Paris Maisonnette Returns in The Barry: 3100 N. Sheridan in Lakeview
We last chattered about this 2-bedroom unit in The Barry, at 3100 N. Sheridan, in Lakeview nearly 2 years ago- in October 2008.
See our prior chatter and pictures here.
Back then, the listing described it as a “maisonnette in Paris”.
It is now bank owned and is listed for $39,600 under the 2007 purchase price.
The unit has hardwood floors throughout.
The kitchen has been “updated.” It looks, from the pictures, as if it still has its appliances.
The unit has no central air, no in-unit washer/dryer and no deeded parking.
Anyone ever see these conditions on a bank owned property before?
From the listing: “Seller reserves the right to reject any investor offers first 15 days on the market.”
Coya Smith at Smith Partners & Associates has the listing. See the pictures here.
Unit #1B: 2 bedrooms, 1 bath, no square footage listed
- Sold in September 1995 for $114,500
- Sold in September 1997 for $131,000
- Sold in May 2001 for $236,000
- Sold in January 2003 for $245,000
- Sold in March 2006 for $309,000
- Sold in May 2006 for $325,000
- Sold in July 2007 for $336,500
- Lis pendens filed in August 2008
- Lis pendens filed in August 2009
- Bank owned in June 2010
- Currently listed for $296,900
- Assessments of $691 a month (includes gas, heat, cable)
- Taxes of $3158
- No central air
- No in-unit washer/dryer
- Bedroom #1: 15×11
- Bedroom #2: 15×9
More evidence that banks still don’t have their act together. I realize that the banks are likely basing the listing price on the mortgage owed and other financial factors, but they fail to realize that there is much more involved in real estate pricing.
This unit is nice – but at this price, with 1000/month assessment/taxes in THIS location you would expect C/A, parking (at least valet), a 2nd bathroom, and a W/D. I would expect, in this market that the unit will NOT sell for more than 200k (esp. with the assessment/taxes being so high).
It is an interesting property to feature because you see the madness of the 2000s when people were willing to pay in the low 300s for this unit!!
Actually, it is also an interesting property to feature b/c on the previous chatter, many of the posters (still on C.C. today) thought that the unit would sell for 300k. Wow – how fast things change. It would be interesting to see how those people feel now.
It’s a nice unit, but a 2/1 without any of the goodies like central air, parking, or in-unit w/d, this is going to be a tough sale when there are plenty of other units that do have these extras (which are now considered a must for most home buyers.)
1st fl?
chichow: Yup.
I feel strangely drawn to this building.
Nothing to see here folks, move along.
# Sold in September 1995 for $114,500
# Sold in September 1997 for $131,000
# Sold in May 2001 for $236,000
# Sold in January 2003 for $245,000
# Sold in March 2006 for $309,000
# Sold in May 2006 for $325,000
# Sold in July 2007 for $336,500
Comment of the year: “I feel strangely drawn to this building.”
From Mike HG:
“It’s a nice unit, but a 2/1 without any of the goodies like central air, parking, or in-unit w/d, this is going to be a tough sale when there are plenty of other units that do have these extras (which are now considered a must for most home buyers.)”
Especially considering the assessments! If someone is considering a 2/1, look in River North. There are plenty of 2/1’s available for around $300K, with all of the goodies, and parking, and sub $400/month assessments.
***I feel strangely drawn to this building.***
if you don’t mind floorplans straight out of 1930.
Beautiful apartment in great building in perfect location, but it’s sill too pricey. Two comparable units at 3300 N. Lake Shore, another grand old building, are languishing on the market at $299K and $249K respectively and going nowhere, so I don’t see how this will get more than the 2003 price. These older buildings are simply very costly to maintain and most buyers won’t tolerate these costs.
I love these vintage buildings more than any other type of housing, but most people don’t… or just can’t afford the carrying cost on these high maintenance places. The $1000 monthly for main. and taxes is a real deal-killer for most eligible buyers.
