Streeterville 1-Bedroom Foreclosure Sells For $18,988 Over Asking: 535 N. Michigan
We last chattered about this bank owned 1-bedroom at 535 N. Michigan in Streeterville in July 2011.
See our prior chatter here.
It had just come on the market for $89,900.
But it was missing the kitchen and bathroom.
It sold in less than a month for $18,988 above asking- at $108,888.
That is still less than the unit sold for in 1998.
If you recall, the building is right in the middle of the Mag Mile.
It was constructed in 1962 and has 460 units.
It is a full service building with a pool and exercise room.
While there was central air, there was no in-unit washer/dryer.
There was only rental parking in the building.
Given that it was missing the kitchen and bathroom, was this even much of a deal?
Juan Peralta at Panamerican Real Estate had the listing. You can still see interior pictures here.
Unit #1605: 1 bedroom, 1 bath, 755 square feet
- Sold in August 1998 for $122,000
- Sold in August 2006 for $215,000
- Lis pendens filed in December 2008
- Bank owned in April 2011
- Listed on July 6, 2011 for $89,900
- Sold on August 3, 2011 for $108,888
- Assessments of $489 a month (includes heat, a/c, doorman, cable, pool)
- Taxes of $2865
- Central Air
- No in-unit washer/dryer
- Parking is rental in the building
- Bedroom: 15×14
- Living room: 22×14
“That is still less than the unit sold for in 1998.”
Yeah, back when it had a kitchen and a bathroom.
good deal
“good deal”
I think it’s just an OK deal at the selling price. It was a great deal at the ask. That $18.9k would have gone a long way to renovating this place.
Still not bad for a 1/1 in the heart of a very expensive district. And the difference in the ask and sell price indicates there were probably several bids.
If I were thinking about resale, I’d install a shower in the bathroom (no bathtub), and position this as an “in town” residence. Given the SQF and location that seems like the most logical use.
“If I were thinking about resale, I’d install a shower in the bathroom (no bathtub), and position this as an “in town” residence. Given the SQF and location that seems like the most logical use.”
I was one of the interested buyers of this unit. And that’s exactly what I wanted to use it for.
Are purchase contracts ever contingent on stock market index values?
There were multiple bids for sure. This is a good deal. Keep posting these kinds of deals Sabrina…really helpful. Looks like several cc’ers bid on it.
I hope they bought it with Swiss Francs….
Shockingly, even I was positive on this one.
Yes…definitely multiple offers on this unit. I was one of the people caught in the multi situation. Building has one big issue for potential buyers – mainly that is about 56% owner occupied so this limited the pool of buyers. The unit itself required everything. I got to talk through it. I was looking forward to see how far off I was on the final price — Thanks for posting.
Still a good deal, how much money do you think the buyer will spend to fix it up? I’m currently looking at a 1/1 in this building and I was curious if anyone here had any opinions about, or experiences with, the building/units/association. Thanks in advance!
Read the prior thread, there was some good info in there. People seemed happy with the association, etc.
http://cribchatter.com/?p=10976
Elliot – generally good reviews. The building is renovate halls so ask if that has already been paid/budgeted for or if that is a future special assessment.
I own there and have remodeled. The entire kitchen cost about 15K but that was a few years ago.
The building is in great shape and well run.
I estimated that it was about $25k to fix the entire unit (kitchen, bath, walls, floor & possibly AC) which is consistent with David’s kitchen figure.
My understanding is that the halls was paid out of reserves. The building has NEVER had a special. There are about 600k in reserves when I checked.
I’ve been watching this building for a while now. Given the situation with the Rent/Own ration, I expect there the prices to continue to fall faster than the rest of this area (not necessarily from this unit’s price perspective as this was a good deal)
Thank you guys so much for the responses, I also heard that there have been no special assessments, so thanks for confirming that. I was skeptical about the building because of its age but it seems like it’s very well maintained. The location, undoubtedly, cannot be beat. I’m 25 right now and this building would be a 3 minute walk to where I work. I figure that with interest rates so low and low prices in this market, I could easily live in Streeterville cheaper than renting.
I loved living there and would move back in. The windows, roof, hallways, exercise room, etc have all been redone (or in the process of being redone, such as the hallways) without a special ever!
not really a good deal
the location is great
but that bldg leaves a lot to be desired
GOOD FOR THE BUYER if thats what they want
look for it on the market after rehab??
189k?
J – what kind of things are to be desired? I’m just curious what you think it lacks, I know it’s not a newer construction building so it probably lacks a few amenities. Thanks.