4-Bedroom Lincoln Park Duplex Down Just Reduced $124K: 2629 N. Southport
We just chattered about this 4-bedroom newer construction duplex down at 2629 N. Southport that had been on and off the market for 17 months.
See our February 2011 chatter here.
In the week since that chatter, the unit was reduced $124,900 to $675,000.
The unit is now listed for $29,000 under the 2005 purchase price.
It is also listed as a short sale.
If you recall, 2 of the bedrooms were on the main floor and 2 were in the lower level.
It has cherry kitchen cabinets, stainless steel appliances and granite counter tops.
There is also garage parking and central air.
At 2800 square feet, it is bigger than many single family homes for a similar price.
What will this property ultimately sell for?
Is this now a deal?
Nancy Finley at Keller Williams Lincoln Park has the listing. See the pictures here.
Unit #1: 4 bedrooms, 3 baths, 2800 square feet, 1 car garage parking
- Sold in January 2005 for $639,000
- Sold in November 2005 for $704,000
- Originally listed in September 2009 for $869,000
- Reduced several times
- Was listed in February 2011 for $799,900
- Reduced
- Currently listed as a “short sale” for $675,000
- Assessments of $239 a month
- Taxes of $8983
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 17×13 (main level)
- Bedroom #2: 10×10 (main level)
- Bedroom #3: 17×12 (lower level)
- Bedroom #4: 12×12 (lower level)
- Family room: 28×17 (lower level)
i will just repost a comment from the smarts *man on crib chatter
(*i say man because we all now anon (ufo) is some omni-presence of a google creation)
homedelete on February 25th, 2011 at 9:20 am
The sellers are truly stuck if they think they’re going to walk away unscathed. Given that one of sellers is an attorney I imagine this might be one of two things: pay off the second mortgage at closing, and part of the first with attorneys fees from a big settlement; or two – strategic default with a settlement on the 2nd mortgage somewhere down the line. These people got in over their heads spending too much money especially as a solo guy right out of law school. I imagine there are student loans too. Everybody had a good year 2004/2005; I’m sure that’s where the 10% down payment came from. The default issue is a problem though because they won’t be able to get another mortgage if they default and i’m sure they need credit for the business. One thing you learn being out on your own is to keep your expenses very very low so that when times are lean you can live off the fat i.e. 2004/2005
Wow at this rate it will be bank owned next week and sold to a crony of some bank robot two weeks from now for 100k.
How “short” can you be if the purchase price was $29,000 over the current short sale asking price? This was 5 years ago and I assume some sort of downpayment…
they took out a new mortgage in 2007 based on the appraised value at that time.
180k in 07
70k in 05
563k in 05
I can’t believe the price they tried selling it for in 07
“Is this now a deal?”
Not even close.
They might attract a knife-catcher who doesn’t mind sewage level bedrooms at around $575k
anyone want comment on the area?
This one:
http://www.redfin.com/IL/Chicago/2614-N-Racine-Ave-60614/unit-1N/home/21802481
May have been giving them hope, but that buyer may have been “the one” and opted to buy on Racine rather than SoPo. How’d they pull $780 (the $825 headline number is bogus, per the filed deed) for that one, anyway?
The bank should look into what they did with that cashout HELOC in 2007. If it was used to pay down their student loan debts I think they have a case of fraudulent conveyance. If it went for blow up the dude’s nose or lap dances they wouldn’t have much of a case, though.
Looks like I’m starting to get a feel for this ‘market’ per my comment last time:
TB on February 25th, 2011 at 9:49 am
Perhaps we have another “Pre-short sale” listing here?
Thanks for the shoutout Groove. I call it like I see it. This is no different than the crap I see float across my desk every working hour of every work day. There’s no reason to think this would be any different. That’s why I just laugh when people tell me that I shouldn’t judge or I can’t make assumptions from people’s mortgages. People’s mortgages can be a nuanced insight into their personal finances. And it’s mostly all public record too.
I like it at $550K… Thats a lot of space, and the lower level doesnt give me the creeps like most duplex down units.
I wish there was a floor plan or description of where is what. It seems to me this is again one of those dwellings with half of the bedrooms are in the basement.
To me basements are storage places not living spaces (you can have a cellar, store your gear, or keep a vampire friend’s coffin) so I find it weird that this property is sold as a 4 bedroom. Similarly it is weird when rooms with no window are marketed as bedrooms. If there is no window, it is a storage, a laundry room, or a walk-in closet in my book.
“The bank should look into what they did with that cashout HELOC in 2007.”
“I have this magical thing called a home equity loan. I borrow all the money I want and the house gets stuck with the bill.”
Homer Simpson circa 2008
“so I find it weird that this property is sold as a 4 bedroom.”
