Home Buying in Loop>Question Details

harleydavids…, Home Buyer in 60607

Can anyone give me any info on 800 S Wells? I see a lot for sale, just seems incredible the prices of these units?

Asked by harleydavids7329, 60607 Thu Feb 6, 2014

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Not a very popular not interesting building. it is huge, but should have remained a rental. Poor location, units converted poorly/cheaply. Lots of commercial/retail space mostly empty and worthless. Not even popular for rentals. I would avoid it.
2 votes Thank Flag Link Fri Feb 7, 2014
Unless you're prepared to pay cash, it's nearly impossible to obtain a loan. In the past 3 months, 14 deals have closed ALL CASH. Of the 14, 12 are either short sales or foreclosures. Have not found a lender who will lend, as the building is unwarrantable. Lots of issues: ineligible for financing due to flood insurance, pending litigation, lack of reserves and commercial space issues. Assessments are extremely high for a building that does not offer the amenities it once did.

On the other hand, if you want to be in this area, this is where you can find the lowest priced condos. Let me know if I can be of further assistance. You can call or text me directly.
______________________________________________________________________
Lydia Gutierrez | Broker Associate | c: (312) 730-5999 | f: (312) 602-4940
Century 21 McMullen | 6400 N. Northwest Hwy, Chicago, IL 60631
Lydia@ChicagoHomesRealty.com | http://www.ChicagoAreaHomeFinder.com

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0 votes Thank Flag Link Fri Feb 7, 2014
Hi Harley! I had a listing in that building that I closed in May so I know it well. Email me if you'd like more specifics! Stephanie.loverde@bairdwarner.com.
0 votes Thank Flag Link Fri Feb 7, 2014
There are a lot of sales , in the building , that make the prices going down in the last 5 yrs ... its a beautiful biulding if you like Architecture , circular curves like Guggenheim in new york same type of concret , but missing of titanium ;) in the outside , huge lobby and assessments in some units... great views , and very low price . its a deal
Call me or email me for more info BarcelonaRealtor@gmail.com
0 votes Thank Flag Link Fri Feb 7, 2014
One more odd thing about the building. From the outside it looks like a circle, but it is really "S" shaped.
0 votes Thank Flag Link Fri Feb 7, 2014
I have always wondered about this building…I almost forgot about the flood!
0 votes Thank Flag Link Fri Feb 7, 2014
Lots of info here. Building has had some problems. Financially strapped, lots of rentals, etc. Building is also known to have some flooding issues.
0 votes Thank Flag Link Fri Feb 7, 2014
Contact me about this property I would love to give you an answer 954-368-8005.
0 votes Thank Flag Link Fri Feb 7, 2014
email me at jmichaels@remax.net I would like to send you what I have on that building
0 votes Thank Flag Link Fri Feb 7, 2014
It is a great location Con's for sale listed studio's in 70k and 1 br's in the 130k
0 votes Thank Flag Link Fri Feb 7, 2014
Well, that is a building that did well as a rental and the developers sued each other over it going condo. The price decline stated before the real estate bubble burst in Chicago. The developer had a lot of trouble seeing out the building and the units that were sold rapidly declined in value.

The building has one of the largest foreclosure rates of any Chicago building, as may units were sold to investors, who have walked away from their upside-down units.

The building suffered a major flood about 4 years ago when the Chicago River was overwhelmed. Multi levels of the garage and commercial spaces were underwater and people lost their cars. The association will always have high assessments and be in risk of special assessments. However, the association does not cover many things that other association do, like windows or balcony repairs.

The interior River Walk has always reminded me of a prison. the entire inside and the entire outside is all concrete with interior "balconies". Most units have exterior balconies, that overlook a nice park on the property. This is one of the few building that had parking spaces and boat slips.

If you were to buy a studio, which is all the investment I would safely recommend, you will get a decent rental rate. May college students will get in and stay in, until they graduate.
0 votes Thank Flag Link Fri Feb 7, 2014
I have a client that bought a studio and one bedroom from the developer, before I represented her. I sold her a 3 bedroom 2 bath 2 years ago, against my recommendation. She paid about the same for his unit as she had for the studio year earlier. I advised her not to get any further involved in the building, but she went against my advice, due to the size for the price, compared to other buildings.
Flag Fri Feb 7, 2014
Sounds worse than I was aware.
Flag Fri Feb 7, 2014
There are many comments here focusing on the negative aspects of the building. There may be some truth to some of these comments. However, I have worked with parties who have done their homework on the building and even fell in love with the building and have started investing in it. Per Mark B's statement below, "in chaos there's opportunity" I suggest you work with a realtor to help you get all the information on the building and decipher it so you can make an informed decision.

Phash stated below "it's cheap because it's on the SouthSide". There is no truth to this statement. There are condos a few doors down there are very expensive.
0 votes Thank Flag Link Fri Feb 7, 2014
It's cheap because it's the southside. Lot of cheap places there
0 votes Thank Flag Link Fri Feb 7, 2014
It is not on the southside. it is at 800 south and 200 west. FAR from the south side. It is barely even the South Loop.
Flag Fri Feb 7, 2014
How do you say lemon in French? Some properties are so cheap you cannot afford them.
I avoid headaches, but if you like them, let me know, I can find you more headache producing properties.
0 votes Thank Flag Link Fri Feb 7, 2014
This building was hit hard during the recent housing crisis. Many Short Sales and Foreclosures - High Assessments. Due your due diligence. Should you need any assistance, feel free to contact me.
Web Reference: http://www.BJDHOMES.com
0 votes Thank Flag Link Fri Feb 7, 2014
I know, right. There's a 3BR/2.1BA for $250K currently available!
0 votes Thank Flag Link Fri Feb 7, 2014
All the warnings here are valid. But in chaos there is opportunity. Just need to do your due diligence on this building.
Flag Fri Feb 7, 2014
Lots of issues with that building. Almost impossible to get a mortgage for a purchase. Good example of why you need a realtor.
Web Reference: http://lucidrealty.com
0 votes Thank Flag Link Fri Feb 7, 2014
Dear Home Buyer. Are you looking for a parking space. They have parking spaces for sale and condos.
0 votes Thank Flag Link Fri Feb 7, 2014
High assessments. Isolated location
0 votes Thank Flag Link Fri Feb 7, 2014
I would steer clear of this building. Many foreclosures, issues with HOA, and aesthetically far from pleasing. Let me know if I can help you find a South Loop condo. You can contact me at 773 972 5333 or howie@markallenrealty.com
0 votes Thank Flag Link Fri Feb 7, 2014
Good 'ole River City! Tread with caution. I recommend you go see the inside of the building and take notice of the commercial vacancies inside. Don't know the full story, but the prices are low for a reason. At least that's my opinion after going there to see for myself.
0 votes Thank Flag Link Fri Feb 7, 2014
Also, when I was in there, they told me that they no longer operate the escalator, you just walk up the escalator like it's a flight of stairs..not sure if it's still like that..
Flag Fri Feb 7, 2014
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