Are Foreclosures Even Deals? A 2-Bedroom at 3900 N. Pine Grove in Lakeview
This 2-bedroom in the Coronado at 3900 N. Pine Grove in Lakeview just came on the market.
The building was converted into condos at the height of the condo boom in 2005-2006 so there has been a lot of distressed units.
This property is a Fannie Mae Home Path property. It has been in distress since 2011.
This is a southwest corner unit with hardwood floors and crown molding.
The kitchen looks intact with dark wood cabinets, granite counter tops and stainless steel appliances, although the refrigerator is missing.
The bathrooms also appear to be intact with granite/stone counter tops.
It has wall air conditioning units and an outdoor parking space.
We last chattered about this building in 2012 and that unit had in-unit washer/dryer so I think there are hook-ups.
Even though it is now a Fannie Mae property, it has come on the market at $5500 more than the 2005 purchase price.
Is this even a deal for this location in Lakeview?
Elizabeth Dudeck at Liz Dudeck & Associates has the listing. See the pictures here.
Unit #302: 2 bedrooms, 2 baths, no square footage listed
- Sold in June 2005 for $266,500
- Lis pendens foreclosure filed in July 2011
- Fannie Mae owned in October 2014
- Listed for $272,000 (includes outdoor parking)
- Assessments of $655 a month (includes security, water, exterior maintenance, scavenger)
- Taxes of $2655
- No central air- wall units only
- In-unit washer/dryer hook-ups (???- maybe)
- Bedroom #1: 14×12
- Bedroom #2: 12×10
- Living room: 22×13
- Kitchen: 10×8
In 2012, most foreclosures were the best deals on the market.
In 2016, most foreclosures are the worst deals on the market.
I lived around here when they were converting this building, what a disgusting disaster, that tiny pool they decided to build on the first floor, I mean wtf is the point! This place definitely should have remained apartments, look at how dinky everything is, they didn’t even bother to install central heating/cooling… still rocking the ghetto ass window units… but GRANITE/STAINLESS!!!!
“Is this even a deal for this location in Lakeview?”
No.
How the hell are the taxes so low? And the 2015 assessment went *down* by over 18%. So next years taxes are likely going to be *less*!!
Iw *would* be a deal at the Assessor’s market value of $124,490.
AIN’T MISREPRESENTIN’
“In 2012, most foreclosures were the best deals on the market.
In 2016, most foreclosures are the worst deals on the market.
Foreclosures actually weren’t all that good of a deal in 2012, the handful of buyers who were looking all wanted ‘foreclosures’ and the prices shot up. Estate sales were some of the better deals because they were competing with foreclosures and didn’t have the bank bureaucracy.
“Foreclosures actually weren’t all that good of a deal in 2012”
Nonsense. I bought 2 in March 2012. It marked the absolute bottom of the market and they are both up over 100%. Every single deal I considered back then was a foreclosure or short sale. Any non-distressed sale was terrible.
However, I agree that estate sales can be good, there are just far fewer of those. And they generally aren’t 2/2’s in the south loop.
“Nonsense.”
I bought in 2012 also and was searching from 2010-2012. I didn’t even look at a single foreclosures even though that is what I set out to do; at least in the suburban areas I looked at, many foreclosures were ‘Homepath’ properties and sold quite quickly and had a lot of traffic. The remaining foreclosures sold to rehabbers/flippers.
From what I remember, short sales were the ‘best’ deals because few people wanted to go through that ordeal of waiting. I do know some people who bought foreclosures during that time period and while they got ‘deals’ (as did nearly everyone who bought in 2012) foreclosures were not priced the best relative to other homes, at least in the areas I looked. YMMV
It looks like someone watched too many episodes of “flip this house” before trying to improve this condo. The first few photos remind me of the lobby at most cheap chain hotels. Not bad, but not where I want to call home.
As for the AC units in the wall that is not a deal killer for a young first time buyer that may not have had AC at their rental unit. Although I’d bet that it becomes a detriment to most buyers.
baseboard electric heat, also terrible! Does remind me of a cheap hotel, I wonder if this building was ever a hotel? I know Park place once was in the 70’s, wonder if this building was too?
Not a deal anymore in general. Fannie and Freddie seem to have figured out that selling properties that look like crap is not in their best interest. Now, when will they realize that they need to hire agents that a) take decent photos b) answer their phone and c) actually show up for the showing? I think they’re rehabbing them and this listing seems to suggest that. I have a Homepath under contract right now that was clearly rehabbed by Fannie. Nevertheless, I think my buyer is getting a good deal on this property for reasons I don’t fully understand – i.e. not clear why it didn’t sell.