Realtor put in the listing that 4 bedrooms are above grade. Right.
“Homer Simpson circa 2008”
You know our economy is in deep doo when even writers on The Simpsons were well ahead of the curve vs. the regulators.
“That’s why I just laugh when people tell me that I shouldn’t judge or I can’t make assumptions from people’s mortgages.”
If we’re betting on this, I would generally agree with you and take the “under” in over/underwater. My point has just been that you shouldn’t present the recorded info as gospel. I know you know that but I think that a lot of others might assume that the information you’re providing is more than what it really is.
To bad their neighbor down the street in undercutting their price, listing their 4BR/3BTH unit at $660.
http://www.redfin.com/IL/Chicago/2734-N-Southport-Ave-60614/unit-B/home/13363256
So which is better? A 4BR with 3BRs on the 2nd floor and a single guest room in the basement or a duplex down with 2 BRs on the ground floor and 2BRs in the basement.
My guess is that the 2629 Southport is going to need to come down to 600K.
“So which is better? A 4BR with 3BRs on the 2nd floor and a single guest room in the basement or a duplex down with 2 BRs on the ground floor and 2BRs in the basement.”
But, it’s also 2500 sf on 4 floors v. 2800 on 2 floors, which is a significant difference.
Which is better? I vote for the 4BR with 3BRs on the 2nd floor and a single guest room in the basement.
I vote they’re both equally as undesirable.
Why? I believe the other one does live like a SFH as advertised, it has 3 bds. up and a finished basement with another bed and bath. It also has that nice top level office and deck. Good location too. What more is needed? a patch of grass? Most of the new mcmansions SFH in SoPo have postage-stamp yards, if one at all.
OK I take that back. The townhome is slightly better. I just don’t like so many sets of stairs and I don’t like the small floor plans on each floor. Also I, for personal reasons, don’t like townhomes, but this townhome, with only on neighbor, is tolerable. When I think of ‘townhome’ I think of this:
http://www.redfin.com/IL/Schaumburg/204-N-Waterford-Dr-60194/home/13727483
why do parents put their kids names on the walls in big block letters?
DC: because they were given block letters as a gift? That’s what happened with us. Though they have proven to be an effective tool in teaching our son the spelling of his name and were a decent distraction when he was younger. You end up doing a lot of things you wouldn’t expect once you have kids…
I think the block letters are a nice decoration for kids’ rooms, but I would have removed them when staging the home for privacy reasons. Also, the new potential buyer’s kid that comes to check it out might feel like its someone else’s room.
@juliana
I suppose you would have removed all the family pictures that are scattered around this unit as well.
The letters on the walls is a bit overdone, but I’m not do sure that I understand the legacy concern. What harm can come of someone knowing your kid’s name?
Also, kids shouldn’t make real estate decisions.
“When I think of ‘townhome’ I think of this:”
And weep uncontrollably?
Altho that’s really not bad for $100k + $2300 taxes. The assessment is pretty big at the price, tho–more than the taxes and half as much as the 30-year fixed mortgage (with 4% down–and, honestly, if you don’t have $4,000 to make a down payment, you *really* shouldn’t be buying a property).
yep.
“I suppose you would have removed all the family pictures that are scattered around this unit as well.”
“And weep uncontrollably? ”
Schaumburg sucks yeah. But seriously you could work at the mall and afford that place.
Compare that to livable townhomes in livable nabes in Chicago: who can afford them? People who bought them 10 years ago for a fraction of their current ask prices.
Oh yeah and lets not forget the Schaumburg school district is probably way better than the majority of CPS schools.
Chicago valuations are a joke–if credit were to really tighten to where it needs to go you’d see transactions come to a near halt and valuations plummet.
We’re already there bob, transactions have come to a near halt.
I have this working hypothesis going on that some of the nicer suburbs have seen greater price declines relative to the city for two reasons, one major reason of which is that there are more long time owners who have significant equity and can afford to undercut the competition for a sale. We look at these outdated properties in Lake Forest, Park Ridge, Evanston, etc. and they mostly look like they’ve been occupied by boomers and now they’re cashing out. They generally have much much smaller mortgage balances and a lot more leeway to reduce price; whereas many of the ‘city’ properties are 20’s, 30’s and 40’s somethings who bought during the boom and consequently cannot afford to take the hit. many long time owners in the GZ sold during the boom for absurd prices; which then their frame house was torn down and a cinderblock three-flat went up in its place. Consequently, in the suburbs, the long time owners and estate sales can undercut the underwater owners, not have to worry about losing their downpayment equity, and compete with the foreclosures. It all makes sense.
“Chicago valuations are a joke–if credit were to really tighten to where it needs to go you’d see transactions come to a near halt and valuations plummet.”
