Bank Owned 2-Bedroom in The Brewster Sells: 2800 N. Pine Grove in Lakeview
We last chattered about this bank owned 2-bedroom in the historic Brewster building at 2800 N. Pine Grove in Lakeview in February 2011.
See our February 2011 chatter here.
Even at $68,000 under the 2007 purchase price, not many of you thought it was much of a deal given that it was only 650 square feet.
Only Laura thought it would sell for around the list.
And she was right.
It was listed for $129,900 in February and sold for $131,000.
If you remember, it had no central air, no in-unit washer/dryer and no deeded parking.
But the kitchen and bathroom appeared intact.
The kitchen had 42 inch maple cabinets, stainless steel appliances and granite counter tops.
The unit also had an eastern exposure and exposed brick walls.
Gaspar Flores at Su Familia Real Estate had the listing.
Unit #3B: 2 bedrooms, 1 bath, 650 square feet
- Sold in November 1994 for $80,000
- Sold in July 1997 for $90,000
- Sold in January 2007 for $198,000
- Lis pendens foreclosure filed in December 2009
- Bank owned in October 2010
- Originally listed in December 2010 for $164,900
- Reduced
- Was listed in February 2011 at $129,900
- Sold in May 2011 for $131,000
- Assessments of $339 a month
- Taxes of $1887
- No central air- window units only
- No in-unit washer/dryer
- No parking
- Bedroom #1: 13×9
- Bedroom #2: 12×10
- Living room: 15×13
- Kitchen: 11×8
Sounds like they got a good deal, but I know this building, so I know they didn’t. It would take a total rehab of that place to make it look decent, and there’s no way 650sq ft is ever going to be a real two bed apt.
Building exterior looks great, and the neighborhood is tops, but they still didn’t get any more than they paid for when you consider the unit itself, which is a total dump.
Laura, perhaps the buyers also considered the ease with which they’ll be able to pick up a garlic ring downstairs at the Red Hen bakery. They always seem to sell out of those, so I would consider it a building amenity.
maybe they will rent it out.
“maybe they will rent it out.”
Think they can get $1400 for it?
nope. what kind of rate does 1400 give em
“nope. what kind of rate does 1400 give em”
I rounded up the taxes a bit (which might cover some maintenance/vacancy, or just tax increases), but you need ~$1400 to get around 8, with no vacancy and no maintenance.