Foreclosure Alert: 6100 N. Hermitage in Edgewater
As the housing market boomed, so did the Edgewater neighborhood as condos sprang up on every block.
6100 N. Hermitage, a 4-unit building, in Edgewater was completed in 2004. This penthouse unit is going to foreclosure auction this week but is currently on the market.
Here’s the listing:
18 MONTH OLD PENTHOUSE, FULLY UPGRADED ON 37X162 LOT!
UPGRADES INCLUDE WALNUT KITCHEN W/FULL GR BACKSPLASHES, PROFILE S/S APPLIANCES,CUSTOM WOOD BLINDS,WALNUT CEILING FANS, SURROUND SOUND, MARBLE BATHS W/ SEPARATE TUB AND SHOWER IN MASTER, OVERSIZED MASTER BEDROOM W/HUGE CLOSET, HARDWOOD FLOORS, CATHEDRAL CEILINGS, 3 DECKS (400ASF) CALL CO LISTER NOT OFFICE
New Market Realty has the listing. See more pictures here.
Unit #3: 3 bedrooms, 2 baths, 1850 square feet
- Sold in September 2004 for $299,000
- Sold in June 2006 for $422,500
- Currently listed for $389,000 (includes the parking)
- Lis pendens filed in February 2008
- Foreclosure auction price of $352,282
- Assessments of $156 a month
- Taxes of $4,868
I could see $299k for this place, maybe a little bit of a stretch, but not absurd. Am I being nuts?
“18 MONTH OLD PENTHOUSE, FULLY UPGRADED ON 37X162 LOT!”
I’m sure that I’m just being clueless, but why would a condo owner particularly care about lot size?
Generic Lakeview / Lincoln Park McCondo at Lincoln Park prices located in Edgewater. Wonder why it isn’t selling.
Kev(1):
Wider lot should equal wider condos. Perhaps wider condos and a semi-usable side yard. Definitely would lead to more light from side windows, which is v. nice, imo.
The lot size really only matters to people if there is extra yard space or if it allows more floor plan flexibility. This one is deeper so maybe the back yard is larger.
I believe a standard Chicago lot is 25×125. Assuming that this fills lot to lot line (or maxing out with easement), then this would mean that this unit could be 12 feet wider and slightly deeper than the standard unit. 12 feet makes a big difference.