Another McMansion Under Stress at 730 W. Melrose in Lakeview
We’ve chattered about several new construction million dollar single family homes that have been in short sale or in foreclosure.
This 5-bedroom new home at 730 W. Melrose in Lakeview can be added to the list of McMansions under stress.
It is currently in short sale. A lis pendens was filed in October 2008.
Here’s the listing:
Magnificent new construction brick/limestone Single-Family Home! Features private drive w/attached garage, high ceilings, wood floors, custom mouldings, gourmet granite kichen w/SS appliances & Mahogany cabinets.
Huge master suite w/oversized bath to include steam shower, Jacuzzi, double-vanity and custom stone tops & floors! Superb Location! Must see!.. SHORT SALE; SUBJECT TO BANK APPROVAL, AS IS. 98% Finished!
Chaz Walters at Sudler Sotheby’s has the listing. See more pictures here.
730 W. Melrose: 5 bedrooms, 4.5 baths, 2 car garage, 5200 square feet
- Originally listed in November 2006 for $1.895 million
- Reduced to $1,799,900 in November 2007
- Reduced a bunch of times
- Currently listed for $1,349,999
- Lot/house sold in February 2005 for $610,000
- Lis pendens filed in October 2008
- Taxes of $7,766 (assuming it’s the old tax amount)
“gourmet granite kichen w/SS appliances & Mahogany cabinets”
I’m not seeing either countertops or appliances in that kitchen.
but it’s near the bong stores!! 1.3 looks like a steal.
it seems to be missing some railing on the top right of the front balcony?
You know what 98% finished means……it’s more like 70% finished.
As a side note some developer is tearing up the lot across the street from me. The permit says he’s building a 2 story house with full basement and 3 car garage. He paid $425,000 for the teardown in march earlier this year. So using the rule of thumb that the finished product is 1/3 to 1/4 the cost of the land then this developer is building a 1.2 to 1.6 million dollar house. Maybe even more since the developers in my ‘hood have penchant for building very expensive unaffordables that forever to sell.
But is it just me or is this developer out of his mind???? Who in the hell would build a spec home for $1.5ish, maybe more, in this economy? Does he think things are going to get better after Jan 20th? Why the hell would anyone build a spec house? There are enough unsold 1.5 million spec houses in my ‘hood? It makes no sense!
homedelete : I can certainly say I wouldn’t be interested in putting my capital up to expect to sell a spec house in early next year.
I’ve harped on kitchens lately – but this one seems weak for 1.3 million, but at least it is laid out better for a single cook (wrap around counter).
Let’s see, you build a house with 5 BEDROOMS, and 4.5 BATHS and you place it almost in the heart of Boystown… I’m not sure there will be too many families looking into this one. This developer = idiot!
Hey HD – You better watch out for the next wave of layoffs. with all the time you spend on this board your boss is going to catch on that your are doing nothing at work. We all love your posts on EVERY property but get to work already and earn that $60k you make.
Jasson R.. two person income.. no kids.. may be the only place left with people with enough income to buy.
I really hate those dirveways in the front of the house. i can’t believe the city allows that – so ugly and really takes away from the character of the street.
Uh, this isn’t the residential area of choice for the gay community anymore, and the strollers are moving in (but then so are a lot of gay stroller parents, but they mostly live further north too).
I hope that driveways heated or they’ll be salting a lot come winter.
ChiGuy–that’s where the developer tossed himself over the edge when he realized how bad he was going to take this one in the rear.
Btw.. where the freaking hell is T2…. I feel just douchey enough, before i go running, to point out that not only was the bet offered one of the most absurdly skewed bets in its design against oneself that one can make, but it took all of a week to prove a loser. 7500 is below 7700 isn’t it??
