What is Going on at 928 W. Eastwood in Uptown?
If anyone can figure out what is going on at 928 W. Eastwood in Uptown (not far from the Wilson Red Line stop), please inform us.
There are four units out of eight in the building are currently on the market.
The building was originally bought in February 2005 for $1.225 million. It looks like a developer converted it. The units sold in the summer of 2006.
The four units are now selling for less than the 2006 prices and one appears to be in pre-foreclosure. They are NOT all owned by the same person.
Unit #2E: 3 bedroom, 2 baths, 1 car parking
- Sold in August 2006 for $400,000
- Currently listed for $360,000
- Assessments of $180 a month
- SR Realty Inc. has the listing
Here is the listing- why isn’t it “completed” when it last sold in 2006?
EXCELLENT CHANCE TO PURCHASE A SPACIOUS ALMOST FULLY COMPLETED GUT REHABBED 3 BDR 2 BATH CONDO UNIT INCLD. PARKING SPACE. THE UNIT IS NOT FULLY COMPLETED
IT INCLUDES HDWD FLRS., 42′ CABINETS, MSTR BATH W/ JACUZZI, DECK. THE CONDO IS BEING SOLD AS-IS. THIS IS A VERY MOTIVATED SELLER THAT IS CONFORMING TO THE CURRENT MARKET. BRING ALL OFFERS!!
Unit #3W: 2 bedrooms, 2 baths, 1400 square feet, 1 car parking
- Sold in August 2006 for $364,000
- Currently listed for $295,000
- Assessments of $152 a month
It appears that this unit is “completed”:
Terrific 2 bedroom, 2 bathroom unit gut rehab & recent conversion. Spacious, hardwood floor thruout, kitchen with granite island, mosaic tiles, full wall backsplash, cherry cabinets and stainless steel appliances, frosted glass.
Exposed brick, gorgeous master bathroom with 6′ whirlpool, double sink & Toto toilet. Wireless category 6, cable ready. Gated parking included, large deck. Close to public transportation & lakefront.
Unit #4W: 3 bedrooms, 2 baths, 1 car parking
- Sold in August 2006 for $364,000
- Currently listed for $290,000
- Assessments of $152 a month
- SR Realty Inc. has the listing
This one also looks to be completed but a similar listing to #2E:
EXCELLENT CHANCE TO PURCHASE A SPACIOUS NEWLY GUT REHABBED 3 BDR 2 BATH CONDO UNIT INCLD. PARKING SPACE. THE UNIT INCLUDES HDWD FLRS., 42′ CABINETS, S/S APPLIANCES, MSTR BATH W/ JACUZZI, CAT 6 & CABLE READY, DECK.
THIS IS A VERY MOTIVATED SELLER THAT IS CONFORMING TO THE CURRENT MARKET. BRING ALL OFFERS!!!!!!!!!!!!!!!!!!!!!!!!!
Unit #3E appears to be in pre-foreclosure.
Unit #3E: 3 bedrooms, 2 baths, 1 car gated parking
- Sold in October 2006 for $400,000
- Was listed for $289,000
- Pre-foreclosure amount at $379,188
- Assessments of $152 a month
- Coldwell Banker has the listing
I know that the garden unit has been for sale forever. I’ve been wathcing this building, thought it was funny when it popped up here. I’ll try to find out more this weekend.
That price on 3E is an ugly sign for Uptown
I’m really curious what everyone’s predictions are for the area around the Wilson stop over the next five years or so. Will the Target ever break ground? Will Helen be replaced by a new alderman/woman and will that person do anything to push out the poor folks? It seems like Wilson is being attacked on all sides by a lot of gentrification, but I wonder if you readers think this down market is going to stall or reverse that trend.
Helen is in again, but I think this will be her last term. The target project is on again the last I heard. The CTA is also planning to renovate the Wilson stop, and much has already begun.
Isn’t the big hurdle the prevalence of section 8 housing on the east side of Broadway? And the presence of the transient “cubicle” hotel? Any chance those things will change dramatically in a few years?
