56% Off This 3-Bedroom Short Sale Duplex Down: 1408 N. Artesian in West Town
This 3-bedroom duplex down at 1408 N. Artesian in the East Humboldt Park neighborhood of West Town (although someone once told me this was “West Bucktown”- but that was pre-housing bust) has been on the market since December 2011.
Yes- it’s west of Western.
It is a short sale and is now listed at about 56% under the 2006 purchase price at just $169,000.
The listing doesn’t say if the short sale has been approved, however. A lis pendens foreclosure was filed in March 2011.
Built in 2001, the master bedroom is on the main level with the two other bedrooms on the lower level.
The kitchen has maple cabinets and granite counter tops but is missing the appliances.
There is central air, washer/dryer hook-up in the unit and rear, gated parking.
Short sales of newer construction condos dot the streets in this neighborhood.
Is this even a deal?
Jenny Caviedes at Re/Max has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2.5 baths, no square footage listed, duplex down
- Sold in May 2002 for $293,000
- Sold in December 2003 for $320,000
- Sold in May 2006 for $384,000
- Lis pendens foreclosure filed in March 2011
- Originally listed in December 2011 for $208,000
- Reduced numerous times
- Currently listed at $169,000
- Assessments of $150 a month
- Taxes of $5481
- Central Air
- Washer/Dryer hook-ups
- Outdoor gated rear parking
- Bedroom #1: 10×13 (main level)
- Bedroom #2: 10×10 (lower level)
- Bedroom #3: 9×10 (lower level)
Is the vodka included?
What a dismal place! I’d need that vodka if I lived in this dark place with tiny bedrooms. Hard to believe it sold at nearly $300k even back in 2002.
i wouldn’t take that place for free
Sabrina,
Enough with the Duplex downs. No one likes them
LOL—I just spit my tea out (It’s not noon ye) That vodka bottle picture has to go into the Hall of Fame of bad real estate photos!
would this be a good comp?
http://www.redfin.com/IL/Chicago/Undisclosed-address-60622/home/12637185
Walls of split-faced block — tear down the whole building and start over.
If it was built properly (big IF) it’s not a bad price for the size and location. I wouldn’t want to live west of western ave though.
Interesting Icarus. Definitely further south and west, but sold for a similar price as a foreclosure with water damage. I wouldn’t be surprised if this basement had taken on some water at some point too and perhaps this place could be made to look as nice but the current pictures sure tell a different story.
“Enough with the Duplex downs. No one likes them”
This is a broad and inaccurate generalization. As has been discussed on this site many times, certain duplex downs, especially those in good neighborhoods and with two bedrooms upstairs, can be very desirable for some people.
Duplex downs certainly seem to be better investments than the generic 2/2 which every Notre Dame and Purdue grad buys upon moving to the big city at age 27 and realizes three years later it is underwater and way too small once they have a kid.
I will add that this particular property does look like a dump, duplex down or no.
I posted on this property simply as an illustration of what is happening out there- especially in the West Town neighborhood.
This was an “up and coming” neighborhood during the boom. 3 and 2 bedroom units routinely sold in the $300,000 to $400,000 range in this neighborhood. Most of them looked something like this unit.
Now they will likely sell for at least 50% off. This will be blocks of properties.
And people think that this is the bottom? Really???
I know several people trapped in this neighborhood (with kids) right now. They’re paying the mortgage. But they won’t be for long.
You want someone to call a bottom to this mess? It won’t be until 2015. That’s my guess. (and that may still be too early.) It will take YEARS to work through all these short sales/foreclosures that are going to come down the pike in the GZ.
I think you are right, Sabrina, at least judging by the shadow inventory that doesn’t show on the listings, but most of all by the trajectory of wages and salaries in this country.
Deteriorating wages equals falling home prices… especially if the prices were inflated far out of any reasonable relationship to local incomes and rents to begin with.
