River City three-bedroom now 79% below ’03 price

River City, 800 S Wells, Chicago

River City made news last summer after rainwater flooded its condos and garage, but there’s been a redder kind of liquid seeping from the building for months now.

Twelve of the 20 condos currently listed in the South Loop complex, located at 800 S Wells St, are tagged as short sales at Redfin. Eleven of the 101 South Loop foreclosures Blockshopper recorded in 2010 were inside the building. One home for sale, a 2,300 square-foot triplex priced at $775,000, is still listed above its previous sale price, but everything else is going for a loss, and frighteningly so — on average, units at River City are currently priced 50% below their last closing prices (mostly dating back to 2002 and 2003), according to Blockshopper‘s records.

The deepest cut is at unit #526, a three-bedroom / 2.5-bath home with city and river views, priced at $114,900. In September 2004, the unit sold for $539,500. It’s one of four condos at River City listed at 70% or more below its last sale.

The unit is being sold as-is. Monthly assessments are $1,006, and 2008 taxes are $6,975.64.

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