The 2 Bedroom River North Condo Unit For Under $300,000: 635 N. Dearborn
This 2-bedroom unit in The Caravel, at 635 N. Dearborn in River North is listed for under $300,000.
It is bank owned.
We have chattered about several distressed properties in this building in the past.
From the pictures, this unit appears to have the kitchen and baths intact.
The kitchen has white appliances and granite counter tops. The master bath is marble.
Another 2/2 just closed for just under $300,000 in the building.
Is under $300,000 now the new price point for 2/2s in some locations in River North?
Leo Lopez at State Banc Real Estate Brokerage has the listing. See the pictures here.
Unit #1404: 2 bedrooms, 2 baths, 1225 square feet
- Sold in May 2003 for $440,500
- Lis pendens filed in February 2008
- Bank owned in April 2010
- Originally listed in July 2010 for $314,900
- Reduced
- Currently listed for $299,200
- Assessments of $703 a month (includes heat, gas, doorman, cable)
- Taxes of $4774
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 12×11
Not big on white kitchen appliances and the unit seems a little dark. However, prices are getting to a “discovery” point where clearing will begin.
What would something like this run to rent? 2k?
20%/30yr = 1,200 + 700 assessments + 400 in taxes = 2,300 a month. Maybe 400-500 a year to maintain (it is bank owned after all). Call is $2,350 to own this place before and tax benefits?
It’s definitely getting to the “discovery” point for someone who can put the cash down and feels secure enough in their job jump in. Now are there enough of those buyers to soak up the supply that’s coming? No idea.
“spectacular” views?
sure don’t see ’em in the pics.
“white kitchen appliances”
You know what bugs me? Refrigerator nooks built for cabinet-depth fridges that have full-sized ones sticking out of them. Like this one. Hate that shi … stuff.
“the unit seems a little dark”
Several of the pix have the curtains drawn–apparently b/c the view was too spectacular, and might distract a shopper from looking at the inside of the unit. I’d hazard that it’s not as dark in reality.
Yeah, units in this place feel smaller than it is (note sq footage here v. pics), to me because of the low ceilings, limited light, and layout. (I had a friend buy here when it opened and felt they got ripped off. . . they were out of the building in less than 2 years.)
I don’t dislike white appliances, but found the finishes to be very mismatched (note, e.g., none of the counter surfaces here seem to go with anything else in the rooms. . . especially that second bath, and the kitchen).
I understand the “excitement” re: the lower price, but for $2200/mo to live in place like this, renting still seems like a no-brainer.
” Refrigerator nooks built for cabinet-depth fridges that have full-sized ones sticking out of them”
Exactly what I’m talkin about with the finishes. Totally agree.
(But I confess I have done that before, to get the full-size fridge: small fridges SUCK. Almost as much as 8 ft wide kitchens. . . ).
ahhh Grand Plaza….PASS on the party building
300k is the standard for a 2/2 in a $hitty building which also doubles as a money pit. Never be able to re-sale.
On the positive, the amentities are nice, if u don’t “catch” something.
errr….not grand plaza, next to grand plaza.
Another boring cookie-cutter 2/2. There are SO many of these, I don’t know how far down pricing is going to go. I wish there was a way to package these all up and market them to rich folk in the suburbs as “in-towns”. Perhaps a “time-share” type scenario. For 75 grand, you get to stay there 7-8 days/month and have 25% ownership? If it were allowed, do you think this would fly?
“But I confess I have done that before, to get the full-size fridge: small fridges SUCK”
Just have to have enough space for a 2d fridge for bevs and/or bulk.
I am trying to envision this building (they all look the same in this area). Is it the “Red Lobster” building (i.e., the one that used to have a Red Lobster in the lobby years ago?)
“Is it the “Red Lobster” building”
That’s west of Dearborn, no? This is on the east side, directly across Dearborn from Excalibur, with a bank in the ground floor.
this isn’t the red lobster building (which doesn’t exist anymore thank god)… Thats on Ohio & Dearborn (600N)
the views in this place suck, the assessments are kinda bleh too
still sucks for my comps though 🙁 but at least I have a view
According to the link, it’s now off-market (sale pending).
sale pending- is this under contract??
Wow this is too bad for other 2/2 unit owners in this building. Highrise prices always depend heavily on recent comps in the building. Always be cautious when buying in a high-rise.
Sold on 10/8 for 309K!