Back to the 2000 Price for this 3-Bedroom South Loop Townhouse? 1619 S. Indiana
This 3-bedroom townhouse at 1619 S. Indiana in the South Loop has been on the market since February 2011.
It is a short sale and has been reduced $65,000 in that time. It was also under contract in July but then fell out.
It is a fee simple townhouse with an attached 1-car garage.
All 3 bedrooms are on the third floor.
The kitchen has granite counter tops and black appliances.
A lis pendens foreclosure was filed on this property 22-months ago.
At this point does it make sense for an interested buyer to simply wait until the bank owns it?
Listed just $24,900 over the 2000 price, will it eventually sell for less?
Peter Perisin at D’Aprile Properties has the listing. See the pictures here.
1619 S. Indiana: 3 bedrooms, 2.5 baths, 2000 square feet, 1 car garage
- Sold in January1997 for $271,500
- Sold in February 2000 for $400,000
- Sold in June 2006 for $550,000
- Lis pendens foreclosure filed in February 2010
- Originally listed in February 2011 for $489,900
- Was under contract in July 2011
- Fell out of contract
- Currently listed as a “short sale” for $424,900
- Assessments of $302 a month
- Taxes of $6925
- Central Air
- Bedroom #1: 14×13 (third floor)
- Bedroom #2: 14×10 (third floor)
- Bedroom #3: 10×10 (third floor)
- Family room: 17×22 (second floor)
“At this point does it make sense for an interested buyer to simply wait until the bank owns it?”
Depends. Even though Short Sales have been common during this busts, banks apparently still treat each one as if it were the first they ever handled, taking forever. You’d think they would hire the appropriate staff and just create a dedicated dept/procedure to faciliate this.
However, as this was under contract, it is now an Approved Short Sale, meaning the bank has a price in mind. I have no idea if this is a good price, i’m thinking more like $350K myself but I’m cheap. I hear the school system is good here and its very close to downtown.
The South (Loop) Shall Rise Again đ
Price seems decent. The place shows awful though with all the clutter, ugly furniture, and hideous paint and window treatments.
This is a pretty good price and the fact that it already went under contract when listed at 450K sorta confirms it. It should close for close to 400K. I would not wait to move on it because you would simply be risking not getting it at all.
Miumiu: what’s the motivation to stage it for those doing a short sale? It’s not their money.
” whatâs the motivation to stage it for those doing a short sale? Itâs not their money.”
If you’re doing a short sale, you still want it to sell as quickly and as close to what you owe as possible. In many cases, while in the process of a short sale, the clock is still ticking until the bank begins foreclosure.
This seems like a good deal and Indiana is a nice street. The clutter in the pictures makes it seem unattractive and showings might increase if they took new pictures. The current pictures scream, “There is no storage space here.” That being said if I was in the market and looking in this price range, I would want to see this place.
Gary: don’t worry, there will be more deals in the future.
Yeah, I agree with Icarus. They’re not getting any money out of the transaction but if there was no incentive to complete the short sale they wouldn’t even bother at all–they would just let it go into foreclosure. Might as well clean up the place and try to sell as fast as possible–it’s much easier to keep a place in showing condition for a shorter time period and will hopefully take fewer showing to get rid of it.
Yeah, maybe it’s understandable that they wouldn’t spend real money to stage or repaint, but they could at least get the boombox and tv off the floor and the stereo off the toilet tank.
Realtors are pushing the short sales to try and close deals, any deals, it’s getting cold outside and they’re getting very hungry….
HD, why the contempt? It is a legitimate job and while some Realtors are not good at what they do, there are many that do a great job. I think it is a little childish to categorically be dismissive of people of a certain profession and somewhat mean to make jokes about people going hungry especially during an economic down turn and Holidays.
Because they’re pushing people into short sales with teh potential for deficiencies; when they home debtor should be using the time to live rent free during the forelosure process to get back on their feet. I hear the short sale push all the time.
