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Following the mention of short sales at River City on Monday, I started checking other buildings in the South Loop to see where short sales were concentrated. Of the 17 one- and two-bedroom resales listed at the Vision on State, 1255 S State St, a full dozen are priced 30 to 57 percent off their late 2007 and early 2008 sale prices. In fact, only one home, unit #602, is listed at a markup — it’s priced in the $320s, or about 12 percent more than it sold for in 2008.
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Wow—Who would pay $420,000 for a 1bed/1bath –820sf place with assessments about 500$. Is there something I am missing about this building??
There is something odd but the original sale prices. Inflated bubble prices are one thing, but some of these are arguably beyond that. When I was looking to buy one of these units, I heard a rumor (and it is probably just that) regarding some units being used as a money laundering scheme. Who knows, but it is definitely strange.
Regardless, I do love the location of this building and I think the new short sale prices are reflective of what the building is worth – as well as association fees do not sky rocket.