3 Years Later, the Bank Finally Owns This 7-Bedroom SFH at 1111 W. Wrightwood in Lincoln Park
We’ve chattered about this new(er) construction 7-bedroom single family home at 1111 W. Wrightwood in Lincoln Park several times over the past few years including last July when it was listed as a short sale.
See our July 2011 chatter here.
After a lis pendens was filed all the way back in April 2009 (that is 3 years and 1 month, for all of you keeping track of such things) it is finally bank owned.
If you recall, it never sold from the original developer. It has been on and off the market since March 2008.
Built in 2010 on a 29×131 lot, the house has a rare 3-car garage and an elevator.
The listing says it has a “top of the line” kitchen with stainless steel appliances and stone counter tops.
The listing pictures show the kitchen so it appears to be intact despite no one living in this property for years.
There is a full floor master suite on the 3rd floor with 4 bedrooms on the second floor and the remaining 2 bedrooms on the lower level.
The bank listed it at essentially the same price it listed it as a short sale last year or $2.395 million. (It is the same real estate company handling the listing.)
Will it make a difference that it’s now bank owned versus a short sale? (with all the problems buying short sales seems to entail?)
Or is the bank still too optimistic?
Jeanne Martini at Kinzie Real Estate Group now has the listing. See the pictures here.
1111 W. Wrightwood: 7 bedrooms, 6 baths, 6160 square feet, 3 car garage
- Sold in January 2006 for $1.1 million (the prior property)
- Originally listed in March 2008 for $2.899 million
- Reduced
- Lis pendens filed in April 2009
- Was listed in July 2011 as a “short sale” for $2.4 million
- Withdrawn in November 2011
- Bank owned in May 2012
- Currently listed for $2.395 million
- Taxes of $6463 (they were $27,776 last year which makes me think this is a typo of some kind.)
- Central Air
- Elevator
- Bedroom #1: 21×16 (third floor)
- Bedroom #2: 13×13 (second floor)
- Bedroom #3: 13×11 (second floor)
- Bedroom #4: 13×10 (second floor)
- Bedroom #5: 12×10 (second floor)
- Bedroom #6: 14×10 (lower level)
- Bedroom #7: 17×12 (lower level)
“Taxes of $6463 (they were $27,776 last year which makes me think this is a typo of some kind.)”
There’s a tax reduction for vacant propertiess. That seems low, even with that, but not impossible.
“There’s a tax reduction for vacant propertiess. That seems low, even with that, but not impossible.”
That could explain it then- since no one has ever lived in this property. But what does it take to get the term “vacant” applied? There are plenty of homes that are sitting empty for years- just sitting on the market. Are those “vacant”? I wonder.
I believe you have to appeal the taxes, or at least make a visit to the assessor’s office, to get the “vacant” applied to your property. It does not seem that it’s that hard to do, I imagine people just don’t know it’s an option.
By the way- we’re back to the normal posting schedule this week.
yay!
Misallocation of the land component of total AV distorts vacancy relief because relief is only applied to the improvement component.
It is a nice house but I think I’d be concerned about paying nearly $2.5M (if I had it) for a home that has sat empty for over 4 years and probably hasn’t been maintained in an as-is sale. My guess is that it has to be priced low enough to provide the buyer enough money to be able to make any necessary repairs and still be under the price of a non-foreclosure new construction home that hasn’t been sitting for years on end.
Unoccupied new construction qualifies. Otherwise, must prove it is unrentable or no tenant can be found.
I think many of us agreed last time that the developers of this one failed with the exterior design. Anyway, that’s how I feel.
Location-wise, what is the draw to this property for its target market, a millionaire with a big family? Are there any great private schools conveniently located nearby?
Lincoln Avenue is nice but for $2.4 mil, wouldn’t you insist on something farther south and east, i.e., something closer to Armitage?
Also, the hassle factor of dealing with a bank still applies. The price needs to fall 20-30%.
It not in a good enough location to command 2.5 for a standard lot. The finishes are absolutely lower end. The wood on the fireplace is so new money, bad. Why do developers think they can get 2.5 million for bad finishes on a standard lot. Things were never that good in the boom let alone now.
“There’s a tax reduction for vacant propertiess. That seems low, even with that, but not impossible.”
