A Bank Owned Starter Condo for $208,000 in Old Town: 143 W. Burton
This 1-bedroom condo in 143 W. Burton in Old Town just came on the market.
The building is art deco and has 6 units. Those are the original leaded glass windows.
This is a Fannie Mae Homepath property.
This unit is on the first floor and faces east.
It has hardwood floors.
There are no pictures of the kitchen.
The listing says “owner offers only, no investors.”
It looks like it has central air and that there might be a parking space behind the building (there ARE some there.) I think there is laundry in the basement.
At just $208,000 is this a deal for someone who is handy with paint and renovations?
Rakesh Parikh at Coldwell Banker has the listing. See the pictures here.
Unit #1S: 1 bedroom, 1 bath, 800 square feet
- Sold in October 1994 for $97,500
- Sold in April 1997 for $128,000
- Sold in January 2002 for $192,000
- Lis pendens foreclosure filed in June 2012
- Bank owned in February 2016
- Homepath property
- Currently listed at $208,000
- Assessments of $270 a month (unclear what this includes)
- Taxes of $4706
- Central Air
- 1-car parking appears to be included
- Bedroom: 14×12
A deal? Not a chance. A viable starting point for someone with the money and patience to for pretty much a complete renovation, maybe, especially if you are handy. Love the windows and decent location.
Such a depressing little shoebox.
150k might be a deal but damn that place needs some WORK
I hate this property
That being said, if you’re a generic area worker (Think work in a bookstore, bar, ect) this probably works for them.
Is there anything in the area sub $250?
Taxes are bananas. The building needs to do an appeal.
Wonder how bad the kitchen is.
This seems like a good deal considering Old Town is extremely expensive.
Love It!!! SOLD.
Seeing this unit ruined my day. It’s so grey, dirty and depressing.
Sabrina asked “.. is this a deal for someone who is handy with paint and renovations?”
Not if you believe in comps – IIRC the unit next to this one sold in 2015 for $183K and while otherwise identical it did not need as much work as this one appears to need.
This place could be absolutely adorable- love that round leaded-glass window. And you cannot beat the location. But it needs so much work, that a buyer should demand a $50K price reduction at least.
One really major plus is that the building is strictly owner-occupied. I cannot over-emphasize the importance of this. If you own in a building that is 100% owner-occupied, you would be wise to keep it that way, no matter how ‘prime’ the neighborhood and the tenants are.
I picture Jan Terri’s future in this place passed out on the parquet floors, without furniture and in a completely unrenovated state due to dropping all her coin at Big City Tap. Could be worse, just a little.
If you have any serious questions, I can answer them about this unit. This building is either your cup of tea or it’s not, but in my opinion, this unit is in an amazing location, in a beautiful building, and only needs an artist eye and somewhere between 10K and 20K for a complete gut rehab. The bones are amazing. If I were allowed to own it and rent it out, I would buy it in a heartbeat. It’s really a gem for the art deco lover/artist lover. In regards to comps, I looked at a unit for $300k on Wells in the Gaslight that was about $35K in square footage (bigger) and rehab difference about 2 yrs ago with no access to parking. This unit does have an outdoor parking spot (although I am not sure if it is included in the price). The parking space alone is worth $20K. The kitchen has been completely gutted to the studs and is ready for your talent and your contractor. This unit has been both unoccupied or in foreclosure for several years and was just taken over by the bank last month (hence forcing the lowering the comp across the hall for the unit that sold for 183K last year) b/c it had to be a cash purchase. That unit originally sold for $260K circa 2007. The owner who paid $183K got the deal of the century, although that owner has been renovating his entire unit from top to bottom. It does not have central air, each unit uses one window air conditioner that cools the entire place down. The $270 monthly dues cover the expensive heating bills (which are included in the assessments), the water bill, the maintenance, and the free laundry (two brand new washers and dryers have been purchased recently). If you are wanting to live in the most coveted neighborhood in the city, in one of the arguably coolest one bedrooms for a total of $230K for your dream unit with an option for parking ($208K plus a max of $20K for an entire gut rehab–bring your dreams, ideas and money for your brand new kitchen, brand new bathroom and a new coat of paint, this is the steal of the century). You won’t find exactly what you want in this location for under $230K with parking. The unit is about 750 sq ft. Hope that helps answer any questions.
