“Bank Says Make an Offer”: 3- Bedroom New Construction in West Town: 1649 W. Cortland
This 3-bedroom newer construction unit at 1649 W. Cortland in West Town just came on the market.
It is bank owned.
The building was built in 2008 and this unit does not appear to ever have sold from the original developer.
There are 4 units in the building and only the top floor penthouse sold.
Here is the history on the penthouse unit.
Penthouse:
- Sold in March 2008 for $525,000 (mortgages totaling $498,750)
- Lis pendens foreclosure filed in November 2009
- Bank owned in November 2010
- Has not yet come back on the market
The unit currently on the market is Unit #301.
It has hardwood floors throughout as well as a stone fireplace.
From the pictures, it appears that the kitchen and bathrooms are intact.
The kitchen has darker modern cabinets, granite counter tops and stainless steel appliances.
The bank is apparently eager to sell as the listing says “bank says make an offer.”
There are lis pendens filed against Unit #101 and #201 but the bank has not yet taken possession of those units.
What would you offer for this unit in this location?
Matt Garrison at Coldwell Banker has the listing. See more pictures here.
Unit #301: 3 bedrooms, 2 baths, no square footage listed
- Never sold from the developer
- Lis pendens foreclosure filed in September 2009
- Bank owned in June 2010
- Currently listed for $399,000
- “Bank says make an offer”
- Central Air
- Washer/Dryer in the unit
- Tandem parking included
- Bedroom #1: 13×10
- Bedroom #2: 10×10
- Bedroom #3: 10×10
I can’t believe the idiotic purchase of the penthouse. What kind of bank was doing 95% LTV mortgages in early 2008? And who bought this place? That’s got to be a hefty monthly payment for someone who can only afford a $26k down payment.
Those bedrooms are tiny! Typically I see this building footprint as a 2/2. I think this would go for $329k to $339k. The penthouse should go for $389k to $399k
“I can’t believe the idiotic purchase of the penthouse.”
They fell in love with the view of the on-ramp and Orloff. Who wouldn’t!!
I do like that little stretch of Cortland, but not at that price.
Um, no homeowner association, possible liability for paying all assessments, hard to get mortgage and who knows what else. This would be better off as a rental building.
Agree on the bedroom size, I don’t think I’d buy a place with bedrooms that small. Even the master bedroom is tiny, I doubt many people would buy a new construction place that they couldn’t even put a king bed in.
“I do like that little stretch of Cortland”
To live in, visit, or shortcut through? I’m surprised I don’t see more traffic there, but would worry about it for a house on Cortland.
Matt G has a better chance of selling this near list then 600 N. LSD #1911, that much i am nearly certain of.
but this one isn’t going to be easy. how many places similar to this layout are on the market in the good parts of Chicago? 5,000?
really amazing how many places like this were built.
just to start the same ol arguments…
….would you really call this “West Town”
I’m more curious what the building next door goes for. It is directly next to Courtlands Garage so you won’t be getting any sleep before 2am Sat and Sun mornings…
http://www.redfin.com/IL/Chicago/1647-W-Cortland-St-60622/home/13354489
5/3rd
Executed Recorded Document Type Amount
03/18/2008 03/20/2008 MORTGAGE $417,000.00
Harris
Executed Recorded Document Type Amount
03/18/2008 03/20/2008 MORTGAGE $81,750.00
“would you really call this “West Town””
It’s not even in the west town official community area, is it? Logan, right? So maybe it’s bucktown or logan, maybe very dubiously wicker, but how is is west town?
“To live in, visit, or shortcut through? I’m surprised I don’t see more traffic there, but would worry about it for a house on Cortland.”
Way to put me on the spot! As I said, not at that price. In a former life, would have been a great location to rent.
They wanted to be land barons. A condo in streeterville, a penthouse in bucktown, before you know it they’d be dining with Mr. Trump himself. What happened? They aren’t even paying the assessments on the streeterville condo.
Here’s My offer…
“thanks but no thanks”
Yeah it’s in the Logan Square official boundaries and the Bucktown sub-hood. West Town’s north boundary is Bloomindale tracks.
“would you really call this “West Town””
This place is across the street from “The Bucktown Pub” – so it has to be Bucktown. Duh.
They won’t be dining or drinking with Marie of the aptly named (this week) nearby Marie’s Riptide Lounge since she is being buried tomorrow. Chicago lost another luminary. RIP Marie!
Can anyone explain the tub inside of the shower area? I have seen this master bath layout in one or two other new construction properties, and I just don’t get it.
“Can anyone explain the tub inside of the shower area? I have seen this master bath layout in one or two other new construction properties, and I just don’t get it.”
Allows one to have a tub and a large shower in a relatively narrow bathroom. If you want the (currently popular) 30+ SF shower + a tub + double vanity in a 8×10 (or 8×12) bathroom, there aren’t a lot of layout choices that work.
Shower/Tub: Also it’s pretty easy to clean.
http://chicagoist.com/2011/02/08/maries_riptide_lounge_owner_passes.php
And then confirmed. I guess she is dead.
http://chicagoist.com/2011/02/09/confirmed_marie_wuczynski_passes.php
oh, that is sad. she was a cool lady. Rest in peace Marie.
Here is an awesome bath inside a shower combo I saw on a listing in Grayslake
http://connectmlsgw3.mredllc.com/PICS/8E1DF1DE39353290E040010A3601282F/P_6_20420_07611396.JPEG
“Here is an awesome bath inside a shower combo I saw on a listing in Grayslake”
I am certainly awestruck by that, but perhaps not in the same way as you were.
Thanks, homedelete. Good job to 5/3 and Harris. Very well done.
“I am certainly awestruck by that, but perhaps not in the same way as you were.”
LOL, LMAO, ROFL, hahahaahahahaa
How much space is there between the buildings? It looks like 3 inches.
“I am certainly awestruck by that, but perhaps not in the same way as you were.”
Must admit, that is one of the dumber things that I have seen.
So, if it’s across from the Bucktown Pub, it’s automatically called Bucktown then? I found a little pub called “Manhatten Packaged Goods” on the west side–I wonder what I could get for a condo there?
“I found a little pub called “Manhatten Packaged Goods” on the west side–I wonder what I could get for a condo there?”
I don’t know, does the “e” make it *more* valuable?
anon (tfo) on February 14th, 2011 at 4:50 pm
“Here is an awesome bath inside a shower combo I saw on a listing in Grayslake”
I am certainly awestruck by that, but perhaps not in the same way as you were.
No pretty sure I had the same wtf moment you did!
Seems like a good deal at $250k?