Would You Live in the Basement? A 3-Bedroom at 55 W. Erie in River North

55-w-erie-approved

This 3-bedroom garden unit in the vintage building at 55 W. Erie in River North just came on the market.

The building was built in 1895 and has 9 units.

This unit is a Freddie Mac property and is being sold “as-is.”

From the pictures, it appears the kitchen cabinets are intact but the only appliance is the microwave.

Also from the pictures, it looks like the bathroom vanity and toilet are there.

Is that green carpet in the living room?

It has exposed brick and a fireplace.

The listing says it is 1200 square feet but you can’t really rely on anything in a bank listing.

There’s no parking with the building.

This unit is interesting because it became bank owned 2 1/2 years ago in 2012. That’s a long time to be sitting on a property.

This property is in a prime River North location, near the Cathedral District and Michigan Avenue shopping.

But the pictures also clearly indicate it’s in the lower level, i.e. the basement.

Would you live in the basement of a building if it was the right location?

Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.

Unit #G: 3 bedrooms, 1.5 baths, 1200 square feet

  • Sold sometime in the late 1990s (no price listed)
  • Lis pendens first filed in July 2007
  • Bank owned in August 2012
  • Currently listed “as-is” for $224,900
  • Is a Freddie Mac 1st look property through 2/24/2015 (which means owner-occupiers only)
  • Assessments of $293 a month
  • Taxes of $4565
  • It says there’s central air- but who knows
  • No mention of washer/dryer
  • No parking
  • Bedroom #1: 16×13
  • Bedroom #2: 11×13
  • Bedroom #3: 12×12

 

16 Responses to “Would You Live in the Basement? A 3-Bedroom at 55 W. Erie in River North”

  1. The banks are listing their left over inventory right now.

    BUT- more “normal” properties are coming on the market so I’ll be covering a bunch of them.

    FINALLY- we’re getting some “interesting” properties.

    VN:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  2. Units in this building sell for much cheaper than others in the area due to their wierd layouts. I remember seeing some other unit in here strangely priced pretty low for the area… THIS unit though… my god… pic #3 will scare many away, this shit is creepy and holy shit does it ever need a ton of work. I wonder if the unit above it can buy it and make it a duplex down. I wouldn’t be surprised if this only sold for like 100k

    VA:F [1.9.22_1171]
    Rating: +5 (from 5 votes)
  3. Location trumps all. Probably too expensive given that it needs a ton of work, but it will be bought. Without even going in there you can just tell it has a “smell” to it. Ugh.

    Again, horrendous photographs that don’t give you any idea of what the layout is like. And what bothers me even more than the 2 seconds she took to compose the image is that couldn’t even bother to clean her lens. How pathetic and lazy can you be?

    VA:F [1.9.22_1171]
    Rating: +5 (from 5 votes)
  4. This must be garbage listing week on Cribchatter!

    VA:F [1.9.22_1171]
    Rating: +8 (from 10 votes)
  5. Looks like banks are being pretty aggressive with their pricing. Is this place priced at much of a discount considering it being a foreclosure.

    VA:F [1.9.22_1171]
    Rating: +1 (from 3 votes)
  6. Man this place has character! I feel like someone should turn it into a nightclub. Or maybe this new thing I heard about called an ultralounge. Seems like it could compete well with some of the other nightlife hotspots in the area like Castle. Speaking of which, I love that TV show!

    VA:F [1.9.22_1171]
    Rating: +6 (from 10 votes)
  7. C’mon guys, this place is a “must see”! Only in person can you get the full sense of dungeon-ness. Sign up to see it NOW!

    VA:F [1.9.22_1171]
    Rating: +3 (from 3 votes)
  8. I wouldn’t live there if it were free.

    VA:F [1.9.22_1171]
    Rating: +7 (from 7 votes)
  9. This place screams “slumlord” or “in-law suite”. No matter how nicely finished, I can’t imagine anyone actually paying market rate to live here. Duplexing with the unit above also seems reasonable.

    VA:F [1.9.22_1171]
    Rating: +6 (from 6 votes)
  10. I realize the value of location, but there are too many other “prime” neighborhoods where you can buy a beautiful one bed for $200K or less, to settle for a place that looks like the building boiler room. Lakeview, Lincoln Square, and even Lincoln Park have better places for less money, on offer.

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  11. “Duplexing with the unit above also seems reasonable.”

    Or the 4 (??) units above buying it and divvying it up into storage space, as it was originally intended.

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  12. Am I the only one who sees this as a cheap storage opportunity close to home?

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  13. Apparently, no one wants to live in the basement and even investors aren’t willing to bite.

    This just lowered to $199,900.

    VN:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  14. This basement unit finally closed.

    Sales price = $188,000.

    VN:F [1.9.22_1171]
    Rating: -1 (from 1 vote)
  15. Did anyone notice this basement unit is back on the market, remodeled, for $419,900????

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)
  16. Sold for $365,000

    VA:F [1.9.22_1171]
    Rating: 0 (from 0 votes)

Leave a Reply