North Harbor Drive

Observations and insights into real estate happenings along N. Harbor Dr. in downtown Chicago

East Randolph Street, Chicago

Just closed three bedroom foreclosure at the 195 N Harbor dr unit 2607

May 1st, 2012 · No Comments · Uncategorized

This is a combined unit of 2607 and 2608, the unit was combined by the developer and has some upgrade by the previous owner. I have been showing this unit to my clients more than one year ago when it was still a short sale.
The unit was listed for sale by the bank on Feb 3rd for $724,900. After a few rounds of the negotiations, we finally closed at the $702,900 on April 27, 2012. Which is right around the 3% off the listing price. We have tried to offer the lower price but was not successful. This verified my understanding about the foreclosure approvals always with the 3% range. This means if you want to win the bids of the foreclosure when there is no other bidders, you need to be max 3% off the listing price, otherwise, just has to wait for the price to drop.
This three bedroom unit has Around 2,000 square feet, with good views to north, east, west and south. Within the listing price, it has two parking spots, one valet parking right and one self parking right. This unit is the only foreclosure unit within the last 12 months in the Parkshore.
One more thing I want to point out is that to find a good short sale agent and attorney is very important, I was wishing that we could has closes during the short sale process, then it will be benefit for all parties, including the seller, the buyer and the association.

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