What will happen first? Prices falling further, or these McCrap boxes falling down? Spoke with a forensic architect yesterday on a project my firm is working on-the number of new construction buildings which are sinking or leaning is frightening, including two high-priced skyscrapers. The unique exterior of one, on the lake, was acheived by extending the floor and balconies WAY beyond support pillars, now there is a noticeable drop in floor level. And the number of condo’s built in the south loop without caisson’s?
“including two high-priced skyscrapers.”
Which ones?
This is why I prefer to buy vintage. All of you may rage against the assessments etc. in the 1920s buildings, but at least we KNOW what is going on with those. Who knows what lurks in many of the buildings built during the boom.
I admit that I am a little concerned about new construction high rises. I’ve heard about disreputable builders and I just don’t trust the way developers can build unsafe or unsound buildings and then can’t be held responsible for it.
With that said, until now I thought I was being a little paranoid. Reading the last couple comments makes me think I should factor it in and maybe just swear off newer construction altogether.
“Which ones?”
Don’t know which one’s gail is refering to, but it’s not limited to high priced buildings of recent vintage–a certain high priced building from the early 80s has also had foundation problems.
“I posted on this property simply as an illustration of what is happening out there- especially in the West Town neighborhood.
This was an “up and coming” neighborhood during the boom. 3 and 2 bedroom units routinely sold in the $300,000 to $400,000 range in this neighborhood. Most of them looked something like this unit.”
Thanks for posting. You are correct, this area just West of Western was the next “obvious” place for gentrification in 2005-2008. Tear downs going for $400k+ back then are now selling for $200k and some much less.
I am unaware of any large scale projects in Chicago with major structural issues. But check out Ocean Tower in South Padre. A 30 story concrete building leaning 14in had to be imploded. Built during the boom, ironically might have saved themselves from further financial failure…
http://www.alicedonahue.com/News/tabid/59/ctl/ArticleView/mid/829/articleId/218/Default.aspx
When people refer to “vintage”, they aren’t talking about 80s-era construction. That is “almost new” or “modern”. “Vintage” usually means things built before 1950, and mostly a few decades before that.
The 80s were another debt-driven “boom” period, though nothing like the past ten years. Many beautiful buildings were built, but many were built quickly and turned quickly.
I’m no expert, but it looks to me like construction quality has dropped through the decades since 1930, each subsequent decade witnessing further degradation in quality. We have a number of shoddy building from the 50s and 60s that aren’t worth rehabbing while the superb buildings of the 20s are still very loved.
Laura, generally I agree with you but remember there are many 1920’s building that have been deemed not worth rehabbing and that are no longer around. Each decade has its good and bad construction. I’m sure SOME of the 2000-2010 buildings will still be around come 2112 as well.
When people talk about new construction being bad, they’re usually talking about crappy rehabs that cut a lot of corners or just did the superficial stuff or mid-rise condo buildings that got thrown up on every vacant or teardown lot in a certain areas during the boom. Split-face block, poor attention to water issues, low-quality work, bad decisions, etc. Given current building standards, most of these concerns aren’t structural, and I think that it’s absurd to be concerned about being safe in just about any building built in Chicago in the last 20 years. It just might be expensive and the stuff to be done might suck. My take is that due diligence can address most of these issues, you just have to ask the right questions, inspect the right things, find the right documents and be careful.
Sabrina (March 28, 2012, 8:57 am)
“including two high-priced skyscrapers.”
Which ones?
This is why I prefer to buy vintage. All of you may rage against the assessments etc. in the 1920s buildings, but at least we KNOW what is going on with those. Who knows what lurks in many of the buildings built during the boom.
I thought you liked high assessments?
There are some vintage buildings where the assessments aren’t high. It all depends on the building and amenities. Also- by square footage- many of the vintage buildings assessments are the same (or sometimes lower) than newer construction.
Dealing with lawsuits, special assessments to fix building issues etc. is not my cup of tea (if something is structurally wrong with the building.)