8 Years Later and This 2-Bedroom Is Still a Short Sale: 1050 N. Marshfield in West Town
This 2-bedroom unit at 1050 N. Marshfield in West Town recently came directly on the market as a short sale despite having been purchased 8 years ago.
The listing says it is “priced well below comps.”
Built as new construction in 2002-2003, it has some upgrades such as a custom bar with wine cooler and marble/limestone baths.
The kitchen has stainless steel appliances and granite counter tops.
There is also a rare side-by-side washer/dryer in a laundry room, central air and garage parking.
The listing also mentions that the building was sealed in 2009.
Unit #1, a 3 bedroom, 2.5 bath duplex down in the building is also for sale. This is a foreclosure listed at $296,000. Here’s its history:
Unit #1: 3 bedrooms, 2.5 baths
- Sold in December 2002 for $408,000
- Lis pendens foreclosure filed in December 2009
- Bank owned in December 2010
- Currently listed for $296,000 (also includes 1 parking spot)
- See pictures here.
Are either one of these even a deal?
Jill Hue at Jameson Sotheby’s has the listing for Unit #2. See the pictures here.
- Sold in April 2003 for $313,500
- Currently listed as a “short sale” for $274,999
- Assessments of $150 a month
- Taxes of $3961
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 15×12
- Bedroom #2: 12×10
- Laundry room: 6×4
no way, seriously no way, ieye spy a side by side w/d? are you saying there are 2/2’s that exist where there isnt a stackable w/d in some random closet that it it even has its own room?
At least these units don’t have mingy little windows awkwardly placed, but they’re still boring.
How is that neighborhood? I have no ideas about it.
$296k for the duplex down is a great deal…I know of one in this area that just sold for $450k. Close to Division St. and not a bad walk to the Blue line stop.
These newer construction Monopoly houses are for a-h0les,
and Molly is the name of a fat person who likes to knit
It’s pretty similar to one my brother just bought, a couple blocks south and just East of Ashland, for about $100k more… and isn’t West of Ashland more desirable in this area?
The first floor duplex appears to be a very good deal, provided the unit is in good condition (seems to be okay in the photos). I recently sold a duplex down built in 2000 two blocks over for $415,000, and I felt that was a very good value. The only concern is the condition of the HOA with two distressed units, as financing may be challenging to procure.
http://www.redfin.com/IL/Chicago/1079-N-Hermitage-Ave-60622/unit-1/home/12813917
“The first floor duplex appears to be a very good deal, provided the unit is in good condition (seems to be okay in the photos).”
Really? Look at the 10th picture where the wall is discolored and all the electric is ripped out of the wall. That + the comment regarding the sealing from the other listing would scare me. I’d get a good inspector if I were considering buying this basement.
Shame about the master and the two ‘guest’ rooms being on different floors. Makes it a definite no for me. Not many parents want their young kids sleeping on a separate floor.
This is a great neighborhood. Walk to Division Blue Line in 2 minutes, walk to division restaurants in 2 minutes, walk to Milwaukee shops in 5 minutes, walk to all three La Pasaditas in 1 minute.
The duplex will go for much higher than list. Show me a comp for anything less than $400K. A lot of these go for $450K, and even some that are south of Augusta. Because there are so many of these in the hood, there are plenty of comps to choose from.
I live right next store. It’s a nice building but I’m not sure why its so cheap aside from bank ownership. Unless there is something wrong with the building, but nothing looks to be wrong when I walk by twice per day.
My husband and I used to live over there and we sold a similar unit to “unit 1” 8 months ago. 296 is a VERY low price for that neighborhood…. almost makes me wonder why it’s still on the market. Anything in that neighborhood (the blocks surrounding this building) is very desirable, but I think it’s more “Wicker Park” vs. “West Town”. There’s a gym, tons of great restaurants and shopping nearby, not to mention the blue line stop. It’s a great area.
I called the agent today as I have a client interested, apparently there are at least 8 offers on this duplex, so I expect it will sell for much more than asking.
The cheapest comp I could find in the area sold in December for $345K on Thomas, but that was West of Damen.
http://www.redfin.com/IL/Chicago/2130-W-Thomas-St-60622/unit-1/home/12714231
See, more examples of why NOT to buy right now. One bank owned ‘deal’ comes along and it receives 8 offers. Potential buyers are competing with at least 7 other people to buy some plain old regular new construction condo, nothing spectacular. Meanwhile, only the Gods themselves know how many similar units are DQ, in default, in foreclosure, have received loan mods, are currently vacant, REO owned, part of the shadow inventory. It’s completely absurd.
Tonight I saw three showings at this building between 5-5:30pm. Not sure if they are still going on at 7pm…. low price, popular hood, makes sense…
“Not sure if they are still going on at 7pm…. low price, popular hood, makes sense…”
There’s so much for sale in this neighborhood it is crazy. I was there about a year ago walking around and I could literally take a picture up the street and there would be condo building after condo building with a for sale sign up.
Some of the units whose pictures I snapped last year are still for sale (others were simply withdrawn without a sale.) To me, it seems the prices are way off in this neighborhood and the only way to get any sales is if they come down to levels like these short sales/foreclosures.
But we shall see this spring.
“But we shall see this spring.”
Just as much for sale in this hood as in Lakeview or Lincoln Park. That’s a non-issue.
Come take a look at the street today. Or, just run a report on Redfin of sales in the last year. Most of the stuff for sale is way overpriced, hence my point that this listing has so much interest… it is priced very low in a popular hood.