Bank Owned 2-Bedroom Gold Coast Condo Still Available: 1434 N. Astor
This 2-bedroom duplex up at 1434 N. Astor in the Gold Coast came on the market in November 2018 but still hasn’t sold.
We chattered about it in January 2019. See our chatter here.
Just a reminder that it is bank owned.
Built in 1889, it has a 3-unit self-managed association.
The two bedrooms, which appear to have carpeting, are on the second level with the living/dining room and kitchen on the third floor.
The unit has skylights and two fireplaces, although I believe the one in the bedroom is decorative only.
From the pictures, the kitchen appears intact with white cabinets, a stainless steel refrigerator and white oven.
It has in-unit washer/dryer, space pak cooling but no parking.
I’m not sure about those HOAs as it’s bank owned, but you can also see the HOAs from 10 years ago, when it wasn’t bank owned.
Strangely, we actually chattered about this unit the last time it was on the market in 2008. It sold and then came back listed as a rental.
You can read our chatter here.
This is what Gary said about it at the time:
“Sure enough the MLS shows it closing on July 15. So someone bought this. Let’s review the math from another perspective. Rent = 34200, Assessments = 9000, taxes = 10613. Net to owner = 14587 or a 2.1% return on assets. Doesn’t matter how you finance this it’s a bad deal. Some people just really love real estate.”
Originally listed at $474,900, it had been reduced $126,100 to $348,800 earlier in the year.
But it has now come back on the market at $349,900.
Is this the “must have” price for the bank?
Will this property sit for years?
Gasper Flores at Su Familia Real Estate still has the listing. See the pictures here.
Unit #3: 2 bedrooms, 2.5 baths, 1400 square feet, duplex up
- Sold in June 1988 for $302,500
- Sold in July 2008 for $685,000
- Lis pendens foreclosure filed in September 2016
- Bank owned in May 2018
- Originally listed in November 2018 for $474,900
- Reduced several times
- Was listed in January 2019 at $348,800
- Withdrawn
- Re-listed in August 2019 at $349,900
- Assessments are still $2,282 a month (they were $750 a month in 2008)(includes heat, gas, exterior maintenance, lawn care, scavenger, snow removal)
- Taxes are actually now $21,356 (they were $19,194 in January 2019) (they were $10,613 in 2008)
- Space pak cooling
- In-unit washer/dryer
- No parking
- Bedroom #1: 22×15 (second floor)
- Bedroom #2: 16×16 (second floor)
- Living/dining combo: 29×15 (third floor)
- Terrace: 6×9 (third floor)
The living room space looks cool, love all the windows. I don’t understand “decorative” fireplaces, especially in condo spaces. They just take up space.
Looks like needs major dough to get the baths, kitchen up to current standards.
FINALLY closes, $330,000