North Harbor Drive

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

East Randolph Street, Chicago

New foreclosue one bedroom plus den at the Chandler – 450 E Waterside

July 19th, 2012 · No Comments · Uncategorized

I noticed unit 1310 is listed on the market on July 3rd, 2012, this is a one bedroom plus den unit with 1 and a half bathroom. This is a bank sale unit with parking spot #101 included in the listing price which is $444,900. I showed the unit yesterday to a potential buyer and thought that this unit needs lots of work, the wood floor looks damaged, unit is dirty and not so much upgrades. So I would expect the price to drop further without getting an offer at the moment.

This unit can be rented out for around $2,300 to $2,400 per month.

Chandler is in the process of passing the new rental rules, looks like they would like to keep a renal cap of 49% and grandfather in for the existing owners to be able to rent out their unit and let the new investors to sit for 2 years before renting out their unit. The board meeting is July 19th and they will pass a timeline for the cut off date to execute the new rental rules, that means we have three building in the new eastside has the rental cap, the Park Millennium (222 N Columbus), the Regatta (420 E waterside) and the Chandler (450 E waterside). This is because the lending rule is for buildings with owner occupancy of 65% for Fannie Mae and Freddie Mac.


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