A 2-Bedroom Short Sale With All the Bells and Whistles in Albany Park: 3222 W. Eastwood
This 2-bedroom at 3222 W. Eastwood in Albany Park has all the bells and whistles that buyers look for in a condo.
The unit has central air, in-unit washer/dryer, two bathrooms, a deeded parking space, and even a large deck off the back.
The top floor unit is also a short sale and is now listed for $37,100 under the 2005 purchase price.
The vintage unit isn’t small. It has a sun-room off the living room as well as a separate full sized dining room.
The kitchen has maple cabinets and white appliances.
The condo is located just a short stroll to the renovated Kedzie El station, shops and restaurants.
Mary Haight at @Properties has the listing. See the pictures here.
Unit #3W: 2 bedrooms, 2 baths, no square footage listed
- Sold in April 2001 for $180,000
- Sold in March 2005 for $257,000
- Currently on the market as a “short sale” for $219,900 (parking included)
- Assessments of $146 a month
- Taxes of $2683
- Central Air
- Washer/Dryer in the unit
- Sun-room
- Dining room: 15×10
I like it, but the Hood is all wrong. Needs to be east of Chicago river. No LP trixie is going to want to live out there. Plus the commute into the city on the Brown line is going to be about 45 minutes, so you might as well live in Oak Park or Evanston.
Not really sure who this apartment is going to cater to.
I agree with Dan. I live in Evanston and get to the city in 19 minutes – living here defeats the purpose of “living in the city.”
Agree as well. I’ve been doing some looking off and on in neighborhoods around Lawrence. There are some nice places at reasonable prices but the commute downtown just kills me. I search within walking distance of the Ravenswood metra stop all the time but nothing really seems to do it for me.
Funny how all say that “living here defeats the purpose of “living in the city” when in fact tens of thousands if not hundreds of thousands of people live in the surrounding area and don’t agree with you. Not everybody works downtown or finds the suburbs to be the alternative to the lake front neighborhoods!
Granted, this unit was better off as an apartment rental and the price will have to drop enough to reflect that. $219 is a bit much, probably more like $150k or $175; that’s what 2/1’s and 2/2 condo conversions in the off-neighborhoods seem to be selling for in today’s market.
I’m not saying that I would live here, because I wouldn’t, but plenty of people do and enjoy it.
” I live in Evanston and get to the city in 19 minutes ”
City limits? or the loop because I have a hard time believe you can get to the loop in 19 minutes from evanston, and for 219k you can get a nice house out in the burbs which this place basically is, but with more crime in the area. Might work for a garbageman or someone who has to live within city limits and doesn’t work int he loop
Bridget’s talking about flying in on the Purple Line – Express style (I think)… And right Sonies, because everyone who works outside of the loop probably picks up garbage or other forms of blue-collar, hard labor. There are no white collar jobs / business professionals in business outside of the Loop.
Most of the government (city jobs) that are white collar are in the loop. Most blue collar city jobs are not, that’s what I was trying to say…
If you take it four blocks east it’s in Ravenswood Manor. That’s a neighborhood that has held its value because it’s in the city but not filled with the Lincoln Park folks that seem to think Lincoln Park is the end of the city. If you think living there defeats the purpose of living in the city, then you’ve got a pretty narrow view of what makes Chicago interesting. It may not be a walk away from John Barleycorn’s, but for many people that’s a good thing.
Does anyone know how much a comparable unit in this area would rent for? I don’t know the area well. I don’t want to live in a high crime neighborhood, but I really like the flavor of the neighborhoods in Chicago outside Lincoln Park and Lakeview. I like ethnic restaurants and good, cheap grocery shopping. I definitely want to live in the city and close to the el because I don’t drive, but I also like having lots of living space and would trade a prime location for more space and lower property taxes.
Say you get the apartment for 200K and make a 20% down payment. Your monthly payment to borrow 160K on a 30 year fixed rate mortgage at 5.5% interest would be $908. Add the $146 assessment and $225 for property taxes and that brings your monthly expenses to $1279, not including the gas heating…but if you were renting you would pay that anyway…
Could you rent a 2BR / 2BA in that area in as good condition for less?
Milkster – you would probably have a hard time finding an apartment this will maintained (unless you rent someone’s condo!) but if you did it would probably be less. I would guess in the $1k per month range.
Regarding the commute from Evanston, the purple line still takes at least 45 minutes to get to the loop — and that is from the South Boulevard stop. It would be even longer from Davis St. or Central Ave. The Metra takes about 22 minutes from Main Street Evanston to Olgilvie Transportation Center. You still have to add in the walk to and from both stations.
Regarding this particular condo, nothing much in the photograph screams “bells and whistles” to me.
bridget must take a helicopter to work 8)
“Milkster – you would probably have a hard time finding an apartment this will maintained (unless you rent someone’s condo!) but if you did it would probably be less. I would guess in the $1k per month range.”
With a quick check of craigslist, there are a number of apartments and condos near here asking for ~$1k/mo, but mostly with 1 Ba. There are several with 2 baths, mostly asking ~$1200-1250. So, if the 2d bath is important to you (and if you’d consider owning and having a roommate, it would be), it’s a pretty small premium *today*.
“nothing much in the photograph screams “bells and whistles””
“The unit has central air, in-unit washer/dryer, two bathrooms, a deeded parking space, and even a large deck off the back.”
These constitute the “bells and whistles” around here: things that, when absent, cause people to say “I wouldn’t buy a condo without X”. It also has a fireplace and is a top floor unit. I’d call it a deal at its ’01 price.
The 2001 price seems about right… that’s where everything is headed anyway.
anon, are you considering the 2001 price inflation adjusted (which is its current list) or just as a number?
“anon, are you considering the 2001 price inflation adjusted (which is its current list) or just as a number?”
Just as a number. At $180k, today, this would be a genuine “deal” for an o/o with an appropriate timeline (ie, min. 5 years, 10 would be better). A little over 200k would be okay (if you affirmatively like the neighborhood) and the $220k asking price is not unreasonable to start.
It was bought with a 1st and a 2d (~$205k + ~$34k), but the 2d was refi’d in 06 (in CCRD as a release) for $70k. So, this is likely to be a PITA short sale, as it will turn on 2d lien holder (JPM) consent to get screwed while the first (MERS is listed, so maybe JPM, too, which would make it possible) is made whole.