How would that work with a foreclosure that the bank now owns? For example, say the taxes were based on the 2000-whatever Boom price and the property was abanded in 2009. Now it’s listed at a much lower price but the taxes are scaring any potential buyer away. Could the bank get the taxes re-assessed before selling it, or do they need a new sale price to make the case?
“By the way- we’re back to the normal posting schedule this week.”
Glad you’re feeling better Sabrina. Not to be too dark, but do you have a mechanism in place for managing this site if you are away for an extended period of time?
At this price, I feel like I can afford to be ultra picky and I would hate to look out at the vinyl siding of the apartments next door. I would much rather live in this gold coast house for $700k less: http://www.redfin.com/IL/Chicago/67-E-Bellevue-Pl-60611/home/14121895
“At this price, I feel like I can afford to be ultra picky”
Aren’t you (and most of us here…) always ultra picky? Why limit yourself to only at this price?
For $500k, I would overlook living next to a house with vinyl siding.
Not one but TWO wet bars… bad azz!
“I think many of us agreed last time that the developers of this one failed with the exterior design. Anyway, that’s how I feel.”
Agreed. The location is superb, however. Sells at 1.6M.
“For $500k, I would overlook living next to a house with vinyl siding…”
When I was about 12, I felt like I had sports betting completely figured out. I was going to be rich when I was old enough to start doing it. Every day, I would get the sports section, write down what bets I wanted to make (e.g. “I’ll bet $5 that Jose Canseco will get a hit today.”) and calculate my theoretical winnings from the day before. There were a few days where Jose Canseco didn’t get hits, or Paul Molitor did have an error, or whatever, but generally, I was really kicking ass. What a bunch of idiots all these other people are, I told myself!
It all came crashing down when I realized that I can’t just make up a fantasy world in my head where there is always someone on the other side of a transaction at whatever terms I want to come up with. I could have made the kinds of bets that I was talking about, I know now, but not at straight odds. The available terms were far different than I assumed. As a child, it was a tough and heartbreaking lesson to learn that things were different than I thought and the world didn’t revolve around my whims, but I’m glad that I learned it.
What’s the reason that bank sales like these are ALWAYS as is, usually with extra stupid stuff like no survey and taxes prorated at 100%? To me, there’s no question that these terms hurt final sale price far more than they would hurt the bank just to bear these costs out of pocket and to bear the risk that a contracted sale falls through because of inspection findings.
I assume that it’s because the bank personnel handling these sales are compensated for getting this stuff off their balance sheets, and they want to come up with terms that are going to do that at minimal risk of a signed contract not going through, and because they are lazy, and maybe because the bank requires such terms, or some combination of these. But what gives? I’m not saying that they have to spend $20k putting up window treatments and organized closets, but it seems to me that treating like these normal real estate transactions would be much more profitable in the long run.
“Agreed. The location is superb, however. Sells at 1.6M.”
Not so sure about the superbness of the location, but, assuming the bank is willing to play ball, I agree that $1.6 seems realistic (though I don’t think a couple hundred grand more would be unreasonable).
In the $2mm+ range, there are certainly houses in LP in better locations, with much nicer finishes, and with much greater curb appeal. But I don’t think any are quite as well-suited to a large family. This place can easily accommodate four kids (with all kids’ rooms on one floor), with extra rooms downstairs for guests/grandparents (and eventually one or more teen(s)), including the rare third garage space for when the oldest gets a car (though in the city, I could see a big upper-middle class family having a “kids'” car for all of the driving age kids to share).
Banks don’t give a survey bc often they don’t know what the actual property line is I’ve seen cases where neighbors have unrecorded changes to lot lines such as I’ll give you part of my back yard in exchange for your side lot and the neighbor expects to keep the trade intact after a sort sale, or unrecorded easements, or potential adverse possession issues. The bank can’t certify the lot lines so they don’t.
hd, how is that any different from the situation a regular old seller is in? The bank could pay for a survey, if there are recorded easements or whatever they survive and are reflected, and there might need to be a modification to the sale price or whatever. Why would a bank have any obligation greater than a regular sellers to certify the results of a survey as opposed to just paying for one and addressing any issues it raises in the normal course?
A regular seller knows he has survey problems whereas a bank doesnt Banks don’t have to disclose termite or flooding issues either, again, because it is a foreclosure and not an owner occupied property.