unit date — action price owner/lender
1W 9/21/2006 — sold $270,000 Mihai Fedorca
1W 9/21/2006 — mortgage $243,000 MRES
1W 3/28/2008 — lis pendens HSBC Bk USA
1E 8/11/2006 — sold $260,000 Sorin Simoni
1E 8/11/2006 — mortgage $218,450 MRES
1E 9/25/2007 — lis pendens Deutsche Bk
2W 8/11/2006 — sold $364,000 Sorin Ciucur
2W 8/25/2006 — mortgage $309,400 MRES
2W 8/23/2006 — mortgage $54,600 MRES
2W 9/15/2006 — listed $399,000 price reduced
2W 9/15/2007 — expired $339,000
2E 8/2/2006 — sold $400,000 Marian Ilie
2E 8/3/2006 — mortgage $360,000 Argent Mtg Co
2E 4/28/2008 — listed $360,000
3W 8/2/2006 — sold $364,000 Pavel Zissu
3W 8/2/2006 — mortgage $304,000 MRES
3W 8/2/2006 — mortgage $54,600 MRES
3W 2/23/2007 — listed $409,000
3W 3/19/2007 — canceled $409,000
3W 4/2/2007 — listed $364,500 price increased
3W 10/19/2007— canceled $379,000
3W 1/31/2008 — listed $295,000
3W 4/7/2008 — canceled $295,000
3W 4/9/2008 — listed $295,000
3W 4/9/2008 — contingent
3E 10/9/2006 — sold $400,000 Mihai Fedorca
3E 10/9/2006 — mortgage $380,000 MRES
3E 10/11/2006— listed $399,900 price increased
3E 10/13/2006— canceled $424,900
3E 4/9/2007 — listed $364,500 price reduced
3E 12/7/2007 — canceled $319,000
3E 1/31/2008 — listed $299,000 price reduced
3E 2/28/2008 — contingent $289,000
3E 4/22/2008 — lis pendens Deutsche Bk
4W 8/11/2006 — sold $364,000 Gheorghe Pop
4W 8/11/2006 — mortgage $327,000 MRES
4W 4/16/2007 — listed $355,500 price reduced
4W 12/7/2007 — canceled $329,900
4W 2/11/2008 — listed $290,000
4W 3/17/2008 — contingent
4E 8/11/2006 — sold $400,000 Istvan Kedei
4E 8/11/2006 — mortgage $320,000 WAMU
4E 8/11/2006 — mortgage $80,000 WAMU
4E 10/13/2006— listed $424,900 price reduced
4E 4/30/2007 — expired $389,900
4E 5/1/2007 — listed $389,900
4E 5/22/2007 — canceled $389,900
4E 6/28/2007 — refi $357,200 WAMU
4E 6/28/2007 — refi $44,600 WAMU
Move along, there’s nothing to see here.
HSBC, Deutsche Bank, WAMU…wow this building is like an agglomeration of investment banks and thrifts not seen since the LTCM bailout of ’98.
A British Bank, a German Bank, and a US thirft based out of Washington own most of this building, so naturally they’re the best at assessing this Chicago neighborhood (!).
I find it quite odd two of the owners have a first name of Sorin however and closed on the same day, and most of the names are not pronouncable. This building smells like fraud.
Ya gotta love it when institutions take egg on the face as a proxy for speculators. Maybe they’ll learn some methods of due diligence after this..
I doubt if those banks did the original mortgages, they probably bought them in ‘bundles’ from ‘fake’ mortage companies.
G? Why do you say there is nothing to see here?
Perhaps the following is all coincidence, and Mihai Fedorca is a fairly common name in Chicago:
A “Mihai Fedorca” was deported to Romania in the late 90s.
A “Mihai Fedorca” bought another house in Forest Glen in Nov. 2006.
A “Mihai Fedorca” had a mortgage loan for $184k in a Countrywide RMBS as of Oct. 2006.
That’s just from googling one name.
And, Jason, I suspect that G was saying that in the best tradition of Chicago cops–meaning the exact opposite.
Who cares if they originated the mortgages or not. Generally when buying something its good to understand what you’re buying and who you’re buying it from.
G is being facetious with his comment that there is “nothing to see here.”
Of COURSE there is!
Thanks G, for taking the time to list all of the units in the building. I’m sure this isn’t the only building having these, em, issues in Uptown.
My prediction for Uptown is that it will not only not retain its current hyper-inflated values, but will lose value relative to bordering neighborhoods such as Edgewater and Ravenswood.
The neighborhood these places are in is a “sow’s ear”, sorry. Uptown still has a bigger supply of really sleazy SRO hotels than any other neighborhood in the city, and it is also burdened with many ugly CHA buildings and has a gritty, post-industrial feel to it that won’t be washed away by rehabilitation of the commercial strips on Broadway. This area is one north side neighborhood I’m afraid to be in after dark, and I live in Rogers Park, and walk through Edgewater and the south end of Rogers Park any very frequently at any hour I please (though not the north end of RP)
I have been totally baffled by the vast inflation of prices in this area relative to neighboring Edgewater, which I feel is a much better area. I can only think that it’s because Uptown is the next step north from Lakeview, and has a good commercial mix.
Also on the good side is the restoration of many lovely and significant historic buildings on Broadway, and there are also the beautiful streets of stately SF houses like Gunnison, Margate, Castlewood. You can also walk down to Lakeview and all its shopping from there, and Uptown also has a huge inventory of really wonderful old graystones.