Not everyone benefits from foreclosure. If they have other significant assets, a short sale is a much better option. Also sure Realtors would like to see a sale as their payoff is tied to one, but can you blame them for that? The problem is a missing third party that can consult with the sellers to weigh the best option for them. I wish there was some sort of an authority to do that, but there is a clear conflict of interest for Realtors to do this. It would be like having the same person as the judge and the attorney.
“The problem is a missing third party that can consult with the sellers to weigh the best option for them.”
This is hilarious! Can I have a third party consultation to buy a TV, too.
I think there is nothing wrong with having some sort of organization to help consumers. Depending on the value of the purchase, one can decide whether it is worth the fee or not.
“I think there is nothing wrong with having some sort of organization to help consumers. Depending on the value of the purchase, one can decide whether it is worth the fee or not.”
You’re right. We’ll call them “financial advisors”. We can even make them get 4 year degrees in Finance, Economics, etc. Great idea.
“The problem is a missing third party that can consult with the sellers to weigh the best option for them. I wish there was some sort of an authority to do that, but there is a clear conflict of interest for Realtors to do this. It would be like having the same person as the judge and the attorney.”
Actually, I always advise potential short sellers to consult with an attorney. They are going to have to hire one anyway and it avoids me potentially giving out “legal advice”. In this case a realtor should just lay out the options. There are too many legal questions – e.g. suppose you have significant assets? Is the bank going to go after them? Is there a way to protect yourself from that? I don’t want to touch those questions.
Miumiu, most people are too cheap to pay for that kind of service. Working in RE gives you a new perspective in understanding how tight and irrational people are about money. People do not like to part ways with cash for service, even if it is in the best interest to do so.
Realtor services would be cheaper and more objective if they were paid upfront and decoupled from the sale of the property. However, most people are not willing to pay what it costs even if it would be cheaper than commission sale model. They’d rather the agent make a $10k commission tied to a closed sale, instead of pay $2,500 upfront regardless of outcome.
I’ve seen borrowers bitch and moan about having to pay $400 for an inspection of a property that they are about to buy for $500,000. They don’t want to risk the $300 bucks to pay for a third party appraisal that is completely objective. Etc, etc….
So to sum it up, spend money on a good lawyer and/or financial advisor, and photographer.
I bet HD’s sock drawer is very neat of late and NYC sock drawer is color co-ordinated.
$1 if anyone gets that reference đ
i’ve seen many brokers get paid for service. Of course that was after hours, and swinging around a pole.
Russ, it’s called being penny wise but pound foolish. I have a friend who bought a house and nickel and dimed the sellers, negotiated every penny, he even hired ANOTHER ATTORNEY (not me) because my flat fee was $100 more than somebody else he was referred too. He even used the tax credit and tax refund as his down payment. Yet the house was more than he could afford, so now he’s broke all the time because all his money went to the mortgage. Penny wise, pound foolish. I see that all the time.
Real estate attorneys are trained in detecting problems with the contract and so on and not the actual investment. I have a financial advisor and she understand the stock market pretty well but does not know enough about Real estates and she is not particularly trained in detecting fraud and protecting consumers.
So while Gary and NYC you have some valid points, I still believe a consumer protection service can be very useful. This is why CC is so popular. Because the type of information our collective comments provides here is hard to find else where. Maybe eventually some sort of yelp like structure for Real estate purchases will emerge.
@ Russ, unfortunately it is true that a lot of folks have irrational reservation for paying for services that can really do them good. We have these friends who constantly argue about who should clean what and I am like hire a cleaning lady for heaven’s sake and they waste so much money on other things but somehow find hiring a cleaning lady expensive!
30yr tbond yield cratered today and now you can get 30yr mortgages with a 3.375% rate with 1.75 pts. I think Sonies was onto something when he said eventually sub 3%..
“30yr tbond yield cratered today and now you can get 30yr mortgages with a 3.375% rate with 1.75 pts. I think Sonies was onto something when he said eventually sub 3%..”
Bob–30 year mortgage tracks the 10yr.
“Bobâ30 year mortgage tracks the 10yr.”
Was it over when the Germans bombed Pearl Harbor?
wow Germans were so technologically ahead for the era. They managed to send planes all the way from Germany to Pearl Harbor?
