3-Bedroom Victorian Storefront Now $131,600 Under the 2006 Price: 2075 N. Oakley in Bucktown
We last chattered about this 3-bedroom Victorian storefront duplex down at 2075 N. Oakley in Bucktown in June 2011.
See our prior chatter here.
Since June, it has been reduced another $100,000 and is now listed $131,600 under the 2006 price.
Way back in our first chatter on the property in January 2010 when it was first listed for $824,900, several of you predicted it would sell somewhere between $550,000 and $650,000.
But some of you have since gotten more bearish with one of you predicting in the June 2011 chatter that it would sell under $399,000.
If you recall, the unit is located in what was a Victorian storefront and appears to still have the original tin ceiling.
The kitchen has marble counter tops and stainless steel appliances.
2 out of the 3 bedrooms are on the main floor with the third in the lower level.
There is also a lower level family room with marble floors.
The side yard is private to the unit and there is an attached garage.
Is this property now priced to sell?
Jennifer Mills at Koenig & Strey still has the listing. See the pictures here.
Or see it at the Open House this Sunday, September 25 from 11 AM to 1 PM.
Unit #1: 3 bedrooms, 3 baths, 2600 square feet, duplex down, 1 car parking
- Sold in April 1999 for $320,000
- Sold in January 2002 for $462,500
- Sold in July 2006 for $731,500
- Was listed in January 2010 for $824,900
- Reduced numerous times
- Was listed in November 2010 for $699,000
- Reduced
- Was listed in June 2011 for $649,000
- Reduced
- Currently listed for $599,900
- Assessments of $259 a month (includes cable)
- Taxes of $6614
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 11×10 (main level)
- Bedroom #2: 18×12 (main level)
- Bedroom #3: 14×11 (lower level)
- Family room: 21×19 (lower level)
God, were people crazy in 2006.
This is a grade level STOREFRONT with no privacy and right next to all the street noise and traffic.
It’s nice, but it’s really sort of bland and ordinary as a home. Has all the disadvantages of a SF with none of the advantages. Shared yard, one car parking.
2002 price.
Still thinking $399k.
2002 price seems generous. $399k seems more realistic, but still optimistic.
What were they thinking paying $731k for a 3 BR condo storefront?
And what were they high on when they thought they could sell it to a greater fool for a $95k PROFIT, 4 years after the bubble burst??
It’s hard to be sympathetic given the ridiculous 2010 $825k asking price.
For the price, I was thinking it would be for the entire building, not just one unit. The idea of living in a storefront is really depressing.
Kids would probably enjoy pretending to be mannequins and standing in the windows though.
aping HD here: $593,230.00 mortgage
Hasn’t this place suffered enough abuse??? It’s just getting ugly now. Somebody buy it and put it out of its misery.
(that said, there’s no traffic or noise on this block, you’re right by a park, the yard is super cute, especially for a condo, and I like the tin ceiling)
b-
The final round of abuse will be doled out when it goes short sale @ $399k. Probably some time this winter or next spring.
It looks like a nice commercial space, maybe a restaurant or something but not a home.
Homedelte or anyone else on this board, how do you look up how much is still owed on a property? Someone posted a link to a website that would show how much is borrowed/owed by the property owner. Please post that link. Thanks.
http://ccrd.info
I’ve toured this property. The main level has some charm and character and the yard is quite nice but the lower level is a windowless basement. My clients are “funky” and liked it a lot (helps that they don’t have children as it’s a tough floorplan for a family) but found something that worked better for them in the same area for a lot less money.
Icarus – that is just the first mortgage – he has a second still, originally for $73k. Pretty pricey place for a midlaw sort of guy.
Homedelte thanks for the info. Now, I went to the website, how exactly do I look up how much is borrowed on a property? I can find out the pin by going to the cook county assessor’s website but then I don’t know what to do next. Any help would be greatly appreciated. Thanks in advance.
Once you have the pin- click on the Property Identification Pin Search and then put in the PIN number. That will give you the property’s history. It’s up to you to figure out the mortgages etc. on the property.
It doesn’t necessarily tell you exactly what is owed on a property (since if the mortgage was 10 years ago and hasn’t been refinanced then it clearly has been paid down) but you can get an idea of what is going on from the record.
IIRC it’s two midlaw sort of laywers probably making between a buck or two. They can afford the payment but they’re stuck, bad, I feel bad for them.
“Nat on September 24th, 2011 at 12:48 pm
Icarus – that is just the first mortgage – he has a second still, originally for $73k. Pretty pricey place for a midlaw sort of guy.”
sabrina: “Once you have the pin- click on the Property Identification Pin Search and then put in the PIN number. That will give you the property’s history. It’s up to you to figure out the mortgages etc. on the property. ”
I will say that for me this is the most confusing bit. If I see multiple Warranty Deed documents with a dollar value attached, do I add them up? Often it is just multiple transfers, but are second mortgages hidden in here?
Municipal record keeping is a confusing maze…
“If I see multiple Warranty Deed documents with a dollar value attached, do I add them up? Often it is just multiple transfers, but are second mortgages hidden in here? ”
Warranty Deed =/= mortgage.
Need to match mortgages and releases, and never forget that *many* banks did a very bad job of getting releases out from ~05-08, so there may appear to be mortgages that have been paid off.
anon: “Need to match mortgages and releases, and never forget that *many* banks did a very bad job of getting releases out from ~05-08, so there may appear to be mortgages that have been paid off.”
Huh. And what if there aren’t any mortgage documents on a property? Is that really an indicator of no mortgage. The two properties I pulled today had no mortgage records on them. Strange.
