807 w lill

A Bank Owned Lincoln Park 2/2 Comes On The Market For 18% Under The 2005 Price: 807 W. Lill

Feb 11 • Foreclosures, Lincoln Park • 181 Views • 15 Comments

This 2-bedroom at 807 W. Lill in Lincoln Park recently came on the market.

It’s a Freddie Mac Homesteps property.

This building, at the corner of Lill and Halsted, was converted to condos at the height of the market in 2005.

This unit has an exposed brick wall, a fireplace and hardwood floors in the main living area. The bedrooms have carpeting.

At 1000 square feet, it has washer/dryer in the unit but the listing doesn’t say anything about central air.

There doesn’t appear to be any parking.

From the pictures in the listing, it appears that the kitchen and baths are intact. The kitchen has stainless steel appliances and what looks like granite counter tops.

The unit has come on the market for 18% under the 2005 sales price.

Is this even much of a deal?

Gerard Lewis at Homes for America has the listing. See the pictures here.

Unit #305: 2 bedrooms, 2 baths, 1000 square feet

  • Sold in September 2005 for $345,000
  • Lis pendens foreclosure filed in April 2010
  • Bank owned in August 2012
  • Currently listed as a Freddie Mac Homesteps for $284,900
  • Assessments of $162 a month
  • Taxes of $4594
  • Central Air (?)
  • Washer/Dryer in the unit
  • No parking
  • Bedroom #1: 11×11
  • Bedroom #2: 13×9

 

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15 Responses to A Bank Owned Lincoln Park 2/2 Comes On The Market For 18% Under The 2005 Price: 807 W. Lill

  1. anon (tfo) says:

    “Is this even much of a deal?”

    Think it’s still a little rich for the size + finishes. But at ask it’s under $1900/mo with ~$10k down, so maybe it finds a buyer. Would seem deal-ish to me somewhere under $250k.

  2. sonies says:

    Blech, agree with anon, maybe if it had attached parking I’d say its a deal, but as is…. not so much

  3. helmethofer says:

    $285 / Sq. Ft is still too high, even though it’s GZ-within-GZ near DePaul.

  4. Groove77 says:

    really nothing to say, a ho-hum unit a bit high priced in average location. parking thing sucks, but all and all nothing to say.

    well if it was a MG listing he would have it at 2200sqft

  5. JasonMChicago says:

    This will easily rent for $1850-$2000. I saw a rental in the same building (a smaller 2bd for $1850) and it went right away. The no parking is an issue BUT the opportunity exists for an investor. I believe for the first 15days it is offered to owner occupied folks. If I had the down payment I would consider this as a good investment property. Again if it had parking it would have been PERFECT.

  6. maven says:

    “I would consider this as a good investment property”. No way. Judging my the era of conversion, you are looking at 5 figure special assessments in the future…not to mention what is more likely 800sqft chooped up 1br/1bth converted to a 2br/2bth.

  7. mh says:

    Either Sabrina picked the dreariest day ever to take that photograph, or this place looks like a poorly funded state institution.

  8. sonies says:

    All her photos lately are super dreary, considering we’ve had like one day of sun in February so far…

  9. benjamon9 says:

    This building does NOTHING to help the dreariness though…

  10. helmethofer says:

    would black shutters on the non-bay windows help?

  11. Sabrina says:

    “Either Sabrina picked the dreariest day ever to take that photograph, or this place looks like a poorly funded state institution.”

    Were you outside in Chicago on Sunday? Because it rained all day and was otherwise a crappy day.

    It’s the winter. There are few good photo taking opportunities (when I’m not busy doing something else.) I couldn’t make it out on Saturday. And since I was bored with some of the properties which I already HAVE pictures of- I decided to go take some anyway.

    But it’s a great “teaching moment” too – for those going to list their houses/condos for sale. Take a picture of the property on the sunniest day you can get (yes- even if it’s winter.) It really DOES matter in how the property is marketed and how people react to it. This is a case in point.

  12. mh says:

    Sabrina, it wasn’t intended as a criticism of your photograph – sorry if it read that way.

  13. Sabrina says:

    “Sabrina, it wasn’t intended as a criticism of your photograph – sorry if it read that way.’

    No worries. Some of my photos are, um, interesting (to say the least.) ha! You never know what you’re going to get (especially while snapping and driving at the same time.)

  14. ChiTownGal says:

    One of the great tragedies of the last decade. I was a rental agent back in the late 1990s when this and other vintage buildings were popular with students and young workers in Lincoln Park. At that time the units, though “old,” had tons of what we now call “vintage charm.” Beautiful polished dark wood trim and crown moldings, solid hardwood floors, REAL fireplaces with carved mantles. Plus ample back-porch space and a parking lot! Nothing stayed vacant there for long.

    A couple years later I saw the post-rehab condo conversion. Typical early-millennium “upgrades” like deep bathtubs, ceramic tile replacing the classic tile bathroom floors, granite/stainless kitchens like every other “new” project, and painted-over or missing crown moldings. In other words, everything that made this a unique, charming and desirable place to live as a RENTAL became just another overpriced generic place to buy as a HOME.

    No wonder the short-sale/foreclosure cycle set in here. So unnecessary…such a waste!

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