This isn’t a steal at all. If I bought it at that price, I would be the victim of being stolen from. And the buyer is responsible for last 6 months of assessments. And why not put coin op in the basement to prevent fools from washing one sock at a time. I would offer $150 cash. If a bank can find a sucker to pay more, good luck to everybody.
Yes, the taxes are way out of line for a tiny, shabby condo that needs a complete rehab.
And I can’t figure how a gut-rehab could be done for anything like $20,000, even if you consider that an experienced contractor could get the job done at a considerably lower cost, than an individual owner inexperienced in having the work done. I would think that $65K would be minimum.
Agreed, taxes are out of line, but since the unit has been appraising higher than it’s listed for, I laugh when I see comments that it’s not worth $208k. It goes to prove my point, that art and beauty are in the eye of the beholder. I’m sure a new owner can contest the taxes.
$10K and this place would look sharp. The kitchen is about 6ft by 7ft and would cost approx $6,500K to make look beautiful.
New Fridge- $1,000
New Dishwasher- $600
New Stove – $600
New Cabinets installed- $1,500
New Granite Countertop installed- $600
New Sink and beautiful faucet installed- $600
New Floor installed- $500
Drywall and paint- $1,000
The bathroom could use $2K in upgrades (new tile/new mirror/lighting and fresh coat of paint)
The rest of the unit just needs a fresh coat of paint ($1,500)
Realistically this unit would be beautiful with $10K, and it would be stunning with an extra $5K for higher end appliances, some funky lighting, shining up the floors and cleaning up the windows.
Humor me, how would one realistically see spending $65K on rehabbing a small new kitchen, some updates in the bathroom and a fresh coat of paint? Unless you are gutting an entire one bedroom at the Trump tower, adding gold leaf paint and a full wall fish tank (fish included), I can’t even comprehend anything over $15K no less $65K on an 800 sq ft. unit selling for $208K. Seriously, fill me in, I am curious who your designer is and why your price is so extravagant.
I haven’t picked a designer yet, because I’m still shopping everything, and toting up the costs of redoing the kitchen and bath, and replacing some dead plaster, in my own condo. I also am saving up more cash so I do not have to borrow to do all this.
Mind you, I’m planning on more than a “basic” reno, since my place already has the basics, like a dingy little white bath somebody reno’d with low-grade fixtures about a decade back, and a basic kitchen upgrade with low end ss appliances that is clutzy and badly organized.
I have come up with $20,000 for the kitchen alone, and another $10,000 for the bath, if I am very careful. I’d like to open the kitchen into the large dining room, but all that contracting would be a huge extra cost. And then there is refinishing the doors (which are beautiful and worth it), rebuilding the living and dining ceilings, replacing the plaster in the living, dining, and main bedroom, and replacing the windows- my place has 14 windows.
Just adding up the cost of cabinets, a slightly better grade of appliances, lighting, and other little incidentals such as sink bowls, faucets, and the cost of labor for everything, brings the cost of this partial rehab to about $50K, if I don’t encounter any problems.
If I acquired something like the little place featured here, I’d like to do more than just a basic fix-up on the place. I’d like to totally redesign that kitchen to be very fitted and organized, with built in appliances, and a totally new bath. And I’m sure all the walls need a lot of work. How’s the wiring? I find that, while most older condos have been upgraded and have a relatively modern panel, they still don’t have enough circuits. I got very lucky with the place I have and only needed to add 240 v circuits for the stove top and oven. But replacing an old panel and totally rewiring the place is very expensive.
