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Historic West Loop Single Family for $176,000

Much like a great soap opera, the Cook County foreclosure auctions provide some very interesting drama as well.

1533 Jackson

This past week, a property at 1533 W. Jackson, Chicago, IL,  a rowhouse style property, along the West Loop, was previously purchased for $1,150,000 on 3/14/2008.  Then the owner apparently proceeded to attempt to rehab and restore the property, but was unsuccessful.  The result was a multi-year attempt to sell the property at ever declining prices.  Ultimately into short sale territory, before it ended up at the foreclosure auction.

The property, with an outstanding original mortgage debt of $920,000, went to auction with an ultra low opening bid of $44,000.  Due to exceedingly low asking price, the bidding was aggressive and active.  The property was valued by Zillow at $318,000.

The final selling price....yep, you guessed it $176,000.

Looks like someone possibly snagged an amazing holiday gift in the West Loop!


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