Whoever said “new money” in regards to the fireplace: That comment could apply to the entire home.
” in regards to the fireplace”
At least they made it unlikely that a tv will be hung above it.
” in regards to the fireplace..At least they made it unlikely that a tv will be hung above it.”
What is the latest CC consensus on that? Is it ever okay to have TV over a fireplace (if the height is appropriate and the tv to room size ratios are correct or is it always a no-no?
Personally I’m against it though I’m finding a lot of homes have been built with this feature in mind.
TV above the fireplace – a definite sign of new money.
“A regular seller knows he has survey problems”
Are people buying homes from banks without having a survey done themselves?
I’m also somewhat mystified that banks do such a quarter assed job. I know there are surely institutional reasons but still bit surprised they are not overcome.
“Is it ever okay to have TV over a fireplace (if the height is appropriate and the tv to room size ratios are correct or is it always a no-no?”
V difficult to get what I would regard as an appropriate height–would need a deep room, which should require a huge tv. There are some houses though where there really isn’t a better option than OTF.
“Are people buying homes from banks without having a survey done themselves? ”
Probably. the buyer’s lender will require one. But if you find out that your neighbor says “I own your backyard and I have an unrecorded deed to prove it” you can’t go back to the seller/lender and say “but you didn’t tell me about this claim!”
TV over the fireplace depends on the size of the home. In a smaller place, it makes sense. In a large home, it seems silly. I put mine over the fireplace since it was the most logical spot in my open floor plan, small home. For that matter, I could do without my gas fireplace. I would love to have a wood burning fire place, but a gas fireplace just seems like a waste of space.
“I own your backyard and I have an unrecorded deed to prove it”
You’re just trolling for business again.
” I would love to have a wood burning fire place, but a gas fireplace just seems like a waste of space.”
Because wb fireplaces take up so much less space than gas fireplaces?
Compare this to the Adler & Sullivan house last week – just depressing. How much of this crap new construction is going to be around 75 years from now? We’re in an architectural dead zone.
” when I realized that I can’t just make up a fantasy world in my head where there is always someone on the other side of a transaction at whatever terms I want to come up with. I could have made the kinds of bets that I was talking about, I know now, but not at straight odds. The available terms were far different than I assumed. As a child, it was a tough and heartbreaking lesson to learn that things were different than I thought and the world didn’t revolve around my whims, but I’m glad that I learned it.”
Frank Rosenthal would have said the exact opposite.. Ze would guess it’s good to be the house.
“Because wb fireplaces take up so much less space than gas fireplaces?”
No… wb fireplace actually have a use – keeping the place warm plus wood fires look pretty. Gas fireplaces seem inefficient and you don’t get the nice crackling sound or the pretty flames. I also like using the pokers and other fireplace tools to keep the fire going.
I don’t see the difference between turning on my gas fireplace and just turning on the stove. I have used my gas fireplace just once and found it rather boring to watch.
“Gas fireplaces seem inefficient and you don’t get the nice crackling sound or the pretty flames. ”
Older WBFP are actually very inefficient, losing more heat than their ventless gas counterparts. Newer ones do have some designs that make them as efficient. I’ll give you the crackling sound though if you want pretty flames, you’re just gonna have to buy in boystown.
Is it ever okay to have TV over a fireplace (if the height is appropriate and the tv to room size ratios are correct or is it always a no-no?
I’m mostly opposed, but some friends of mine have a family room that opens to the kitchen and it has this kinda weird, low gas fireplace. They have a tv above the fireplace and the tv is at a normal height. (They also have a normal fireplace in the living room without a tv above.)
Family room fireplace is similar to this picture: http://www.houzz.com/discussions/91466, but is maybe even a little lower.
You can get that “crackling sound” in a gas fireplace if you toss some dried-up citrus rinds in there, or some of the crackling pop-rock thingies they sell at fireplace stores.
Or just install a TV screen and play one of those holiday fireplace dvd’s.
Ask yourselves how many times do you just sit in front of a fireplace (without a tv) and just “enjoy the fireplace”. The answer is “probably never”. So what is the issue about having a T.V. above the fireplace? This way you get to enjoy the fire AND the T.V. (btw, in my house, the fireplaces are nowhere near the T.V.s and it is really stupid – basically, the fireplaces are only used when company comes over ) And stop all of this talk of “new money” and “low class”. None of you have “new money” or “old money” so STFU.