However, I still feel that it got ludicrously overpriced in the late speculative rampage, and that $400K is a wishing price for a unit like the one pictured here. $300K is top dollar for this place, and I might be shooting high here.
wow. thanks for the bit of education on uptown! schiller is retiring at the end of her term.
I agree that Uptown is way overpriced. I have some friends that bought there when Uptown was REALLY scary. (I’ve heard bizarre stories about not having to worry about your car getting broken into because the gang leaders wouldn’t let it happen on their block.)
It really is a lot better, I lived there for 5 years and never had a problem.
When Schiller goes away, things will improve.Maybe I’ll run for alderman.
I think I remember going to see this building in 2006 with some friends. They wound up buying in Edgewater Glen, and no doubt that they’re better off there. Those are quite some haircuts, but not at all surprising. As others pointed out, there is much better available at comparable (and even lower) prices further west and north.
John, do you KNOW that Queen Helen will be retiring at the end of her term? I mean, WOW, that’s the best news I’ve heard.
Now, if we can just get Joe Moore in the 49th to do the same, perhaps we can get both Uptown and Rogers Park thoroughly cleaned up.
But, but . . . Laura, Joe’s just looking out for the common man. How can you get down on Joe?
(HA!)
I went to go check these places out and saw the unit listed for $360K Unit 2E. I laughed when the listing agent told me the price and even he couldn’t keep a straight face. The place is totally unfinished, but can be finished for $15K. (Laugh again.) The deck is nice and parking is included.
There was rodent poop on the floors!!
Further, that stretch of Eastwook is bad. The building is sandwiched between 2 very shady highrises. The agent claims that one of the units recently sold for $283K.
I wouldn’t want to live there.
I represented a client that had an offer on Unit 3E. This particular unit is currently a short-sale. The offer was accepted on Feb 28, 2008 and after waiting 3 mos for an answer from the Bank we learned that there was a $23,000 Federal Tax Lien filed on the unit. Hmmmm….interesting. Needless-to-say, my client pulled the offer and now the property is back on the market. At this point, it would probably be in the best interest of all parties to just foreclose on the units and get on with it. At least with foreclosures, the wait time is not nearly as long.
Thanks for the update Kevin.
This is what I’ve heard about the short sale process as well. It seems much easier to buy a foreclosure (in terms of actually getting the deal done) than buying in short sale.
I sometimes wonder why the banks are even bothering with the short sales.
Probably litigation costs. This is the unit that had rat poo in it!
Thank you for the update regarding this building.
remember this place? I checked these places out. They would be nice if they weren’t in such a bizarre location. Just an update….
Price Reduced: 07/07/08 — $285,000 to $275,000
Price Reduced: 09/10/08 — $275,000 to $199,000
Isn’t there a subsidized highrise building a block away?
Yes, and one next door.
So what’s the possible lowest price here? If the entire building was $1.225 mil, and they now have 8 units, that’s $153k per unit to break even on the purchase price. But how much more did they put into each unit with the gut-rehab? $100k each? more? less?
Well, the completed units are really nice, that’s all I can tell you.
But I am an urban pioneer and I wouldn’t live there.
Zissu and Pop are mid-market developers/converters that have been foreclosed on in many conversion projects recently throughout both the northside and the southside of the city. Very nice guys. Over-extended themselves completely. I don’t think they did this conversion – however it’s likely they knew the developer. Doesn’t mean it was fraudulent – they just for sure were not going to live in the units. Sounds like a crafty mortgage broker to me! The bank is going to have to take a significant haircut on these units – these units could actually carry themselves at the right price if an investor wanted to get really creative, but it’d be a total hassle to deal with the separate tax bills, deal with the different banks holding notes, etc.
3W sold in this building
Contract Date: 09/05/2008
Approx SF: 1400 Closed Date: 11/25/2008
Exterior: Brick (BR) Sold Price: $246,800
Plus it looks like the owner of 3W might be far enough away from the smell of bat crap wafting up from the idiot who left the windows open on the first floor! Looks like such a lovely breeze must be wafting through in those pics.
Also in response to recent questioning on whether foreigners were behind much of the mortgage fraud just look at G’s post above and try to tell me those are mostly American names. Sorry friends, even for Chicago I’m not buying it for a second. I wonder how many lis pendens were filed a few months later. I would LOVE to see an updated list from G showing how many more. My guess is more than a couple.
Unit 1W is a half finished foreclosure with an ask price of 55k.
Buy it bob, you know you want to…
unit needs to be totally gutted and rehabbed. But for 55k and about 40k in work, sounds like a bargain considering what 2 br garden units go for Uptown. It seemes like the rest of the building has filled in as well. 6 of the 8 units are owner occupied. I saw them working on the roof the other day. So maybe this building is finally moving in the right direction?