$260k Reduction on “Mini-Mansion”: 5957 N. Nina in Old Norwood Park
We could chatter about all of the reductions on new construction mansions all day long.
This 6-bedroom home at 5957 N. Nina was built in 2007. The listing calls it a 15 room “mini-mansion” in the center of the circle in Old Norwood Park.
It has been on the market over a year and has been reduced $260k.
Mark Rew at @Properties has the listing. See the listing and pictures here.
5957 N. Nina: 6 bedrooms, 3.5 baths, 3.5 car garage
- Originally listed in September 2007 for $1,749,900
- Reduced
- Currently listed for $1,489,000
- Taxes are “new”
I would set this apart from McMansions. This place is actually nice! At least it made an effort to fit into the area, though a small one.
This is a nice place. I don’t know I think better deals can be had in other neighborhoods. It is definitely a nice house but 1.5MM buys you an estate in the burbs. The lot is definitely huge but without the square footage of the house its difficult to compare.
I know you can get 5br/4ba/3car garage 5,400sf homes much closer to downtown for 600-700k. No lot but a much lower price.
“I know you can get 5br/4ba/3car garage 5,400sf homes much closer to downtown for 600-700k. No lot but a much lower price.”
Would like to know which area you refer to…since I am looking for something like that
Well, if I had that much money, I would have no reason top buy such a big house anyway.
““I know you can get 5br/4ba/3car garage 5,400sf homes much closer to downtown for 600-700k. No lot but a much lower price.”
Would like to know which area you refer to”
Me, too, altho I am not looking, just curious.
The neighborhood I was referring to is Bridgeport. There was a new development called Bridgeport Village where the developer went under recently. One of the largest floorplans I believe is 5,400sf. I know one of that floorplan sold a few years ago for 580k, however the same floorplan was again listed for 600k in a different unit but needed finishing.
Not to degrade this listing but I consider those homes somewhat comparable to this one, even if they aren’t spec built.
Hey I have a 3 br 2.5 bath for $399,000 available in Bridgeport if you are interested! It is a townhouse, 2 car garage. Walk to the cell…. like new construction… (2000)
What’s the location street intersections or addresses on this “Bridgeport Village”?
Be careful with Bridgeport Village….they had some serious developement scams there.
I found it, yeah I don’t think so. Why pay Lakeview prices to live near the Robert Taylor Homes?
It is not near RT homes, RT homes pretty much don’t exist anymore…
Sonies,
Its a new development integrated with the street grid so its not like a typical subdivision. I found one link from googling that had the entire site and highlighted where it is but lost it since, but the basic boundaries are: 31st st to the N, Racine to the E, the river to the W and 35th st to the S.
And the developer is indeed bankrupt, if that has any bearing for you on potential purchasers. They still had signs up for lots for sale right along the river as of a few weeks ago.
There’s nothing around there though except Comiskey right? I would probably not feel safe walking my two pit bulls at night in that neighborhood. Every time i’ve been in that area there’s strange people everywhere.
LOL I found this listing there… 1316 West 33RD
The frickin first picture is so dark you can’t even see the place! Use a flash idiot!
DANGEROUS. PROPERTY HAS NO FLOORING. BE EXTREMELY CAREFUL. NO SUBFLOORING. BRING A FLASHLIGHT. THIS COULD BE A GREAT HOME. JUST FINISH THE CONSTRUCTION. BANK OWNED AND SELLING IN AS IS CONDITION. PLEASE FAX OFFERS TO LISTING OFFICE WITH A PRE QUAL OR PROOF OF FUNDS AND A COPY OF AN EARNEST MONEY CHECK. NO TERMITE OR SURVEY. AS IS.
only 420k!
Yeah that listing had me laughing too. Its pretty sad the amount of effort the listing agent put in to market it.
The favorite one I was looking at was right nearby: 1302 W 33rd Pl or something like that. The pictures they had of it were actually of a different unit (!) but the same floorplan. They said it needed bathrooms and a kitchen but was otherwise “finished”. I was looking at the pics on the MLS and I was like it has a kitchen.
Then found on another site it had a different desc than the MLS and said that that wasn’t the actual unit, just the same floorplan! That one was first listed for 650k, reduced to 600k, pulled from the MLS after it didn’t sell.
They are going to have a tough time selling these unfinished homes at this rate. Its clear they really don’t even want to.
Oooo I really like this place. Definitely the kind of place I’ll be looking for in 10 years when I’m ready to move out of the city and a small condo into something to live in for the rest of my life. Don’t know much of anything about the neighborhood though.
Is it typical for SFH in this price range to have:
Exterior Features:
Exterior Description: Aluminum/Vinyl/Steel Siding?
I moved to Edison/Norwood Park 5 years ago when my job took me out of O’Hare every Monday am and back on Friday. The 2 properties listed in crib chatter recently don’t do justice to the neighborhood. Nice restautants/bars, but it is a long commute to Streeterville where I work now.
