Foreclosures Haven’t Gone Away: A 2/2 in River North at 200 W. Grand
Amidst all the excitement about the hot housing market, it’s easy to forget that foreclosures are still ongoing.
This 2-bedroom in Grand on Grand at 200 W. Grand in River North recently came on the market.
It is bank owned.
Built in 2005, it has 1250 square feet. According to the Redfin agent who left notes, it has north and east views.
There are hardwood floors throughout the main living areas.
The kitchen and baths appear to be intact.
The kitchen has granite counter tops and stainless steel appliances with dark mahogany cabinets.
The bathrooms also have granite counter tops and ceramic floors.
It has central air, washer/dryer hook-ups in the unit and parking is included.
The assessments aren’t listed so we don’t know what those would be.
It is listed $69,100 under the 2005 purchase price at $439,900.
Is that the going rate for a standard 2/2 in the neighborhood in 2013?
Daniel Keltner has the listing. See the pictures here.
Unit #2004: 2 bedrooms, 2 baths, 1250 square feet
- Sold in July 2005 for $509,000 (included one parking space)
- Lis pendens foreclosure filed in April 2010
- Bank owned in October 2012 (looks like it included two parking spaces?)
- Currently listed at $439,900 (includes one parking space)
- Assessment is ??? (it’s not listed)
- Taxes of $3377
- Central Air
- Washer/Dryer hook-ups in the unit
- Bedroom #1: 14×12
- Bedroom #2: 12×12
But the % of distressed sales is declining. February had the lowest % in 4 years. See third graph here: http://www.chicagonow.com/getting-real/2013/03/february-record-home-sales-chicago/ Also, across the nation the shadow inventory continues to decline and the foreclosure activity in Chicago has recently been trending downward.
“Also, across the nation the shadow inventory continues to decline and the foreclosure activity in Chicago has recently been trending downward”
when i see a sign or a family move into least half of 5 vacant homes in at my area, and also the two home next to my in-laws that have been foreclosed on yet the owners are still there after 4 years! (the other only 2 years), then and only then will i say the shadow inventory is working its way on the outs.
stats/graphs/numbers never match the reality of whats actually going on outside your own door.
“stats/graphs/numbers never match the reality of whats actually going on outside your own door.”
What goes on outside your own door is not representative of what’s happening elsewhere, or the rest of the nation for that matter.
“What goes on outside your own door is not representative of what’s happening elsewhere,”
correct, just as a graphs axis line can paint any picture you want it to.
” or the rest of the nation for that matter.”
and why would the nation matter on a blog on Chicago RE?
just because the nations unemployment looks good it doesnt mean that cook counties is good and that out my front door?
just because the nations average temperature is 59 degrees it doesn’t mean it isnt -9 degrees wind chill and there is a blizzard out my door?
just because the nations average gas price is $3.48 doesnt mean out my front door i am not paying $4.10 a gallon?
just because the nations home price average of $242,300 doesnt mean i can scoop up a SFH in the 60614 zip for below $500k?
just because the nations average is morbidly obese doesnt mean that i should be happy if i date/marry a porker
just because i can get a hot dog for $2 on average at national level doesnt mean i didn’t just pay $7 for one at superdawg
just because one news outlet downplayed an event doesn’t mean many where harassed and one woman wasnt beaten up during the weekend wildings
just because on average most CC posters error on the side of grandeur with themselves doesnt mean that icarus isn’t poor and living in his moms attic and still using dial up free aol minutes
just because the nation on average would have strayed off and not have read this post this far doesnt mean you are not read at this point right now at this eery second and question why in the heck am i still reading this even after i realized this last one is just an attempt to point out how absurd thsi post and all others are and the time you wasted still reading and the amount of time i wasted typing this and continued typeing and i still haven’t added a punctuation or used spell checked any of this but continue to type even though i am spacing just trying to continue this?
That sh!t cray. $375k tops.
The photos are from 2007. Who knows what the current state of the unit.
Data for the nation still puts things into perspective for everyone, regardless of how individuals interpret the numbers. It adds more value than say your example, of your local vicinity and how it translate to your opinion of shadow inventory, which puts into perspective, well, nothing.
My point is, nobody cares what goes on outside your own door.
Or what your unemployment situation is.
Or if there’s a blizzard out your door.
Or if you’re paying $4.10 a gallon for gas.
Or how much you can scoop up a SFH for.
Or who you date/marry.
Or how much you pay for food.
Or how often you harass and beat up women.
Photos aren’t from 2007 as the silver tower you see in picture #11 wasn’t built yet… photographer is just a fucking idiot and doesn’t know how to set the timestamp date, nor wants to take the two seconds to redact that from the photograph.
