What’s This Property Worth? 5833 N. Sheridan in Edgewater
This three story townhouse at 5833 N. Sheridan in Edgewater is now bank-owned. It is listed for $201,000 less than the last sale in 2004.
But it’s also listed for less than it sold for in 2000.
What’s this property really worth?
Here’s the listing:
ENJOY LAKE VIEWS FROM AN EXCEPTIONAL 3 LEVEL HOME IN PRIVATE GATED COMMUNITY. RECENT UPDATES INCLUDE; MARBLE GREAT ROOM, CHEF’S KITCHEN WITH GRANITE, STAINLESS & 42′ CABINETS.
HOME FEATURES A 2 STORY ATRIUM, SEPARATE DINING AREA, HARDWOOD FLOORS, GENEROUS CLOSET SPACE, AND FIREPLACE.
THERE IS A THREE CAR ATTACHED GARAGE. BANK OWNED PROPERTY, PRE-APPROVAL REQUIRED, FUNDS MUST BE CERTIFIED. SOLD AS IS CONDITION!
Roger Thompson III at Prudential Preferred has the listing.
5833 N. Sheridan: 3 bedrooms, 2 baths, 2 half baths, 3 car garage
- Sold in December 2000 for $740,000
- Went into foreclosure
- Sold at the foreclosure auction in November 2004 for $425,500
- Re-sold in December 2004 for $900,000
- Foreclosure in 2006
- Bank-owned
- Currently listed for $699,000
- Assessments of $25
- Taxes of $13,167
This is your most interesting post ever.
My memory is a little dim here, but I could SWEAR I saw these places listed in excess of $1,000,000 in the mid-nineties.
Not that they were ever worth it.
The sales history here is weird and I don’t know what to make of it. However, the two sales that were in excess of $600K both resulted in foreclosures, and those two sales at $740K and $900K are so out of line with what the place sold for at auction, that I have to suspect that those high prices were fraudulent, straw buyers or something.
How could it go for $435K at foreclosure auction, then flip for $900K a month later. Now, 2004 was a wild year, but that is just too strange. It smells like fraud.
Based on that 2004 auction sale of $425K, I’d say that this is the most this place is worth. It is not exactly beautiful, and it’s in Edgewater, a nice area but one with a median income of about $35K. Only 2.4% of the population qualifies to spend more than $500k on a place (income $150K or more), especially with much tighter lending standards.
The good thing about this place is that it’s roomy, has parking, and is beachfront. It’s a nice location, in a pleasant, attractive area.
But it’s not worth $700K.
What’s with the taxes? The bank’s owned it for about 18 months, why wouldn’t they appeal?
“My memory is a little dim here, but I could SWEAR I saw these places listed in excess of $1,000,000 in the mid-nineties.”
Sure looks like the finishes are mid-nineties, gross.
What the hell? It looks like something in Melrose Park.
Personally, this property backs up to one of my favorite beaches in Chicago (Clean, Quiet, Not Overcrowded). If I was in the market I would give it a hard look… though the Sheridan traffic is horrible and by horrible I mean, “Will cause you to rip your hair out every time you have to run a simple errand”.
Rumor has it that these are poorly built, and there is infighting on the board.
I’ve heard they’re poorly built, and they certainly aren’t attractive.