Sonies,
I know next to nothing about the Old Norwood neighborhood. However Bridgeport is much closer to downtown than this featured property and has homes with a much lower $/sf than this one. Maybe the ‘hood’s relative lack of walkability turns some off but its still legions above the burbs and while not LV/LP, deals can be had. Where I come from in few ‘burbs locations is a Buffalo Wild Wings & a sports stadium within a mile’s walk.
I’ve lived further south in Chicago than this area for awhile too so the ‘people look weird’ factor doesn’t really bother me. Its price and proximity to the orange line and river are huge pluses in my book.
The difference between Bridgeport and Old Norwood Park is the same as the difference b/w the north side and the south side. You will clearly prefer one or the other.
Currently listed at 1,279,000.
reduced again to $1,195,000
its right in front of norwood park school!
isnt that a bad thing in real estate to be across from a school?
HD, you can like both the north and south side, I don’t see a need to only like one.
You can like both north or south but you can only call one ‘home’.
Chicago is my home.
you cant like north and south sides at the same time its a unwritten rule in chicagoans DNA. its like two different cities
i was by this house yesterday, and surprisingly even though its a mcmansion it fits within the houses around it.
maybe cause it has siding instead of the brick mcmansions. but 1m for vinyl siding?
its DIRECTLY across from the school
i asked this question before;
isnt that a bad thing in real estate to be across from a school?
“isnt that a bad thing in real estate to be across from a school?”
Generally, yes. Exceptions to every rule, of course, but I can’t think of a school in Chicago that might be an exception.
I have relatives who live at the end of a street that dead ends into the field/park behind an elementary school. The school itself is easily 100 yards away, so there isn’t reasonable access from their street. That location *might* be a plus, and likely isn’t a negative. But it’s not too common, either.
Down to $1,195,000… Oops about pricing it $554,900 too high to begin with! Big oops.
Sad what we will call a mansion, even a mini-mansion…
“you cant like north and south sides at the same time its a unwritten rule in chicagoans DNA. its like two different cities”
Only from Chicago’s seedy past (the past where Bob came from), I like like both, when I am rich I’ll own in both too.
Oh revassal you’re _sooooo progressive_.
And BTW…how many progressives do you know who get rich enough to own two homes?…is that crickets I hear?
Lets go put on some birkenstocks and get in the prius and head out to burning man.
vassal, you are some freak of nature or an alien. its mentally impossible to like both.
here are the rules!!!!!!
you can like
1. the N and Nw
2. the N and W
3. the S and W
but thats all
but serioulsy nobody “likes” the west side, i lived there almost 2 years it sucksssssss
jon,
you are correct it is sad what we call mansions.
I like N, NW, and parts of the southside as well (HP Bronzeville/Gap and parts of the south loop, Go Sox. I am sure I’ll like Bob’s secret south side community too, but I haven’t lived there.
“”And BTW…how many progressives do you know who get rich enough to own two homes?…is that crickets I hear?””
Hopefully in the future that will happen. It might even before HD or Bob buy their first place. But unfortunately they’ll probably buy a place before everybody has healthcare. 🙁
There are some nice looking places, southside, the craftsmanship is excellent, transport them to the northside and they are worth millions.
“There are some nice looking places, southside, the craftsmanship is excellent, transport them to the northside and they are worth millions”
there are some gorgeous brown and grey stone building down south Michigan ave from pershing south.
I would love to turn these from apartments back to the mansions the once were.
“I would love to turn these from apartments back to the mansions the once were.”
i think i just may play the mega millions tonight and do just that!
Groove forget to take your meds today? Quoting yourself and all.
who better to quote than myself 🙂
“i think i just may play the mega millions tonight and do just that!”
Groove – if you win, my guess is we’ll see you in Bucktown…
“Groove – if you win, my guess is we’ll see you in Bucktown…”
What school is he gonna send lil Groove to? I don’t see the Groove as a Parker School parent.
Probably home school the lil guy – then they won’t have to leave Bucktown.
“Groove – if you win, my guess is we’ll see you in Bucktown”
good one jon, good one 🙂
“I don’t see the Groove as a Parker School parent.”
come on anon, i would send the shortie to latin (they got more sport programs there). i can see it now……. groove at a latin school Parent teacher meeting strangling another parent cause his kid taddled on my kid and screaming “you uppity elitist bastard westloopelo”
lol
“strangling another parent cause his kid taddled on my kid and screaming”
Sounds more like Lab School.
hehehe good one anon
“you uppity elitist bastard westloopelo”
I realize your love for me runs DEEP groove, but HTF did I get involved with this thread? It doesn’t even make sense…well it didn’t until Bob mentioned you may have forgotten your meds and you were quoting yourself.
Well done everyone. Funny. I usually cant stand HD and Bob but you both did well today. (maybe because you were barely talking about real estate?)
Ahh its our favorite pro-real estate guru Mr. “anon”! Bravo in bringing up another dead thread.
Probably more lively than your personal finances these days eh? 😀
reduced again to $999,000.
i pass by this place once a week and am curious to what will it sell at.
“reduced again to $999,000.”
Did you see the “bank owned” note?