“I also am saving up more cash so I do not have to borrow to do all this.”
Smart. Just sold a place, and the thrill of getting back our down payment (paid two years ago) plus about $120k (after closing costs) was short lived. Paid off about $100k of debt incurred while improving the place.
“Smart. Just sold a place, and the thrill of getting back our down payment (paid two years ago) plus about $120k (after closing costs) was short lived. Paid off about $100k of debt incurred while improving the place.”
Is this what people call the humblebrag?
OldTown – you’re pricing out some really low end stuff there. it’s hard to find some decent ss appliances for those prices, then add in tax, delivery and install. new hardwood floors will cost around $7/sf. even if you bought cheap laminate the materials alone will cost more that you’re budgeting then add in the install cost.
Agree with Marco.
While 65k seems “trumpish”, drywall, joint compound, tape, sanding, primer, paint, second coat, baseboards, and the labor will be much more than $1,000. The only thing I agree with you is on dishwasher price. I just bought a ss frigidaire from ABT for $300 and had my handyman install it for $50. But frigidaire is low end, but it’s just a rental.
Gonefishin, are you by any chance a reincarnation of Clio?
Oye, I have to defend my beautiful yet frugal renovation I see. 😉 Reminder, we are not renovating a 1 bedroom at the Trump. While it’s certainly not a Fisher & Paykel/Wolf reno, my budget was in line with most other 1 bdrms in the neighborhood under $250K. It’s just reasonable enough to have everything function really well while still looking beautiful. It’s better than what was there (as evidenced by the pictures) and better than FNMA would do before they add their own $20K price increase after they do their version, which they will do, so why not add your own taste and budget to it for the now lower price. First of all, the former owner paid $192K for this same unit 14 yrs ago. I would say at minimum it’s worth on avg a $3K a year increase, if not more, putting it at the bottom at $234K before renovations, so I stand by my statement that $208k is a steal. My bet is my $6,500k reno, would be nicer than any 800 sq ft 1 bdrm you would find in Old Town under $250K. Personally, I would never put ss appliances in an art deco unit b/c if you are going to buy in art deco unit, “when in Rome” it.
Here is my pricing guide and this is on the solid end for a sharp looking remodel. There are plenty of items that are less expensive and plenty of sales throughout the year where you can save 10% -20%.
Fridge:
http://www.abt.com/product/81296/Maytag-30-Stainless-Steel-Bottom-Freezer-Refrigerator-MBF1953DEM.html
http://www.homedepot.com/p/Maytag-30-in-W-18-7-cu-ft-Bottom-Freezer-Refrigerator-in-White-with-Stainless-Steel-Handles-MBF1953DEH/205378970
http://www.abt.com/resources/pages/bdp_image_popup.php?id=81298
Dishwasher: (several others less than $600 with 4.5 star ratings- but you get the drift–they come in all colors too)
http://www.abt.com/product/54941/Bosch-24-Ascenta-Series-Stainless-Steel-Built-In-Dishwasher-SHE3AR75UC.html
Stove:
http://www.abt.com/product/72993/GE-Artistry-Black-Free-Standing-Gas-Range-AGBS45DEFBS.html
Granite Remnants (for the 12.5 sq ft of counter top- 6 ft long/25 inches deep) from Stone City with install and sink mounting is less than $600.
Tile Floors at Stone City for $2-$4 a sq ft, contractor can install them easily as flooring is already removed–as a matter of fact, a handy man could as well.
Dry Wall slapped up and some paint and putty- for about 150 sq ft of walls can be done with a reasonably priced handy man. We live in Chicago, there is a guy on every corner who can do these things at about $50 an hour (and this is an 8 hour job at most over 2 days).
