11 Months Later This Sold Bank Owned 2/2 Is Back on the Market: 507 W. Aldine in Lakeview
I couldn’t hardly believe my eyes when I saw the new listings this morning.
507 W. Aldine #2B in East Lakeview is back on the market after having been listed for years as a distressed property.
It finally sold from the bank 11 months ago.
See our April 2011 chatter here.
I thought we were done with it. But no!
It has returned with, what looks like, no renovations from the prior listing.
It truly represents the full circle of the housing bust.
We saw it go from:
- Normal sale
- to Short sale
- Into foreclosure and bank owned
- Then listed from the bank
- Finally it sold for 32% under the 2007 purchase price
- NOW- it returns to the market just 11 months later listed $44,000 over the 2011 price.
The vintage unit has a washer/dryerin the unit and parking but no central air.
The kitchen has granite counter tops and stainless steel appliances.
The unit has some of its vintage features intact including crown molding and a wood burning fireplace.
What will be the result of the sale THIS time?
Will the 2011 buyer make anything?
Brad Lippitz at Prudential Rubloff has the listing (didn’t he have it years ago when it was a “normal” sale???). See the pictures here.
Unit#2B: 2 bedrooms, 2 baths, dining room, 1400 square feet
- Sold in May 1995 for $154,000
- Sold in June 1998 for $199,000
- Sold in April 2000 for $243,000
- Sold in March 2007 for $379,000
- Was listed in February 2009 for $410,000 (included the parking)
- Reduced
- Was listed in March 2009 for $399,900 (included the parking)
- Reduced
- Was listed in May 2009 for $375,000 (included the parking)
- Reduced
- Was listed as a short sale in June 2009 for $339,000
- Under contract
- Re-listed in September 2009 for $339,000
- Under contract
- Lis pendens foreclosure filed in December 2009
- Re-listed in May 2010 for $325,000
- Withdrawn in July 2010
- Bank owned in September 2010
- Was listed in December 2010 for $276,500
- Reduced
- Was listed in February 2011 for $254,900
- SOLD in April 2011 for $255,000
- Re-listed for $299,000 (parking included)
- Assessments of $362 a month (includes heat)
- Taxes now $1939 (it was $5365 in the old listing)
- No central air- only window units
- In-unit Washer/Dryer
- Wood-burning fireplace
- Deeded parking included
- Bedroom #1: 14×12
- Bedroom #2: 12×11
a lot of work for a small profit
Very funny! I can’t believe it’s back!
My my, but the sellers are really feeling their oats right now.
Just because there was a slight surge in sales, a good part of which are distress sales, doesn’t mean you can start jacking the prices up substantially over recent sales. And the place where sales are healthiest is in SF houses, not condos, of which Chicago has a pretty swollen inventory.
No way the taxes fell from $5300 to $1900, which number is wrong?
It isn’t a bad looking place. It is lacking c/a but has 2 baths and parking in a good location. I don’t think the seller will get $299k for it but I wouldn’t be surprised if it sold over its last sale price. Whether the seller will make any money with transaction costs, etc. is another question altogether.
$44,000 over the 2011 price? ha! with so many more foreclosed properties about to enter the market the seller has to be joking. vintage with NO a/c, ugly kitchen cabinets and probably about 30 layers of paint to remove. not sure about this one..
we’re about to see a flood of foreclosures in the market… as mentioned in cribchatter very recently….
“In Cook County last month, 3,106 mortgage holders were notified that their properties had fallen into default and foreclosure proceedings had begun. Another 1,894 properties were scheduled for court-supervised auction while 2,045 became bank-owned. That level of activity was a drop of 17 percent from January but 51 percent greater than February 2011.”
this is one property out of thousands and thousands.. buyers market!