Bank Owned 2-Bedroom Near Wrigley Listed at $199K STILL Hasn’t Sold: 3516 N. Sheffield
We last chattered about this bank owned 2-bedroom at 3516 N. Sheffield just a half a block away from Wrigley Field in Lakeview in June 2011.
See our prior chatter here.
It has been on the market for 10 months and still there’s been no sale.
Back in June, some of you thought this wasn’t an awful price but since it was on the fourth floor of a non-elevator building and lacked parking, you thought it would work best as an investment.
The unit was recently under contract, but it fell out and returned to the market at the same price, $199,000, that it has been listed at since June of 2011.
If you recall, it is a top floor unit with east and west views as well as skylights.
From the pictures, the kitchen is intact and has stainless steel appliances and granite counter tops.
The listing says the bathroom is marble.
The unit has hardwood floors, central air and in-unit washer/dryer.
The listing says it needs some minor maintenance like painting but is otherwise in move-in condition.
The unit is currently listed at $17,500 under the 1998 purchase price, which is when the building was originally converted from a church into condos.
The 1998 purchase, however, also included parking- and from what I can tell from the listing and the public record- the current unit does not. Parking is going for $25,000 in the building.
Last time I asked if this was a steal, but since it’s still on the market we already have the answer to that.
How low will this have to go to finally sell?
Eric Janssen at Chicago Real Estate Resources has the listing. See the pictures here.
Unit #4RS: 2 bedrooms, 1 bath, 1150 square feet
- Sold in January 1998 for $216,500 (included parking)
- Sold in April 1999 for $227,500 (included parking)
- Sold in May 2000 for $264,000 (included parking)
- Sold in September 2004 for $307,500 (did NOT include parking)
- Lis pendens filed November 2008
- Lis pendens filed March 2010
- Bank owned in January 2011
- Originally listed in March 2011 for $230,000
- Reduced
- Was listed in June 2011 at $199,000
- Was Under Contract in January 2012
- Fell out of contract
- Re-listed in January 2012 at $199,000
- Assessments of $262 a month
- Taxes of $5387
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 13×11
- Bedroom #2: 12×11
I toured this condo, and it looks like they have since given it a new paint job. There wasn’t anything especially “wrong” with it except for the kitchen. The layout was designed so poorly that you would probably have to re-do the entire thing to make it usable. Despite what it looks like, there is almost zero usable cabinet space. Also, its 4 flights of stairs up with no trash chute… that would suck.
The outside is ugly
In a few years we will see GREAT 2/2s selling for $200k. This isn’t even close to a deal until it’s below $150k.
This building has to be one of the crappiest looking chuch conversions. Nasty looking windows and brickwork, cinder block along the sides. Tragic.
“In a few years we will see GREAT 2/2s selling for $200k. This isn’t even close to a deal until it’s below $150k.”
The only way this trend can continue is if rents go down or at least stop being raised, but I’ve seen very little evidence of lowering rents, just the opposite actually. Something’s gotta give sooner or later.
That said, this is a pretty atrocious unit and is definitely not worth 200k.
This place is just depressing.
I like the Redfin agent’s comment:
“On second time through noticed kitchen has an awful layout. You’d have to reach across the burners on the stove to get to the spices so don’t cook in long sleeves.”
Not sure that common area is deserving of a pic.
“This building has to be one of the crappiest looking chuch conversions”
Thats because its not a conversion. They just kept the front 10′, demo’d the rest and built a cheap cinder block box. minmiu is right, this is a really depressing unit… I wouldnt even subject myself to renting here, let alone purchasing.
No parking? A can-o-corn away from Wrigley? Better be a big fan of public trans or a bicycle owner; don’t even THINK of trying street parking!
“In a few years we will see GREAT 2/2s selling for $200k.”
What’s the prediction for SFHs then?
“Sold in May 2000 for $264,000 (included parking)
Sold in September 2004 for $307,500 (did NOT include parking)”
If it had sold with parking, would it have gone for $375,000? A parking spot at Wrigley Field is worth $$$ esp. 81 days a year, plus a few concerts, etc.
$40,000 parking spot *0.8 (LTV) = $32,000 deeded pkg. loan, times 4.0% interest rate, equals $1,280 per year, divided by 365 days is $3.51 per day. If there are 90 days a year of prime parking revenue, then 90 times $30/game day parking revenue = $2700 which divided by $1,280 cost is a 200% profit margin. Add in some monthly rents too, in the winter, and the profit margin is better.
“don’t even THINK of trying street parking!”
Bah! I live just East of the subject property and street park all the time… without a permit nonetheless. Its really not as bad as everyone makes it out to be in this area.
“$40,000 parking spot *0.8 (LTV) = $32,000 deeded pkg. loan, times 4.0% interest rate, equals $1,280 per year, divided by 365 days is $3.51 per day. If there are 90 days a year of prime parking revenue, then 90 times $30/game day parking revenue = $2700 which divided by $1,280 cost is a 200% profit margin. Add in some monthly rents too, in the winter, and the profit margin is better.”
Or.. 40k*.04 (just accept it…before chuck correctly tells you, you are leaving out your op cost) = -$1,600
90*30 = $2,700 so net is +1,100. Now 1,100 over 90 days is $12.22 profit per day. Of course you have to make certain you stay home each of those days resulting in a massive restriction of time availability. I would think the consequences would exceed more than an hour a day. If married, that might be an hour each. If you had a real job, those weekday games would be very very expensive for you. So the allocation of resources would probably be better if you spent an hour taking orders at Potbellys.
..and of course since you are an hones- non shyster – goy, you would most certainly be declaring that income of $1,100 on your taxes, making it even worse.
Coincidentally I drove down Sheffield yesterday and saw this sad-sack building, not knowing that Sabrina would feature it.
Keep in mind that on non-Cubs days the surrounding restaurants and bars attract their share of “outsiders” looking for places ot park on the local streets as well.
Are there no city standards whatsover related to what people can build. Such a sad, sad building. Nothing makes any sense, are those little castle-like things on the top toward the right simply decorative? They don’t even go all the way across the facade. And that bay-windowish thing on the front. OMG, just OMG.
SOLD Mar 30, 2012 for $179,050
RE-SOLD ON MAR 17, 2014 FOR $225,000