“Was it over when the Germans bombed Pearl Harbor?”
miumiu… it’s a joke from the movie “Animal House”. John Belushi gives an inspiration speech which included the line, “Was it over when the German’s bombed Pearl Harbor?”
thanks danny. I still don’t get the joke though : )
Per Urban Dictionary: “Used on message boards when someone posts a topic that has been recently posted by someone else.”
Miumiu, Anon(tfo) was stating something as fact that is obviously wrong. That is the joke. It was in response to Bob’s comment that 30 year fixed mortgage rates are dropping because the the yields on the 30 year T-bill are falling rapidly today. Mortgage rates don’t follow the 30 year T-bill. The are strongly correlated with the 10 year treasury instead.
It is inside baseball. Kind of like when someone says something that is almost correct, but not really right. Yes, we were at war with the German’s but they didn’t bomb Pearl Harbor.
you’re dumb for having a female financial advisor
“Sonies was onto something when he said eventually sub 3%..”
I could revise in a few years to sub 2%, but the data doesn’t signal that quite yet, its getting there though, will take the euro going to QE for that to happen, and its not happening… yet
I hope you’re joking.
Sonies (December 16, 2011, 1:37 pm)
youâre dumb for having a female financial advisor:
Setting aside gender (and whatever issues Sonies has), is there much point to having a financial advisor if you don’t have serious wealth? What wisdom do you get?
Trust me HD, if you knew the amount of woman advisors I knew, you’d stay far away too, they all suffer from the same personality disorder.
Russ got it.
Second half of the inside baseball is the implied response of “Forget it, he’s rolling.”
Thank you guys for the explanation and Sonies you might want to catch up with the 21st century. Women are not only raising kids any more. Oh wait Madame Curie was already advancing science in 19th century.
Can it be that you are the one with the disorder? Oh…it is called misogyny.
“Trust me HD, if you knew the amount of woman advisors I knew, youâd stay far away too, they all suffer from the same personality disorder.”
“youâre dumb for having a female financial advisor:”
Sonies, I agree that it is troublesome that you would say something like that. I kept the thought to myself đ
“is there much point to having a financial advisor if you donât have serious wealth? What wisdom do you get?”
Sure. A good financial advisor can show help you build your wealth so that it some day does approach serious.
“it is troublesome that you would say something like that. I kept the thought to myself”
someone spiked the eggnog at work!!!
“Sure. A good financial advisor can show help you build your wealth so that it some day does approach serious.”
What advice have you gotten that’s non-obvious?
It’s tough to find yield anywhere these days.
http://www.nytimes.com/2011/11/09/business/how-a-financial-pro-lost-his-house.html?_r=1&src=twr
Do you give advice like this Sonies?
“What advice have you gotten thatâs non-obvious?”
Well he suggested…wait, that would be admitting I don’t have great wealth. And Crib Chatter Axiom #12 states that those on CC who brag about their wealth actually make less than they do and those who claim to be poor are actually in a higher tax bracket.
But knowing that axiom means one should do the exact opposite….and so the battle of wits begins.
http://en.wikiquote.org/wiki/The_Princess_Bride_(film)
“What advice have you gotten thatâs non-obvious?”
Depends on how dumb the person is.
HD look to oil land trusts. Also I’m aware that generally mortgage rates track the 10yr but the site I watch lags that and today coincidentally 30yr rates are down.
I am very surprised how closely rates have tracked the 10yr given the amount of refi activity the past decafe or so.
It is more about how uninformed someone is not necessarily dumb. BTW, you guys have a fricking complicated financial system in this country with really terrible retirement options so actually I would argue it is a pretty good idea to see a financial advisor.
“Depends on how dumb the person is.”
Photo-shopped snow? Listing agents should update their listing photos to reflect seasonal changes so that casual observer doesn’t immediately realize that listing is very old. These days “best foot forward” should be operative rule, and listing agents should request sellers to declutter before listing photos are taken, and if necessary, agents should physically remove remaining counter-clutter before taking pictures. And close toilet lids, make beds, etc. Photos of super cluttered rooms suggest that odor and/or deferred maintenance problems may also exist. Stupid mistake by lister. If you want to sell your place, then it’s “showtime” at all times.
