Bank Owned 2-Bedroom Now 45% Below 2006 Price: 3014 N. Sheffield in Lakeview
Yes, it’s still available and has been reduced again.
We’ve chattered about this bank owned newer construction 2-bedroom at 3014 N. Sheffield in Lakeview several times.
See our January 2011 chatter here.
Since January, it was been reduced another $15,495.
The unit is now listed 45% below the $499,000 2006 purchase price.
If you recall, this was a new construction building in 2006. The kitchen appears to be intact with granite counter tops and stainless steel appliances.
There are wood floors throughout.
Will this finally sell this spring, as someone predicted, for between $225k- $260k?
Jason Shapiro at Rising Realty LLC still has the listing. See the pictures here.
Unit #2S: 2 bedrooms, 2 baths, no square footage listed, 1 car parking
- Sold in October 2006 for $499,000
- Lis pendens foreclosure in July 2009
- Bank owned by Bank of America in August 2010
- Was listed in October 2010 for $366,300
- Reduced
- Was listed in November 2010 for $330,600
- Reduced several times
- Was listed in January 2011 for $289,900
- Reduced
- Currently listed for $275,405
- Assessments of $140 a month
- Taxes of $7110
- Central Air
- Doesn’t list washer/dryer but there would be a hook-up in the unit
- Bedroom #1: 16×15
- Bedroom #2: 12×11
Tax fail. City code violation fail. Lien fail. McCrapBox fail.
Looks like this one doesn’t have a garage spot. Exterior parking spot only.
Struggle.
Rental
“CITY LIENS/VIOLATIONS, CITY REPAIRS & CITY ESCROWS”
If these are modest this is a deal. This place might suck, but this is a deal.
two-fiddy
these rent for around 1800-2200 so yeah, deal at two fiddy
Assesment are pretty low, if you could get financing on it it would be a good deal.
Its October 2006 and I’m gonna drop half a mill on this McCrapBox, brau. Real estate is, like, hawt and I don’t want to be priced out forever.
If you want to be a big citayy bawler and brag to the ladies at Kirkwood about how successful you are you need a piece of real estate. Yeah, brau..hawt.
I’ve probably asked this before and maybe no one knows, but does anyone want to guess what the odds are that you could get a significant (e.g., ~50%) tax reduction on this? I know this place is pretty bland and the view off the balcony sucks, but it seems like a decent deal to me if it sells for under $250K. I just have no idea what the odds are that the taxes will come down if you don’t have any comps in the building or immediate vicinity to back you up when you appeal to the assessor.
Hey bra its October 2006 I got a million bucks of Nevada real estate in my portfolio, 100% financed, I’m a millionaire living the American dream… not even gonna bother renting them out I’m making so much fucking money on appreciation. Just gonna sell this junk to the next sucker and live up the high life.
You are the comp, right? I got mine knocked down based on my sale price (and the presumably connected firm I used).
What I’d really like to see a few of the top floor units that have the big balconies/roof decks come on at 50% off. That, plus garage parking, would really help me get over the blah finishes and lack of dining space. The question is how many of the remaining units that sold for 500K+ will be able to avoid that over the next few years.
taxes would probably be around 4500/yr after a re-assessment
jd, how much of a reduction were you able to get? I keep hearing you really have to use an attorney to get anywhere with the appeal. Do they typically charge a flat fee or a % of the reduction in your tax bill?
Nice bathroom pic. They couldn’t bother to put the toilet paper holder back in place?
It’s typically a % of your tax reduction. And an attorney really does seem to make a difference
Ok I don’t like this place either but I am not sure why you are all so overly negative about it. I mean it is not that ugly nor it is that pricy.
BTW, I find it really sad when educated native speakers of a language butcher it so bad when they write. I mean what are you guys, a bunch of teenagers?
“I find it really sad when educated native speakers of a language butcher it so bad when they write”
Miumiu:
I don’t know about the rest here, but I’ve outsourced my internet commenting to a firm in Bangalore, who I gather has re-outsourced to someplace in China. Really frees up my day!
ps:
If you include my comments in that group, be sure to let me know, and I’ll re-up with a different firm. Perhaps I can get it outsourced to Ireland this go around.
You are fine anon : ) Keep your contract…hehe
Danny, it’s currently assessed at a MV of $498,470. If you got it for under $250K and had a decent appraisal at that amount, the chances of a 50% reduction are good as long as you don’t piss anyone off in the sometimes maddening process. Be prepared, polite and persistent, even when not faced with the same.
Yes, a good tax lawyer might be able to do it with just the sale price, but an appraisal is key for a big reduction (even for them.) I don’t know of any good ones who don’t charge a % of tax savings.
The current taxes at $250K MV with a homeowner’s exemption would be under $3500.
Shouldn’t that have been “butcher it so badly?”
“BTW, I find it really sad when educated native speakers of a language butcher it so bad when they write. I mean what are you guys, a bunch of teenagers?”
I think that a lot of the language in this thread is just slang and written exaggeration of patois, not really traditional butchering.
(However, I will call Bob out for being an asshole in other threads when it comes to making fun of your English. That has no place here.)
” on February 23rd, 2011 at 3:58 pm
Danny, it’s currently assessed at a MV of $498,470. If you got it for under $250K and had a decent appraisal at that amount, the chances of a 50% reduction are good as long as you don’t piss anyone off in the sometimes maddening process. Be prepared, polite and persistent, even when not faced with the same.
