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

5 N Wabash 1 bedroom plus den foreclosure is under contract

August 9th, 2011 · No Comments · Uncategorized

I noticed this foreclosure 1 bedroom plus den with around 1,140 square feet, washer and dryer in the unit, there are no amenities in the building. But 5 N Wabash is in a great location with walking distance to the EL, shopping, restaurants, grocery stores, etc. This unit was listed for $171,900, the similar unit was listed for around $225,000 which is 10 floors higher. So if we use $500 per floor, that means this foreclosure unit should be listed for $220,000. So it is listed around 78% of the regular listing price. Normally you can not really negotiate for the foreclosure deals, so that means, I will assume the buyers offered at $165,000 and if the regular sale could go down to $200,000, which means that the foreclosure property is around 17% less than the regular listed property. So this is a really great deal!

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