Regarding female financial advisors…. I wish we had people like Elizabeth Warren, Nicole “Stoneleigh” Foss, and Ann Barnhardt steering the finances of this country, rather than Ben Bernanke, Larry Sumners, Timothy Geithner, and the hundreds of Wall Street cowboys.
The emphasis on yield no matter what the risk has collapsed our economy and destroyed our formerly trustworthy financial system. We should be sick of the yield-before-anything mentality that has dominated our thinking on matters financial for the past 30 years.
Regarding the featured property- will someone tell the seller to get the compact stereo out of the damn bathroom before somebody gets electrocuted in there? The power cord is stretching across the sink, dammit.
I dunno the others but Elizabeth Warren is a partisan play all the way. Certainly not a hack, but its pretty obvious how she got her position. I’d lump her in with Summers, Geithner, Paulson, Bernanke, etc.
“Was it over when the Germans bombed Pearl Harbor?”
Not sure if you’ve woken up and smelled the napalm, but we’re entering a global severe worldwide recession, brought to us courtesy of China and Europe.
And it’s a myth that the 10yr is perfectly correlated..historically it has been. But with the Fed pre-announcing keeping rates at zero for multiple out years I’d bet that won’t be as reliable as an indicator.
http://library.hsh.com/articles/first-time-homebuyers/10-year-treasury-is-a-false-indicator-of-mortgage-rates.html
bob.. That is a piece of shit analysis that you linked to. It’s the let me say something counter intuitive to appear smart but simultaneously demonstrate a complete lack of understanding of a topic. Or as DZ would say.. It lacks bisimulation but is definitley a homomorphism.
Somewhat tangential:
So will EU go boom?
And if or if not, will it push us to QE3?
And then will we be sub 3%?
“So will EU go boom?
And if or if not, will it push us to QE3?”
Whether or not the Euro survives, banks are going to continue to sell assets to raise capital. Things you own are going to continue decreasing in value, things you use will continue to rise in price.
“its pretty obvious how she got her position.”
Harvard law professor?
“Trust me HD, if you knew the amount of woman advisors I knew, youâd stay far away too, they all suffer from the same personality disorder.”
What’s the personality disorder?
It’s not very common to have a woman financial advisor (let alone know a bunch of them.) Sonies, do you hang out with the women financial advisors association or something?
A financial advisor’s job is mainly to find out what your goals are and try and get you there. So, they figure out how much you need to save in order to retire with $2 million by the age of 70 or how much you’ll need to put aside every month in order to pay for your child’s college education or whether or not you can afford that vacation condo in Lake Geneva. There are software programs that most of them use that will allow you to put in the financial profile of someone and it spits out all the data- with pretty charts.
People often confuse “financial advisor” with “investment advisor.” An investment advisor is someone who manages your money. So, DZ, if you only have $10,000 you probably aren’t going to need the services of an investment advisor. But someone with $100,000 might want to use one. An IA can help guide you to what investments you should be in- stocks, bonds etc. Many times you just hand your money over to the IA and he/she manages it for you. Bernie Madoff was an investment advisor- NOT a financial advisor.
“itâs a joke from the movie âAnimal Houseâ. John Belushi gives an inspiration speech which included the line, âWas it over when the Germanâs bombed Pearl Harbor?â”
Don’t worry miumiu. Few women know all the guy “insider” jokes from the movies like Animal House, Caddy Shack etc. that they all seem to be able to quote verbatim.
Wow, entertaining this morning. These town house are very pretty on the outside yet cramped on the inside. (you spend alot of time going up and down the stairs) and entertaining is tight.
As for female Financial Advisors I am one and the reason we are most successful in our offices than many of the men is that we have more empathy as to what our clients needs are and we are not so easily sold by all the wizards of Wall Street (who are mostly men) creating the CDO’s structured products and all the derivative strategies to manage the risk (how did that work out).
