2007 2-Bedroom Conversion in Short Sale in Ravenswood: 1625 W. Ainslie

This 2-bedroom converted vintage condo at 1625 W. Ainslie in Ravenswood recently came on the market as a short sale.

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At 1090 square feet, it has two balconies, including one off the living room and one off the bedroom.

It also has all the bells and whistles buyers would be looking for, including central air and an in-unit washer/dryer.

Deeded parking is available.

There are hardwood floors throughout and there is even a den. From the pictures, it appears the second bedroom is currently being used as a dining room.

The kitchen has dark cabinets, stainless steel appliances and granite counter tops.

It’s also  only a few blocks from the Ravenswood Metra stop for a quick commute into the Loop.

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Joe Green at Keller Williams has the listing. See the floor plan and more pictures here.

Unit #3W: 2 bedrooms, 2 baths, 1090 square feet

  • Sold in March 2007 for $359,000
  • Lis pendens foreclosure filed in December 2009
  • Currently listed as a “short sale” for $300,000 (parking is $20,000 extra)
  • Assessments of $120 a month
  • Taxes of $4310
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom #1: 14×13
  • Bedroom #2: 12×10
  • Den: 10×9

16 Responses to “2007 2-Bedroom Conversion in Short Sale in Ravenswood: 1625 W. Ainslie”

  1. I’ve been doing a LOT of looking in this general vicinity (walking distance to Ravenswood Metra, essentially) over the last 6 months or so. It’s easily one of my favorite neighborhoods in the city. 13 minute train ride to Ogilvie, reasonable access to Brown and Red lines (though not perfectly ideal), beautiful streets full of interesting properties, pretty low crime, decent walk to both Lincoln Square proper and Andersonville proper, decent walk to Lawrence/Broadway area for entertainment, Winnemac park is pretty close, reasonably priced in general, the proposed development at the Metra station looks interesting, etc. Not sure about the schools, but it’s not one of my top criteria at this point so I haven’t really researched it. The area lacks marginally if you’re a vehicle commuter and the specter of Uptown looms to the East, but there isn’t much else that is a big detraction.

    That being said, this place is pretty nice but seems overpriced, especially when factoring in the hassle of the short sale process. It has the advantage over the more typical vintage 2/1’s in the area of a second bathroom, central AC and WD. Minuses are that little kitchen and (to me) the master bedroom right off the living room. Similarly sized units in the area lacking one or two of those amenities can be found for a fair shake cheaper than the $320k including parking.

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  2. I agree with Barry. The unit itself looks very nice with lots of upgrades and brightness from the open windows but it may be a bit overpriced. At only 1100 square feet, the price per square feet is slightly higher than the current market area. At least the assessments are low. I like that it has a den and 2 bedrooms eventhough the 2nd bedroom is currently staged as a dining room. Maybe the listing agent should turn the den into a dining area instead so the prospective buyers can see the 2nd bedroom more open.

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  3. 300 a sqft isn’t gonna happen in ravenswood even for a top floor unit it is nice though but at that price in that hood i’d expect a lot more space

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  4. 3E sold in Feb-10 for $337k.

    The east end of the building/complex is *on* Ashland.

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  5. I thought the post-bubble unwritten rule was that 1,000 sq ft 2/2’s outside of laveview or LP aren’t supposed to sell for more than $300,000.

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  6. I’m with Barry. I love this area of the city. I looked at a few properties around here, but couldn’t find the exact, right thing.

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  7. I’ve done some looking in this neighborhood. To answer the school questions, you’ve got Ravenswood Elementary and McPherson Elementary. Both have reasonable test scores, but Ravenswood is further along in terms of active parental involvement and positive buzz. McPherson is quite a bit bigger and has yet to generate the momentum to bring the active parents into the school.

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  8. “The east end of the building/complex is *on* Ashland.”

    Maybe the “complex”, but this building is off Ashland.

    “I’m with Barry. I love this area of the city. I looked at a few properties around here, but couldn’t find the exact, right thing.”

    Yeah I haven’t found anything that I’m totally in love with yet, but I have the advantages of time and patience on my side.

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  9. “Maybe the “complex”, but this building is off Ashland.”

    Redfin mislead me. it is west of the alley.

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  10. I have to agree that this unit, shy of 1,100 sf, seems overpriced.