If there are no recorded mortgages, there likely aren’t any. It’s not that hard to understand the history once you have a little experience with real estate documentation, but I can see how you would have trouble going in cold. Just look closely at the document numbers, whether there is an underlying document and which party is which.
JJJ: “If there are no recorded mortgages, there likely aren’t any.”
Is there anyway that buyers/sellers could avoid the mortgage records being added to this system? I ask because on the properties I looked at I’m just really surprised there isn’t a mortgage involved. Certainly not impossible, but still surprising.
“Is there anyway that buyers/sellers could avoid the mortgage records being added to this system?”
No. If it ain’t in the system, (oversimplifying a *small* bit) it ain’t enforceable, and no typical lender would allow that.
Now, in the searchable system under a different PIN or under a misspelling of the borrowers name(s)? Totally possible.
“Is there anyway that buyers/sellers could avoid the mortgage records being added to this system?”
I’m not an Illinois-qualified real property lawyer. I suppose that you might be able to convince a specialty lender not to record the mortgage, but I doubt it. This is more of a technical question about the rights available to mortgagees (the lenders) if they don’t record, but my guess is that, in Illinois, they would give up any claim against a subsequent bona fide purchaser, which mortgagees probably consider pretty important. Therefore, I think that the answer to your question is “no”.
And, that’s the way it should be. Real estate is an inherently public and common type of property, and there should be detailed public records describing the interests, rights and obligations related thereto.
Thanks for the info guys.
Is IL a race, notice, or race-notice state?
“Is IL a race, notice, or race-notice state?”
http://tinyurl.com/67432uj
Ha. It was actually just an off-the-cuff attempt at exam-flashback-inducing dork lawyer humor. That was a clever extension of the meme.
“http://tinyurl.com/67432uj”
Whoa, a little harsh, although I realize it was surely in jest and as you know I am v sympathetic generally on the issue. But, more importantly, slightly dated, no?
“exam-flashback-inducing dork lawyer humor”
There’s actually an exam for which you have to remember crap like which state is which (or you mean the bar exam)? I do remember the dispute among the various anon* about how much property law they had to learn in law school.
“That was a clever extension of the meme.”
Is that really clever, let alone an extension of a meme, let alone a meme to start with?
“more importantly, slightly dated, no?”
Less so than that SS refrigerator you just bought.
ANYway, anonny took it in the spirit offered, which was as a slightly dumb joke in response to a slightly dumb joke.
There’s actually an exam for which you have to remember crap like “which state is which (or you mean the bar exam)? I do remember the dispute among the various anon* about how much property law they had to learn in law school.”
Can’t recall (or imagine) it being on the bar. Might have been on property, but I doubt it; was likely on a real estate exam (a 2 or 3L class well worth taking, IMNSHO).
“Is that really clever, let alone an extension of a meme, let alone a meme to start with?”
(1) Sure, (2) maybe not “extension of,” perhaps more an “exercise in” or “play on” and (3) yeah, rightly or wrongly, I think the term has been stretched that far.
“Less so than that SS refrigerator you just bought.”
I don’t even have a working ice maker! I wish I had SS. I have a white (is white in, or is that just cabinets, or is a white fridge in if it matches the white cabinets, which I also have). And really, strictly speaking, *I* don’t have anything, it all belongs to my landlord.
“ANYway, anonny took it in the spirit offered, which was as a slightly dumb joke in response to a slightly dumb joke.”
Fair enough. It was just the easiest entry point for a comment on a day I when I was not able to follow CC closely.
“Is there anyway that buyers/sellers could avoid the mortgage records being added to this system?”
Having looked at hundreds of properties in the Cook County system it is pretty rare that there would be a mistake of a mortgage NOT being recorded. There are occasionally typos in amounts and other things like that. The people who run it, after all, are human.
But most likely, if there are no mortgages listed- then there are no mortgages.
“Having looked at hundreds of properties in the Cook County system it is pretty rare that there would be a mistake of a mortgage NOT being recorded.”
True.
They are misindexed more than occasionally, tho, so you need to check the PIN, each owners name (possibly with variations) and, if it’s a new-ish condo, the pre-condo PIN, too.
I thought the price was for the whole building.
Whoops… Thats crazy. Personally I hate it when storefront buildings become living spaces overall. Because it deadens streetlife. But I guess we dont have boutiques/corner bars/stores like we used to.
“Personally I hate it when storefront buildings become living spaces overall. Because it deadens streetlife. But I guess we dont have boutiques/corner bars/stores like we used to.”
This corner store wasn’t a “boutique” ever. Corner grocery is the most likely thing.
Indeed, in 1928/29, it appears there wasn’t a business there at all, tho 5 families resided at the address.
What kind of access to data do you have anon to know the families who lived there in 1929?
Sometimes there is no mortgage recorded if the home was prchased by a land trust through a bank like the northern trust. They keep that stuff secret from prying eyes here.
“What kind of access to data do you have anon to know the families who lived there in 1929?”
Polk reverse directory on the Chicago History Museum site.
Five families resided there in 1929? It was the hipster progenitors who got a jump on the place and were living like squalid cockroaches back then, much like their hipster descendants.
“Five families resided there in 1929? It was the hipster progenitors who got a jump on the place and were living like squalid cockroaches back then, much like their hipster descendants”
It’s a 3.5 story building with 3 doors (one to a space which certainly was a business at some time). With something like 1500 sf for the three main floors (so, over 5000 sf total).
How much space did you think working class families typically had in 1929? More than ~1000 sf?
Its now a short sale for $489k
” TB (September 23, 2011, 2:17 pm)
The final round of abuse will be doled out when it goes short sale @ $399k. Probably some time this winter or next spring.”
looks like TB called it