Can You Get a Steal at an Auction? 5 Bedroom SFH in North Center: 4117 N. Western

This 5-bedroom single family home at 4117 N. Western in North Center has been on and off the market since January 2011.

It is bank owned but after trying to sell it the conventional way the last few months, it is going to auction it instead.

The house was built in 1906 and the listing says it is 1462 square feet (maybe just one floor?)

From the pictures, it appears the kitchen is intact. It has maple cabinets and white appliances.

You can see the house this weekend, on Apr 10, by appointment only.

The auction will be Saturday, April 16 at the Renaissance Schaumburg hotel. Registration begins at 8:30 am.

The opening bid appears to be $149,000. It is an “all cash” purchase only.

The opening bid is 74% under the 2007 purchase price.

Is anyone game for an auction?

Some of you attended the auctions for the high rise condos a few years back (like the Vetro auction). If anyone goes to this big Schaumburg auction on the 16th, please let us know how crazy it is.

Auction.com has the listing. See the pictures here.

Check out the auction listing here.

4117 N. Western: 5 bedrooms, 2 baths, 1462 square feet

  • Sold in November 1998 for $138,000
  • Lis pendens filed in September 2006
  • Sold in February 2007 for $575,000
  • Lis pendens foreclosure filed in September 2009
  • Bank owned in June 2010
  • Originally listed in January 2011 for $342,000
  • Reduced in February 2011 to $333,500
  • Withdrawn
  • Now going to auction on April 16 with the starting bid of $149,000
  • Cash only
  • Taxes around $8200 (per 2009)

47 Responses to “Can You Get a Steal at an Auction? 5 Bedroom SFH in North Center: 4117 N. Western”

  1. Being on the east side of Western, this property is technically not ‘west of Western.’

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  2. Vacant lot next door for sale for $119k.

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  3. Q: What’s worse than west of Western?
    A: On Western.

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  4. No, no, no, you’re are forgetting to factor in the “amount of great Thai food in the immediate vicinity” premium. Try finding a good at Nam Prik Ong at Sedgwick and Menomenee!

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  5. perfect for someone that works at a car dealership

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  6. If it were in Bell, I’d try to buy the house on Claremont across the alley and build some kind of bridge or tunnel across the alley. There’s probably some flaw in that plan (besides the fact it’s not in Bell).

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  7. “I’d try to buy the house on Claremont across the alley and build some kind of bridge or tunnel across the alley.”

    To what end?

    “There’s probably some flaw in that plan (besides the fact it’s not in Bell).”

    Besides being mocked for being a B&T’er? I might be able to come up with something, but that’s probably bad enough.

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  8. “I’d try to buy the house on Claremont across the alley and build some kind of bridge or tunnel across the alley.”

    “To what end?”

    I dunno. Some kinda giant play yard. Build a shack to stick undesirable guests. Place to bury bodies and kim chi. I realize we’re way off on a hypothetical, but if you really could walk straight from your back yard to another lot even if on western, you could do a lot with that.

    “Besides being mocked for being a B&T’er?”

    Is that how it is in nortcenter?

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  9. “Try finding a good at Nam Prik Ong at Sedgwick and Menomenee!”

    I’ll stick to twin anchors down the street. Great rack. Plus I rather hang out in that atmosphere than at a thai food restaurant, but thats just me.

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  10. What’s so bad about being on Western? The uproarious laughter induced by an occasional terror-filled lambo driver has to be worth something, right?

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  11. “What’s so bad about being on Western? The uproarious laughter induced by an occasional terror-filled lambo driver has to be worth something, right?”

    Too far north here. Probably just considerable discomfort rather than outright terror.

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  12. Roma, you’ve the Happy hookah Lounge is across the street! hahahaha your not gonna find that on Sedwick and Menomonee! the in-laws would love that spot!

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  13. “Too far north here. Probably just considerable discomfort rather than outright terror.”

    Forget it, then. You can see a lambo driver in considerable discomfort anywhere.