“You end up doing a lot of things you wouldn’t expect once you have kids…”
Yea, I believe that. Guess I’ll just shut my mouth for now and be thankful the BC is working.
Paranoid parents might imagine about someone stalking “Susie”, perhaps inviting her into their car as she is walking home from school.
When we bought our house, our kids didn’t make the decision but certainly had input. Other families may give the kids’ opinion more or less contribution to the decision. If Susie falls in love with “her” room, an indulgent parent may let that be the deciding factor.
“The letters on the walls is a bit overdone, but I’m not do sure that I understand the legacy concern. What harm can come of someone knowing your kid’s name?
Also, kids shouldn’t make real estate decisions.”
If you let your children make real estate decisions you’ll end up living next to disney world.
I don’t think they are making the decision, but their opinion could be the deciding factor if you can’t decide between several equally attractive options. The whole white picket fence, family homestead thing has a lot to do with kids and anything that feeds that fantasy is likely to give a seller a bit of an advantage, imo.
“If you let your children make real estate decisions you’ll end up living next to disney world.”
“Paranoid parents might imagine about someone stalking “Susie”, perhaps inviting her into their car as she is walking home from school.”
Well, if someone has that concern (which I view to be absurd), I suppose that they would take the letters down, but I don’t think that there is any legitimate privacy concern here.
As a parent, my view is that many, many parents, especially yuppies and especially women, are unable to appropriately evaluate risk, and accordingly make absurd decisions about how to avoid risks that they can imagine, simply because “you can never be too careful.” The reality is that, for example, stranger abduction and abuse are extremely low. It is far more likely for children to be abused by relatives, friends and neighbors.
Lenore Skenazy has a series of excellent articles about these points, many of which have been in the WSJ. The latest, “Eek! A male!”, makes some truly excellent points about the effect that teaching children that men are to be universally feared as sexual predators and abusers. The comments and the stories that people tell about this kind of thinking are truly saddening.
“I think the block letters are a nice decoration for kids’ rooms, but I would have removed them when staging the home for privacy reasons.”
Right because privacy abounds here with the RE lurkers looking up every facet of information. And that just using recorder information and google.
“Chicago valuations are a joke–if credit were to really tighten to where it needs to go you’d see transactions come to a near halt and valuations plummet.”
Chicago is severely underperforming right now, so if Chicago is a joke then the rest of the country (such as the coasts) is an outright laughing stock.
“When I think of ‘townhome’ I think of this”
You’re going to have to compete with the FBI witness protection program for this one.
Have to agree with you on this to a certain extent. I know my paranoia increased greatly when my kids were little. I remember freaking out when they would hide under the round clothing racks while shopping. Maybe it has to do with postpartum hormones, most likely fed by watching too many episodes of Law & Order SVU. In any case, no matter how low the likelihood of their being snatched, I would have done anything I could to reduce it. Feeling that it was my fault that tragedy struck my kids would be unbearable.
“As a parent, my view is that many, many parents, especially yuppies and especially women, are unable to appropriately evaluate risk, and accordingly make absurd decisions about how to avoid risks that they can imagine, simply because “you can never be too careful.” The reality is that, for example, stranger abduction and abuse are extremely low. It is far more likely for children to be abused by relatives, friends and neighbors.”
Even more reason not to want your kids names announced to the world.
I don’t think you would be able find that information on the recorder, right? But I’m one of the holdouts who refuses to put my info out there for the world to see on facebook. I like to imagine that one can still control ones privacy to a certain extent.
“Right because privacy abounds here with the RE lurkers looking up every facet of information. And that just using recorder information and google.”
I respect the profound emotion and protective instincts both men and women feel about their children. That’s evolution and that’s a good thing. However, I think that the best way to practice these instincts these days is to use modern techniques like data gathering and root cause analysis to avoid risky behavior using scientific methods. A a society, we suck at evaluating risk.
I think that we just disagree about whether having a name on a kid’s wall in a real estate listing is the kind of thing that you should worry about in order to protect your kids. I am not sure that I even follow the potential risk – someone knowing your kid’s name is going to be more able to plan and execute an abduction your kid because your kid will comply with someone who knows his name? There are a lot of holes in that theory and everyone these days should be training their kids from a VERY early age about how to deal with people they don’t know and what the related procedures are.
Agree. You can’t swing a dead cat in LP/LV without hitting a little girl named Mia.
“Well, if someone has that concern (which I view to be absurd), I suppose that they would take the letters down, but I don’t think that there is any legitimate privacy concern here.”
If you’re not a parent, you just can’t understand the risks that someone might hit your child with a dead cat. Any single deceased-feline-on-child crime is one too many! If hypersensitivity about putting our child’s name on a real estate website is wrong to avoid cat assaults, then I’m guilty as charged.
