Over 3 Years Later, The Bank Finally Takes Back This 2-Bedroom Gold Coast Duplex: 39 E. Schiller
We last chattered about this 2-bedroom duplex up at 39 E. Schiller in the Gold Coast in April 2010.
See our prior chatter here.
Back then, it was listed as a short sale for $550,000.
The building was built in 1980 and many of you thought the unit looked like something out of suburbia.
It never sold.
The bank finally took it back just over 3 years after it filed the lis pendens foreclosure (and everyone is wondering why the housing market isn’t totally “healed” yet.)
It has come back on the market for $399,900.
If you recall, it has a fireplace and two balconies. There are hardwood floors in the main living space.
The two bedrooms are on different floors with the master bedroom on the second level.
From the listing pictures, the kitchen appears intact with white appliances and a white sink.
There are also listing pictures of the 3 1/2 baths and they also appear intact.
It has central air and an in-unit washer/dryer but it doesn’t have deeded parking.
The unit is listed about 44% under the 2005 purchase price.
Is this now a deal?
Frankie Scibior at Illinois Real Estate Partners has the listing. See the pictures here.
Unit #1W: 2 bedrooms, 3.5 baths, 2400 square feet, duplex
- Sold in May 1999 for $510,000
- Sold in August 2002 for $662,500
- Sold in March 2005 for $710,000
- Originally listed in October 2009 for $680,000
- Lis pendens foreclosure filed in November 2009
- Reduced several times
- Was listed in April 2010 for $550,000
- Withdrawn
- Bank owned in December 2012
- Currently listed at $399,900
- Assessments now $804 a month (they were $875 a month in April 2010) (includes cable and did include special assessment in 2010)
- Taxes now $4471 (they were $7196 in April 2010)
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 26×14 (second level)
- Bedroom #2: 20×14 (main level)
- Family room: 13×12 (main level)
i toured this unit back in 2010. at first glance, it was perfect. a HUGE unit in my ideal neighborhood for a cheap price. BUT, looks are deceiving. first off, this place is absolutely trashed. the bedrooms upstairs are destroyed. the entire place needs to be gutted. it has a musky smell and the ceiling makes A TON of noise due to kids running upstairs. Additionally, the unit is very dark. Not much light gets in through those windows.
Still, for the space/location, at 399k it might make sense but it needs a couple hundred thousand put into it.
Barring a disaster in the association (eg huuuuge special looming), don’t see how this lasts very long. Most of the cosmetic issues with the place could be banged out by a competent reno crew in a week (or 2 to make coordination slightly easier). And there doesn’t appear to be a proble with the unit except cosmetics (ok, no parking is a “problem”–but were I to go carless, this is a great area to do it in).
Seems like a perfect place for Jenny…..
This place doesn’t look “suburban”- it just doesn’t look like anything. The architecture is just awful, and even though it has some nice decorative elements, like the pretty staircase, the windows are too small and mostly in the wrong places, and the place is badly configured.
For under $400K, it might be worthwhile for someone to spend $200K-$300K to gut it and re-configure it.
“Buyer is responsible for any and all repairs if required by city.”
Based upon the first post, I wonder how much mold remediation is needed here… yeah it looks like a deal on the outside, but there has to be some reason nobody has bought this property in a prime location for 20% under the 99 price, it must be super trashed!
Easy flip opportunity?
…finally a condo that has an appropriate number of bathrooms!
This home was trashed and it probably has mold. So with that in mind I think the banks are doing this on purpose. For example I saw a bank owned property at Devon and Harlem area. A nice neighborhood. The house had mold in it. We saw another home and it was completely trashed. So initially I thoughts “wow the banks don’t know what they are doing and they are losing a ton of money sitting on their properties as they rot”.
Then I got thinking. Well the banks got completely bailed out and thus their losses were made whole. Now they are sitting on foreclosed and pending foreclosed properties. It’s in their interest to see the price of real estate go up. What better way than to just outright destroy homes?
“Laura Louzader (April 27, 2010, 10:36 am)
I love this place. Would love to get my paws on it and redecorate it.
Sounds like a gift at this price ($550k), wish I could afford it.”
Make up your mind, lady!
come on its a 399k place on schiller with only 4k in taxes (senior exempt?) what else is there to say?
just buy it fix it and you are living in a 500k duplex on schiller
find me something else in this area with two levels and this much sqft for 500k?
When there is damage such as mold, how much can you lowball the bank? 15-20%?
“Seems like a perfect place for Jenny…..”
“…finally a condo that has an appropriate number of bathrooms!”
but: “A TON of noise due to kids running upstairs”
Dz, she may put up with it if it has enough bathrooms and the bank were to throw a tortoise into the deal. 🙂
“Additionally, the unit is very dark. Not much light gets in through those windows.”
Is it possible to add can lights to units like this? How is it done? That’s about the only thing that can save the place, is tons of new can lights. Then the rest is cosmetic.
I gave a offer for this unit back when it was listed as a short sale. I offered 460k cash with the permission to add a elevator( thought I could gain the extra space the stairs take up). The owner basically laughed in our faces. Said the elevator wasn’t a problem that the offer was a slap in the face.
In my opinion, 50k to make it pristine and flip it. I don’t have the money anymore but I’d offer 350k and get it turn key for 400k.
Anyone have any ideas what it’s flippanle potential is at that price?
I left a reply on the wrong thread by accident in 2010.
fellow cribchatters! i might get the money togather for a offer. tell me a price that will get me a 30-40k return on a flip. shoot me a turn key price that includes all renovations.i say if all in at 400K id be able to flip it for around 450k easily? yes? no?