Does anyone know about the units in 222 N Columbus?

Asked by Julie, 60614 Sat Dec 17, 2011

It seems that building has quite a few short sales, and seems to be a bargain compared to units in adjacent buildings such as Aqua? For instance, more than one 2/2s are priced around 275-289K. so what's the catch?

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6
Michael Vrie…, Agent, Chicago, IL
Sat Apr 14, 2012
I've represented numerous buyers in the building and feel it (currently) represents some of the best values in the city. Great amenities, tremendous location and functional floorplans with in unit W/D.

If renting your unit in the future is important, it might be wise to triple check their rules and regulations (as you would with all buildings) to ensure they don't conflict with your long term goals. The building should always have strong demand from owner occupants and keep the price floor stable, however you'll want to make your own predictions for this.

The relationship between 222 and Aqua is somewhat similar to what you could see several blocks over between Trump Tower and 440 or 405 Wabash.

Hope this helps!

Michael

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Michael Vrielink
Chicago Real Estate Artists LLC
Managing Broker & Realtor
Web Reference:  http://www.chicagorea.com
0 votes
Jeff Stewart, Agent, Chicago, IL
Sat Dec 17, 2011
Hey Julie,

Hope you're gearing up for the holidays! Although I'm not the first to respond I do hope you'll still consider my answer.

Like somehave said below, there really isn't much of a cath with this building, it's just that many homeowner in the building purchased at the height of the market - thus owing more than what the homes are worth now. Another reason for a much lower price is because this building is much older than the surrounding buildings. Buyers, like yourself, are lucky enough to be picky when buying so when someone visits a condo at 222 Columbus then goes to an equal priced condo in Aqua there's just no way 222 Columbus can compete.

I'm one of the neighborhood's Realtor experts and would love the chance to work with you as your Realtor. Know that I'm available to chat when you're available.

Jeff Stewart
REALTOR®, @properties
309-269-3499 CELL
jeffstewart@atproperties.com
0 votes
Matt Laricy, Agent, Chicago, IL
Sat Dec 17, 2011
Sure I know a lot about those units. They have a lot of perks and some negatives as well. I would love to discuss them with you. Feel free to give me a call or email.

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
mlaricy@americorpre.com
708-250-2696
Web Reference:  http://AmericorpRe.com
0 votes
Bill J Delig…, Agent, Naperville, IL
Sat Dec 17, 2011
Greetings Julie,

As per 2brs/2bas over the last year 8 units have sold:
7 from $251k - $297k and 1 at $320k.

Presently 1 is under contract at $270k and another is for sale at $275k.
0 votes
Joseph Hedri…, Agent, Morton Grove, IL
Sat Dec 17, 2011
I had one of those units for sale. There is no catch, we are in a depressed market. Prices are down. A short sale is a property that the owner cannot own any longer and must sell even at a lower price than the mortgage.
0 votes
Philip Sencer, Agent, Chicago, IL
Sat Dec 17, 2011
That wa one of the many new construction projects back in the 'bubble' years when developers were working with lenders who gave out all those toxic loans.......therefore lots of short sales.
Developers in those days also only had one goal.....creating as many units as physically possible in any given project so they could make the most money. THere was little consideration to floor plans/layouts or much of anything else. Most of the units I have seen are small and rather non functional unless you have the possessions and mind set of a recent college graduate. Most of the units also face other buildings w/no real view and not much natural light.
They do seem to have a lot of $$ in the reserve fund, but I have never been keen on the building. I think future resale value will always underperform once the market changes.
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