Bank Owned 2-Bedroom in East Lakeview: 747 W. Cornelia
This 2-bedroom vintage unit at 747 W. Cornelia in East Lakeview just came on the market.
It is bank owned and listed $37,500 under the 2006 purchase price.
Looks like it was a 2006 conversion.
It has hardwood floors, a sunroom, and a porch.
The unit has all the bells and whistles you’d expect out of a recent conversion, including central air, in-unit washer/dryer and the granite counter tops in the kitchen (along with stainless steel appliances.)
The only thing that’s missing is parking.
Is this a deal for East Lakeview?
Anthony Hanas at Coldwell Banker has the listing. See the pictures here.
Unit #S1: 2 bedrooms, 1 bath, sunroom, no square footage listed
- Sold in April 2006 for $282,500
- Lis pendens in February 2008
- Bank owned in June 2009
- Listed in September 2009 for $245,000
- Assessment of $257 a month
- Taxes of $4062
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 16×10
- Bedroom #2: 14×10
- Living room: 15×13
- Kitchen: 14×8
- Sunroom: 8×8
I’m seeing many comparable deals in Lakeview, many more attractive than this. This place is merely OK, doesn’t have the architectural features so many buildings this age have.
Taxes are too high. The whole association should seek an adjustment based on current selling prices. If it was rehabbed more than 2 years ago, it is no longer “new construction”.
Buying a rental-quality unit is not a good real estate investment. Too small. No parking. One-person apartment. To move from a rental to this unit as an owner-occupant makes no sense.
Needs to come down more. The fact is I see property values way lower in boystown and this just isnt a deal for that area.
IF it had another bathroom it might be a deal, but paying 250k (+$590 a mo in tax/ass) for a 2 bed 1 bath, rental that you could rent for $1500 a month? Stupid.
Stevo’s calculator would say it’s right on the money, if $1500 is legit rental value; backing out his absurd DP adjustment, it’s more like $200k.
Great location, but the lack of parking, one bathroom are big strikes against this.
Interesting that the kitchen is still intact in spite of being bank owned. Curious what kind of renovation is needed on this. If any. Assuming renovation is needed since it is bank-owned, but that’s probably the pessimist in me.
Haven’t you heard about Countrywide’s “Cash for Keys program”???
They’ll give you $3k in cash to not trash your house and strip all the appliances out when you’re forclosed on! I shit you not!