Another Price Reduction for This 3/3 Duplex Down: 848 W. Roscoe in Lakeview
Given what happened the last time we chattered about this 3-bedroom duplex down at 848 W. Roscoe in Lakeview on Christmas Eve, I thought about doing an update on it on, say, Good Friday but then thought I’d better not tempt fate.
Yes- we all know about the bar at the end of the street. Let’s not get into that again. (And yes- the comments have been removed.)
See our December 2010 chatter here.
Since our last chatter, the unit has been reduced another $17,000.
After 2 1/2 years on the market, the seller is now “motivated.”
The listing also says the property is in the Nettlehorst school district.
Built in 2003, two of the three bedrooms are on the main floor with the third in the lower level.
It also has a 18×17 family room in the lower level.
It has two outdoor spaces with a south facing patio as well as a rear deck. The unit also has a garage with a heated driveway.
The kitchen has stainless steel appliances and granite counter tops.
How low will this one go before it finally finds the market?
Keith Goad at Keller Williams still has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, duplex down, no square footage listed
- Sold in September 2003 for $540,000
- Originally listed in September 2008 for $715,000
- Reduced many times
- Was listed in December 2010 for $576,900 (parking included)
- Reduced
- Currently listed for $559,900 (parking included)
- Assessments of $228 a month
- Taxes of $7729
- Bedroom #1: 13×12 (main level)
- Bedroom #2: 12×10 (main level)
- Bedroom #3: 13×10 (lower level)
This ask price reduction isn’t material enough to make any difference. It’s also funny because with an ask price of 560k this property is playing in the majors, yet with a paltry 17k reduction (under 3%) you can tell they value that 17k a lot.
It appears they’re confusing their small potatoes (17k) with the big potato (560k). I would NOT want to be the selling agent.
Looks like they’re trying to get out with some equity to use as a downpayment on some property in the burbs. Not gonna happen.
“Looks like they’re trying to get out with some equity to use as a downpayment on some property in the burbs. Not gonna happen.”
They already bought and moved, as noted in the last thread.
“They already bought and moved, as noted in the last thread.”
maybe they’re trying to pay down a loan or credit card or something. maybe get some breathing room.
Ironically, I would hate to be a buyer right now. I’d have no idea is what true value.
Ironically, I would hate to be a buyer right now. I’d have no idea what is true value.
“They already bought and moved”
Ahh the ol’ double-down strategy–if only one foot is on fire it’s best to get both burning for consistency?
Duplex downs have been hit pretty hard, but I would still think that $520k or so will find a buyer for this place. I agree it probably should be rented, or refied and rented if they don’t have a nice low rate on that mortgage, but there might be a LTV issue. I would expect this to get $3000 or more per month, easy, and that should get pretty close to covering, if it doesn’t cover, non-principal costs on a mortgage at a reasonable rate.
“Duplex downs have been hit pretty har…”
Really? Multiple offers and under contract within a few weeks:
http://www.redfin.com/IL/Chicago/2030-N-Burling-St-60614/unit-1/home/12771813
I love that they actually include surround sound as a selling point. For $560K they might want to consider throwing in the actual surround system & TV – dropping wires in my living room walls took me and a friend all of an hour.
I will never fathom why anyone would pay that much money for shared space – and the taxes are obscene! I’ll be paying less than that to send my kid to a private elementary school where I won’t have to deal with the red tape and other bs that is unavoidable even at the good CPS schools.
“the red tape and other bs that is unavoidable even at the good CPS schools”
?? Honest question. Don’t see it, at least to this point.
IMO…
These places are a dime a dozen…cookie cutter. The sellers of these places GENERALLY take a bath. Some can hit the jack pot if they are in the perfect location…perfect upgrades…the sun, moon and stars all are aligned at the precise moment a qualified buyer comes along….
anon, as a former CPS employee, believe me, it’s hard to explain how ridiculous the system is from the inside. test scores are getting better at some CPS schools, but they are still CPS schools.
I like the fact I can walk into a small school and have the principal know me by name, I went to a small elementary school in Lincoln Park and still keep up with some of the teachers, parents & kids from my class, etc. There is no “Central Office” where records disappear, are screwed up and never can be corrected, oh, I could go on and on.
CPS is what it is, a industrial-age education system legacy. What people don’t realize is that attempts to make these old public school systems are trying to retrofit 21st century sensibilities onto a system designed to train immigrant children how to be docile workers on a factory line or meat packing plant killing floor.