Kitchen Sink:
http://www.abt.com/product/72993/GE-Artistry-Black-Free-Standing-Gas-Range-AGBS45DEFBS.html
http://www.homedepot.com/p/Polaris-Sinks-Undermount-Granite-33-in-Single-Bowl-Kitchen-Sink-in-White-P848-White/206342604
Faucet:
Dozens of highly rated beautiful faucets on Amazon from $150 to $300
http://www.amazon.com/9178-AR-DST-Pull-Down-Kitchen-Magnetic-Stainless/dp/B00A39FSAK/ref=sr_1_8?s=kitchen-bath&ie=UTF8&qid=1460305701&sr=1-8&keywords=kitchen+faucets+single+handle+with+pull+down+sprayer
Lastly, many contractors have access to J & K Cabinetry – all maple cabinets, soft close, 7 styles/colors to choose from, high end houses in burbs use them, super inexpensive for the quality–much better than Home Depot and a lot less expensive than Studio 41. There is enough room for a 30 inch base cabinet and a 12 inch 4 or 5 drawer cabinet on the lower end and just enough room for whatever the standard upper cabinets would be on the wall where you look into it. Easily beautiful cabinets installed for $1,500.
Why did Clio also shop at ABT? But, to answer your question, I’m not a reincarnation of anybody. I’m an original!
I am not fully educated on the foreclosure process. Why did it take a full four years from the point of the lis pendens being filed till now to bring it to the market? How many more distressed properties are there in the pipeline? Is there any way to research the actual number of shadow distressed properties in the pipeline?
Oye, I have to defend my beautiful yet frugal renovation I see. ? Reminder, we are not renovating a 1 bedroom at the Trump. While it’s certainly not a Fisher & Paykel/Wolf reno, the budget was in line with most other 1 bdrms in the neighborhood under $250K. It’s just reasonable enough to have everything function really well while still looking beautiful. It’s better than what was there (as evidenced by the pictures) and better than FNMA would do before they add their own $20K price increase after they do their version, which they will do, so why not add your own taste and budget to it for the now lower price.
First of all, the former owner paid $192K for this same unit 14 yrs ago. I would say at minimum it’s worth an avg a of $2-3K a year increase, if not more, putting near $230K before renovations, so I stand by my statement that $208k is a steal given that with $20K you can make it look show room glorious. My bet is my $6,500k reno, would be nicer than any 800 sq ft 1 bdrm you would find in Old Town under $250K. Personally, I would never put ss appliances in an art deco unit b/c if you are going to buy in art deco unit, “when in Rome” it.
Here is my pricing guide for a sharp looking remodel. There are plenty of items that are less expensive and plenty of sales throughout the year where you can save $$.
I tried to post this earlier but the comment section must not approve links.
Fridge options including ss:
@ abt /product/81296/Maytag-30-Stainless-Steel-Bottom-Freezer-Refrigerator-MBF1953DEM.html
@homedepot.com/p/Maytag-30-in-W-18-7-cu-ft-Bottom-Freezer-Refrigerator-in-White-with-Stainless-Steel-Handles-MBF1953DEH/205378970
@abt.com/resources/pages/bdp_image_popup.php?id=81298
Dishwasher: (several less than $600 with 4.5 star ratings- but you get the drift–they come in all colors too).
@abt.com/product/54941/Bosch-24-Ascenta-Series-Stainless-Steel-Built In-Dishwasher-SHE3AR75UC.html
Stove:
@abt.com/product/72993/GE-Artistry-Black-Free-Standing-Gas-Range-AGBS45DEFBS.html
Granite Remnants galore (for the 12.5 sq ft of counter top- 6 ft long/25 inches deep) from Stone City with install including under sink mounting is less than $600.
Tile Floors at Stone City and various other places around town from $2-$4 a sq ft for the 42 sq ft of floor space in the kitchen, and any handyman or contractor can install them easily, as flooring is already removed–as a matter of fact, any handy new owner can lay tile down as well.
The wood floors don’t need to be replaced, just a light buff and shine for a serious glow.
