Enjoy the Lake View From Your Balcony: 7625 N. Eastlake Terrace in Rogers Park

We haven’t chattered about Rogers Park in awhile.

This 2-bedroom unit at 7625 N. Eastlake Terrace recently came on the market.

It is bank owned.

The unit is listed $92,200 under the 2005 purchase price but is still priced above the 2004 purchase price.

The 40-unit building was constructed in 1997.

It has hardwood floors throughout.

The listing says it has lake views from the balcony.

The kitchen has white cabinet and white appliances.

The 1160 square foot unit also has the amenities buyers look for including parking, central air and washer/dryer in the unit.

On a side note: you’ll notice it took the bank 2 years to take possession after it filed the lis pendens foreclosure notice.

Is this unit a deal?

John Federici at Krain has the listing. See the pictures here.

Unit #302: 2 bedrooms, 2 baths, 1160 square feet

  • Sold in March 1997 for $175,000
  • Sold in September 2004 for $158,000
  • Sold in October 2005 for $274,000
  • Lis pendens foreclosure filed in February 2009
  • Bank owned in February 2011
  • Originally listed in March 2011 for $181,800
  • Currently still listed for $181,800 (includes parking)
  • Assessments of $336 a month (includes cable)
  • Taxes of $3467
  • Bedroom #1: 15×11
  • Bedroom #2: 11×11

37 Responses to “Enjoy the Lake View From Your Balcony: 7625 N. Eastlake Terrace in Rogers Park”

  1. “We haven’t chattered about Rogers Park in awhile.”

    Good. Its a crappy neighborhood. Go live in Evanston.

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  2. the 2006 price was part of a multi property deal via Redfin

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  3. Maybe this would make a great in-town for out-of-town who doesn’t care to live downtown? or maybe a boomer looking to downsize but wants to live in an urban gritty environment rather than the idyllic windy streets of the suburbs? or maybe the college student looking for a place to stay while AND make a great investment? opportunities abound.

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  4. HD … ur funny!

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  5. Come on guys, this place is literally right on the lake. That area east of Sheridan is really nice. And Juneway beach, is my personal favorite beach in the city.

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  6. I live on the lake in Rogers Park and have watched values fall for several years. Some 2br like this are so much smaller than well priced rental with better lake views they are having a lot of trouble selling. Thier prices keep dropping. Hard to say what will sell this one. I would not buy a two bedroom at all, I want room to grow. These are likely to be poor investments.

    This just went contingent with a better view:

    http://www.redfin.com/IL/Chicago/1315-W-Fargo-Ave-60626/unit-2E/home/13575584

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  7. Will, how much do these places rent for?

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  8. I’d be interested if it’s part of an Eruv!

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  9. It’s right by the lake which is nice, but not a great area to live at all outside of that. Awful in my book.

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  10. SS, try getting a place like this at this price in Evanston! Will, I can see why the Fargo place went under contract. I’d prefer a vintage place over this in a heartbeat in Rogers Park. I could find a modern 2/2 anywhere in the city. A vintage place near the lake at a cheap price? Gotta be RP.

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  11. I would say 1000-1200 depending on how long the owner want to wait for a renter. Although many condo owners are asking for much more in this building. Sometime I think they get it. Here is a much larger comp with direct east views for 1230:

    http://chicago.craigslist.org/nch/apa/2325546419.html

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  12. That Fargo place was tempting me, very nice unit. I saw this unit a few years ago as a rental. I think the owner wanted to sell for over 300k back then. Was renting for 1500 and eating a 600 a month loss IIRC.

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  13. Dullest building on Eastlake Terrace, which is otherwise a beautiful street. It IS newer construction but it is very bland and featureless. Garage space is available, which is a plus.

    But, in Rogers Park, you’d much rather have one of the many beautiful vintage units available, if you can get them down to a price that reflects current realities, like, that you can find comparables in prime neighborhoods like Lakeview for some of the fantasy prices some RP sellers are asking.

    Eastlake Terrace is an over-rated street and not a great location, IMO, being too close to Howard St and the notorious “Juneway Jungle”. That is the part of RP that wrecks the reputation of the entire neighborhood.

    Go south of Morse, close to Loyola and Edgewater, for the best part of Rogers Park.

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  14. Really you think only 1-1200, including the parking spot?

    Also the one going for 1230, is only a 2/1, id think that 2nd bathroom would really help out for rental value… probably for sale price not as much.

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  15. Maybe they can get 1400 from a renter who does not want space but wants a newer building. The view from these side units is not very good, plus the place is really small 3 rooms plus the bathrooms total, more like a one bedroom plus den.

    The 1230 one has sunroom, dining room, living room and a direct eastview.

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  16. I guess all these places are a bit of a stroll to the train.

    I guess the nice thing at least for when you are travelling during rush hour is you can take the purple line.

    From your experience Will do folks that live in this strip work in the loop?

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  17. I do not know a ton some do work in the loop and some in Evanston. The transit options are Metra, Purple line or the 147 express bus.

