Bank Owned 2-Bedroom Duplex Down in Lincoln Park Sells 3 Months Later: 2750 N. Seminary
We last chattered about this 2-bedroom duplex down at 2750 N. Seminary in December 2010.
See our prior chatter here.
It had been bank owned for 11 months before it was finally listed for sale.
It sold 3 months later for $132,500 under the 2001 purchase price.
In later listings, two interior pictures were added but they still didn’t tell us if the kitchen and baths were intact.
Apparently, parking WAS included with this unit (originally- it appeared it was not.)
It had central air and a washer/dryer hook-up.
The unit was also just a block or two to the Diversey El stop, shops and restaurants.
Was this a deal?
Izora Hinton at Betts Realty Group had the listing.
Unit #1: 2 bedrooms, 2 baths, 1200 square feet, duplex down
- Sold in May 2001 for $450,000
- Lis pendens in May 2008
- Bank owned in January 2010
- Was listed in December 2010 for $338,900
- Sold in February 2011 for $317,500
- Assessments of $125 a month
- Taxes of $10,788
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom #1: 18×11 (lower level)
- Bedroom #2: 12×10 (lower level)
- Living room: 17×15
- Dining room: 12×15
- Kitchen: 13×7
“Unit #1: 2 bedrooms, 2 baths, 1200 square feet, duplex down”
A duplex down that has the same sq ft as a simplex up? That doesn’t make any sense.
Maybe they converted the duplex to a 2/2 and a garden.
Banks are always conservative with their square footage estimates in their listings (or maybe others are always more aggressive??).
In any event I’d categorize this as a deal given the size, location and parking.
Please see my previous posts on how i feel about duplex downs;
http://cribchatter.com/?p=10238#comment-143285
Relative to comps in this area this deal for owner occupants, but the potential rental value doesnt justify the price for investment purposes.. unless you are betting on price appreciation
Below grade doesn’t count towards square footage. The bank is just listing what their appraisal would have listed, but the real world values the basement space.
Wow, those taxes are ridiculous. Good luck to the new owners on getting them adjusted. Both bedrooms on the lower level. Yuck. I’m surprised it sold this fast.
Yes those taxes are out of control. I am not a duplex fan, but think the price seems about right.
Yup I agree Wilson. What a sad place to live in.