The face amount of the mortgage was $2.2mm (but, as a construction loan, was probably double the allowed draws) and there are two mechanics’ liens filed on the place.
wow,
just check (bored at work) and saw the 2.2mil construction loan, one mechanic lean is small the other was i think 25k
how is this place going to sell?
“how is this place going to sell?”
Like I say, there’s no way that the $2.2mm wasn’t for substantially more than the allowed amount of draws. It’s pretty typical for these one-off construction loans for the loan to be substantially more than the budget (including land acquisition) amount. I bet the bank has about $1.1mm into this place, probably including taxes, but not including accrued, but unpaid, interest.
If I were looking–and had any interest in Norwood Park–I’d probably bid on the place. Probably not at a level the bank would accept, but something non-crazy, like $750-850, after I looked at what neighborhood alternatives (not nec. comps) sold for recently.
“like $750-850”
seems reasonable, but will a bank do it?
houses on this block have LONG lots.
“If I were looking–and had any interest in Norwood Park”
norwood is beautiful like it a bunch the actual park has a really good B-ball program. homes are expensive there but really nothing around there to justify those prices. Eddison park as some decent restaurants and bars. i would only do this place for the schools, the beautiful hood and park. but then in that price there are many more options
this place has been delisted,
anyone know if its under contract?
yeah, it sold. The person stole it.
http://74.125.113.132/search?q=cache:R9jYZw4hj18J:www.atproperties.com/listing/7074569+5957+N.+Nina+in+Old+Norwood+Park&cd=7&hl=en&ct=clnk&gl=us&client=firefox-a
thanks go cubs,
so how low was the sale price?
alls I saw was a quit claim deed,
0924745082 09/03/2009 09/04/2009 QUIT CLAIM
Property Description
13-06-305-053-0000
its seems the taxes will like triple.
“alls I saw was a quit claim deed,”
I all but guarantee that was a deed-in-lieu of foreclosure, given by agreement to avoid the court process. Expect to see another deed from the Bank at some point.
so that means it wasn’t really sold, right?
“so that means it wasn’t really sold, right?”
wait so this may show up on the market for an even lower price?
never mind it wont go low enough for me to move
“so that means it wasn’t really sold, right?”
It means that that deed isn’t–alone–evidence of a bona fide sale. If the borrower/builder owed the bank other money, too, then it could have been part of an overall agreement; otherwise, I don’t see why the bank would want to take back the house w/o a pending deal, but banks have been acting weird, as we all know.
SO…it could be that we’ll see a “real” deed soon, or the place back on the market thru the lender’s REO folks, or maybe they’ve leased it and it won’t be back on mls for a year or two (or more).
I am thinking option 2, if the owners/bank got option 3 then they are doin well. option 1 means other mil+ homes won’t be sold that much longer.
It actually sold to someone other than the bank / developer. I heard Mid 8’s. Which is a steal
Gocubs,
are you the person who bought it at 850k?
“It actually sold to someone other than the bank / developer.”
Nothing recorded yet.
http://www.ccrd.info/CCRD/controller?commandflag=searchByProperty&optflag=SearchCommandForIL&PIN_1=13&PIN_2=06&PIN_3=305&PIN_4=053&PIN_5=0000
Anon(tfo) you looked too early in the day. ‘quik’claim deed to Signature Bank on 9/3/09. Probably a deed in lieu (of foreclosure).
Foreclosure was voluntarily non-suited on 9/25/09
https :// w3.courtlink.lexisnexis.com/cookcounty/Finddock.asp?DocketKey=CAAJ0CH0BGBDE0CH
Developer dude also has another property going into foreclosure, just filed a few days ago.
http://www.ccrd.info/CCRD/controller?commandflag=searchByProperty&optflag=SearchCommandForIL&PIN_1=13&PIN_2=06&PIN_3=305&PIN_4=053&PIN_5=0000
Anon(tfo) you looked too early in the day. ‘quik’claim deed to Signature Bank on 9/3/09. Probably a deed in lieu (of foreclosure).
Foreclosure was voluntarily non-suited on 9/25/09
w3.courtlink.lexisnexis.com/cookcounty/Finddock.asp?DocketKey=CAAJ0CH0BGBDE0CH
“Anon(tfo) you looked too early in the day.”
When did Signature Bank cease being “the bank”?
Sorry, I misunderstood the conversation, I should have researched the timeline. GoCubs is saying that the bank sold the REO in the $800’s AFTER september 9/3 to a third party.
My bad, I’ll go back in my cardboard box under the bridge
“Sorry, I misunderstood the conversation”
Nah. You added confirmation (imo) that it was a D-i-L.
No it wasn’t me…should have though for what it went for
“No it wasn’t me…should have though for what it went for”
i like the place too. i would pass it once a week or every other week. for a mcMansion it at least tried to fit in with the houses around it.
but if i was looking to spend 850k on a house i dont know if this place would have hit my radar, if it did it would be on page three of my list.
beautiful area, beautiful tree lined streets, wonderful park, and top public school!!!!!!!!
“Nothing recorded yet.”
closed on 10/1/09 850k