Is This 2-Bedroom Short Sale a Steal? 3835 N. Greenview in Lakeview
This 2-bedroom top floor unit at 3835 N. Greenview in Southport is listed as a short sale. It is apparently under contract (but I’ve been told it’s been under contract several prior times as well.)
It is currently on the market for $108,000 under the 2005 purchase price.
According to the listing, the unit also suffered “fire damage” which has since been repaired.
The buyer also has to pay back assessments and a $10,000 special assessment (which apparently is to guarantee that the private rooftop deck is deeded to the new unit owner.)
Is this a deal for this neighborhood?
And are you ready to buy a not-perfect property in order to get a steal?
Matt Garrison at Coldwell Banker has the listing. See the pictures here.
See the listing that describes the fire damage and special assessment here.
Unit #3: 2 bedrooms, 2 baths, 1700 square feet
- Sold in December 1996 for $325,000
- Sold in March 2005 for $475,000
- Originally listed in January 2009 for $349,900
- Raised
- Listed in June 2009 for $367,000
- Raised
- Listed in September 2009 for $380,000
- Reduced
- Currently listed for $367,000 (parking included)
- “Short Sale”
- Under contract (for the third time)
- Assessments of $226 a month
- Special Assessment of $10,000
- Taxes of $6503
- Central Air
- In-unit Washer/Dryer
- Skylights
- Private Rooftop deck
dont like the sink, but i dig the little file cabinet underneath.
Too narrow for me. Assuming this was all fixed up with moderate level, current finishes, what could this sell for?
That place is narrow… Waiting on the comments regarding the square footage. No way in hell that place is 1700 square feet.
Fire damage, having to pay back assessments and a $10K special assessment on top of that? They should have an open house on Halloween, cause its that’s scary.
“That place is narrow… Waiting on the comments regarding the square footage. No way in hell that place is 1700 square feet.”
Structure is about 18′ wide by almost 100′ long. So, if the unit is the full top level, it might be close.
Check out the aerial–if that’s really a fully private roof deck, that’s a lot of space–over half of the whole building–800+ SF, easily.
I gotta admit the owner of this place is a genius. He purchased the unit in ’05 with 100% financing: $380k + $95; then he refi’d the second once or twice, before taking out the biggie second in 2007: $220,000. There’s $600k in mortgages on this place. Assuming that insurance paid for the fire damage, where did the $125k in cash out refinance go? I’m assuming this financial wizard paid off his student loans. At that’s what I would have done. But for the fire damage I’d be living rent free too, if this were me.
#1 is also vacant, duplex down, listed for $750k; it has only a $220k mortgage, from a $325k purchase. There isn’t any record of the owners repurchasing in Cook County, so either they’re renting, or, they bought in a county other than Cook i.e. suburbs. Too bad there aren’t enough greater fools to pay for their outlandish appreciation.
I’m seriously amazed that someone paid $475K in 2005 for a 9 year old 2 bedroom shoebox in this neighborhood. Even if decent finishes were already in place, there is no way this place would sell for more than $400K. As a result, based on the current asking price, the $10K MINIMUM throwaway for the special asm, the amount of work to be put into the unit (appliances, painting, floor work, etc) this place is a big PASS.
200K. That’s my offer. Check back in March…..
“a 9 year old 2 bedroom shoebox in this neighborhood.”
I don’t have much argument with everything after this, but …
you really think it’s a shoebox? The 1700 SF appears to be reality-based and it appears to have an 800+ sf private roofdeck.
Also, $475k in ’05 doesn’t seem out of sync with the rest of the market then–it’s about $235/sf + $75k for the roofdeck, that seems to me to be about what these things cost in ’05.
When I think of overpriced McCrapBoxes I think of places like this.
Also the true list price isn’t 367k its 377k not sure why it is listed for 367k when in reality any potential buyer would need to pay 377k if purchasing at ask.
Even though I dislike “SoPo” and McCrapBoxes like this in general I think its obvious this will sell at or near ask once they can get a buyer to get the financing. So far the first two financing likely fell through due to the damage.
And when this sells I’ll chuckle for the owner of Unit 1 who seems to be living in the clouds.
This place is not a deal for $367K+. First of all, it would be months before you could be in this place because of all of the work that it needs. Second, no appliances, only partial wood floors…
Love the white toilet with the black seat (was this an elementary school at one time?) The guest bath – dreadful. What are the 3 outdoor spaces? Even if there’s a deck off of the back, then there’s only the roof top. Please tell me that the front “balcony” is not considered an outdoor space…
I suppose the roof deck could be nice, but right now it looks like each unit has their own patio set up there. Unless this unit can be assured that this deck is theirs and theirs alone, it hardly is worth having the penthouse when others can be cooking out above you.
18X14 Master = 252
12×12 2nd Bedroom = 144
26×14 Living/Combo = 364
10×10 Kitchen = 100
Total: 860 Sqft. Figure another 150 sqft max in bathrooms which gives total of roughly 1000 square feet. Throw in another 100 for closet space. Only thing left is hallway which is probably a max of 35 feet long across the two bedrooms in back and maybe 4 feet wide which is 140 square feet So grand total is about 1250-1300 square feet.
The deck is listed at 1000 square feet separately, so I doubt the deck was meant to be included in the 1700 square foot size.
I have been in countless 2/2’s and this doesn’t look remotely like a 1700 square foot unit imho. Most units that exceed 1500 square feet in real usable space are done as 3 bedrooms because that real third bedroom adds significantly more value. This is a 1300 square foot place…
You can’t get financing on this place. Conventional lenders won’t touch it being unfinished.
Maybe Matt (the listing agent) will weigh in on the listed square footage – I think he posts here on occasion. I tend to agree with Russ that this place does not look or feel like 1700 square feet.
“So grand total is about 1250-1300 square feet.”
All I looked at was the to-the-walls area, and it’s definitely over 1600 SF. ‘course, if the interior is really only 14’ wide (as indicated by the dimensions of the LR and MBR), then there’s no way the place is over 1400 SF.
I think that this unit could be financed and rehabbed via a FHA 203(k) loan. Anyone out here have any real-life experience with this type of financing/purchase?
FHA won’t finance condo developments with less than 4 units.
well then in that case, there is no hope for the current owners. This is headed for foreclosure.
Im interested in what happened hear. The repair work seems to be almost completed. There are new cabinets, counters, and most of the flooring. Drywall has been mudded. There does not seem to be much work left. Im assuming that the damage was limited to the kitchen & living room forward. Why hasnt it been finished.