$425,000
clio……2030 n burling is just a touch different than 848 w roscoe, classic pumper move
“CPS is what it is, a industrial-age education system legacy. What people don’t realize is that attempts to make these old public school systems are trying to retrofit 21st century sensibilities onto a system designed to train immigrant children how to be docile workers on a factory line or meat packing plant killing floor.”
Yeah, that’s pretty much public education. Everywhere. Has served most of my friends and family pretty well across most of the country.
And, “how ridiculous the system is from the inside” is a standard trope for *every* industry–anytime you find out how the sausage is made, it’s disgusting. Like I say, maybe it’ll happen, but not so far.
“$425,000”
dont be stupid.
It amaxes me how many places have been on the market since 2008, when if they had actually priced appropriately then, they could get more $ then they can now. Chasing the market down, but always staying one or two steps behind.
anon(tfo) :
How far would $100,000 go to make this home look like it’s neighbors? i.e. add front porch with roof, new victorian looking siding, finish drywall main floor, restore some of the vintage woodwork (if possible). (I know the disgusting addition probably can’t be remedied as part of that $100,000.
http://www.redfin.com/IL/Chicago/3739-N-Kildare-Ave-60641/home/13457707
I’m not so much interested in buying the house as much as I’m interested in the costs involved. I’m well versed in financing, title, legal issues, even some design, but I’m weak as to the construction side of RE. Thanks!
Streetview of neighbors of subject property
http://maps.google.com/maps?q=3739+N+KILDARE+Ave&layer=c&sll=41.949251,-87.734868&cbp=13,88.32,,0,0.14&cbll=41.949239,-87.735301&hl=en&ie=UTF8&hq=&hnear=3739+N+Kildare+Ave,+Chicago,+Illinois+60641&ll=41.949239,-87.735301&spn=0.003822,0.009645&z=17&iwloc=A&panoid=N805-uKZy5kVmasV7GAN6g
It will not sell for over $500k. 3635 N. Wilton #1 in the same school district was a nicer place and is under contract right now for under $500k (it was most recently listed at $499k before going under anyway).
http://www.trulia.com/property/3034396278-3635-N-Wilton-Ave-1-Chicago-IL-60613
As a buyer this market is intimidating, as the old saying goes, ‘don’t catch a falling knife.’ Just b/c they keep cutting the prices doesn’t mean the knife is to the floor yet, especially for this one.
“retrofit 21st century sensibilities onto a system designed to train immigrant children how to be docile workers on a factory line or meat packing plant killing floor.”
Most people would be more than happy if CPS was capable of imparting its graduates with the same level of basic literacy and numeracy that the “docile immigrants” of yesteryear had. CPS can’t even do that nowadays.
“Ironically, I would hate to be a buyer right now. I’d have no idea what is true value.”
is the best quote I have read on CC in a while. Could not agree more.
“How far would $100,000 go to make this home look like it’s neighbors? i.e. add front porch with roof, new victorian looking siding, finish drywall main floor, restore some of the vintage woodwork (if possible).”
Porches are *shockingly* expensive, b/c they can be with the city’s focus on porches and decks (like, I’d expect that a good porch guy would quote you something near 10 *w/o* the roof if you want cedar). The siding and the interior trim work are potentail big wildcards based on what’s in place and how much you care about proper haz-mat handling (I’d assume, until you confirm otherwise, asbestos in the siding and lead in the paint).
I would think that, in a moderate case, you’d do pretty well getting that stuff done with that budget (and probably could get a bit more done, depending on material choice for the siding); shop around, hire subs directly for each job, you should get a *ton* done for $100k. hvac/sparky/plumbers/foundation –anything that “requires” a “full” permit, like demo/replace of that rear structure–is going to be much worse.
“3635 N. Wilton #1”
I can see it being considered a little nicer, but the third bath is half instead of full, there would be a lot of painting to be done for most people (for me, the red room, the yellow room and what appears to be an unpainted bedroom), and the location, for most people is going to be a good bit worse – right by Wrigley. Just the extra half mile or so for the Roscoe property makes it a totally different neighborhood. If Wilton comes in at $470k or so, I think you’re right on Roscoe, but we’ll see if the sale price is that low. I think it was a pretty good deal even at the asking price. That parking space can be rented for probably $4k a year as well, if you don’t have a car.
““Ironically, I would hate to be a buyer right now. I’d have no idea what is true value.”
is the best quote I have read on CC in a while. Could not agree more.”
