A Bank Gets Aggressive With Price in Beverly: 10301 S. Leavitt
This 1930s Georgian at 10301 S. Leavitt in Beverly is bank-owned.
It was originally listed in August 2008 and has had a series of aggressive price reductions.
This bank doesn’t appear to be messing around.
There are no interior pictures (sorry.)
Here’s the listing:
Beautiful Beverly Georgian style home. Sold as is. No disclosures, no termite, no survey.
Steve Meeker, Broker has the listing. See the listing here.
10301 S. Leavitt: 3 bedrooms, 2.5 baths, 1.5 car parking, 2420 square feet
- Sold in August 2006 for $345,000
- Sold in December 2006 for $475,000
- Originally listed in August 2008 for $400,000
- Reduced
- Was listed in early October 2008 for $279,900
- Reduced again
- Currently listed for $269,900
- Taxes of $7312
- No central air
As is? No TERMITE inspection? That means you hire your own inspectors to thoroughly tear the place apart prior to making an offer.
The ask price might seem absurdly cheap for such a lovely house, but it might be a real burn considering the poor condition of the place that is obvious from the curb and by the fact it’s listed “as is”. You would probably have a difficult time getting a loan with any sort of down payment.
And while Beverly is a lovely pocket of really beautiful, large older homes, it is surrounded by blighted areas and is so far from downtown it might as well be a suburb.
50k. Ghetto, probably has problems, so far from the city…
Uh, 103rd and Leavitt is not “ghetto,” have you actually been there?
This may or may not be a good price: as Laura says, the results of the inspection are key. It could be a true lemon – or perhaps a steal for a large home in a -decent- area.
Looks like a sizable corner lot, at $269,900 I would think this could be a great tear-down if the structure of the home is not good.
Anyone else think that too?
Sold in August 2006 for $345,000
Sold in December 2006 for $475,000
– Smells like fraud somewhere….stupid banks.
Jason R,
The problem with teardowns now is getting the financing. What worked in the boom no longer works. I’d bet construction loans are pretty hard to come by these days.
It’s a nice looking house. It’s always sad to watch gems like this rot and waste away.
“so far from downtown it might as well be a suburb”
It’s barely farther than your RP ‘hood, Laura, and has easy Metra access. I don’t totally disagree with you, but “in the city” is a meaningful distinction for a lot of people (city employees) who can afford this house now and who would like Beverly.
Also, the as-is language is pretty standard for Bank-owned properties, altho the termite clause is weird for Chicago–may have been written by a bank employee in CA or NC?
From the pic it appears the lower windows might be missing. If that is the case the interior of this place is probably totally trashed.
Believe me, there are *plenty* of termites in Chicago. It’s not as bad as elsewhere but they’re out there.
Also the termite clause is standard for foreclosures. I’ve seen concrete lofts in foreclosure online with that same clause. Its not cause for concern of termites in and of itself.
It’s too beautiful to tear down. I wouldn’t dream of tearing down a lovely, solid old house like this, built in the period that produced some of our greatest domestic architecture. I doubt you could get anything built that compares with this place, for what you’d want to pay for such a place in Beverly.
I believe the tear-down craze has run its course. We as a society will no longer have the money and/or easy Fake Money to knock down lovely buildings to replace them with garbage.
But beware, it probably needs extensive work, likely in excess of $150K. Roof, tuckpoint, plumbing, wiring, windows, furnace, everything has probably been allowed to deteriorate.
$7312 in taxes for a $300K house seems pretty high.
I wish I had the funds, that looks like a nice opportunity. Granted it probably needs work, but they don’t build homes like that anymore. I’m not familiar with this particular intersection, but I’ve driven through Beverly and it’s absolutely beautiful. I’m with Laura, this is NOT a tear-down.
Personally I wish I didn’t own a home because I am beginning to see a lot of great buying opportunities out there. I think this house is a good deal and via the metra you’re downtown in 30 minutes. The area public school is decent, unlike other parts of the city.
Katie,
You have two hands. Use the other one to catch another falling knife, noone’s to say you can’t catch two knives IF you can find someone willing to give you a loan.
Go get ’em! And when you find that banker let us all know.
You guys clearly know nothing about beverly. This place is walking distance to Metra, and TOTALLY not ghetto. If I was married and had a family, I’d jump on this place. The schools are good over there. Really nice hood. 25 minutes to downtown ona nice clean train.
Agree with Jason’s take on Beverly. My parents and brother have homes there. The only downside might be the taxes. It is a great neighborhood though. Good schools, St. Barnabas parish, good bars and restaurants, nice parks and close to the Metra. Anyone starting a family would be crazy not to look at this. NOT GHETTO
I know a lot of people who, believe it or not, have chosen freely to live in Beverly or other places on the south side. Only problem with this house, if I remember right, is 103rd is somewhat busy. However, it IS one of the most attractive areas in the city.
My grandmother brought my family up in the neighborhood of Beverly, and I too was brought up in the same house down the street from this one. Beverly is a great place to live. The people there want to have “community” rather than “individual” families. What a great deal for this house, even though the taxes might be high, look at the schools you are getting, and a house that could be made into something so ornate!
As a born and raised south-sider we’re looking almost exclusively at Beverly. Beautiful neighborhood, and the homes on the block are huge, but 103rd is quite busy. We actually checked out this house and it’s quite sturdy but needed too much work. The lower windows were in place, but the basement was damp. Still, great opportunity for someone who wants to put work in.
Does anybody know if this place sold?
I heard from the agent that the property is closing this week.
Sabrina, any word on this single faliy home? Seemed like a really good deal.
Family, sorry.
Sold on 12/30/08 for 263.5k per the Trib.