Are You Falling In Love With The 2-Bedroom Loft Or The Expert Staging? 515 N. Noble in West Town
Sellers could learn a lot from the marketing of this 2-bedroom loft at 515 N. Noble in the Noble Square neighborhood of West Town.
Back in March 2012, this was a bank owned unit.
At 1000 square feet, it was a large 1-bedroom loft with 12 foot timber ceilings and exposed brick which sold for just $106,000 (parking included.)
Unfortunately, the old listing does NOT have any interior photos with it.
But you can see the bank owned listing here.
6 months later the unit has come back on the market as a 2-bedroom with a “new” kitchen and bathroom.
The kitchen has honed marble counter tops, stainless steel appliances and modern white cabinets (have you noticed that most of the rehabs we’ve seen with new kitchens have had white cabinets? White is “in” again.)
This unit is expertly staged with gorgeous furniture, strategically placed huge mirrors propped up in hallways and bedrooms and even a bowl of lemons on the kitchen counter top.
It reminds me of a model home like the ones they used to have on the old Parade of Homes in the 1980s (before there was House Hunters and other cable shows about real estate.)
The loft has come back on the market at $153,000 more than the March 2012 sale.
It is also, as I said, a 2-bedroom (which is more marketable at this price point than a 1-bedroom.)
Will the staging get this rehabber a quick sale at a big profit?
Karl Vogel at @Properties has the listing (and also owns the unit). See the pictures here.
Unit #110: 2 bedrooms, 1 bath, 1000 square feet
- I couldn’t find an original sale price
- Lis pendens foreclosure filed in May 2010
- Bank owned in August 2011
- Sold in March 2012 for $106,000 (parking included)
- Currently listed at $259,000 (parking included)
- Assessments of $224 a month (includes cable)
- Taxes of $2170
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×12
- Bedroom #2: 13×9
BOBO APPROVED!
Technically it is still a one bedroom with a multi-use room. The room behind the kitchen has a bed with a blue sheet. Based on the photos it is clear that there is no direct source of ventilation to the outside. Although it has a closet it is not technically a two bedroom. The other room being used as a office does appear to have a window. While legal at this setup it is technically a stretch to call it a true 2 bedroom unit.
This place seems dark and depressing regardless of the staging. I wonder what the few windows that exist face, that they can’t have them open in the pictures.
What’s the best website to look for these $100 psf bank owned units? (if you don’t have a license for the MLS)
Helmethofer – good question. I was scheduled to see this unit when it was first listed at 85k in February but flipper the dolphin beat me to it. Definitely an interesting building, not sure if I would’ve liked being on the first floor though.
” helmethofer (September 13, 2012, 11:52 am)
What’s the best website to look for these $100 psf bank owned units? (if you don’t have a license for the MLS)”
THere is no ‘best website’. It’s all about knowing the RE agent who knows the asset manager, or knowing the asset manager directly who gives you in the inside scoop on what’s in the pipeline. Then when it’s released to the public, your stuff is already in order and the property is sold, just like that.
You often see a lot of the same realtors and flippers working together to get the best properties. I know of somebody who’s a pretty big time REO realtor, i mean, going to REOMAC in the 90’s big time, before foreclosures were foreclosures, and while I have no proof of these sorts of shenanigans, nor do I ask or pay attention, i imagine it has to go own.
yep only the crap is left over after the big money scoops up all the deals
“You often see a lot of the same realtors and flippers working together to get the best properties.”
Having lost out a couple of times myself, I can assure you that this is true.
“Having lost out a couple of times myself, I can assure you that this is true.”
Curious. You’re saying you submitted a timely offer that was as good or better on the relevant (legitimate) terms, including lack/presence of contingencies etc., and that was clearly better on some dimension, and you lost out?
I have a friend who is acting as a broker for a large fund. They are buying 200+ troubled properties in Chicago. They are a cash buyer and CLOSED 20+ deals last month. With that track record and cash supply let me assure you that small details and rules are bent slightly to make their deals and offers happen. They are a guaranteed close and that has STRONG appeal over some local one off buyer that is looking to do a flip. DZ – welcome to the real world where big piles of cash talk and usually win. Just look at the world of politics.
Seems like a pretty ordinary 1 bedroom to me. Nothing special at all.
***SALE PENDING*** ….ok which one of you put in the offer?
“DZ – welcome to the real world where big piles of cash talk and usually win. ”
He included as an assumption that the offer was “as good or better on the relevant (legitimate) terms, including lack/presence of contingencies etc.” and your scenario is counter to that assumption.
I seen this place. Its really well done. The flipper is actually the listing agent. Although the master bedroom is in the middle of the unit without any windows, the floor plan really flows well and the rooms are just the right size; not big but not small either. The only downside of this unit is that its a low first floor. The windows face north into the building’s gated parking lot and the wall of the building next door. It’s a dark unit.
is that a flower in the shower?