Market Conditions in 60616>Question Details

lea.lewis, Home Buyer in Chicago, IL

Paid $570,000 for 1500 sq ft 2 bed-2 bath-2 deeded prking spots in S. Loop - Will I ever break even?

Asked by lea.lewis, Chicago, IL Sun May 20, 2012

We have a highly upgraded condo 11th floor at 1717 S. Prarie #1101- every window has a lake view and north window can see grant park, soldier's field and aquarium and planatarium. Custom designer upgrades with Asian grasscloth in Den, top of the line cabinets, all marble bathrooms 1 with bench seat and steam shower. upgraded kitchen with absolute black granite fl. blue pearl counter, stainless, one of a kind. Could we even sell at $450,000 over the next two years?

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Matt Laricy’s answer
I would say no. Not for a while longer. This building is in terrible shape. All the specials that have happened there, and the lawsuit have really crushed the building. There are so many foreclosures and short sales. Its also very hard for a buyer to secure a loan in the building. The only upside is, you can probably get very good rent for your place. I would love to talk to you more about the place, as I know the building very well.

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
1 vote Thank Flag Link Sun May 20, 2012
I am a long time resident of South Loop and I have sold units in your building.
I find the views to be breathtaking!

Just as an update to your post, a bank owned unit # 2001 sold for $320,000 in September 2012.
The prices are definitely on the rise since the crash, perhaps not where you need them to be just yet, but they are climbing!

Ilona Koziel
Real Estate Broker, J.D.
Charles Rutenberg Realty
312.731.4773 Mobile
0 votes Thank Flag Link Thu Feb 14, 2013
Very tough market and that area has been hit. If you have to sell, prices may not go up for a very long time. If you are able to rent it, then you could get some very good income.
0 votes Thank Flag Link Fri Jun 8, 2012
Hi Lea,

Not much is going to happen in your building until after the lawsuit gets settled.

Nobody has the "crystal ball"; but in my opinion, it may take five years to recover your value. Under $300k and over $1mill seem to be the active segments of the market currently. Depending on your financial situation, you may have some alternative options to a traditional sale.

Best of Luck,

Ivan Sagel
0 votes Thank Flag Link Mon May 21, 2012
all good questions and you would be best helped meeting me or one of the other agents.. my business partner owned a unit in that building and lost over 100K. Sounds like you went all out and need to look at a 6 month and 1 year and 5 year business plan...I do that for you.. lets meet at your place and take a look.- can you do anything during the day?
0 votes Thank Flag Link Mon May 21, 2012

Anything is possible, we can't tell the future for the next two years. The market is going strong right now however there may be a lot more banked properties hitting the market over the next two years which could hurt your condos value. Your best bet is to do a market analysis and a CMA so you can see the past and current trends and also have an accurate value of your condo in today's market.

Sohail A. Salahuddin | Broker Associate | Visionary
Innovative Property Consultants Team l Sales and Leasing
Jameson Sotheby’s International Realty
425 W. North Ave. | Chicago, IL 60610 

O: 312.929.1565 | C: 312.437.7799 | F: 847.805.6030

"Extraordinary Service For Extraordinary Lives"
0 votes Thank Flag Link Sun May 20, 2012
I do not need to see it and can give you a market analysis of the building and area if you are interested.
0 votes Thank Flag Link Sun May 20, 2012
Hello Lea,

I would have to see your condo to give you an accurate report to the possible value of your home. I do specialize in the South Loop. The market is getting very hot right now. I see a lack of good available units throughout the South Loop.

I did look up recently sale activity in your building for 2 bedroom condos. I know the value of your place is greatly hurt with the number of short sales, foreclosures, and the special assessment that you have in the building. You do have a way out and I can give you several options.

Feel free to call me or email me to set up an appointment.

Good Luck!

John Zloza, Broker Associate
Baird & Warner
Direct/ Cell: 708-935-4997
0 votes Thank Flag Link Sun May 20, 2012
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