A 3-Bedroom Under the 2001 Purchase Price in East Lakeview: 653 W. Buckingham
This 3-bedroom vintage unit at 653 W. Buckingham in East Lakeview was just reduced $25,000 and is now listed $14,000 under the 2001 purchase price.
The listing calls it a “phenomenal deal.”
The building was built in 1916 and the unit still retains much of its vintage charm with beamed ceilings, wood floors and built-in hutch in the dining room.
It has two terraces, including one off the front of the building, and a wood burning fireplace.
The kitchen has white cabinets, white appliances and white counter tops.
No, it doesn’t have central air (window units only) but it does have in-unit washer/dryer and deeded parking.
Is this a deal?
Brad Lippitz at Prudential Rubloff has the listing. See the pictures here.
Unit #3W: 3 bedrooms, 1 bath, 1500 square feet, 1-car parking
- Sold in May 1993 for $152,000
- Sold in June 2001 for $339,000
- Originally listed in March 2009
- Withdrawn
- Re-listed in March 2010 for $355,000
- Reduced
- Currently listed for $325,000
- Assessments of $267 a month
- Taxes of $3374
- No central air- only window units
- In-unit washer/dryer
- Bedroom #1: 13×12
- Bedroom #2: 13×11
- Bedroom #3: 12×9
GREAT DEAL!!! – It really is – although the bedrooms might be small, the price is incredibly low for a 3 bed w/2 outdoor living spaces, w/d AND parking!! Low assessments and low taxes add to the appeal of this place.
Shame you can’t trade one of those outdoor spaces for another bathroom, that’s why this one is so cheap… also good photoshopping work by the photographer, I’m willing to bet this one looks way worse in person
Note to listing agents: If it’s July, and the outdoor pictures of the property have snow/bare trees in them, it’s time to update the photos.
This seems like a pretty good deal to me. Depending on the way the unit is configured, I wonder if you could add a small powder room between the kitchen and dining room? The kitchen seems to be an okay size and it would at least allow you to have a pooper for guests.
” I wonder if you could add a small powder room between the kitchen and dining room?”
How do you run the pipes and vents through the two lower floors?
I think it suffers a bit from no central AC and only the one bedroom but besides that, it’s a great looking place at a quite reasonable price. I think it will sell pretty close to ask.
I think this is a deal. It’s sad someone who bought in 2001 is going to wind up taking a big loss on this. Who would have thought you could lose money sitting on a cute place in East Lakeview for 10 years?
BTW, I just heard from a neighbor in Oak Park that when she put her condo for rent on craigslist, she got 23 calls about it. Anyone have any insight on the state of the rental market? And does anyone want to do the usual cribhater rebuttal to this article about the coming housing shortage? http://articles.moneycentral.msn.com/Banking/HomebuyingGuide/believe-it-or-not-a-housing-shortage.aspx
“Who would have thought you could lose money sitting on a cute place in East Lakeview for 10 years?”
Anybody good or semi-good at math and probability. The 2001 buyer gave the seller 10.6% annualized appreciation for the eight years that they lived there, wages didn’t rise nearly that much and neither did inflation. They basically doubled their money in eight years merely by buying instead of renting and living there for eight years.
If someone could double their money within eight years merely for buying and living there why is it inconceivable to you, Danny, that someone could not also lose money over a similar period of time?
There were some savvy buyers in 2001, but not ones who paid owners who bought in 1993 123% appreciation over a mere eight years.
The majority of people who bought in 2001 are likely fine. But not the idiots who paid too way much.
If the sqftage is right I think this is a deal, however and will move quickly. Depends on whether those two terraces are included in that number.
I went to see this last summer when it was a FSBO and 400k!
The unit on the second floor had sold for 350k and it had a beautiful new arts and crafts style kitchen.
In this unit the stacked w/d smacks you the moment you enter the the outdated kitchen. The exterior of the building wreaks of deferred maintenance. I have heard of a green roof but I don’t this applies to gutters.
There are several cracks in the facade. The outdoor lights are cracked.
It just looks like a lot of work. And the basement had 90 years of junk piled in it.
What do you guys expect for the price?!! I still am amazed at all of these people with champagne taste on a beer budget!!
Obviously, if the unit/building was in better condition and had high-end upgrades, etc. it WOULD NOT BE THIS CHEAP!!! When are people going to understand??!!!
Some friends sold a top floor 2BR 1 bath with a large sunroom; w/d; CENTRAL AIR; parking (but only one deck) for 314k just a few blocks away this past spring (read tax incentive).
Their place was beautiful, redone bath and kitchen. WBFP which this place lacks.
In my opinion this place is NOT cheap. And it does not show well.
When are people going to realize that in this market if you want to sell you’ve got to be THE place. You can’t have so many objections.
I’m not being negative, walk by this building, it looks like the Munsters could live there.
Is this your listing? Or do all realtors use the question mark/explanation point combo punctuation?
