A Logan Square 2-Bedroom Duplex Up For 46% Under the 2007 Price: 2507 N. Milwaukee
This 2-bedroom duplex up at the Logan Station at 2507 N. Milwaukee in Logan Square is bank owned.
It is listed for about 46% under the 2007 purchase price.
This development was new construction and sold in 2007.
The living room, dining room and kitchen are on the main level and there are 2 bedrooms on the upper level.
There are hardwood floors on the main level.
The kitchen looks to be intact with cherry cabinets, granite counter tops and stainless steel stove and dishwasher (the refrigerator appears to be missing.)
It has central air, washer/dryer in the unit and parking.
At just 3 blocks to the blue line and near shops and restaurants of this hot neighborhood, is this a deal?
Rosario Terracciano at Resurrecting Real Estate has the listing. See the pictures here.
Unit #2N: 2 bedrooms, 2.5 baths, no square footage listed (but from other listings- it appears to be around 1600 sq. ft.)
- Sold in January 2007 for $362,000
- Bank owned in April 2010
- Originally listed in March 2011 for $207,500
- Reduced
- Currently listed for $194,900
- Assessments of $294 a month
- Taxes of $4999
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 15×12 (second floor)
- Bedroom #2: 11×10 (second floor)
Sounds like a good deal but the place looks awful. Maybe it’s bad photography, or maybe it’s just because there’s no furniture, but it does not look the least bit inviting. Maybe a good decorator is all it needs.
And the not really GZ areas start to show cracks..
Gotta love those two big dirt smudges on the lens that make every shot of the place look like it has stains… I really think I should expand my photographic skills into real estate.
Also can’t believe someone paid $362,000 to live right on Milwaukee Avenue with trucks and buses going by non-stop all day. The current price seems much more realistic.
Is there a requirement that bank sales feature the worst pictures?
“Also can’t believe someone paid $362,000 ”
It’s the distorted effect of it not being their money–likely a low down payment mortgage.
Toilet picture is just – wow. Also way to make the living room look small with a fireplace.
Dear Realtors using point-and-shoot cameras, please use your flash. Even indoors. Even if it doesn’t go off automatically. Even for bank listings.
Gaze into the toilet of broken dreams! You won’t be able to walk away without making an offer! Mooooo ha ha ha ha ha!
“And the not really GZ areas start to show cracks..”
Huh? You realize this place is butt ugly, right?
Hah…and no pun intended.
“Dear Realtors using point-and-shoot cameras, please use your flash. Even indoors. Even if it doesn’t go off automatically. Even for bank listings.”
Or even better…if you don’t own and/or do not know how to use an DSLR camera better to get decent shots, just hire a professional. Not that the REO agents or banks really care if the listing looks good.
“likely a low down payment mortgage.”
~4.5%
This place falls in the category of never ever for me.
Well, there’s some decent food around here at least, including croissants by the dozen. And Milwaukee Ave isn’t that bad, not worse than Fullerton, California, or possibly Sacramento.
that toilet photo – why? ya can’t close the lid… sheer laziness
“Well, there’s some decent food around here at least, including croissants by the dozen.”
Agreed. But I think the fact that most of the places opening up are always packed is indication that even more places are needed.
“Agreed. But I think the fact that most of the places opening up are always packed is indication that even more places are needed.”
We’re missing a good, slightly (but not really) upscale sandwich or casual meal place (not a bar or bar/resto). I thought Letizia’s was going to fill that, and maybe it will yet, but hasn’t so far. Instead, we have 4 places to get sushi in walking distance, and I like sushi.
“Instead, we have 4 places to get sushi in walking distance, and I like sushi.”
I’m not so sure plutonium is part of the USRDA.
Have you tried Rewster’s Cafe? Recently opened up on Diversey, just east of Kedzie. Haven’t been there yet myself.
http://www.yelp.com/biz/rewsters-cafe-chicago
“Have you tried Rewster’s Cafe?”
It’s on our radar but haven’t tried it yet. From where we are in Logan, it’s a little ways, hobbit legs and all.
Listing says 1064 sq. ft.
“no square footage listed (but from other listings- it appears to be around 1600 sq. ft.)”
Either there is one photographer going around taking all these smudged shots or some brand of camera out there is really bad. I’ve seen the two black smudges on several listings recently, all distressed properties around this price range. Weird.
The lack of pride that REO photographers show in their work is astounding.
This location is sub-optimal. Across from the MegaMall, next to an empty lot. There’s food, coffee, an organic grocery store co-op nearby, but Milwaukee Ave. itself is just dirty and grubby looking, all the time over here. I’ll bet if you open your windows you get grit on all your surfaces inside in a day or two. So, walkable amenities-wise it’s pretty good, but Milwaukee is just such a depressing street.
I’d say the price is right, though, and should go over $175k, but I doubt we’ll have a bidding war here.
the alderman has had his eye on that MegaMall for years, it’s a safe bet that at some point it will either come down or be transformed. he’ll get neighborhood support to do it by hook or by crook as if you look at the 2010 Census data the tracts right around the monument flipped and are now majority white – and they are higher-income, and have no desire to buy crappy counterfeit DVDs and the other garbage that place stocks. I know they also have some fruit shakes/produce, but that isn’t going to keep that place in business when Milwaukee Ave on that stretch gets more upscale.
“and they are higher-income, and have no desire to buy crappy counterfeit DVDs and the other garbage that place stocks.”
WTF where am i going to get my airbrushed shirt that matches my girl when i am planing a trip to greatamerica if they tear it down?
and where else am i going to be able to replace my face-off radio after someone stole it while i was clubbing it up at tequila’s across the street? (and probably my actual radio)
a bunch of my graff friends worked at the airbrushing stands back in the day.
Geez, this unit just sucks and is pretty tiny for the location. Assessments and taxes are very high for a unit of this size and quality. If this actually sells for close to ask, this makes me feel a lot better about the value of my Logan Square/Avondale units.
I would guess that this one languishes for a while until there is maybe a deal around $150k or so. I don’t think that this is a smart way for many people to spend $200k, but it seems like it might work ok as a rental.
was thinking rental but the $300 p/m for assesments scares me out of this one. you’d cash flow a multiunit over there faster than this condo.
…too many bike riders in this area for my taste.
“…too many bike riders in this area for my taste.”
Seems like an odd demographic to avoid.
“…too many bike riders in this area for my taste.”
That’s my problem with being anywhere too close to the lake. Add in the boaters, and the lakefront is a total minefield.
I got over the lake a looong time ago.
“That’s my problem with being anywhere too close to the lake. Add in the boaters, and the lakefront is a total minefield”
the bikers, boaters and late summers training runners its a mad house. hence my love for the south loop, lake front without the northside madness.
*you do loose mucho on the eye candy though
REDUCED to $184k.
good luck with that.
“REDUCED to $184k.
good luck with that.”
That’s 5%. That’s a real reduction. You called it at above $175k, so another 5% off on an offer (reasonable, to me) might get it done.
pending?
let’s see if it closes