What’s Going on in The Vision on State 8 Years After the Bust? 1255 S. State in the South Loop
This 2-bedroom in Vision on State at 1255 S. State in the South Loop came on the market in September 2015.
It went under contract on Oct 5. (Yes- I KNOW it’s under contract but this unit has some nice pictures.)
At 990 square feet, this 2/1 has west facing views so you don’t look at the El.
There are hardwood floors in the main living areas.
It has 11 foot ceilings.
The kitchen has 42 inch cherry cabinets, granite counter tops and stainless steel appliances.
The listing says there is an “upgraded” bath.
The unit has all the other features buyers look for including central air, washer/dryer in the unit and parking is included.
There’s a renter in the unit, however, with a lease through July 2016.
We haven’t chattered about this building since the early days of the bust.
It was built in 2007 as “affordable luxury” near the Roosevelt El stop.
We chattered about all the flips going on in the building in December 2007. You can see that chatter here, with interior pictures of the units. Some of them are similar floorplans to this unit which is under contract.
8 years later, Unit #1503 is listed for just $18,000 under its 2007 purchase price.
If you were a reluctant landlord, why not sell and finally get out?
Stephen Porter at Redefined Residential LLC has the listing. See the pictures here.
Unit #1503: 2 bedrooms, 1 bath, 995 square feet
- Sold in August 2007 for $333,500 (included the parking)
- Originally listed in September 2015 for $315,500 (includes the parking)
- Under contract as of Oct 5
- Assessments of $562 a month (includes heat, a/c, water, gas, doorman, cable, Internet, doorman, exercise room, scavenger, snow removal)
- Taxes of $3128
- Central Air
- Washer/Dryer in the unit
- Leased through July 2016
- Bedroom #1: 11×12
- Bedroom #2: 10×11
“There’s a renter in the unit, however, with a lease through July 2016.”
Can someone (Russ?) chime in on how this works? Assume it closes late November, early December, that means you cannot take possession for 8 months.
I thought you had to take possession within 45 days? If you are buying this as investment property, aren’t you paying a higher interest rate for your loan?
I am curious about Icarus’s question too – – I am not from around here and was last a landlord in another state / city with very landlord friendly laws. In that state, the view was that the tenant has a contract with someone who no longer owns the property and unless they sign a lease with the new owner, they may be required to leave with whatever the applicable legal notice period is from the new owners. Otherwise they are month to month. Curious what the rule here in Chicago is. I have always thought this to be the big risk of renting from a “reluctant landlord” (great expression).
“Curious what the rule here in Chicago is.”
Tenant gets to stay. Don’t mess with the tenant, or you’d have a *huge* headache.