Chalk another one up to anonymous blog posters over second tier traders (that is what the 2 stands for isn’t it? 2nd tier.. you know kinda the go get me bagels in the morning and if you get the order right maybe I’ll let you throw around a few lots this afternoon.)
ken-
HA! or maybe it’s an option for the eventual homedebtor
ND-
good call on the driveway. hopefully the sewer never backs up, either. homedebtor may have to purchase flood ins.
I’ve been here for an open house. There are a lot of rooms still unfinished, including the kitchen (no cabinet doors or appliances) and powder room. The backyard is also not done. But biggest problem is water damage in the basement. Realtor claimed that it was due to a backed-up drain and is no big deal – but it definitely does not show well.
I’m sure they got a flood valve installed to not worry about the sewers. Biggest rip off in the city, but if you have a new construction or rehab in the city with any basement, you’re going to need one if you don’t have one already.
ChiGuy, it is literally impossible to buy flood insurance for a below-grade room. Well, you can buy “pipe bursting” type insurance, but not regular old, “it rained really hard” flood insurance. (I know this from personal experience. It is a function of the fact that flood insurance is all federally subsidized. It is infuriating.)
Used home seller. I love that description. Steven, where is our resident used home seller???? What is your opinion of the property?
What the hell did they do to that ceiling? Just the color contrast alone would cause you to look up everytime you walked into the room.
Must be a graduate of the HGTV design school.
Steve Heitman on November 21st, 2008 at 8:59 am
Hey HD – You better watch out for the next wave of layoffs. with all the time you spend on this board your boss is going to catch on that your are doing nothing at work. We all love your posts on EVERY property but get to work already and earn that $60k you make.
Wow you are a legitimate piece of shit.
Steve Heitman is just pissed because he’s been proven wrong over the past year and can’t make any more money selling properties like he was before. homedelete has proven him wrong so many times and SH can’t stomach that.
How do these clowns keep getting approval for curb cuts?
there are no alleys on that block. when there are no alleys you can get the curb cut
Steven Heitman:
“…and earn that $60k you make.”
This is not the first post I’ve noticed in which you comment disparagingly about working-class wage earners. I am a teacher who has worked for decades in low-income public schools and that’s what I earn. I’m sorry you take issue with people who do honorable work for modest wages.
cjriis, clearly you are not living the dream while Steve is. He has a first-class ticket aboard the Free Money Express. Don’t hate the player, hate the game. Or at least grab hold of the caboose.
cjriis,
Your profession is only honorable in your mind and those that agree so. I consider inner city public school teachers to be crowd control officers first and foremost.
Wow, somebody’s gotta teach those kids, even if you consider it crowd control.
“Bob on November 21st, 2008 at 2:00 pm
cjriis,
Your profession is only honorable in your mind and those that agree so. I consider inner city public school teachers to be crowd control officers first and foremost.”
Bob and Steve collectively know everything.
“Hey HD – You better watch out for the next wave of layoffs. with all the time you spend on this board your boss is going to catch on that your are doing nothing at work. We all love your posts on EVERY property but get to work already and earn that $60k you make.”
I keep saying steve, over and over again, I will not be laid off, I am busier than ever, I spend 12 fricken hours a day in this office anyway, and some weekends, who cares if I spend an hour posting to keep my mind from going crazy. I’m either here or bloomberg’s front page. That’s it.
Wow. Bob, you are a helluva guy.
It is a tough sell. A million bucks for a home w/a big fat garage in front.
“A million bucks for a home w/a big fat garage in front.”
If it were **only** a million, it might get some action.
This just sold for $1,050,000. The new owner is putting a great deal of work into it to remedy the developer’s mistakes/bad decisions. I’m just glad it will no longer be an empty shell; there have been tons of problems there over the past few years (including a period of 2 weeks when the fire alarm rang incessantly and no one could get inside to shut it off). Whew.
Yeah – looks like a lot of work going into it…could be a really nice home and steal at selling price (depending on how much they are spending to fixer up!). Went through it before and has a lot of potential. Would love to see the “after” pictures.