$250K max.
anon: I’m starting to thank that I am drawn to older floor plans, except for the master bedroom. Meaning, I am finding I’d prefer small, purpose built rooms to generally large connected rooms with dividers. I’d love a library mainly or a small reading/office room. A formal dining room for 8-10 would be swell.
Though I wouldn’t deal well w/ no A/C in a hot place. Lived through one summer of that and no thanks.
Looks dark and dreary. And, what’s with that bathroom sink? There’s something very steampunk or torcher chamber [can’t decide] about it.
Are we sure it doesn’t have an in-unit washer/dryer…Sabrina has been wrong before (no offense). She goes by the listing and sometimes the agent forgets to put these items in. or maybe since it’s a garden/first floor unit, the laundry room is close by?
Either way, as mentioned by others, without A/C and parking, there’s no reason to buy this one at that price when you can get A/C, Parking and w/d for less nearby.
Who wouldn’t want to live in a 2/1 with no AC, no parking, no W/d on the first floor for $2400 a month with only about 15k down/closing costs
get real
200k max
I think this buy needs someone like Laura. But instead of being smart with her money like Laura is they need one who is not as smart with their money who will emotionally fall in love with the place and pay whatever.
Livin’ on a prayer, they are.
Do those assessments cover a doorman? It’s a shame to have to live on the first floor and pay for an elevator (and not to have the benefit of a great view). Also, I am not seeing great vintage architectural features in this — what happened? I wonder if this was always a unit or if it used to be part of a common area.
This is a Fannie Mae property. I’ve noticed that Fannie often overprices their properties and, in my experience, Fannie is pretty stubborn when it comes to negotiating the price downward even when the comps, which I often include with offers, clearly show that similar distressed properties are selling at substantially lower prices.
The 15 days investor rejection rule is typical of a Homepath renovation-eligible project. Basically means it’s a Fannie or Freddie effort. In their effort to swap equity for debt on their balance sheet and appease congress they can basically do seller financing to owner occupiers only for first little while.
Oh and they can call it part of the stimulus plan – stimulating who?
“This property is eligible for HomePath Renovation Mortgage buyer can purchase as little as 3% down.”
It kills me to see this still being offered, on properties like this.
3% down on this would result in monthly payments of over $2500/mo.
Seriously, who wants to pay $2500 a month to live in a ground floor 2/1? Before you even get to the “no parking” / “a/c” / “laundry” factors.
I’m actually shocked that one of the 7 buyers in the past 15 years lived there for almost 4 years.
Oh and Josef K, isn’t the deal with the sink that there’s no room at all in the bathroom, so they built a towel rack out of a pedestal sink?
Didnt sabrina mention before something about the Ass fee’s reaching a level to where you can even give a property away?
And dont expect these ass fee’s to stay the same or go down as with everything it shall rise with the world around it.
this is a wonderfull place very eye pleasing and would love to call it home, but for me the communist ass fee’s will never allow my brain to ever purchase a place like this or the many vintage LSD units that are so beautiful (*i exclude all vintage up in Laura’s neck of the woods as i dont like that part of town, sorry personal preference)
i do hope there are people in the coming years that still will value this vintage at what ever cost so these will stay maintained and ever so elegant.
Wow. What is the bank thinking here. Based on non-selling comps this is still 50K high as pointed out before.
What’s the property roughly worth?
Let’s say you can rent it for $2000 a month (and that is very generous considering no central a/c, parking, only 1 bath). Long term you’ll get 11 months of rent per year. So gross income is 22,000 a year.
Expenses:
Insurance: $2000 ballpark
Water: $500ish
Assessments: 12*$691 = $8292
Taxes: $3158
Minor Maintenance: $300, unit looks in decent shape but there’s always something.
Total Expenses: $14,250
Back of the Napkin NOI: $7,750
If a buyer is willing to accept a paltry 5% cash cap rate you’re looking at a worth of $155,000. That’s the value as a pure investment. The rest of the price is speculation based on the buyer thinking that the next guy will pay an even greater price above the asset’s intrinsic value.