“It all came crashing down when I realized that I can’t just make up a fantasy world in my head where there is always someone on the other side of a transaction at whatever terms I want to come up with. I could have made the kinds of bets that I was talking about, I know now, but not at straight odds. The available terms were far different than I assumed.”
Recently I tried to get a friend to give me 3:1 odds that the Mars Science Lab crashes on descent (too many different landing systems they moved very far way from KISS principle), but the effects of the tequila they were downing weren’t as much on them as I thought and they demanded 1:3 odds for my bet because they were ignorant as to science. Damn alkies if it was a normal person I probably could’ve got that bet out of them after that much tequila.
“Ask yourselves how many times do you just sit in front of a fireplace (without a tv) and just “enjoy the fireplace”
Jesus christ, man, don’t they have scotch and reading in Downers Grove?
“So what is the issue about having a T.V. above the fireplace?”
Televisions should be eye level. If you are sitting on the couch- they should be at your eye. Before flat panels, did people hoist their televisions on super tall tables above their fireplaces? Um…no. It wouldn’t have made sense (from a viewing perspective.)
It’s a strain on the neck muscles to have to look up at the television. Every ergonomic expert will tell you this. How pleasurable is it to be in a sports bar or pub watching a game for 3 hours and have your neck cranked to stare upward? Not very. But you don’t live there so you endure it.
TVs above fireplaces are no-nos.
“TVs above fireplaces are no-nos.”
Fully agree. (With the rare exception of the circumstance described by Madeline, which, in that case, such t.v. isn’t likely the “main t.v.” (I imagine they have a bigger one mounted in the basement), but more of a social/sports viewing item.)
Most of the time, there’s room on either side of the fireplace for a t.v. Maybe not a 57 inch plus unit, but certainly room for something in the 40’s. That’s our set up, and looks and functions fine. If people want a really big t.v., then they either need a room big enough to accommodate both the t.v. and fp having their own walls, or they need to have two sep rooms (living and family rooms, or, as seen in some lavish homes, an absurd media/screening room with a bunch of recliners).
“Televisions should be eye level….How pleasurable is it to be in a sports bar or pub watching a game for 3 hours and have your neck cranked to stare upward? ”
You are a such an idiot. If you get cramps watching a game at a pub for 3 hours, then you have some underlying medical/neck problems. Do you also get cramps watching movies at a theater? Please, just STFU – none of you are stylish or have any class, education, exposure, or enough sense to be stylish or now what is right (based on your comments and expectations for real estate in Chicago to be as cheap as Detroit) – so please shut it.
I purposely wanted a place without a fireplace so I could have a huge TV instead. In the places I rented some had fireplaces and I never used them once in many years, so yeah TV kind of took over my priorities
For anyone that argues that outdoor space is a waste in Chicago because you can only use it 10 minutes a year, I would use the same argument against fireplaces, except that I would say you can only use a fireplace 3 minutes a year.
Clio forgot to take his meds this morning. …..
My old condo had a (gas) fireplace, and I used it all the time. I love reading in front of the fire (drinking, too, but bourbon, not scotch). The fireplace was also a pretty good heat source. If the temperature was above about 25, I could turn on the fire and get all the ceiling fans going and it kept the whole place warm, while being a bit cheaper than turning on the furnace. I miss having a fireplace.
anonny: I imagine they have a bigger one mounted in the basement.
You are quite correct. They have an absolutely ginormous TV in their basement.
elevator?? that has to add a few bucks to maintenance and insurance expenses. Also, the county shows this house to be 4394 sq ft., why does the listing claim that it’s 6160 sq ft.
If it sells within the next year it will go for under $1.5 million.
“Also, the county shows this house to be 4394 sq ft., why does the listing claim that it’s 6160 sq ft.”
County doesn’t count basement space unless it’s a legal garden apartment.
Looks like an abomination as the sides give away that this is not a true greystone. If they can’t even make it a modern day greystone on all of the exterior alone who knows how many other corners were cut in the construction of this.
Oh and to pre-empt the “oh but they don’t make greystones anymore” trolls: yes, when you’re talking about a multi-million dollar property you can certainly re-create one.