Dry Wall, putty and 2 coats of paint (owner can paint themselves in 2 hrs)- for about 150 sq ft of walls can be done with a reasonably priced handy man. We live in Chicago, there is a guy on every corner who can do these things at about $50 an hour (and this is an 6-8 hour job at most).
Kitchen Stove:
@ abt.com/product/72993/GE-Artistry-Black-Free-Standing-Gas-Range-AGBS45DEFBS.html
Kitchen Sink: (Composite Granite in various colors)
@homedepot.com/p/Polaris-Sinks-Undermount-Granite-33-in-Single-Bowl-Kitchen-Sink-in-White-P848-White/206342604
Kitchen Faucet:
Dozens of highly rated beautiful faucets on Amazon from $150 to $300
@amazon.com/9178-AR-DST-Pull-Down-Kitchen-Magnetic-Stainless/dp/B00A39FSAK/ref=sr_1_8?s=kitchen-bath&ie=UTF8&qid=1460305701&sr=1-8&keywords=kitchen+faucets+single+handle+with+pull+down+sprayer
Lastly, many contractors have access to J & K Cabinetry – they all have maple wood cabinets, soft close drawers, 7 styles/colors to choose from, and place that many contractors use for nice homes in the burbs, reasonably priced for the quality–and much better than Home Depot and a lot less expensive than Studio 41. There is enough room for a 30 inch base cabinet and a 12 inch 4 or 5 drawer standard cabinet below the granite and just enough room for whatever the standard upper cabinets would be on the short wall. Beautiful cabinets for $1K and installed for an extra $500.
Ps. I shop at abt too….I was Clio in a former life, or at least I’d like to think so.
Just buy a plain looking $350 all-stainless steel dishwasher and then affix/glue this on the outside.
http://www.ebay.com/itm/Viking-Professional-OEM-3-Metal-Emblem-Logo-Badge-Self-Adhesive-Nameplate-Trim-/131393225141?hash=item1e97a581b5:g:mC4AAOSwiLdWAWRo
“Why did it take a full four years from the point of the lis pendens being filed till now to bring it to the market? How many more distressed properties are there in the pipeline?”
Because that’s how Illinois works. The longest I have seen is 8 years (from the time the first lis pendens was filed until the property came back on the market, bank owned.) Meanwhile, the former owner lived in it, mortgage free- for about 7 of those years.
Illinois has a judicial foreclosure process. It takes much longer because every case has to go through the courts and they are backed up. The average time is 3 years, I believe.
They are working their way through the backlog still. But they’ve made progress. I don’t know how many the banks are holding onto. In the GreenZone, I’ve seen them put them back on the market almost right away because the market is so hot right now. All depends on the neighborhood and the property, however.
“Just sold a place, and the thrill of getting back our down payment (paid two years ago) plus about $120k (after closing costs) was short lived. Paid off about $100k of debt incurred while improving the place.”
Damn anonny. So you’re telling us that even in this hot market, you basically made nothing? Was that $20k profit after paying the realtor?
“Not if you believe in comps – IIRC the unit next to this one sold in 2015 for $183K and while otherwise identical it did not need as much work as this one appears to need.”
When did it sell in 2015? Prices are up considerably in just the last year. 5% to 15% depending on location.
When I was shopping for a condo in 2013, one of the first things I always did was research the sales history of all the units in a building I was serious about, not just the unit on offer. My object was to be able to form a rough guess as to the true financial condition of the association, because, at that time, there were still so many buildings burdened with so many units in some stage of foreclosure and were many months in arrears on their assessments, that the association was tottering financially and could not pay its bills for things like water and heat. If I saw more than one pending foreclosure in a building, I backed away.