I’d hate to be a seller right now. As a potential buyer I don’t have to do anything. No stress or worries either.
Yeah that rear structure adds more space to the house because it’s a fairly small house (3 beds only, small footprint) to begin with. This might be a better candidate for a tear-down but given negligible amount of spec infill new construction, this is a hard sell. Thanks for the advice that $100,000 would go far!
How much would the roof on the porch cost to make it like the rest of the neighbors up and down the block? roughly,
“like demo/replace of that rear structure–is going to be much worse.”
“Thanks for the advice that $100,000 would go far!”
Like I say, tho, the *second* you touch something that carries water, you could find yourself with a $40,000 project, because of the “if we’re doing that, we should do that, too, and that and that” thing.
“How much would the roof on the porch cost to make it like the rest of the neighbors up and down the block? roughly, ”
Haven’t looked at anything like that, ever. Porch x2 would be my mental ballpark–*but* so much of that is down to materials. If you have the porch deck constructed out of pressure treated pine rather than cedar, you’ll save a *ton*.
Thanks again Anon, it sounds like this house needs some work, some is ready done (100 amp electrical, roof, GFA, CA) but still needs more and if you’re going to upgrade a house it has to be the right house at the right price. THis is not it. Thanks.
“I’d have no idea what is true value.”
“true value” is different for each person. Stop treating your house like an investment and start treating it as a tool for a better (more convenient) life.
Hey homedelete,
How do you run the mortgage inquiries you are famous for on this blog? I think I asked it in an earlier thread, but I don’t know if you ever saw it. Just wondering if that is something I can run for free or if you had special access to a system that had this info due to your job.
Thanks,
Mark
Bob, that is why there is the word “ironically” in the statement.
Clio,
I am in the market to buy a home like the one in this thread and I think down a dual path.
1) Is this a place I would love to live in for the next 8 years?
If the answer is yes, then the next line of thinking is:
2) As the bread winner in my family, could my wife rent this place out for enough to cover the mortgage, taxes and assessments if I get hit by a bus?
I think one can weigh affordability and quality of life simultaneously when making a decision as big as a home purchase.
“Stop treating your house like an investment and start treating it as a tool for a better (more convenient) life.”
Ah, but how easy it is to do that is relative to how long you know you’ll stay in the place and how much the cost is relative to your income/net worth. Easy to think that way if you’re well established in Chicago with no likelihood of moving in the next 5-7 years and the house is 1-2x your annual income. Harder if you could end up relocating in a couple years and the house is 3-4x your annual income.
“Just wondering if that is something I can run for free or if you had special access to a system that had this info due to your job.”
The CCRD has six Chicagoland locations. It’s also available online for a fee, but these lawyers have unlimited online access. Downtown is at the Daley Center room 120.
Basic CCRD info is avaliable online and is free. You would have to pay if you want additional details.
Pin number can be obtain via Redfin or cookcountyassessor.
“As the bread winner in my family, could my wife rent this place out for enough to cover the mortgage, taxes and assessments if I get hit by a bus?”
Unless you aren’t insurable for a reasonable price due to health or age (or, I suppose, an unwillingness to lay off the drugs for a while!), this is really best addressed via term life.
Mark: Bob is wrong. Go to
http://www.ccrd.info/CCRD/il031/index.jsp
First to get the PIN # go to “property search” at Cook county assessor web site and scroll down to address search.
http://www.cookcountyassessor.com/
It takes practice to become as good as homedelete at interpreting what is posted – remember the info is put in by gov’t employees
If you could be relocating within a couple of years you shouldnt be buying a place that’s 3-4x your income.
um mark… 20-30 year term life insurance, ever heard of it?
mark: use the firebox browser and download the cook county PIN addon for free.
Why pay insurance premiums if a sound investment accomplishes the same thing? Maybe my viewpoint will change if/when I have kids.
Also, thanks for the ccrd info guys!
“Mark on April 15th, 2011 at 4:12 pm
Why pay insurance premiums if a sound investment accomplishes the same thing? Maybe my viewpoint will change if/when I have kids.”
Because term insurance is dirt cheap, and there is no investment that is better at addressing that risk. UL, PL, WL, etc. are generally terrible investments, with only a minor exception for wrapped VUL in some cases. You may be right about waiting until you have kids, but your level premiums will be higher and you risk insurability issues the longer you wait,
HD: thanks for the tip on the firefox plugin, that is slick as hell.
nonya: that addon is installed on every computer I use.
Noticed this recently dropped to $529,900.
And another price drop…$509K