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  18. Laura,

    I agree with you about this place. It is utterly lacking in charm. Places like this were built by the thousands in the last decade or two. I find it hard to believe that they’ll ever be seen as desireable. In fact, they may be this generation’s equivalent of the four plus one.

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  19. Given the place Will gave that is already under contract, this place is way over priced.

    Maybe it will go for around 120-150k. The parking spot in that area is VERY big.

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  20. Chicagoan in L.A. on April 18th, 2011 at 3:24 pm

    I lived at 7649 N. Eastlake Terrace, the building just to the north of this one (next to the tennis courts), from 1987-1990, in Apartment 3F, which faces the lake directly. The apartment balcony would literally get covered in ice from the waves crashing up against the retaining wall during the winter months.

    Back then it was 1-bedroom apartment with the “bonus” of a Murphy Bed in the living room behind built-in bookcases (which were quite nice to have). That room had a bay window. The room to the left (as you looked at the lake) was the dining room and it also had a bay window. The apartments were very quiet to live in, very solidly made.

    It was a nice street to live on, mostly. It wasn’t a nice street to find parking on, especially after a snow. The walk to Howard El wasn’t particularly onerous, and there were a couple places you could stop in on the way home in the evening and have a beer. The real problem was Howard Street itself, of course. That was pretty unpleasant much of the time.

    Would I buy my former apartment as a condo? The lake view would be hard to resist, but on the whole I’d have to say not. There’s just not enough to do. Loyola (where I was a student) is a bit too far. Dominick’s is a bit too far. And the neighborhood is rather a bit too dicey, at least for me — but then I’ve lived in L.A. since 1994, so my impressions now are formed in only 3-5 day-long blocks when I visit friends.

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  21. The garage parking that is included in this listing is separated deeded. The spaces alone go for 45k. A similar property just sold for 192k. http://www.redfin.com/IL/Chicago/7625-N-Eastlake-Ter-60626/unit-104/home/12806835

    The comparable rental unit for $1230 does not include parking.

    Considering the comparable sale on Fargo for $150k, I don’t know why you would rather own a unit in a courtyard building that is 90 years old vs an elevator building that is 15 years old. But I was never one for “vinatge charm”. I’ll take concrete floors and high-rise construction any day of the week.

    Cheers

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  22. OK….I spent all my teens and twenties in Evanston, West Rogers Park area. So I know this area very well. Also, I was a realtor the last 3 years I lived In Chicago and I sold a unit in here (2000-2003). The buyer really wanted to live in this building, so we toured several in the building..maybe even this one. IMO…

    The building is a new building surrounded by vintage rentals and condos. At the time, the finishes were nice and appropiate for the price point…covered garage…on the lake. So a good value for the area. But you have to drive or walk through a war zone to get to it. The HOWARD L stop is walking distance but a scary walk. Also, your friends will never find a parking spot to visit you. So…if you are from the area then you are used to the energy there and will probably jump at this deal. All others…stay away!

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  23. danny (lower case D) on April 18th, 2011 at 6:52 pm

    I have walked, biked, trained, and bussed through the Howard St. area (and the Juneway Jungle) numerous times over the past 8 years, and have never once been sketched out or threatened. It’s really not that bad.

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  24. This place is grossly overpriced for the location. Condos pop up in Rogers Park on a daily basis under 50K in vintage buildings in better locations further south. The cheapest on the market at the moment is a 2/1 needing repairs for only 12.9K in a much better location down by Clark and Devon:
    http://www.redfin.com/IL/Chicago/1552-W-Arthur-Ave-60626/unit-2/home/39662340

    Even if the Eastlake unit is in better condition, the location sucks and low comps in the neighborhood will pull prices down across the board

    Rogers Park is not doing well. Humboldt Park is doing better than Rogers Park.

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  25. Parts of Rogers Park are actually very nice, but prices are still low. Whereas parts of Evanston are just horrible, but people think it’s a better area and keep prices higher.

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  26. I lived in RP in 2002-2004 and Howard wasn’t heaven but far from a nightmare. Since I’ve moved it has seemed to get even better. I can’t believe someone paid $275k in 2005, but now at somewhere near asking this seems fine. (I would have loved to have been the 2004 buyer and made $115k in 13 months…) I have yet to see ss find a similar place in Evanston for a similar price or anyone find a similar place on the lake near this price. Yes, I’d prefer closer to edgewater and loyola but I am sure the lake would be a big draw to some.

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  27. Milkster,

    http://www.redfin.com/IL/Chicago/1552-W-Arthur-Ave-60626/unit-2/home/39662340

    this property good luck even getting that place remotely close to that price. Last I heard there were 15 owner occuppied cash offers. my guess is it will go quite a bit higher than ask unless there is some kinda funny business going on.

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  28. Let me also add that its very hard to get a 2/1 in vintage building in rogers park even remotely close to the train for under 60k.