I found dozens of apartments that had been in some stage of foreclosure for as long as four years. In fact, most foreclosures were then, because there was such a massive backlog. One 36-unit building I looked at, had 4 foreclosures pending, 3 of which had been pending since 2009, which is scary when you add up all the lost assessments. As it is, the building I eventually bought in had no foreclosures in process, and most of the recent sales were cash sales (to investors, unfortunately), but was still recovering from year 2011, when 7 out of 9 units were foreclosed.
“Damn anonny. So you’re telling us that even in this hot market, you basically made nothing? Was that $20k profit after paying the realtor?”
Yes. And I guess the $100k debt included about $15k in new furniture, which we kept. So, about $35k in two years. Plus about $6k in tax refunds over two years (I anticipate getting nothing or possibly owing a little in taxes when we file in ’17, being renters for most of ’16).
If we could do it over again, I might try to do a FSBO, or use some broker to list it for a minimal commission. With little kids, just didn’t want to mess around and have to show very much or for very long. So we used a prominent firm and agent, and it took a day to go under and a about a month to close. But other than providing great photos and putting together a quality listing, the agent not only did nothing after the it went under contract, and if anything, dropped the ball at a couple of key points in the process. Hated seeing the commission amount on the statement.
Sabrina asked “When did it sell in 2015? Prices are up considerably in just the last year. 5% to 15% depending on location.”
IMO this unit’s crummy condition makes it a much tougher sell than #1N. Speaking of location: FWIW this first floor unit & this building are on LaSalle St., an arterial. This isn’t located on a bucolic OT side street. Next if OldTown thinks #1S is a bargain @ $208K why didn’t she buy #1N for $183K w/parking spot? Or #3N @ $222K w/o parking (4/14)? Or #3S @ $228K? None of those need as much work as #1S imo.
In 2007, previous owner of #1N paid $262,500 (imo $232,500 plus $30K for parking). Then listed #1N in ’09 asking $249K plus $30K for parking. Lowered ask numerous times ’12 – ’14. #1N sold in January ’15 for $183K (w/parking place). The inclusion of an outdoor parking place at $208K does make the ask for #1S sound better IMO. Shortsighted of broker not to highlight inclusion of parking spot.
Southbound- I think you missed the statement where I said if I could own and rent this unit out, I would purchase it in a heartbeat. I’ve already been inside the unit with a contractor and was interested in buying it, but because the association won’t allow investors, I’m not allowed to purchase it. You are correct 3S sold for $228K (9 yrs ago) and 3N sold for $222K (2 yrs ago) both without a parking space which is worth $20K alone. Once #1S went into foreclosure, very few lenders would touch this building, making it nearly impossible for those unit owners to sell and recoup their money. Now that the foreclosure is up for a sale, the building will be back in business and the increase in value for the units will go back up. I still think with 10K this unit would be beautiful, and with an extra $5k it could be stunning. Putting this unit at $223K all in which is the price units were going for in this building over a decade ago.
“Yes. And I guess the $100k debt included about $15k in new furniture, which we kept. So, about $35k in two years. Plus about $6k in tax refunds over two years (I anticipate getting nothing or possibly owing a little in taxes when we file in ’17, being renters for most of ’16).”
Ugh. Sorry anonny. At least you got out with some kind of gain though. But I would have thought it would be more than that after doing a renovation.
OldTown posted “…If I were allowed to own it and rent it out, I would buy it in a heartbeat…”
I missed the meaning of this b/c the record shows several units are owned by owners who live elsewhere & owners here have rented units in the past. If there’s a condo board prohibition against renting might it only apply to new owners? Is it forever or for a time period like 2 years? I’ve noticed the policy of 2 year prohibition against renting rolling through larger GC buildings. it restricts new competition for existing unit landlords but imo cuts out about 1/2 of potential purchaser market. Short sighted imo.
This building is now landmarked (or will formally be very shortly) which means there may be some tax benefits for renovations. This building was designed by Sol Kogen and Andrew Rebori if memory serves. For the right buyer, probably a deco lover, this would be a dream unit.