When a foreclosed 1-bedroom condo at 535 N Michigan Ave came on the market early in July at a list price of $89,900 it triggered a flurry of offers and sold quickly for $108,888.
Vik Wadhwa of Urban Living Properties, one of our sponsors, represented the buyers, who were looking for a weekend in-town home. Since his clients lived 3 hours away, Wadhwa took on a post-closing role in assisting with the renovation of the unit.
You can see more pictures of the unit, which had been badly damaged, and read more about its transformation, at Streeterville Homes.
Congrats to the new owners! They got a great deal and now have a beautiful in town!
The place does look great. A one bedroom on Michigan Ave downtown for $100K… I can live with that.
I also like that this shows how a professional broker works with his clients. They probabaly trusted Vik to “get it done” …and he did. Working with contractors in a high rise is very time consuming and expensive. Real estate brokers who encounter this every day will have the resourses to save time and money for their clients.
Thanks for the comments. The clients were very supportive and gave me a lot of control over the project – allowing me to select all the furniture and finishes (cabinets, counters, paint, tile, doors, hardware, etc.) since as a broker I see so many places on regular basis that I’ve seen what finishes are attractive to buyers. I would communicate with them via email on a regular basis and send them update photos from my blackberry every week since I’m in the Streeterville neighborhood frequently for work.