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

Park Millennium sold in the last 6 months – 222 columbus Dr

April 8th, 2010 · No Comments · Uncategorized

There are 9 units sold in the last 6 months at the 222 Columbus Dr. They are including one bedroom and two bedrooms, sold price from $200,000 – $360,000. There are 4 short sales and 4 foreclosures, one conversion sale. Since there are so many foreclosures and short sale in the buildings, it is very hard for the regular sale to get a competitive sale price in the neighborhood. Although, people might argue about their listing is not a foreclosure listing, but since the majority sale are foreclosures and shortsale, the buyers could only use that price for the competitive market analysis when they provide an offer.

Also, this building’s renter to owner ratio if higher than 50% which is higher than the required 30% so it is very hard to get a loan, there are only a couple private lenders in the buildings that the buyers could consult, the down payment is higher than 20%. For new investors, they are not allowed to rent their units out until the ratio is better, that being said, if you are an investor and bought a very cheap unit in this building, you can’t rent it out for the moment.

But for cash buyers who wants to live here for a few years, this is not a bad choice since you could get a one bedroom for as low as under $200,000 with newer kitchen and appliances, the one plus den is starting at $269,000 for asking price. The building is a full amenity building with indoor swimming pool, nice gym, party room and sun deck, it is also has pedway linked underneath the building.

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