The Sterling Distress Continues with Foreclosures and a Special Assessment
I have already discussed how The Sterling, at 345 N. LaSalle, in River North, is the #1 Foreclosure Building in Chicago, a title one would not want to be holding, that’s for sure.
But things in the building seem to get worse by the month. Yet again, owners in the building appear to be in major distress.
Another new foreclosure auction has been scheduled.
Unit #2804: Studio
- Last sold in January 2004 for $226,700
- Auction price of $201,763
There was an ad for an auction in the Chicago Tribune this weekend for a unit:
Unit #3302: 1 bedroom, 1 bath, around 800 square feet
- Auction price with an opening bid of $100,000
- Auction held at 6:00 pm at 1141 S. St. Louis on October 22
However- this unit number seems to be wrong. Unit #3302 is actually a 3 bedroom, 2 bath that sold in 2002 for $830,000. Anyone with any info on this auction? Did anyone go?
Also, there continues to be several foreclosures still for sale in the building.
As one commenter pointed out, the building also has a special assessment due to repair on the outside facade work. Does anyone have any more details?
It’s not a good time to be an owner at 345 N. LaSalle. Apparently, when it rains, it pours.
is there another auction for this building?
Units keep popping up in the foreclosure process in the building. You have to check the foreclosure auction lists.
I’ve seen a few more in the building recently. I don’t know of any that have sold at auction. They have been reverting to the bank and then sold.
The number of foreclosures in the building has been slowing in recent months.
I think the auction of 3302 or whatever unit it is will be interesting as it will result in the real price of the building and current market price. Most other methods of price discovery process in RE take months or years.
Real price of the unit, rather.
May 17, 2007
TO all unit owners – the sterling condominimum assocation
Re: Special Assessment – notice of levy
Dear unit owner,
As a follow-up to the Special Meeting of the Unit Owners held on Thursday April 26, 2007, and the Board of Directors Meeting that immediately followed, please be advised tha tthe board approved levying a $1,000,000 special assessment to help fund the previous accounced facade repair project, whic is expected to cost approximately $1,500,000. The remaining $500,000 balance of the project will be paid from the Association’s reserve funds.
While special assessments are never welcomed, the Board is committed to making thisunpleasant situation as painless as possible for the unit owners. Nevertheless, this special assessment may cause an additional financial burden for some unit owners. The board carefully considered the comments and suggestions of the unit owners who attended the meetings and approved allowing the unit owners to pay their portions of the special assessment in six (6) equal monthly installments beginning June 1, 2007, and continuing through the November 2007 billing statements.
************
IF you have current or future plans to sell your unit, please contact your personal attorney and/or real estate advisor regarding disclosure issues.
Sincerely,
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Property manager
the special is old and paid for. The work was half completed last year and they are finiahing this summer. The auctions are real.