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  14. “if you really could walk straight from your back yard to another lot even if on western, you could do a lot with that.”

    No doubt, but thru a tunnel or over a bridge defeats the purpose, I’d think, even if they were magical and took up no SF for steps/ramps.

    The potential, to me, would be in having the garage across the alley, and having the full backyard open.

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  15. 4117 N. Western

    Give me a f’ing break.

    How about this one:

    http://www.redfin.com/IL/Chicago/3441-E-95th-St-60617/home/13044034

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  16. I’d love to know the financing details of that 2007 transaction. I imagine there is some overweight Tony Soprano type character on a beach somewhere smoking a stogie laughing at how easy it was to bilk a bank out of half a million due to mortgage fraud.

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  17. “How about this one:”

    Easy kayaking to the loop!

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  18. “I’d love to know the financing details of that 2007 transaction.”

    I’m going to make your afternoon:

    80/20 financing at purchase.

    *one* month after closing the 2d ($115k) was refi’d for …

    [wait]

    $215k!

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  19. More mortgage fun on this one:

    The $575k purchase was with a f/c pending. The prior owners had $670k in mortgages on the place. They had 14 mortgages on it at one time or another, ramping up from the original $110,400.

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  20. How can it be a steal when it’s on Western, one of the busiest and outright ugliest streets in the city?

    The $575K price in 2007 should be placed in a museum to show how ridiculous the market got in that era.

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  21. “What’s so bad about being on Western? The uproarious laughter induced by an occasional terror-filled lambo driver has to be worth something, right?”

    OK – previously everyone made fun of me for commenting on my fear of driving down western avenue – but look at all the posts. It seems as though everyone agrees.

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  22. Clio – has more to do with the fact that Western Ave is basically a four lane highway that’s rarely traffic free.

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  23. How could the photographer and agent be so lazy that they couldn’t even be bothered to close the cabinet drawers in the kitchen??

    That being said, being right on Western would make me feel bad about life.

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  24. There are plenty of areas of Western that aren’t as commercial as everyone is making them out to be here.

    Just across the street from this house are townhouses and condos.

    This property would seem to make sense for an investor or someone who really wants to get into the Coonley school district (as I’m assuming that’s what it is in) for a really affordable price. Of course, if it is bid up to $350,000 then maybe it’s not so much of a deal.

    Oh- and you’re also within a stones throw of Sticky Rice, often mentioned as one of the top Thai restaurants in the city.

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  25. Someone paid $370,000 in 2007 to live in this 2/2 condo nearly across the street from this property. So SOMEONE is okay with living on Western.

    http://www.redfin.com/IL/Chicago/4104-N-Western-Ave-60618/unit-31/home/12625912

    I’ll be interested to see if someone gets a really good deal on this or if it still doesn’t sell at the auction price.

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  26. “Of course, if it is bid up to $350,000 then maybe it’s not so much of a deal.”

    I wonder how many non-investors have the cash to participate in this auction. Probably few, if any.

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  27. “I wonder how many non-investors have the cash to participate in this auction. Probably few, if any.”

    ….you would be surprised

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  28. I agree with Clio on this. 150-200K range does not require one to be an investor.
    Now if it was 500K, I would say very few people have that much cash at hand unless they are wealthy or are investors.

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  29. For those that don’t believe there are high end buyers or people with money out there:

    Both of these just went under contract and were sold within hours:

    http://www.redfin.com/IL/Chicago/919-N-Michigan-Ave-60611/unit-15A/home/12606665

    http://www.redfin.com/IL/Chicago/11-E-Walton-St-60611/unit-3502/home/39889673

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  30. Thankfully, I have access to JSTOR. There was a recent University of Chicago Economic Sociology study that, through extensive asset surveys and multivariate regression analysis, determined how many non-wealthy people have $500,000 sitting around in cash to spend on houses located directly on the city’s major thoroughfares. Very few.