Yes, a good tax lawyer might be able to do it with just the sale price, but an appraisal is key for a big reduction (even for them.) I don’t know of any good ones who don’t charge a % of tax savings.
The current taxes at $250K MV with a homeowner’s exemption would be under $3500.”
No you won’t. The appraisal means nothing, purchase price means nothing as far as Cook County goes.
The only way you’ll get it reduced is if there are comps in the same township and they are paying lower Building AV per square foot and you can prove that out. Otherwise there is no way they will reduce your taxes just because it sold for 50% off.
The place seems fine and well-priced. You’ll just need to take care of those taxes.
“Otherwise there is no way they will reduce your taxes just because it sold for 50% off.”
I’m fighting this fight now. The county gave me a few bucks. Something like 200 a year off. I’m appealing to the state now. We’ll see what happens sometime this year.
gee, nice location. there’s a nice view of the EL from the living room… just over the parking lot. sweet.
I’m appealing mine too. When I gave my paperwork to the lady from the county who is helping me, she squealed with joy. She thought the reduction should happen because my purchase is my own comp.
Yea, I am contesting property taxes in Cook County also and am not expecting much. Lake County can be done successfully without an attorney. Probably easier in other counties also.
“BTW, I find it really sad when educated native speakers of a language butcher it so bad when they write. I mean what are you guys, a bunch of teenagers?”
1. i just type away, what ever is on my mind with out a filter and do it fast
2. i will never proof my posts
3. I am a product of Chicago Public Schools
4. by now if you havent figured out, i gotz me a brain problem that jacks up my spelling and getting words from the cranium to the page (which CPS never caught and either did JuCo, State college caught it)
5. if my main idea/premise/joke is understood then thats good enough for me, as its A INTERNET BLOG OF RANDOM INTERNET PEOPLE.
also did i mention its a A INTERNET BLOG OF RANDOM INTERNET PEOPLE!!!!!!!
is grammar really that irking on A INTERNET BLOG OF RANDOM INTERNET PEOPLE?
if so, i would like to apologize to all of you on A INTERNET BLOG OF RANDOM INTERNET PEOPLE if my spelling and grammar offends you. i am truly sorry
What’s so great about it. Under 200k in another year.
“What’s so great about it. Under 200k in another year.”
a 70k price drop in one year? a short sales yes but just a 30% drop, What you talking about willis?
“BTW, I find it really sad when educated native speakers of a language butcher it so bad when they write. I mean what are you guys, a bunch of teenagers?”
My “butchering” of the language was intentional to try to reflect how the Boston Redsox backwards baseball cap wearing 20-something set who bought these condos for half a mill actually talk. They really did think the world was their oyster and they were big ballers and lined up to purchase things like this for 500k with little consideration at all of less than ideal outcomes.
Bob,
no justification needed, i realize now its Miumui being extra snooty (i didnt realize it was possible she could be *extra*)
“No you won’t. The appraisal means nothing, purchase price means nothing as far as Cook County goes.
The only way you’ll get it reduced is if there are comps in the same township and they are paying lower Building AV per square foot and you can prove that out. Otherwise there is no way they will reduce your taxes just because it sold for 50% off.”
Sorry, Lunker, but you don’t appear to know what you are talking about. You can argue on market value and/or you can argue on uniformity. Appealing based on market value with a recent purchase price and an appraisal with good comps is a winner regardless of the % reduction. You have to know what you are doing, of course (or get an attorney.) You may not get it all at the assessor (“would not” in the Houlihan era,) but the Board of Review is there for a reason. Still not satisfied? I have always found PTAB to be fair and open to good evidence of value.
I recently submitted an assessed value appeal with the Oak Park assessor’s office (they help prepare the appeal and send it in for you to the county assessor). The assessor’s website reflects an assessed value of approximately $125,000 over purchase price. Submitted the appeal to the Board of Review and have been waiting for 4 months now. I’m interested to see the response I get. I’ll need to appeal again next year since south Cook County gets reassessed next year though.
This unit was recently listed at $248,000. It looks like it is going to auction now. Stay tuned!
As an aside on the agent comments that redfin is now listing on its site: the comment on this unit says it is a short sale when that is not accurate. This is bank owned. To me, that is a big difference when you’re purchasing as the banks are usually willing to deal with you pretty quickly but with a short sale you might not hear back for months (if ever.) I would rather buy a bank owned property than a short sale.
One other thing- 3010 N. Sheffield, #3N, which is in the building next door to this building just came on the market. Also a 2/2 that is 1500 square feet. Same construction (nearly identical building.)
Bought in 2007 for $509,000
Just listed it for $525,000 (even with the other properties right next door at the much lower price.)
I don’t understand how this property could have been listed with a straight face.
Really???
Sabrina that is insane. Simply amazing.
They were drunk at the Kirkwood before stumbling over to list their property for 525k.
They might think it’s a starting point for negotiations, however the only one who will be budging is them and that is budging down 275k. But of course they can’t do that so they’re stuck.
Seriously if they were dumb enough to purchase a 2/2 new construction condo for 509k next to the El I could extrapolate that stupidity trend to thinking they’re going to sell it for 525k in 2011.
Normally idiots can’t do this much damage to our economy but noooo the banks had to loan them 96.5c on the dollar to bid up McCrapBoxes like this to astronomical amounts.
I see the auction closed and sale is pending. Does anybody know what it went for?