As long as it does not hit a miu, I am fine with it ; )
“You can’t swing a dead cat in LP/LV without hitting a little girl named Mia.”
In photos on CC or in design magazines etc. it’s always fun to look at the coffee table books, or the art books in their bookshelves if the photos are clear or big enough. You can get a “nuanced look” (hat tip: HD) at the cultural leanings of someone quite easily. Like bust someone with their Mapplethorpe books. ha ha…
Also, what’s the deal with people who have no old books in their built-in bookshelves? They only buy new books from Barnes & Noble? Another dilettante give-away.
“Also, what’s the deal with people who have no old books in their built-in bookshelves?”
Also, what’s the deal with people who have *only* old books in their bookshelves? Buy them all from http://www.booksbythefoot.com/ ?
anon: fascinating link, how hilarious!
now I know who the people are who buy by the boxful at real booksales: http://booksalefinder.com/IL.html
“now I know who the people are who buy by the boxful at real booksales:”
Also people like this guy:
http://www.slate.com/id/2268000/
Who is a Chicagoan.
I avoid the names on nurseury walls because I refuse to do something so played out. I know the kid’s name, the kid can’t read it and sometime soon they will plaster their name all over everything on their own. It’s not a safety mechaniism just what I like to call doucheguard.
Man, I have had my share of off topic discussion but I think they were at least mildly interesting. I think the space of discussions must have shrunk considerably if we indulge in discussing a trivial and banal act of putting a child’s name on the walk with such ferocity.
“Also, what’s the deal with people who have no old books in their built-in bookshelves?”
whats the deal with those same people when asked about those books to find that hadnt read any of them.
well i guess it keeps the economy moving so its a positive,
but i couldnt look a mover in the eye while he was lugging a bunch of books i will never read,
but i guess it keeps him employed so its a win win everywhere.
“I avoid the names on nurseury walls because I refuse to do something so played out. I know the kid’s name, the kid can’t read it and sometime soon they will plaster their name all over everything on their own. It’s not a safety mechaniism just what I like to call doucheguard.”
given my kids genetics i will try to avoid giving him “idea” by me putting his name on the wall.
i really dont want to post bail for a 4 year old 🙂
If you are looking for books, Open Books is having their warehouse sale this weekend.
“Man, I have had my share of off topic discussion but I think they were at least mildly interesting. I think the space of discussions must have shrunk considerably if we indulge in discussing a trivial and banal act of putting a child’s name on the walk with such ferocity.”
I think it’s because we finally found a new topic to go off topic on (as far as I am aware, probably not though). As much as CC goes off topic, it’s usually the same topics they go off on.
And now my additional two cents on the topic… if the kid wants to decorate his/her room and wants to put his/her name on the wall that is one thing. But I think parents consider this “decor” and do it because THEY like it. I had a ton of crap on my walls when I was a kid, but it was stuff I cut out or made and stuff I liked and I put it there because I wanted it. My parents didn’t go to Bed, Bath, and Beyond (or comparably children’s store) and buy metal blocks to “decorate” my room.
It’s Pottery Barn Kids decor. And what’s the point when the rooms just get crapped up with garish circus colored plastic toys and stickers.
“But I think parents consider this “decor” and do it because THEY like it. I had a ton of crap on my walls when I was a kid, but it was stuff I cut out or made and stuff I liked and I put it there because I wanted it.”
My kids have all sort of educational posters and charts and stuff like that on their walls, and a bunch of stuff that they can draw on for us to talk about.
“Man, I have had my share of off topic discussion but I think they were at least mildly interesting. I think the space of discussions must have shrunk considerably if we indulge in discussing a trivial and banal act of putting a child’s name on the walk with such ferocity.”
I have had owners of units contact me and request that any mention of their child’s name (which is in big letters on the walls above the crib in the listing that is out there in the public domain) please remove those comments because they feared for their child’s safety.
Clearly- many people don’t realize that pictures of their property going on the MLS and realtors website WILL be seen by many people. (But I don’t blame them for not realizing it could be on a site like CribChatter or Curbed- and then thousands of people are going to see it and comment on it.)
I have a policy that no names are to be mentioned in relation to a property unless it is already in the public record (i.e. Nate Berkus selling his condo etc.) And that includes the name of a child up on a wall.
But all parents should be aware of these things when having photos taken for real estate websites. There’s no privacy when you’re selling your property!
“I have had owners of units contact me and request that any mention of their child’s name (which is in big letters on the walls above the crib in the listing that is out there in the public domain) please remove those comments because they feared for their child’s safety.”
This kind of stuff is not really about safety – it’s about feeling like they can push someone around by chirping about their children. Let me guess, do these e-mails ever include the phrase “If you’re not a mother you just don’t understand!”?