A Renovated 1-Bedroom in Edgewater at 1048 W. Catalpa
This 1-bedroom unit at 1048 W. Catalpa in Edgewater was bank owned last year.
It sold in September for $23,500 under the 1994 purchase price.
We don’t know the condition of the unit in the 2009.
The seller now is asking $152,400 more than the 2009 purchase price.
The current listing says “everything is new.”
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
There are hardwood floors throughout. The renovated bathroom has a double sink and a large shower.
There is a washer/dryer in the unit but no central air. There is also no parking.
What’s the market for a renovated 1-bedroom in Edgewater?
Katy Elliott at Great Lakes Realty Lakeside has the listing. See the pictures here.
Unit #1: 1 bedroom, 1 bath, 800 square feet
- Sold in November 1994 for $76,000
- Lis pendens filed in August 2008
- Bank owned in June 2009
- Sold in September 2009 for $52,500
- Currently listed for $204,900
- Assessments of $310 a month (includes heat)
- Washer/Dryer in the unit
- No central air
- No parking
- Bedroom: 13×13
wow! insanely overpriced for a one bedroom!
What’s the market for a renovated 1-bedroom in Edgewater?
I’m not entirely sure, but probably not $205k for a lackluster 1br without AC or parking.
Is it even plausible that they put $80k into it?
This is frakkin’ HILARIOUS!
There are one beds all over Edgewater, including many that have far more going for them than this ordinary bland rehab, that can be had for far less. There is no 1 bed that is going to sell in this area for anything like $204K in this market or any near future market. The median income for a buyer of a one bedroom apartment around here is about $40K a year, and they MIGHT have as much as a 10% down payment.
Where does the seller think this place is, the Southport corridor or someplace?
What are the comps? I don’t think this could appraise out…so the asking price seems kind of silly
wow; but its a lot closer in absolute value to the true value than some of the other props on the site.
“its a lot closer in absolute value to the true value than some of the other props on the site.”
Sure, in that it’s much closer to free.
I *guarantee* that this will not reduce by more than $150k before selling, unlike a number of other props we’ve seen.
true
If this were west of Broadway and closer to Andersonville, it might be reasonable…but since it is not, this will probably go closer to $150k or less.