Foreclosure Alert: Missing, Well, Everything at 63 E. Cedar

This 1-bedroom foreclosure at 63 E. Cedar is missing everything- including the floors. 






Not a pretty sight.

But the location is right in the middle of the Gold Coast. Location, location, location!

Is this a remodel gone wrong?

Here’s the listing:

Highly Desirable Location! Unit is completely gutted. Corporate Owned. Sold As-Is. Seller makes no warranties expressed or implied. Seller provides no disclosures, pest inspections, or survey.

Please provide pre-approval (Rehab Loans Only) or proof of funds with all offers. Addendums to contract will apply upon acceptance of offer. Buyer responsible for all City inspections/escrow if any.

State Banc Real Estate Brokerage LLC has the listing.

Unit #1AB: 1 bedroom, 1 bath, 1000 square feet

  • Sold in December 2005 for $345,000
  • Foreclosure
  • Bank owned in August 2008
  • Currently listed for $127,500
  • Assessments of $125 a month
  • Taxes of $4,131
  • No parking
  • No central air
  • I don’t know if washer/dryers are allowed in the units

(Thanks to the Tipster who alerted me to this listing.)

16 Responses to “Foreclosure Alert: Missing, Well, Everything at 63 E. Cedar”

  1. This has been a bad news building for years…. Stay Away…

  2. The bank would have to pay me to take it. And even then I’m not sure I would agree to the deal.

  3. Holy Moley. What the heck happened there? Looper, why is it a bad news building?

  4. Oh my God, who would steal the *floorboards*?

    That’s horrible.

  5. This looks more like a rehab gone bad, but you never know.

  6. This is second hand, but… I had a friend look at a couple of units early last year and setting aside the hideous “entrance towers” attached to the fronts of what were lovely graystones(which is enough of a reason to not want to live there) the quality of workmanship on the rehabbed units was just awful. There were badly taped drywall seams showing on the ceilings and walls, miss-matched woodwork/millwork with poorly cut pieces…. just general overall sloppiness combined with the stench of despiration from the seller. My friend actually called me afterward to say “You won’t believe what my agent just took me to see…”

    As I understand it, this was a rental building which has been undergoing conversion for several years. They have been trying to sell units here for at least the past four years that I know of…

    If I am wrong, I would be glad to eat my words…

  7. My spider senses are now tingling….RUN! RUN AWAY!

  8. seriously, wtf is with those entrance towers? I wonder what the brilliant logic was behind their construction. must have had some leftover chimney plans/materials and a large bag of weed to decide people should enter their homes like that.

  9. This is probably the funniest/saddest listing I’ve seen on this board.

    On a totally unrelated note, IAR came out with their monthly numbers for August. Chicago PMSA sales are down about 30% from last year – about the same delta we’ve been seeing. I’ve updated my long term chart here:

  10. 125K for 1,000 sq ft in Gold Coast sounds like a great deal to me!
    Call me crazy (and you guys prob will), but do you guys realize how cheap floorboards and drywall are? And how much plumbing and electric could a 1 bathroom apt possibly need?
    This is the kind of thing you buy when you want to make money in real estate. (Admittedly, I have done this in other cities but not Chicago yet.)

  11. I walked past this property and I think its a garden level unit with bars/grills over the windows. That would make putting any sort of window ac difficult. There actually aren’t many windows either, so I suspect that it’d be pretty dark. Plus can it really be 1000 sqft? From the room sizes on the listing and the pictures I would guess this place can’t be more than 750. All in all I’m very surprised that someone paid nearly 350K for this before.

  12. The agent has it wrong. I believe it’s technically a two bedroom as it’s a “combined unit/AB” – check the other listings.

    It is about 1000 square feet and is on the first floor, not a garden unit.

    I believe it’s under contract.

    Those entrances ate horrific.

  13. What the hell?

  14. I just called to make an appt to see this place but it has already sold!

  15. holy cow!

  16. I showed this listing to a client of mine. It is a REO of a mid-construction unit. It is on the 1st floor, about 8 feet above grade.

    They were actually in the process of combining two 1-bedroom condos together – A & B. It looked to us to be roughed out to be a 2-bed, 1.5 bath when it was completed.

    It really did need a ton of work. The floorboard and plaster was removed to accommodate the new wiring that was being installed. My client & I thought it was a good price on the space, but would probably require a very seasoned contractor/investor to make it work. Downtown construction can be very daunting given the coordination of labor, materials, permits, etc.

    Also, NO bank is going write a loan these days for something that is in this unlivable state. So, that would be a cash purchase and another $100k or so to build it out to where it needed to be.

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