Ashton, Home Buyer in 48304

I am looking at 345 N. Lasalle in Chicago. There have been many foreclosures in this building. What is going?

Asked by Ashton, 48304 Tue Jan 15, 2008

on there?

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Many investors purchased with little or no money down and when their guaranteed rent deals ended and there was not a lot of appreciation in the units.. they let them go to foreclosure.
Web Reference: http://www.condochicago.com
1 vote Thank Flag Link Tue Jan 15, 2008
Check the south loop and Printers row. Our building is mostly owner occupied and has low assessments and very few foreclosures over the years.
0 votes Thank Flag Link Tue Jan 29, 2008
Hi Ashton:

American Invsco offered what is called a 2/2/2 (2 years paid assessments, taxes, and guaranteed rent) to investors when it converted the building to condos. Many of these investors bought into the deal with subprime adjustables, and this, combined with the end of the 2/2/2 benefits, left many investors way in over the heads.

As a result, the building has a huge bank-owned/short-sale ratio, and it is also a high investor-occupied building, which can be tricky for lender approval, as well, for new buyers.

This does not mean it's a bad building to buy into. On the contrary, the location is superb, it offers great corporate rental opportunities for investors, and if you can get a good deal, the price per sq. ft. is pretty amazing compared to similar River North buidings.

You might also look into 33 W. Ontario, which is also undergoing a wave of bank-owned sales, for great location and rental potential.

Just be sure to inquire about unpaid assessments in any short-sale/foreclosure deal you look into. Also, 345 N. LaSalle underwent some facade work, leading up to a pretty hefty special; make sure that is up to date.
0 votes Thank Flag Link Wed Jan 16, 2008
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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