You Can Find Bank Owned Units In Every Corner Of The City: A 3-Bedroom at 55 E. Erie in River North
This 3-bedroom in the luxury high rise at 55 E. Erie in River North just came on the market.
It is bank owned.
The listing says it has 2028 square feet but the room sizes are estimated.
From the pictures, it appears the kitchen and bathrooms are intact.
The kitchen has granite counter tops, maples cabinets and some stainless steel appliances.
The listing says the buyer is responsible for condo/docs meeting with the HOA.
The buyer must also pay for 6 months HOA fees prior to the foreclosure date.
This unit appears to include a rare 3 garage parking spaces.
It is listed about 9% under the 2004 purchase price.
Is this even much of a deal?
Jack Stempien at Re/Max City has the listing. See the pictures here.
Unit #1403: 3 bedrooms, 2.5 baths, 2028 square feet, 3 car parking
- Sold in January 2004 for $1,015,000
- Lis pendens foreclosure filed in November 2009
- Lis pendens foreclosure filed in January 2010
- Bank owned in November 2011
- Currently listed for $924,900
- Assessments of $802 a month (includes doorman, cable, pool)
- Taxes of $14,394
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 14×10
- Bedroom #3: 13×10
You would be right around the corner from Eddie Bauer (my favorite store) and Grand Lux (one of my favorite restaurants). Those benefits, however, are not worth a million bucks.
wow. laughable listing.
Nice location, nice building…terrible apartment. I’d take the one on Division first…it has style at least.
I like the outdoor space, but the inside is bland. It’s nice to have 3 parking spaces. Are those worth about $50k each? Nothing here screams luxury. I have no idea about the price, but only 9% under bubble pricing isn’t much.
$600k
What exactly makes a building “luxury”? Is it just marketing? Can I suggest we append “Luxury Residences” to our building name at the next HOA meeting and immediately have all property values go up 50%?
Master Bedroom = 14X12
That is really small for a master. More like a 2nd bedroom or a den.
no chance this gets close to $900k
Parking spaces in this area go for about 40k – 47k each. Parking is rentable for about $250 per month. Assume assessments and taxes associated w/ a parking spot is ~$1k/yr. Still leaves you with $2k/yr on let’s assume $45k investment. 4% yield not bad given no need for capital improvements. So yes, parking spots are prob worth close to 50k.
Funny but I just showed this unit this morning. The pictures look better than it really does. Needs a lot of work. Bathroom vanities cheap, some bad built-ins in the living room. Wonder how people feel about all countertops being higher than normal height.
Unit 1703 was in much better shape – a model unit – and sold for 890K with 2 parking spaces.
Some units list the parking at 30K each. Also, the developer in this building still owns quite a few spots last I checked so there is that overhang.
Last sale of $101,500 according to public records. Sale date Jan 20, 2004. What is this??
Gary, was the outdoor space nice?
“Gary, was the outdoor space nice?”
You can sort of get a sense from the photos. The terrace is a narrow strip that runs along the north side of the unit. Maybe 4 feet wide??? Balcony is along the east side. Unfortunately the planter boxes block a portion of the view but it’s not a great part of the view any way. Apparently the unit owner is responsible for maintaining the boxes since it seems like the only way to get to them is through the unit.
This place is a joke. Calling it ordinary is about the biggest compliment I can give it. $924? ROTPOFL (rolling on that plain ordinary floor laughing).
Listing says it’s huge but in the photos every room looks cramped.
Also, too low. Views are not dramatic at all. Need to be much higher up to even think about this building, which, like many condos in this area built in the last 30 years, looks like it would fit in well in the skyline of Pyongyang, North Korea.
“Last sale of $101,500 according to public records.”
It’s called a TYPO. Yes, they happen in the ccrd. They left off a zero.
one thing ive noticed about low floor units in thsi building is that you can often smell sewer gas coming up through the plumbing. pretty pathetic for such an expensive building.