Foreclosure Alert: Fire Sale at 928 W. Eastwood in Uptown
In May 2008, we chattered about this 8-unit conversion building at 928 W. Eastwood in Uptown which had numerous units in short sale.
At that time, it appeared that some of the units were still in various stages of construction as well.
Two units, Unit #1W and #1E, went into foreclosure and are now bank-owned.
They’re being sold at fire sale prices of $85,000 and $80,000, respectively.
Here’s the listing for #1W:
LOCATION LOCATION LOCATION!!! Steps to the lakefront, red line trains, and the bus! This spacious unit is studded, partially drywalled and ready for you to finish! Get in at a great price! As is!
SR Realty Group has the listing. See the listing here (no interior pictures available).
Unit #1W: 2 bedrooms, 2 baths
- Sold in September 2006 for $270,000
- Bank-owned
- Currently listed for $85,000
- Assessments of $175 a month
- Taxes are “new”
- No parking
Unit #1E is also bank-owned. Here’s the listing:
**********CORPORATE OWNED PROPERTY*********** SOLD AS IS ONLY. AS IS ADDENDUM PROVIDED BY SELLER. PROOF OF FUNDS OR PREQULAIFICATION REQUIRED WITH OFFERS. TAXES PRORATED AT 100%. NO SURVEY.
Great Lakes Realty has the listing. See the listing here (no interior pictures are available.)
Unit #1E: 3 bedrooms, 2 baths
- Sold in August 2006 for $260,000
- Bank-owned
- Currently listed for $80,000
- Assessments of $200 a month
- Taxes are “new”
- No parking
Unit #3W was also listed last May and is still on the market.
It’s been reduced $26,000.
Here’s the listing:
TERRIFIC UNIT, SHOWS LIKE A MODEL IN THIS GUT REHAB RECENT CONVERSION. SPACIOUS, HDWD FL. THRU-OUT, KIT W/GRANITE ISLAND, MOSAIC TILES FULL WALL BACKSPLASH, CHERRY CABS. & S/S APPL; FROSTED GLASS.
EXPOSED BRK,GORGEOUS MSTR BTH W/6′ WHIRLPOOL, DOUBLE SINK & TOTO TOILET! WIRELESS CAT 6, CABLE READY. GATED PRKG INCLUDED,LARGE DECK. CLOSE TO PUBLIC TRANS & LAKEFRONT.
Beata Niedziolka at Coldwell Banker has the listing. See more pictures here.
Unit #3W: 2 bedrooms, 2 baths, 1400 square feet, 1 car parking
- Sold in August 2006 for $364,000
- Was listed in May 2008 for $295,000
- Reduced
- Currently listed for $269,000
- Assessments of $152 a month
- Taxes are “new”
What the hell is wrong with these 2 places that they are 80k? I understand they are in various stages of construction, but this still seems like it belongs in steals and deals.
And as quickly as the neighborhood was gentrified it is reclaimed.
269K, hahahahahahaha….try 150….
There was also alot of fraud at this building.
I think these may be garden units, I’ll give you afull update on these.
One thing about it, these places do have appreciation potential… if Helen Schiller is ever sent packing.
at 80 grand. you buy it, spiff it up, and rent it? should be a layup…where’s the catch?
These places were “under construction” for a long time, even when times were good, there is probably somethign screwy about the building or the guy who converted it. This part of Uptown isnt that bad actually
They need more than just sprucing up, and I have confirmed that they are garden units.
So, Jason, this is an 8 unit building? 4 units on each side?
Yes, 4 on each side. Go to the comments of the previous post on the subj (linked at the top) for a refresher on the fraud.
my guess is asbestos.
“…where’s the catch?”
Below-grade units in a fraud-filled conversion? One word – MOLD.
Something tells me that drywall replacement might be a typical tenant turnover expense here. I’d bet it has already been removed once.
This price might find an impatient sucker. They will be sorry when real deals come along in the future.
I think i am with G on this one, 3W is going to short sale.
Oh, I forgot, there was rat poop everywhere when I was there.
Yeah, $80K probably means a complete new gut rehab is needed. But I wouldn’t touch a mold problem. It’s too open-ended as to how much money it could cost you to mitigate.
Beware the supercheap prices on some knife-catcher specials right now. I was surprised by some monster price drops just to see the priced dropped another big increment, on some margin units in RP and Edgewater. I don’t care how much it cost in 2005.
The good deals are yet to come. We’re no where near the bottom as evidenced by economic fundamentals and the condition of the credit markets.
Ha.. Nothing like crap to make you want to buy a place. I once went looking at this apartment and the guy left the windows open and the place was covered, literally every room, in bat shit. Entire floors, half the walls, countertops.
So, what, this whole building is “worth” about $1mm, as-is–sub-$175k for each of the 6 real units and the basement units thrown in as what it should be–a basement, to be walled off as storage, etc. for the other units.
T2… Every push up from the 848-850 area got weaker and weaker. I really think the buy side gave a great fight but is now finally wearing down.
SPX 775 is where the real fight should take place. Even shorts should be covering there.
G’Luck!
The S&P hasn’t been able to break out to the upside, but we railed back from the 828 level that we tried to push down through yesterday afternoon and still haven’t gotten down to the 820 that saw the huge move up last Thursday.
Certainly you’ll see a fight at 775, but we also are having a lot of resistance down at the 820 level as well.
for the people talking about the market. As i mentioned yesterday…
SRS +27.65 (15.64%) as of 11:52 today
KP… Still early and this thing has had very nice afternoons. But this has been about the 848-850 number any little intraday bottom that we hit for a few seconds is white noise. IMO.
Chi Guy.. WOW!! That may be one of the scariest issues I have ever seen. Not enough weed in the world for me to smoke to handle playing that thing linearly.
Ze, in general I’d say you are right about white noise in the intraday but the move we saw last Thursday was substantial enough that we should really consider what the data point there can give us. You are right that we have been seeing very nice afternoons as of late so where those intraday bottoms come before the afternoon buyers come in is useful info I think.
I’m generally not a fan of intraday data but with the wild volatility we have seen intraday in the last few months I can’t ignore it.
nope I agree… not saying to ignore it. Just saying all the open to close data has the 848-850 as the all important. Still waiting to see this thing pull a rabbit out its ass once again this afternoon. I see no way we go thru 775 first time down anyway.
On an RE note. looks like I am settled all but on closing date for 3rd place sold in less then 6 months. What the hell is everyone complaining about… 🙂
I would def. say it’s risky to get in SRS now, but it has done me well since I got in. In fact, I think i made the decision to buy while enjoying some “green” which is probably why it was easier to stomach the NAV, leverage, etc… No way in hell my balls are that steel-y when i’m sober…
Chi Guy!!! Balls Steely should be in f’n caps. You are who AC/DC wrote the damn big balls song about!!!
And here I have liked SRS because of the leverage.
The traders I know consider me a one-hit wonder. No problem there since I don’t expect an opportunity like theses to come up again in my field.
SRS was/is my one hit wonder… still doesn’t make up for my 10 hit un-wonders….