Bank Owned 2-Bedroom Under the 2000 Price in Southport: 1241 W. Grace
This 2-bedroom vintage unit at 1241 W. Grace in the Southport neighborhood of Lakeview has been on the market since early November.
It is bank owned.
The property has been reduced by $20,000 and is now listed for $100 less than the 2000 purchase price.
The unit recently went under contract.
It has some vintage features like a decorative fireplace in the living room and built-ins in the full-sized dining room.
It has a washer/dryer in the unit but no central air and no parking.
A third floor unit in the building is also currently on the market for $60,000 more than this bank-owned unit and has been listed since May 2009.
Is this a deal at this price?
Grazyna Przybysz at North Central Realty has the listing. See the pictures here.
Unit #1W: 2 bedrooms, 1 bath, dining room, 1100 square feet
- Sold in July 1995 for $111,500
- Sold in March 2000 for $240,000
- Sold in July 2002 for $274,000
- Bank owned as of September 2009
- Originally listed in November 2009 for $259,900
- Reduced
- Currently listed for $239,900
- Under contract
- Assessments of $225 a month
- Taxes of $2773
- No central air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 14×10
- Bedroom #2: 11×10
Why would anyone buy this place? It is an apartment. Blech….
soutport is taking over parts of wrigleyville? guess it makes sense
Do Not Want. This is a rental, not a condo.
I love how the listing states that this crap hole can be purchased for “as little as 3% down!!”. Have we learned nothing from the bursting of the bubble? More funky financing to re-inflate the bubble is the last thing we need.
Everyone who has rented a place like this in your 20’s for $700 month (all utilities included) please raise your hand!
(you cant see but i raised mine)
“soutport is taking over parts of wrigleyville? guess it makes sense”
I heard Ricketts was considering re-naming Wrigley “SoPo Field”, to increase the value of the Cubs.
“Everyone who has rented a place like this in your 20’s for $700 month (all utilities included)”
With two BRs? Only in the geh-toe, my man. $1250, heat included, but no w/d in unit. Probably $1325 with the w/d and locale. So $700 a piece for you and your roomie.
I’m getting old and soft. I like it. Sure it needs work and it will go for less than its listed, but I like the location.
Plus I doubt you could rent something like that in that location now for $700 a month.
Its hard to rent someplace decent for under $900 a month in that area. Now if you get roomies for a two bedroom, then of course your dollar goes much further.
Maybe Groove77 was in his 20s in 1960.
“Plus I doubt you could rent something like that in that location now for $700 a month”
thats why i said ‘a place like this’ and ‘in your 20’s’ i wasnt saying this place can be rented for that much (still wouldnt stop Bob from trying).
i was trying to point out the fact this is bad RENTAL quality and will never understand WHY anyone would pay the 2002 price in 2002?
skrew you guys i am taking my ball and going home
“thats why i said ‘a place like this’ and ‘in your 20’s’ i wasnt saying this place can be rented for that much ”
Well, sure. Everyone agrees it’s totally rental quality. But a 2br like this east of Ashland, South of IPR was over $1k a month in 1995.
And didn’t you notice it has a dining room? That’s worth $50k, right there.
I missed the fireplace, but all the places i rented in chicago had built-in’s.
I will agree the location would push the rent higher, but still the place screams rental w/ shady landlord to me, put this place anywhere in the city and i will still feel the same. if the rest of the units are the same this whole build should be a rental.
1 bath = “in case of emergency, piss in the ficus”
I’ve have not been in this unit. Two bedrooms (one’s a good size), dining room and location for $239K. This is affordable living for a owner with a roomate or married couple (or those shacking up, partners et, al whatever) in very desirable part of the city. A little decorating will turn this “rental” into a home. Someone got a nice deal here (assuming the building is not a complete disaster and only needs typical maintenance).
I missed this one for a couple clients of mine. But despite my nagging, people “wait” until after the holidays. Makes life easier on me with the month long Christmas festivities, but a deal is a deal no matter the season.
“But a 2br like this east of Ashland, South of IPR was over $1k a month in 1995. ”
true, “but by the slimmest of margins”. old girlfriend rented a better 2bed than this, with a parking spot, for $1050 in 1995. right down street. 3610 n racine, approx. And in 93 I had a 2 bedroom garden on grace and fremont that was 620/mnth. we put 3 guys in it (one slept in the front hall)
“1 bath = “in case of emergency, piss in the ficus” ”
I guess I don’t really see this as much of a problem, in that in all my 50+ years I’ve never experienced something like this, with either myself or anyone I’ve ever lived with. Granted that’s anecdotal, but the boyfriend agrees. One bathroom had been the norm for all the time indoor plumbing has been around, and now suddenly we can’t get by with less than two??
piffle. what’s with you guys? weak bladders, irritable bowels and lots of frequent vomiting?
Agree with logansquarean. I’m in her age bracket, and I remember when well-off families raised 4 kids in houses with one bathroom. The 2 bath suburban house did not become the norm until the 70s. But that seems like the Stone Age for many people posting here, who might have been born at the dawn of the Age of the McMansion.
Still, this is one very ordinary and boring 2 bed apartment. The photos might not do the place justice, but the exterior tells of a boring, blockish building.
Given the steep price drops I’m seeing in Lakeview these days, I’d say $200K is the top end for this place. Maybe less when the govn’t agencies are unable to buy so many mortgages and front people FHA loans for 3.5% down.
“But that seems like the Stone Age for many people posting here, who might have been born at the dawn of the Age of the McMansion.”
You are correct Laura. In fact when I do buy a property I want at least one extra bath or half bath over my parents. (IE a 3/1 instead of my childhood 2/2).
Heck I’d like a three car garage too but those properties are very rare in any non-warzone hood in the city for my potential price range.
Without going into too much unnecessary detail, my vegetarian constitution requires that I have exclusive domain over the WC in the morning. I can’t even imagine 4 kids + 2 parents sharing one toilet. But I guess that really was the case for much of history (even worse in tenaments).