Keep it simple. Stocks bonds and cash management.
“Harvard law professor?”
There are lots of Harvard professors. She got hers because she fits at least one diversity criteria (woman) and since she was chosen she got a LOT of free publicity in the form of TV and other media coverage.
Elizabeth Warren wrote a great book: “Two-Income Trap”, which summarizes her research on inherent financial risks for dual-income households, and is a household finance book I highly recommend for “Cribchatter” readers. She expounds at length on relationship between home prices and school quality, and danger of overleveraging home purchase to acquire a “good school district”. She has notable “regular folks” history, daughter of a janitor, working single mom, and unusual for the background, eventually named a Harvard professor — but not a Wall-Sreet Brahmin. Not a Larry Summers or Tim Geithner, who both lobbied hard against her.
“There are lots of Harvard professors. She got hers because she fits at least one diversity criteria (woman) and since she was chosen she got a LOT of free publicity in the form of TV and other media coverage.”
She was highly recruited and was stolen away from Penn Law School, actually.
Thanks, Sabrina.
The contempt for women on display on this thread is truly obnoxious.
It’s pure sexism to assert that a woman of Ms Warren’s caliber and achievements was an “affirmative action” choice. To the mentality that would make such a statement about someone who has written a half dozen well-received books and is considered to be a top expert in bankruptcy and debt, is to completely dismiss her achievements and imply that ANY woman who is chosen for a top job could only have been chosen to satisfy some government mandate and could conceivably have gotten the post on her own merits.
“The contempt for women on display on this thread is truly obnoxious.”
It’s Bob. What are you expecting? Unfortunately Warren is not spelled Goldsteinbergowitz, or we would have really heard some funny stuff.
“Donât worry miumiu. Few women know all the guy âinsiderâ jokes from the movies like Animal House, Caddy Shack etc. that they all seem to be able to quote verbatim.”
Sabrina, I see you left out Belushi – Blues Brothers quotes. As well as anything from Ferris Bueller. I assume that is expected knowledge of anyone, male or female, living in Chicago.
“Itâs Bob. What are you expecting? Unfortunately Warren is not spelled Goldsteinbergowitz, or we would have really heard some funny stuff.”
Perhaps in poor assumed standards of decorum but how is that call of inflation working out for ya, international-j?
No massive inflation here and the bond market is signalling deflation. Just because you pay $500 to get your car worked on in a third world country doesn’t translate into inflation here or in developed countries. It’s probably just your country trying to devalue it’s currency to repay debt–a common practice with Latin American countries.
Ms. Warren has been a democratic proxy appointment for at least a few years now. They created with the CFPB in the assumption she would take the top spot. The fact that she was blocked I find hilarious as it shows two houses of congress controlled by the same party for two years can’t get their crap together enough to tow the party line. Now she’s running as the ol’ Teddy’s replacement and I’d imagine her fundraising is doing swell among TPTB. She has a good shot at winning, too.
We need to create bigger financial separations between the states, IMO so the coasts can pay for their own problems they create.
But please note TPTB’s plan to put her in charge of a large government bureaucracy was blocked so now they are channeling massive amounts of money to put her in the senate. Elizabeth Warren was and always has been a partisan play ever since she entered the public eye, regardless of wonkish academic achievements.
Sure, Warren is a “partisan play.” She entered the political spotlight during a Dem presidential administration. Who cares? Had this been (i) a Rep presidential administration and (ii) one which was serious about the causes and impacts of the financial crisis as it pertains to consumers (this is obviously an unlikely scenario), then the legal luminary may well have been one with conservative credentials. (Then again, while they do exist, conservative legal academics on the level of a Warren are a tiny minority of the legal academy, so who knows if one would have been available.)
