Bank Owned 2-Bedroom Sells For $7K Above the 2001 Price: 930 N. Wood in the East Village
We last chattered about this bank owned 2-bedroom at 930 N. Wood in the East Village neighborhood of West Town in June 2011.
See our prior chatter here.
At that time, it had finally gone under contract after 5 months on the market and several price reductions.
Some of you thought for the amenities (parking, C/A, washer/dryer) that the price wasn’t too bad.
It recently sold for $2,000 over the last list price and just $7,000 above the 2001 purchase price at $236,000.
If you recall, the unit was just 991 square feet.
The building was constructed in 2001 and had hardwood floors in the main living area.
From the pictures, the kitchen appeared intact. It had black appliances and granite counter tops.
It was just a few blocks from the shops and restaurants of Division Street.
Jack Lewitz at IL Real Estate Specialists has the listing. You can still see the interior pictures here.
Unit #2: 2 bedrooms, 2 baths, 991 square feet
- Sold in January 2001 for $229,000
- Sold in April 2002 for $266,900
- Sold in April 2005 for $322,500
- Lis pendens foreclosure filed in February 2009
- Was listed in September 2010 for $450,000
- Bank owned in October 2010
- Originally listed in February 2011 for $289,900
- Reduced several times
- Was listed in June 2011 for $234,900
- Sold in July 2011 for $236,000
- Assessments of $119 a month
- Taxes of $4833
- Central Air
- Washer/Dryer in the unit
- Parking space included
- Bedroom #1: 12×17
- Bedroom #2: 10×12
Looks like it hasn’t been update at all since 2001 so its probably close to market value, perhaps a little high for the size. The neighborhood has improved since then.
“From the pictures, the kitchen appeared intact. It had black appliances and granite counter tops.”
Correction: From the pictures, it appears someone took off with all of the appliances. (Which is no big deal in my opinion since you can get a mid-grade stainless appliance package (fridge/range/DW/micro) for about $1500).
Good deal and those taxes will likely get lowered with an appeal
I hate when the sides and back of homes are cinder block.
“those taxes will likely get lowered with an appeal”
I know you said “likely” but that isn’t a given, is it? I hate when you look at a property and the realtor says you can get those taxes lowered. There’s no guarantee and if they don’t get lowered, it’s not like the seller will credit me any extra money.
I think you can get the assessed value lower, but let’s face it, the City is bankrupt so it will just raise the multiplier/tax on the lowered assessed value to keep the taxes high.
“I hate when the sides and back of homes are cinder block.”
Yep, and these buildings often have huge moisture infiltration problems. Hope the buyer had this inspected closely.
Wow, that’s SMALL. Two beds, two baths and not even 1000 sq ft.
Welcome to the neighborhood! See you at Club Foot! 🙂
That’s a great deal. Wish I found it!!!