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  29. I live – and love! – Rogers Park. And frankly I’m tickled that a lot of people still think of this as the barren hinterlands. There’s more for us! Still, I’m not sure I’m up for Eastlake. We’ve been pondering this property:
    http://www.redfin.com/IL/Chicago/7631-N-Eastlake-Ter-60626/unit-2A/home/13575156
    in the vintage building just north of here. (Though parking is available for purchase for 35k in this property), and our conclusion, based on 2 years of watching comps, is that it is priced high. And frankly, living way up there would have to be cheaper to be worth it.

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  30. I live – and love! – Rogers Park. And frankly I’m tickled that a lot of people still think of this as the barren hinterlands. There’s more for us! Still, I’m not sure I’m up for Eastlake. We’ve been pondering this property:
    http://www.redfin.com/IL/Chicago/7631-N-Eastlake-Ter-60626/unit-2A/home/13575156
    in the vintage building just north of here. (Though parking is available for purchase for 35k in this property), and our conclusion, based on 2 years of watching comps, is that it is priced high. And frankly, living way up there would have to be cheaper to be worth it.

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  31. I agree zzelda, it is overpriced. It is beautiful though. Include parking and put in a low bid and maybe it could happen.

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  32. zzelda –

    The apartment is gorgeous and it looks huge. Did they combine two units? That would explain the high assessments at $619 and the high taxes at $5,766. In this location, you are about the furthest north you can be in Chicago without being in Evanston. You can get something for 300K in Lincoln Park, Lakeview, North Center or Wicker Park. It won’t be as big or as nice, but that price for that far north in Rogers Park in this market is high based on comps.

    It’s been on the market for 6 months, so take benjamon9’s advice, include the parking and aggressively lowball if you really want it.

    I like Rogers Park for the architecture, but I don’t like it for the vibe. I don’t mind the long commute to downtown, but there are problems. It would be nice if RP residents could complain, complain, complain, do neighborhood foot patrols, put heat on their local representatives, call the police to report all crimes or something to improve things.

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  33. you know, just a random thought, but cemeteries are such a huge waste of space, I mean why dedicate so much space to dead people. Its not like they are going to care where they are buried

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  34. gringozecarioca on April 20th, 2011 at 3:28 pm

    i thought CC’s get creamated and have their ashes spread throughout Lincon Park.

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  35. I live on Eastlake Terrace and pay $550 for a one bedroom on the lake (ground of course but private beach). Others pay $900 for a lake deck place. And there are numerous cheap rentals. So renting out these places? An investor would have to buy them cheap, very cheap for a while anyway. As far as crime, I really think a lot of the hype is racism really. In Bridgeport I encountered white Italian thugs when I lived there, in Humboldt Park Puerto Rican thugs, in Pilsen Mexican thugs, in Rogers Park black thugs. None of them were more or less thuggier than the other. But Rogers Park has the worst reputation. Frankly most of the stuff I encountered in Rogers was begging for money (not so bad), in Humboldt I had bricks thrown in my place, in Pilsen eggs thrown (cute kids) and my brother witnessed a murder, and in Bridgeport a white kid pulled a knife in my store I just kicked him out (ha!), with little effort, but Rogers has been not so bad. (but their black so it has a worse reputation) – but don’t get me wrong I have noticed less violence but MORE theft and scam artists. Oh when I moved from Humboldt my friend told me some got shot in front of my building far worse than Rogers Park. But please remain scared for one more year. By then I will have a great condo here.

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  36. Yes, it is two units combined. There are lots of small rooms but it is open enough to be really useable space. The kitchen and both bathrooms need work though.

    Frankly it is the location that is holding me back. If it was a mile further south we’d jump in an instant. But Eastlake is so isolated..

    We currently live on one of the dead ends east of Sheridan by loyola park. And this part of rp is amazing. Just enough restaurants, coffee shops etc. A wonderful neighborhood feel (I have never known so many of my neighbors) and a vibrant urban ‘hood. With the new farmer’s market and the arts and music scene so so bustling – Rogers park feels more Exciting than any other place I’ve lived in Chicago. Being close enough to the beach to let the kids walk home barefoot in the summer is pretty cool too. .

    But anyhow. Is it unreasonable to bid 30 percent under list? $220-$250 with the parking would make this worth it . Maybe.

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  37. Zzelda –

    If you like, e-mail me at oakstbeachgrrl@yahoo.com

    My real estate agents are very familiar with Rogers Park. They can run comps for you for the building and area so you have some concrete data on which to base an offer. Personally, I would offer less than that. It’s been on the market for 6 months. That’s a long time.

    They can also run the listings for the part of RP you really love. If you are iffy about the area of the Eastlake place, I’d say don’t do it. I used to own a great place in an iffy neighborhood and the apartment did NOT make up for the location. If you are a person like me who likes streetlife and walking and stores and restaurants and a neighborhood feel, you need to live in an area like that. Just think. If you buy the Eastlake place, you have to be prepared to live there for at least 10 years. What are you going to do if you want to sell and there are no buyers? The location plus the shabby kitchens and baths are why this unit has not sold.

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