“What do you guys expect for the price?!! I still am amazed at all of these people with champagne taste on a beer budget!!”
no – it’s not my listing. I am just irritated with the clueless masses out there. I really am tired of people EXPECTING to get fully renovated, pristine units with extensive outdoor living spaces, parking, gardens, viking and miehle appliances, butlers, maids, etc. for nothing. The mentality really gets to me. Yes, it would be nice to have all of those things – but don’t demand or expect them if you can’t pay for them. The sense of entitlement reflected in most of these posts disgusts me.
Bloodsuckers/cheerleaders who are willing to pawn off depreciating assets at inflated prices disgust me. Right up there with Goldman Sachs.
“Yes, it would be nice to have all of those things – but don’t demand or expect them if you can’t pay for them. The sense of entitlement reflected in most of these posts disgusts me.”
tomaso,
For your information: vampires are cool, cheerleaders are sexy, and Goldman Sachs is doing very well. C’mon, get w/ the times!!!
Still waiting for the perp walk, but captured regulators make that unlikely.
“Goldman Sachs is doing very well”
correction: this place does have the WBFP
——-
but the cracks in the facade outweigh that benefit.
‘There were some savvy buyers in 2001, but not ones who paid owners who bought in 1993 123% appreciation over a mere eight years.’
EXACTLY Bob, exactly! I was looking at an okay mid-century vacation place in CA a few years ago, just looking mind you, and I asked the broker when was the last time the house sold (a few years prior) and for how much. She gave the none-of-your-business look, but with a bit of research I discovered that it had sold for $325k; the asking price when I looked was $675k. Ok the owners did a bit of work, maybe $25k, but there is NO way in hell I’m giving someone double their money, and what could they have possibly spent out of their leveraged pocket, in 3 years of ownership. It is just impossible for anything to appreciate that fast… anything.
Looking at what the previous owners paid is a STUPID way of justifying the current cost of a place. For example, let’s say one of you bloodsuckers gets a GREAT deal on a place and buys a 3 bed/3 bath foreclouse in LP w/a garden, parking, etc. for 150k. You move in and, in 5 years decide to sell. Do you think the potential buyers should look at the price you paid in 2010 and base their offer on that?!! Of course not!!! They should base their offer on the current market (w/ cosideration for future value).
Excactly, Clio…. so typical for CC regulars…. they exhibit an amazing reactionary libertarianism and then in the same breath throw hissy fits over others making money they don’t ‘deserve’….
a home is worth exactly what a buyer or the market is willing to pay….duh
Hahaha in clio’s world if you aren’t willing to fork up a lot of cash to own and pay for exorbitant appreciation to the previous owner you are a bloodsucker.
Earth to Ms. Clio: it’s 2010. Not sure what decade you’re stuck living in but it sounds like the last one!
It appears most of the “bloodsuckers” on here are going to have the last laugh as each month I am seeing more and more deals. Sorry your house isn’t worth what you thought it was more than likely.
“What do you guys expect for the price?!! I still am amazed at all of these people with champagne taste on a beer budget!!
Obviously, if the unit/building was in better condition and had high-end upgrades, etc. it WOULD NOT BE THIS CHEAP!!! When are people going to understand??!!!”
Valid points clio!
Make a list before you go see a place of what you need/want/dream about having before you see a home to buy. List deal breakers, your requirements and features that are of value to you BEFORE you make that appointment. Knowing what is acceptable and what is not and what you can afford. Features added or missing from your dream home cost $$$ and if you don’t have it now, put off looking for now. All of the wish list items cost money and if your budget cannot cover the cost of what you want, wait to save the $$$ needed for you to have all the items you want. AND stop bitching about the featured properties!! Imagine you are the owners of these places and consider how you would feel if it was your home being ripped to shreds by the comments here. It is not an easy thing to do to sit back and read all of these negative comments…esp from those who are not seriously considering buying now. While it is hard to read, those people not in the market to buy now the points they bring up are, for the most part, valid points.
I suggest that when buyers tour homes with serious intentions of buying that you put blinders on as to the cosmetic condition of the home.
Instead of focusing on the finishes, look at the layout, the structure and the quality of the original construction. Everything can be replaced or repaired in a home but if you have a place that was constructed poorly with substandard materials…cracked foundations, uneven floors, walls and ceilings that appear to have been repaired because of leaks or other forms of damage, the condition of electrical outlets and light bases, etc it is definately not worth persuing any further.
One item that is of great importance to me as a renovator is the condition of the electrical system. If the fixtures/outlets are older, you can almost be assured that the wiring behind them will need to be brought up to code. This means most of the wiring will need to be replaced from the outlets to the circuit box(es) to the outdoor connections. This can be very costly and if overlooked, can be dangerous even deadly.
There are so many issues a place can have, but if you, as a buyer are so concerned with paint colors, appliances, floors, window coverings, etc. you will most certainly overlook what is really important.
If you are on a tight budget, of course you will be correcting the cosmetic items yourself. But these things will be the least of your worries as you haven’t even considered the bones of the house.
