Looking for a 2/2 in University Village Under $300K? 1451 S. Halsted

This 2-bedroom in the Ivy Hall at 1451 S. Halsted in the University Village neighborhood of the near south side was originally listed on the market in January 2011 (the photo above is from the group of buildings in the Ivy Hall condos on this block of Halsted.)

It was an upgraded unit and has stainless steel appliances, granite counter tops and custom cabinets.

The unit also has hardwood floors (some have carpet.)

It has the features buyers look for including central air, washer/dryer in the unit and parking.

It is listed $58,000 under the 2007 purchase price.

Is this a deal for the area?

Mitchell Aronson at @Properties has the listing. See the pictures here.

Unit #2A: 2 bedrooms, 2 baths, no square footage listed

  • Sold in November 2006 for $329,500
  • Sold in July 2007 for $347,000
  • Originally listed in January 2011 (I couldn’t find a price)
  • Currently listed at $289,000
  • Asssessments of $283 a month
  • Taxes of $4271
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×12
  • Bedroom #2: 12×10

 

28 Responses to “Looking for a 2/2 in University Village Under $300K? 1451 S. Halsted”

  1. I think the realtor needs more photos and different angles of the kitchen + living area. Maybe a high angle or a worm-eye view would help.

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  2. Very overpriced (and sadly for me). You can now get an entire townhouse for $325k: http://www.zillow.com/homedetails/938-W-15th-Pl-Chicago-IL-60608/80833045_zpid/

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  3. What an ugly POS

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  4. What’s out the “dining room” windows that’s so awful?

    What’s behind the door in the kitchen? Laundry?

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  5. Just received my 2011 Cook County property tax bill. Re-assessed value (purchased for $400K in 2005)…$176,000. Good luck to all thinking they can sell. Time to consider a strategic default.

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  6. I hope you work in a field like financial services where employers check your credit gail.

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  7. “Re-assessed value (purchased for $400K in 2005)…$176,000.”

    What was your assessed value the year you purchased? You’re comparing apples and oranges.

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  8. But seriously, what’s behind the door in the kitchen?

    Have to know, so that I can mock and deride the layout with full information.

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  9. Gail, I don’t think that anyone cares what the County thinks something is worth or uses it as an anchor for the actual market price. Lower is better because it lowers your property taxes. Are you saying that the market value is $176,000, based on an assessed value of $17,600? That’s very low for a property with a much higher sale several years ago.

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  10. And JJJ I didn’t have the patience to try to explain to someone that bought in/around 2006 that lower assessed value should equal higher resale value because its a lower after tax cash flow that can instead go towards the mortgage note.

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  11. There’s a better deal lurking in the wings. I maintain a page of all University Village listings here: http://lucidrealty.com/university_village_development.php towards the bottom of the page. If you look there you will see a listing for 1461 S Halsted # 2A but the link doesn’t work because it’s temporarily off the market. I kept it on the list because it should come back at some point and someone could probably do an end run on it. It’s a short sale that has been approved at that price. There have been a lot of short sales in University Village for these smaller condos.

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  12. Gary– what is behind that kitchen door?

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  13. “You can now get an entire townhouse for $325k: ”

    That one is under contract.

    “What’s behind the door in the kitchen? Laundry?”

    Not entirely sure but I suspect it goes to the parking lot.

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  14. I think it could be the washer/dryer. My ex-boyfriend lived in one of these buildings before he bought and that’s where the washer/dryer was located. Also, the smaller townhouses have the washer/dryer in the kitchen area.

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  15. Thanks, Gary and Jenny.

    So, either there are two doors to the outside, 10′ apart on the same wall, or the kitchen is also the laundry room. Great layout, either way.

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  16. “Jenny (April 18, 2012, 10:22 pm)

    My ex-boyfriend”

    i totally can see that happening a lot

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  17. Hmmm…do any of you idiots pay property taxes? Recorder of deeds applies 10% level of assessment to market value. Market value, per Recorder, is $176K Market value at purchase was $400K Taxes have fallen from 5900 to 3100. Of course, I gave this POS back to the bank, and they couldn’t sell it at $160K, so seems the recorders numbers mighrt be high. Strategic default is the only way out-kinda like defaulting on a student loan, sooner or later all is forgiven, while Bob struggles to save the downstroke on a 2/2 in Pilsen.

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  18. “Strategic default is the only way out-kinda like defaulting on a student loan, sooner or later all is forgiven”

    It sounds like you’re going to be in for another rude awakening on a big financial issue.

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  19. Why did you buy it, if it was a POS? Unless you had long term unemployment/new disability or a spouse die, walking away is just the lazy way out.

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  20. Nothing better then a shoe rack next to your dining table

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  21. I am pretty sure that Gail is the one who bought a condo to rent out, had problems with the occupancy and blames everyone else for all the problems except herself.

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  22. “do any of you idiots pay property taxes?”

    You’re an idiot if you think that the 10% assessment level applied in 2005. Or 2006. Or 2007. Or 2008.

    10% assessment level came into effect in 2009.

    BTW, this place:

    http://www.redfin.com/IL/Chicago/340-E-Randolph-St-60601/unit-5702/home/26794913

    has a 2008 sale for $2.2m, a 2012 sale for $2.6m, and an assessor’s “market value” of $739,710. Which shows how much “assessed value” has to do with *actual* market value.

    Moron.

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  23. “So, either there are two doors to the outside, 10? apart on the same wall, or the kitchen is also the laundry room. Great layout, either way.”

    that’s how you met the two exit requirement I guess.

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  24. “that’s how you met the two exit requirement I guess.”

    Oh, still want to know what the “dining room” windows look out at.

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  25. I’m confused about the “dining room” windows too. Maybe they just put up the shades for style? Both doors open to shared hallways (if this building is the same as the one I have visited).

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  26. “Oh, still want to know what the “dining room” windows look out at”

    at jenny’s apartment

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  27. “I’m confused about the “dining room” windows too. Maybe they just put up the shades for style? Both doors open to shared hallways (if this building is the same as the one I have visited).”

    Decorative item was actually my first thought. I forgot that this was a 2nd story unit. I believe there are two staircases – one up the front and one down the back to the parking lot – and they take up that entire side of the unit. That door does not look like a laundry door to me and I don’t think that’s a bathroom.

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  28. gringozecarioca on April 19th, 2012 at 3:19 pm

    ““Oh, still want to know what the “dining room” windows look out at”
    at jenny’s apartment”

    Had HD only known that, before his closing….

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