Top Floor 2-Bedroom Ravenswood Short Sale Sells For $133K Under 2007 Price: 1627 W. Ainslie
We chattered about this 2007 top floor conversion unit at 1627 W. Ainslie in Ravenswood several times over the prior year.
See our January 2011 chatter here.
It had been on the market as a short sale since May 2010 without any takers even though the list price kept falling.
At the time of our last chatter in January, it was listed for $91,000 under its 2007 purchase price at $250,000.
Some of you thought that, compared to rental prices even of other renovated units in the same building, it was still too high.
The unit recently sold for $133,000 under the 2007 price at $226,000.
If you recall, the unit had all the new construction amenities with stainless steel appliances and granite counter tops in the kitchen, central air, and washer/dryer in the unit.
Gated parking was also included in the list price.
Did someone get a deal or is this the new price point for the neighborhood?
Joe Green at Keller Williams had the listing.
Unit #3W: 2 bedrooms, 2 baths, 1090 square feet
- Sold in March 2007 for $359,000
- Lis pendens foreclosure filed in December 2009
- Was listed in May 2010 as a “short sale” for $300,000 (parking is $20,000 extra)
- Reduced
- Was listed in August 2010 as a “short sale” for $270,000 (parking is now $15,000 extra)
- Reduced
- Was listed in January 2011 as a “short sale” for $250,000 (gated parking now included)
- Sold in June 2011 as a “short sale” for $226,000 (parking included)
- Assessments of $148 a month
- Taxes of $4620
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×13
- Bedroom #2: 12×10
- Den: 10×9
The 07 price was ridiculous, and the short sale price doesn’t seem too good either. That’s over $200 psf for a 1090 sq ft condo conversion. Not impressed with the price.
Darling, when are you ever impressed with any price?
These places are small and crappy. I’ve seen them.
Everyone once in a while I’m impressed with a price but at least it’s happening more frequently than in times past.
“miumiu on June 16th, 2011 at 7:43 am
Darling, when are you ever impressed with any price?”
I’m with HD on this one. 1090 sq ft is on the small side for a two bedroom. I don’t think they got ripped off on the price (though maybe if HD’s predictions come true we’ll think differently in 2014), but they didn’t get a “deal” either.
I call deal.
reason being is for the level of windows and natural light you are getting. also a/c, w/d, deck, decent bedrooms and Gated parking
price is about right for the neighborhood IMO
(yeah yeah… DUH thats why it sold)
hopefully the new owners enjoy it for a long long time
Price is fine, I suppose, but what’s up with those taxes?
except for the parking and being 3 miles east, this is my 2/1 condo. I don’t think they got a steal but they were not robbed either.
It kinda gives me hope that I might be able to unload mine for almost what I owe and not have to bring much extra $$ to the table.
of course now HD and others will work toward squashing that hope 😀
“It kinda gives me hope that I might be able to unload mine for almost what I owe and not have to bring much extra $$ to the table.”
Hope the best for you, but you do realize that this place sold for more than 35 percent off the 2007 price (and not taking into account agent commissions etc).
I think this is a decent price for the neighborhood. It has all the bells ( as Sabrina likes to say) and it is conveniently located walking distance to both Andersonville and Lincoln Square. Also it is very close to the Ravenswood Metra stop.
The negatives are being right on Ashland and possibly an awkward layout or room sizes.
“Everyone once in a while I’m impressed with a price but at least it’s happening more frequently than in times past.”
Examples? I am curious.
This place may have been bid in Jan or Feb, and in 4 months the market has changed. A low ball short sale bid might be smart if it takes 5 months for approval.
“Hope the best for you, but you do realize that this place sold for more than 35 percent off the 2007 price (and not taking into account agent commissions etc).”
yep. the 2011 purchase price for this unit was the 2003 purchase price for my unit.
I can see why the buyer thought this was fairly priced when the offer was made–the amenity level is pretty high and the location decent. It’s more than what I would have paid for this, but not by too much. Congrats to the seller, and hope the buyer enjoys their new home.
“yep. the 2011 purchase price for this unit was the 2003 purchase price for my unit.”
So if you add parking and transport your place 3 miles east you’ll get the same price?
“So if you add parking and transport your place 3 miles east you’ll get the same price?”
the hope is that someone who cannot afford this price point decides 3 miles west is just as good for a 30% savings.
Maybe not today, but perhaps in 2012 at the start of the next put your_home_on_the_market after Superbowl Sunday Season!
I live around the corner from this place. It’s not “on” Ashland; it’s “on” Paulina, a much quieter and prettier street. In fact the whole neighborhood is very peaceful and residential – maybe a little too much so. But the Metra is nearby, the Brown Line is a healthy 10-minute walk away and you can take the Lawrence bus to the Red Line.
I saw these condos when they were first being built and was impressed with the creative layouts, materials, etc. Too bad that these people felt the need to move and sell short. I thought these would be great places for a couple or family to live in “for the long haul.”