something don’t seem right… fraud maybe? $750k???
This place has potential given those room sizes…
is that 2007 price correct?
South Loop is a financial minefield. That being said, I don’t think one could go wrong with a 233k price paid for this place. It really doesn’t have any further to fall in my opinion.
Something is definitely up here, but the current list price is in my books appropriate (assuming the pictures aren’t deceptive).
“the current list price is in my books appropriate (assuming the pictures aren’t deceptive).”
How could these pictures possibly be deceptive. I think the pictures make the place look awful. Probably a lot of space for the money, but it looks pretty bad IMO.
Who in the hell appraised that POS at 750k…. and what bank wrote or bought that loan? A horrible horrible fraud occured here. I mean the price now is probably right, but dayum that 07 price is NUTS!
Would have this have really sold any higher than 400k, even w/ 2007 prices?
eww that place looks hideous. looks like a dirty basement where i would’ve partied in college or something
Single mortgage for $750k.
Lis pendens filed 8 months, 4 days after deed recording (i.e., most likely *never* made a payment). By WaMu.
This was a Loftominium project–that means Invsco.
Original deed–in March 2001–was for $326,500.
The 2007 Buyer (or someone with the same, not common name)–one month later, in July 2007–bought a house in Flossmoor for $520k. Lis pendens was filed *less* than 4 months after recording by Wells Fargo–i.e., never made payment *and* (most likely) did something else to trigger the foreclosure. That one has re-sold (as REO) for $455k. If it wasn’t *trashed* this seems like a pretty solid deal, becasue …
The sale before was in July 06, and was for … $875k; and the seller? Kendall Gill (maybe not *the* Kendall Gill, but reasonably likely). Mr. Gill (famous or otherwise) bought it out of *another* foreclosure for $640k in June 04. The prior owner bought it from the developer in June 1995 for $160k, altho that was (almost certainly) just the lot, as 8 months later there was ~$600k in mortgages on the property.
i saw this place twice. great space, but the building has had a yearly special assessment since 2005 and will continue to have yearly specials for the next 4-6 years for a building facade project. There were 27 fines the building had to pay after a city inspection and the building is right next to the el.
“the building has had a yearly special assessment since 2005 and will continue to have yearly specials for the next 4-6 years for a building facade project. There were 27 fines the building had to pay after a city inspection”
Isn’t this what we have heard from many Invsco conversions?
Whew! I’m glad I wrote this in the home inspection report I gave my client who bought here a couple of years ago.
“Repairs are underway on elements of the exterior walls. It is recommended that the plans and specifications for the repairs be provided to the purchaser. Cracking and patching of the terra-cotta façade was noted. Deterioration and probable leaking were noted at the EIFS (synthetic stucco) wall cladding at the parapets and at the elevator shaft superstructure. The vinyl siding at the rooftop one-story bulkhead is lacking the appropriate flashing at its upper termination that is necessary to prevent moisture intrusion. All of the exterior wall cladding whether it be brick, terra-cotta, EIFS, or vinyl siding should be evaluated and repaired as necessary by licensed and competent specialty contractors.”
There were a number of issues with the HVAC unit and water heater too. As I recall, it’s a lovely building but pretty beat up and not very well converted. I wouldn’t be surprised if the assessments are high.
Prices are falling at the low end in the Near South Side (time to reclaim the neighborhood name for what it is and stop using Realtorspeak like “South Loop”).
You can now get a “Manhattan style loft” for 135k. 1243 S Wabash unit 205. The next three cheapest listings are all at 1620 S Michigan.
I don’t think the Near South Side speculative bubble is going to end well, save perhaps those who buy this 1/1 for 135k possibly.
My 233k would be headed to the auction for 1400 S Mich on Nov 15th. 1144 sq ft with starting bid at $200k we’ll find out what a 2/2 is worth. Methinks not a whole lot more than $200k but who knows what craziness the federal bailout will cause.
Even if you hate Motor Row the historic building tax deduction and frozen taxes at 2303 S Michigan (14th Nov) starts looking attractive again in the 200k market.
So long as there are auction of 10’s of lots going on and the current level of foreclosures coming up every week it’s hard to see us running out of 2/2’s anytime soon. Rent parity beckons in Near S Side. Ultimately that should be its saving as cheaper rents make it competitive and get some of these buildings occupied.