As for man vs. woman FA’s, IA’s, lawyers, etc., that’s a debate that’s long raged within the legal academy, and many of the debaters are women. There’s a camp who argues that women are better suited in general to being lawyers, based upon being more caring, attentive, reasonable, etc. Then there’s a camp who thinks those very attributes might put women lawyers and their clients at a disadvantage. And there’s a camp who thinks both of those camps are spewing nonsense, because it’s absurd to generalize that all women had the same upbringing, see the world the same way, or have the same personalities, not to mention the fact that legal practice is far too varied for a single set of attributes to be universally beneficial (and of course, these are the same reasons why generalizing about men is a fool’s errand).
“Perhaps in poor assumed standards of decorum but how is that call of inflation working out for ya, international-j?”
You mean the one I had on from Mar-Apr ’09 til this past Aug11? I think it worked out extremely nicely, although Aug sucked big time. Now long term.. keep sticking to your side.. stupid bet..
Exactly. BTW, I think it is unfair to blame Bob. Many others have made many sexist comments. It is amazing how live and well is misogyny.
“And thereâs a camp who thinks both of those camps are spewing nonsense, because itâs absurd to generalize that all women had the same upbringing, see the world the same way, or have the same personalities, not to mention the fact that legal practice is far too varied for a single set of attributes to be universally beneficial (and of course, these are the same reasons why generalizing about men is a foolâs errand).”
Damn it is a long list. No way I can watch so many idiotic movies, I guess I should move after all ; )
“Sabrina, I see you left out Belushi â Blues Brothers quotes. As well as anything from Ferris Bueller. I assume that is expected knowledge of anyone, male or female, living in Chicago.”
miumiu – women ARE different from men – they absolutely think and behave differently (whether that is upbringing or inherent is questionable) – but there is NO question that they are different and there ARE certain jobs/careers that are more suited for one as opposed to the other PERIOD.
Women can do white collar work and professional work as well as men since there’s nothing inherantly traditionally manly about being a desk jockey; no strength or courage involved. I mean real courage; not “if this doesn’t work I’ll lose money” but “if this doesn’t work I’ll get killed”.
“Sabrina, I see you left out Belushi â Blues Brothers quotes. As well as anything from Ferris Bueller. I assume that is expected knowledge of anyone, male or female, living in Chicago.”
You all do realize that those movies are like 20 or 30 years old now. They are NOT current. People under age 30 haven’t even SEEN some of the movies you are quoting- yes, even those males who live in Chicago.
Blues Brothers was made in 1980.
Ferris Bueller in 1986.
Say that to women in the military. I am sure they will appreciate that.
“I mean real courage; not âif this doesnât work Iâll lose moneyâ but âif this doesnât work Iâll get killedâ.”
Animal House is a totally overrated movie.
Sure, women are much better suited for playing a female in a movie, but I cannot think about many jobs that you can provably argue that women are worse than men. Same is true for men. For instance, still in many traditional cultures men do not cook. Does it mean they are not well suited to do so? Just because almost everyone’s dad in Italy does not cook is not evidence that men are inferior to women in cooking. One good male chef is evidence that this is nonsense. Similarly because most folks have moms who
cannot fix a car does not mean women are inferior to men in doing so. Truth of the matter is cultural norms push us all very strongly to conform to our gender standards. It takes a lot of courage or a very strong passion to break these norms. Most folks just don’t have the drive or the energy hence it takes a long time for the cliches to die out.
“miumiu â women ARE different from men â they absolutely think and behave differently (whether that is upbringing or inherent is questionable) â but there is NO question that they are different and there ARE certain jobs/careers that are more suited for one as opposed to the other PERIOD.”
I’m so glad there are new posts tomorrow just so this sad battle hopefully ends….
“tow the party line”
That would be “toe”.
“Itâs Bob. What are you expecting?”
We *clearly* got *exactly* what I was expecting. âForget it, heâs rolling.â
“People under age 30 havenât even SEEN some of the movies you are quoting”
Yeah, and that’s why the Millennials are suck a sadsack generation. Or something.
AON, has irony had its Lazarus moment yet?
“Say that to women in the military. I am sure they will appreciate that.”
I didn’t mean to imply that women were incapable of doing jobs that take courage and strength, obviously they can. My point was that there’s nothing inherantly traditionally manly in the sedentary work so many men do today. Which I said plainly enough.