And by set the timestamp date, Of course I mean set it in american fashion with month/day/year instead of the year/month/day
“It adds more value than say your example, of your local vicinity and how it translate to your opinion of shadow inventory, which puts into perspective, well, nothing”
okay so if say some gangbangers have shot three people in the past 5 months on your block right outside your door. then that doesnt matter as the *perspective is “national crime average” says crime is down.
so you wouldnt move from your home because the nation average adds more value about crime than pookie and lil chuey hanging on your corner?
Actually, I think that these photos are from 7 AD. So there is no telling what condition this property is in 2006 years later.
What’s the hardset party of TIMING! comedy wakka wakka?
“Actually, I think that these photos are from 7 AD.”
But month 2013 of 7 AD–so really Sep-167; only 1846 years later.
Dude, you have to normalize for the Julian – Gregorian conversion, are we never going to figure out how old these pictures are?
“It adds more value than say your example, of your local vicinity and how it translate to your opinion of shadow inventory, which puts into perspective, well, nothing”
okay so if say some gangbangers have shot three people in the past 5 months on your block right outside your door. then that doesnt matter as the *perspective is “national crime average” says crime is down.
so you wouldnt move from your home because the nation average adds more value about crime than pookie and lil chuey hanging on your corner?
Shot outside your lawn or in your neighbourhood? Yeah I honestly don’t care, and neither will the rest of the city, state, country, world who don’t live in your area. Somebody shot on my lawn? Yeah, I’ll care. And again, nobody else would outside of my immediate area.
Now talk about national averages. Families deciding on which state to move to, which state to buy investment properties in, even which countries to move to and how these are all relative information for comparable analysis. Data becomes so much more valuable to a larger subset of people, myself included.
I’m just pointing out in an elaborate fashion how people are likely to derive a lot more value from Gary Lucido’s data than your inconsequential opinion.
Groove – I just had a hot dog and lg coke from Superdawg on Wednesday afternoon. Total $7.96! Looks like I just missed you again!
I would expect a discount from “normal” market value for buying a foreclosure. This seems to add a premium. Also, why all the photos of the floor in the corner of each room?
“I’m just pointing out in an elaborate fashion how people are likely to derive a lot more value from Gary Lucido’s data than your inconsequential opinion”
maybe you misreading my first post on this. I don’t discount gary’s data and i don’t expect one to go by my one anecdote.
which my original post was his data doesn’t pertain to ME. and actually the same crap you just said right here
“Somebody shot on my lawn? Yeah, I’ll care. And again, nobody else would outside of my immediate area”
or to point out yes gary’s data is great and useful but if JJJ wanted to move on to your block, which would be more useful, garys city wide data or your random babbling?
Both are needed to make a decision but sadly JJJ would have to listen to you speak to for the tipping point decision.
and since you are a stats guy why not do a city wide graph and do a micro markert graph of the Dunning neighborhood over lay them and let me know if it paints the SAME picture?
“Groove – I just had a hot dog and lg coke from Superdawg on Wednesday afternoon. Total $7.96! Looks like I just missed you again!”
darn kid f’ing loves that place, its ruining the interior of my car.
it my fault as the first time i took him there i let him sit in the front seat and eat, he now refuses to take it home or eat at the picnic benches.
If your up that way again try the Bungalow Cafe about 2 block east on milwaukee, order the jalapeno corn fritters appetizer and the sauganash reuben sandwich (a bit spicy), thank me latter
I see an assessment of $740/month. That seems awfully high for 2 bedroom 1200 s/f unit a building with an exercise room and a sundeck as the listed amenities.
I looked at the unit with a realtor as I’m in the market–but only if I can get a good value. The fellow poster’s comment: “would expect a discount from ‘normal’ market value for buying a foreclosure. This seems to add a premium” is right on. I’ve looked at a couple of bank owned properties in the RN area, 1BR/1BA in horrible shape and this 2BR/2BA, both appear to be priced very high (Fanny Mae). The banks are pricing not for market, but for a premium–maybe they hope an inflated price will help them close at market? Realtor says banks are trying to get full market value (who can blame them for that), but that they are out of touch on their starting price. No one says banks are smart (other than getting bailed out at taxpayer expense–that was genius). This 2/2 is basically being “flipped” by the bank, looks like they put some money into rehabbing it and now trying to make the best of a bad situation. I actually liked the unit though not at this price and these were concerns:
1. the living / dining area is split leaving a very, very small living room area with no flexibility for a condo of this cost;
2. female friend with good decorating taste that accompanied me (has amazing RN place of her own) commented on the “oaky” floors, I didn’t notice, but I’m a dude. They may have picked an outdated “new” flooring.
3. new but likely “cheap” quality carpet in the bedrooms, at this price it should be “wood flooring throughout.”
4. High assessment. Small storage area.