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  11. No one seemed to comment that 3E sold in Feb-10 for $337k, and that it’s a 2 bed + Den asking more than 10% less than 3E. Is that not enough of a spread from a conventional sale to attract a short sale buyer? Paid $360 in 07 It seems on par to take a 15% loss in that neighborhood? Doesn’t seem that high for a top floor in that condition. Maybe buyers don’t want to wait for a short sale.

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  12. My buyer clients still seem apprehensive of short sales… even those with no deadline to move. Each bank (and even each processor at each bank) handles the short sale file differently. Some go very smooth…others… 5-6 months. Others, no answers.

    I live very close to this property at 1625 W Ainslie and did not like the quality of conversion or layouts when it was converted. At the time, I was surprised by the sale prices and was surprised by the re-sale closing price this year on the other unit.

    However, it is not easy to get a nice two bed, two bath with parking, decent outdoor space, central air etc… in the Ravenswood neighborhood for under $325K. This is one of my main markets and I’ve been in most condo buildings in the neighborhood boundaries, represented deals and watch the real estate closely. $325K for a good two, two still does not come close to the “dream home”.

    Taking into consideration the actual two bed, two bath market, the price here is not bad and it should get offers. It may have multiple offers on it now. However, as some commentors have speculated, the short-sale process is a deterent.

    As for the area, west of Ashland is a different world than east of Ashland here. Uptown a couple blocks east of Ashland is not a factor here. The attendance boundary schools are not great preformers in this location. You have to be further south (south of Lawrence at least) for the Ravenswood Elementary boundary that is preforming well in the younger ages, but oaky in the older. I have some parent friends doing great stuff there for the kids.

    For those without kids, this is a wonderful, tree-lined peaceful neigborhood with all the amenities Barry describes above. Lots to do, many places to eat with two major entertainment strips in Andersonville and Lincoln Square.

    With kids, this is a great location with two large parks (Winnemac and Chase), tons of free community activities, safe (in my/ my wife’s opinion) and the school question can be solved with testing in to other schools or private choices well under $10K (our oldest kid’s school three four blocks from our house is $5,500 a year).

    To get a decent three bedroom, duplex down or decent townhome for a family, $350K is sort of a minimum and you go up fast and steep from there. There are exceptions, but they also come with compromises. With one kid, you can do a really nice sized two bed, one bath with formal dining and storage to make life easier for much more affordable prices. Most of the buildings are in great financial shape (a testament to who moves here). I don’t know the story in this building, but it was converted and sold at the top.

    Back to topic… if this is bought near $300K, on market terms alone its a pretty good deal. Really great hood if you are not a die-hard Lakeviewer or Lincoln Parker. I live closer to Winnemac Park, but this place is only a few blocks from the park.

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  13. Eric: Thanks for the update on what is going on in the neighborhood as well as the schools.

    But I guess this brings up the topic of discussion we were having on the other thread. If $300,000 barely gets you a 2/2 with just so-so schools in this neighborhood why not buy a house in a nice inner suburb with a pretty good commute for the same or less?

    That’s the dilemma right now (as prices fall quicker in the suburbs.)

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  14. Great post Eric.

    “If $300,000 barely gets you a 2/2 with just so-so schools in this neighborhood why not buy a house in a nice inner suburb with a pretty good commute for the same or less?

    That’s the dilemma right now (as prices fall quicker in the suburbs.)”

    Well, it depends, of course, on your priorities. If you’re the rare type that doesn’t have children and doesn’t want them, a 2/2 in this neighborhood is great. Even if you have a child, you can still get them into a reasonable private school for what would probably be the difference in taxes between this place here and this place in a good suburb with a good school district.

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  15. Sabrina, where are you finding these “nice” suburbs with “pretty good commutes” with houses at or under $300K? That are not total crapshacks? Oak Park…no. Berwyn…no thanks anyway. Park Ridge…nope. Elmhurst, Addison? Barely… but I would not call these good commutes and $300K houses are (cough) a little tired. Rolling Meadows, Elk Grove? Track housing at $300K in townome like communities and far away from the city.

    You cannot compare a suburb vs. city situation as they are not elastic. Too many variables involved i.e lifestyle in general, commute and cost of commute, time away from kids, space, job availability etc…

    If you work in the city and buy in the burbs, you have simply just bit the bullet. Fine. And decent burbs with good schools ARE NOT CHEAP and commute will always be a killer no matter where you are (train or car, still sucks and takes a lot of flexibility away from life). It definitely gets you thinking about a three bedroom townhouse rather than deal with the burbs if you like/need to be in the city for work.

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