Steals and Deals: One Bedroom for $215k in 208 W. Washington

$215,000 for a one bedroom in the loop with a w/d in the unit.

Sounds cheap, doesn’t it?

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One just came on the market in a short sale in City Center at 208 W. Washington in the Loop. From the listing:

GREAT OPPURTUNITY TO OWN IN HOT LOOP AREA! UNIT OFFERS GRANITE CTOPS, SS APPLIANCES, MAPLE CABINETS, HDWOOD FLOORS GAS FP W/ ENTERTAINMENT CENTER, BALCONY, IN-UNIT WASHER / DRYER.

ASM. INCLUDE CABLE, HEAT, A/C, GAS. FULL AMENITIES BLDG: INCLUDING EXERCISE ROOM, COMPUTER ROOM, BIKE ROOM, DOORMAN,STORAGE. WALK TO WORK, SHOPPING, EL,TRAINS.

Unit #703: 1 bedroom, 1 bath

  • Sold in March 2003 for $164,000
  • Currently listed as a “short sale” for $215,000
  • Assessments of $292 a month
  • Parking available for purchase in the building

Here are some other recent sales of other “03” tier units in the building:

  • Unit #603 sold in May 2005 for $189,000
  • Unit #503 sold in May 2005 for $186,000

Here are the room sizes:

  • Bedroom: 11 x 10
  • Livingroom: 15 x 15- includes the kitchen

Here are some pictures of Unit #1401, another one bedroom currently on the market. It’s listed for $249,000.

208-w-washington-_1401-livingroom.jpg

208-w-washington-_1401-kitchen.jpg

Is Unit #703 a deal at $215,000?

7 Responses to “Steals and Deals: One Bedroom for $215k in 208 W. Washington”

  1. Streeterville Realtor on April 29th, 2008 at 6:03 am

    Doesn’t sound cheap enough yet.

    Unit 1503 closed on 5/25/07 for $211,000
    Unit 2003 closed on 4/13/2006 for $213,500

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  2. Thanks SR.

    Given the purchase price on #703, obviously this owner took cash out of the unit which was far more than the unit was worth.

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  3. Sounds cheap relative to what else is on the market in the loop. But sounds pricey when you look at building comps. If the bank is really in a pinch to sell they would have this listed for around the 2003 price. The 2005/2006 comps reflect the most inflated prices from the bubble.

    Let it go into foreclosure and the bank take a hit. The price may come down then.

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  4. 1) I think the 2007 price is the “most inflated” price from the bubble, there wasn’t any widespread downward pressure on price until about Q3 07

    2) Those rooms sound tiny…the square footage probably places this more as a “Junior 1 Bedroom” that might be more habitable as a studio given the loft environment.

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  5. crib chatterer on April 29th, 2008 at 9:08 am

    if you go by Case/Shiller index as a reference…..current prices should drop roughly 8.5% from 2/2007. So this unit should be roughly $193k.

    LV’s yoy chn was -22%

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  6. crib chatterer on April 29th, 2008 at 9:12 am

    quick addendum….or if you want to go by date, current value (as of 2/08) of C/S = 153, which is the same as the value from April 05.

    Buyers should be using April 2005 closings as comparables for homes available right now.

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  7. Date Action Amount
    8/1/2001 Sold $128,000 (probably a pre-conversion contract)
    9/24/2001 Sold $160,000 (A succesful flipper, RIP)
    1/24/2003 Sold $164,000 (Does every purchaser of a flip lose money?)

    1/24/2003 mortgage $162,900 MRES
    4/29/2003 mortgage $130,400 Wells Fargo
    4/29/2003 mortgage $32,600 Wells Fargo
    4/29/2003 release -$162,900 MRES
    8/26/2004 mortgage $66,000 MRES
    9/22/2004 release -$32,600 Wells Fargo
    1/4/2005 mortgage $66,865 BofA
    1/24/2005 release -$66,000 MRES
    6/13/2005 mortgage $85,000 MRES
    6/28/2005 release -$66,865 BofA
    9/29/2006 mortgage $100,000 BofA
    10/16/2006 release -$85,000 MRES
    7/25/2007 lis pendens filed by Wells Fargo for 4/29/03 $130.4K mortgage

    The 9/26/06 Bk of Amer 2nd mortgage for $100K is also outstanding. It is doubtful there is much, if any, equity. There might be payments owed, fees, etc. so it is safe to assume the banks are owed at least $230K.

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