East Randolph Street – Call Kristine 312-933-1894

Observations and insights into real estate happenings along E. Randolph St. in downtown Chicago

East Randolph Street, Chicago

4 bedrooms foreclosure at the 400 E Randolph is closed for $370K

September 20th, 2010 · No Comments · Uncategorized

Finally the combined 4 bedrooms unit at the 400 E Randolph is closed for $370K on Sep 9, 2010. The listing was out on June 15, 2010 and it was contracted on July 26, 2010, four days after it dropped from $394,900 to $374,900 on July 22, 2010.

This unit has around 2,400 square feet with two large balconies, this is a great price for the size of the room in the new eastside neighborhood. Although both kitchens have been taken out, it is still a good investment property as far as to put in some money to restructure of the unit and then rented it out!

I have showed this unit right after the price deduction, however, my client’s offer is too low comparing to the other offer. Since the price is very low, normally it is hard for the bank to drop more, such as this example, the final closing price and the listing price is only, $4,900 difference, which is around 1.3% of the listing price. Therefore, we learned again that the room for negotiation of the distressed properties is very small, normally it is less than 3%.

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