Best advice? Take along a person who is experienced in RE…not an agent…as their mistakes with their homes will serve to be the best teacher for a novice buyer. Have a pad and pen, even a calculator to list the pros and cons of each place you see and the $$$ you will need to invest to correct the homes issues.
DO NOT rely 100% on the housing inspector discovering all of the homes defects as 80% of them are not that concerned with doing their jobs rather they are concerned with their time and the pay they will receive when the job is done.
OK I have so many things to do today so I need to get my self off this site. I am all riled up as I went to a buyers/sellers seminar yesterday and so many issues were brought up that made me think of how unprepared most buyers are (despite the condition of the market) and how cheap and unconcerned sellers (esp if the place is bank owned) are now. Most sellers are under duress as they are more than likely seconds away from foreclosure and their only focus is to pawn their problems off on an unsuspecting buyer.
I never said anything about deserving, I said in 2001 you could make the case that this seller today would loser money because they paid a boatload for a property that only a few years earlier was less than half the cost.
I’m not funding some baby boomer’s retirement package by buying their property for an outsized price only because we have funny money mortgages today that we didn’t have in 1993.
And yes the funny money mortgages are still largely available. 40yr fixed & IO’s are back.
And buyers aren’t willing to pay off the inflated mortgages of sellers. Which is why real estate isn’t moving. Interesting chart:
http://thenewmortgagecompany.files.wordpress.com/2010/07/10-key-charts-mortgage-bubble-vs-property-bubble-by-housingstory-net.jpg
“a home is worth exactly what a buyer or the market is willing to pay”
Those boomers who tried to build their nest eggs with real estate appreciation and are now are getting no interest on their deposits will never retire. Oh, unless they have one of those generous government pensions, complete with health care.
“I’m not funding some baby boomer’s retirement package by buying their property for an outsized price only because we have funny money mortgages today that we didn’t have in 1993.”
Bob, hopefully that boomer isn’t your parents, or you could be on the hook for elder care. Or, in your case, you would probably just say “f*** them.”
tomaso,
My parents have substantial assets they’ve accumulated over their careers because they were diligent savers and not spendthrifts and never engaged in keeping up with the Joneses. My dad still drives a 1998 Camry.
I hope they lead long lives and draw on their assets getting very high quality long term care. Had they not had these assets..well..yeah. 😉
“a home is worth exactly what a buyer or the market is willing to pay….duh”
Yeah, that use to be the case when there was a level playing field. I know I said this many times here (zzzzzz…), but when I bought my place in ’88, it was 20% down, 2 years of W2s, personal references, and a Dun & Bradstreet rating/reference because I was in my 20s and thus considered high risk. But, you could buy with a level of value certainty because all of your neighbors went thru the same semi-humiliating lending process as you did, and there was no way in hell a bank (not a storefront bucket shop) was going to lend a cent more than the property was *actually* worth…. market value… duh.
“For example, let’s say one of you bloodsuckers gets a GREAT deal on a place and buys a 3 bed/3 bath foreclouse in LP w/a garden, parking, etc. for 150k…”
You know, this ain’t my first time to the rodeo honey; I’m not even touching that one.
What would you guys pay to rent this place? I like the layout enough that I would probably be willing to put up with 1 bath, but the no central AC is a toughie. I’m simply not at a point where I would be willing to buy a place like this (I’m 28) but I would probably enjoy living there for the next three years for $1,800 a month. I’m paying 1950 now for a 2 bed 2 bath in a condo building in Depaul that I don’t like the layout very much.
I like the look of this place a lot, I just wouldn’t buy a place with only 1 bathroom and no central AC at this price point. Rentals in LP and LV are funny to me because it’s so hard to find in unit w/d for less than 2k a month. Do you think buying a place like that would still appeal to a mass number of mid 20 somethings? I personally have no problem renting til I’m 35 and I can buy a place for 600k that I would love. Portability is worth a significant premium to me.
So much chatter about w/d all the time … did you ever consider sending your laundry out (be forewarned, it will be hard to go back). Seems as economical to do that as to pay extra in rent (or to pay more for a place with an in-unit “laundry room” that counts in the square footage), plus the appliances, plus electricity, not to mention the time it takes to wash, dry, and fold, which I don’t enjoy.
People pay a ton for convenience; this applies to car ownership and to in-unit washer/dryer.
If people ran the numbers on a cost-per-load cost efficiency estimate including purchase & installation (if applicable), depreciation, maintenance, utilities, and replacement costs, they’d see that using high-end, high-capacity commercial grade washers down the hall actually isn’t that bad a deal. Just like someone who owns a car but drives once a week would likely save money taking a cab everywhere.
But people pay for convenience, and how much they’re willing to pay for that convenience tends to scale pretty directly with how much they make, since this drives the value they put on their own time and effort. As income goes up, it becomes much more logical and lower-effort to throw money at a problem.
This finally sold just a few weeks ago on Jan 21, 2011 for $313,750.
Below the 2001 purchase price.