    “500K, I would say very few people have that much cash at hand unless they are wealthy”

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  31. “There was a recent University of Chicago Economic Sociology study that, through extensive asset surveys and multivariate regression analysis, determined how many non-wealthy people have $500,000 sitting around in cash to spend on houses located directly on the city’s major thoroughfares”

    Ignorance and idiotic number crunching don’t go well together. It is obvious that no matter what type of “multivariate regression analysis” is used, there is no way to accurately calculate this number. People hide their money and are NEVER honest about reporting it to anyone. They do this legally by setting up LLC and trusts and putting money in relative’s names. They put money into companies and devalue the company when reporting to the government. If there is any non-government agency asking they will flat out lie. I know this as fact. Nobody with money is going to go out there and truthfully tell people how much they have. They don’t… so anyone that would even attempt an analysis of this is a complete and total idiot. No question or doubt.

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  32. clio: he was being sarcastic.

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  33. More fugly Worker Housing on an unattractive, high-traffic street in not-exactly-prime neighborhood.

    The house is an ugly frame cottage of the type built for workers in the early 20th. $200K tops. You’d really want to tear it down and build from scratch.

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  34. SFH, 25×125 lot, kitchen installed after 1982. $500,000.

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  35. I forgot to mention that this is not WEST of western. This will eventually sell (or resell) for $500,000. It satisfies all of my rules.

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  36. Went by this house today. It’s a story and a half. At some point there’s been reno done on it. But it’s not the only home that’s for sale in the stretch between Irving and Foster. Plenty of SFH’s with for sale signs on them.

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  37. So HD, are you putting in a bid?

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  38. Bid? I used to own it!

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  39. What? I am not following you. Sorry if I am being dense.

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  40. I’m just kidding, I never owned this property. I’m very sarcastic. I don’t plan on bidding on it either.

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  41. That is what I thought. I guess everyone is catching the anon bug : )

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  42. “People hide their money and are NEVER honest about reporting it to anyone.”

    Clio- That is actually wrong (in what I’ve seen.) As long as they know their name isn’t going to be used on anything- they’ll talk away even giving intimate details about stock portfolios, price of their art collections etc. Many people are more than happy to talk about all they have (even multi-millionaires.)

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  43. “I forgot to mention that this is not WEST of western. This will eventually sell (or resell) for $500,000.”

    Not in real dollars it won’t. After 7+ years of double digit inflation, sure.

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  44. “Someone paid $370,000 in 2007 to live in this 2/2 condo nearly across the street from this property. So SOMEONE is okay with living on Western.

    http://www.redfin.com/IL/Chicago/4104-N-Western-Ave-60618/unit-31/home/12625912

    I’ll be interested to see if someone gets a really good deal on this or if it still doesn’t sell at the auction price.”

    Check out the new construction stuff on the east side of the street in the 3900 block–a couple of units sold for ~$600k and the rest of the project was auctioned by the bank, most of it unfinished.

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  45. “As long as they know their name isn’t going to be used on anything- they’ll talk away even giving intimate details about stock portfolios, price of their art collections etc. Many people are more than happy to talk about all they have (even multi-millionaires.)”

    No – the vast majority of rich people are not that trusting of anyone. Believe me, even if their name isn’t used they are suspicious and won’t divulge this type of information. It is impossible to figure out how much money people actually have.

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  46. As a comparison, a 2 flat at 4545 N Western reduced the asking price this morning to 279.9K. It’s very close to the Brown Line el stop:
    http://www.redfin.com/IL/Chicago/4545-N-Western-Ave-60625/home/13391415

    Lolz at how the listing notes proclaim “High Traffic!” as a positive. Are they implying this lot is zoned commercial?

    Personally I wouldn’t mind on living on Western at this location.

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  47. “As a comparison, a 2 flat at 4545 N Western reduced the asking price this morning to 279.9K. It’s very close to the Brown Line el stop:”

    Short lot, solid 1.5 blocks to the el stop (so not *super* close) and, yes, zoned commercial.

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