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

New Foreclosure two bedroom unit at the Park Millennium – 222 Columbus Dr

October 5th, 2011 · No Comments · Uncategorized

I just noticed a new foreclosure two bedroom unit listed at the 222 Columbus Dr, the Park Millennium buidling. This is a two bedroom facing northwest, from the pictures it looks OK inside. This unit has around 1,225 square feet and can be rented out for around $2,300 per month. Since this is a foreclosure unit, it was listed on Sep 29, 2011 for $289,900 , so right now only the home owner could get to see it first until after 15 days of the listing, then the investors could start looking.  Also, if the unit is closed by October 31, 2011, the buyer could request 3.5% of the final sales price to be used as closing costs assistance which is around $10, 146.50. As I am writing this post, we are already Oct 5th, so I would think only the cash buyers could close before the end of the month, then the closing cose would not be that much!

Park Millennium has just passed a new rule that no new investors could rent out their unit anymore since their renter ratio is too high, therefore, only home owners could purchase in this building, I am not sure it is a good thing to do this at this moment as maybe this new rule would drag the price down for a while…

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