And $2000 is pretty aggressive on the rent side. @1750/mo the asset is worth $100k and @1500/mo: $45k. And that’s still at a 5% cap rate and assumes the owner is doing all the management for free.
Now, obviously, the real estate market doesn’t work like this. Buyers are motivated by all kinds of other factors and easy leverage pushes prices well beyond intrinsic value.
That said, it’s a good exercise to have a cold hard look at the value of an asset – based on the cash it generates for its owner – the way an unemotional investor would.
“Insurance: $2000 ballpark”
Wot? We don’t pay that for insurance on a SFH, and it’s the gold plated policy. And, as a renter/landlord in a condo, you’re paying for structure insurance thru the assessment.
yep, that’s way high, you’re right. sorry, don’t know what I was thinking. water might be a bit high @ 500 too. call it 500 a year for insurance?
then @ 5,6,7% cash cap rate
2000/mo = 185k, 154, 132
1750/mo = 130k, 108, 95
1500/mo = 85k, 63, 54
the assessments just kill this property regardless of what kind of buyer you are talking about.
“water might be a bit high @ 500 too.”
I would expect the water/sewer to be included in the assessment, too, whether or not it’s listed. So tack on 10/8.3/7.1 for each of the values. Still means you have a *very* hard time justifying even $250k.
I want to make an offer,
what do you think about 185,000 with 3% down?
“I want to make an offer,
what do you think about 185,000 with 3% down?”
With so many better choices out there, why the hell would you want to make an offer on this place? – even at 185k it doesn’t seem like a good deal AT ALL!!
Everyone has a that one human weakness
Mine are vintage high rises
I cant help myself
I might need rehab
This isn’t my favorite ever, but James – this certainly catches my eye, too. I have a weakness, too, for old vintage buildings. The part that hurts me is that first floor thing. Well, and the assessments. W/D – hey, quarters are horrible, but I can do my laundry faster if I have access to a roomful of machines. And, I’ve suffered through many a summer without AC. Maybe there is something else available in the building a little higher you might want to look at?
Lisa and James,
Why wouldn’t you just rent a place in a vintage building? That would be a much much much smarter way to fulfil your fantasies AND save money. Better yet, get a place together – who knows.. maybe more fantasies will be fulfilled!!!
I forgot, this is a first floor unit- lop another $50K off the price.
There is still a two bed one bath on the 2nd floor at The Eddystone, 421 W. Melrose, that compares favorably to this. It has languished on the market for months now at $159K. Or, at least, the listing is still online.
That is NOT a typo. Look it up- $159K for a massive 2 bed 1 bath. But the maintenance is sky-high at 421 W Melrose, as it is for this building. Even at these relatively low prices, you need to be fairly well off to live in these buildings.
The Eddystone is a bit of a vintage tragedy. some of the vintsge was stripped out
The lobby was renovated in the 70s, looks horrible, that awning in front of the place is bad 70s style,
Yeah, I noticed that 70s awning. I have a feeling it was converted in the 70s by the same company who converted my St. Louis building, which was substantially similar. Cliff Drosda, who has since built stuff on Michigan Ave, converted my place and two others in St. Louis, and I wonder if he did the Eddystone also?
Does anyone know?
New awning is on its way at Eddystone, courtesy of special assessment; lobby looks fine to me. Rooftop deck overlooking harbor is swoon-worthy.
I’ve been in this apartment before and thought it was absolutely marvelous. All of the points above re: price, assesments & amenities etc. are well founded, but it’s one of those places that you’re sort of in awe of – at least if you’re a gay man in boystown. I was drooling at the floors and the decor of this place when I visited (the decoration has changed – stripped down now). The first floor thing isn’t that big of a deal in my mind. The apt sits above the ground by several feet. Full privacy? No, but with the right window treatments you’re not going to be flashing everyone. There is usually a doorman here (not sure if it’s 24/7). In this market it will never sell at the current price, but there will be some rich gay who wants to live across from his boat in Belmont harbor and wants to entertain and will buy this.