Bank Owned 2/2 at Just About 1997 Price in Edgewater: 6150 N. Kenmore
This bank owned 2-bedroom just came on the market at 6150 N. Kenmore in Edgewater.
This mid-rise building with some lakeviews was built in 1968 and has 56 units.
From the pictures, the unit appears to have both the kitchen and the bathrooms intact.
The kitchen has white appliances and cabinets.
There is carpeting throughout.
The unit has central air and deeded parking but no in-unit washer/dryer. There is coin laundry in the building.
A one bedroom 850 square foot foreclosure, Unit #7C, sold in the building in November 2009 in what was then among the lowest price in years in the building: for $72,000.
Is this a deal for a 2/2 in this location?
The unit directly above it, Unit #5B, is also listed for sale and is priced about $100,000 more.
Tony Nasca at Coldwell Banker has the listing. See the pictures here.
Unit #4B: 2 bedrooms, 2 baths, no square footage listed
- Sold in July 1997 for $77,000
- Sold in December 2003 for $173,000
- Lis pendens in April 2009
- Bank owned in March 2010
- Currently listed for $78,500 (parking included)
- Assessments of $398 a month (includes heat, cable)
- Taxes of $2391
- Central Air
- No washer/dryer in the unit
- Bedroom #1: 18×16
- Bedroom #2: 10×12
- Living room: 18×16
- Dining room: 12×6
- Kitchen: 8×8
“Currently listed for $78,500 (parking included)”
Listing @ Coldwell still sez $109. . . but yeah MLS says 78,500. And, what 7 other units in the building on the market?
Doesn’t matter, I’ve already spent too much time looking at this place– I can tell because I can feel it sucking away my soul.
$600/month for ass+tax and under $350/ for mortgage interest.
At comparable prices for *every* unit, it should make for a quite profitable apartment building.
I’d buy it rent it out.
This is at rental parity, not a bad deal.
The location is incredibly convenient and it’s a well-run building. Typical bland 60s type convenience apartment. You’re close to all the grocery stores, the el, Walgreen’s, CVS, Moody’s, Broadway Cellers.
The neighborhood is very safe in spite of the “colorful” characters on the street. You will be hit on by a few local beggars but they are no danger. I can, and do, walk around here all the time at any hour I want, with appropriate alertness and vigilence, of course.
I’m still not sure this is a terribly good deal for the money, though. The payments, assessments, and taxes together, plus insurance, add up to about $1100 a month, and rent for a one-bed like this is about $900-$1000. For my rent money, I’d rather be at the great old Sovereign with its indoor pool.
“rent for a one-bed like this”
It’s a 2/2.
Let me be more specific. At $78K this place is a good deal for someone. At $109K it is not.
The building is nice and very well-kept, but has no extra amenities. Just a nice bland older building close to everything you need.
This area doesn’t have a lot of exciting shopping, just all the stuff you need day-to-day and some nice moderate-priced restaurants, including some interesting Ethiopian restaurants. The neighbors are friendly and the transportation is great.
this is the correct link: http://www.coldwellbankeronline.com/Property/PropertyDetails.aspx?PropertyID=1387980
Sorry- I posted the link for the 1-bedroom short sale instead of the 2/2 bank owned unit. Sorry for any confusion.
The 2/2 is priced at $78,500 with the parking.
And for those wondering what the 2/2 would rent for- a different 2/2 on the 6th floor just came on the market as a rental for $1300 a month.
This looks like a perfect trade up place for HD.
The 2003 buyer missed the chance to flip it in 2005 for $250,000. Instead, it appears they HELOC’d it, causing the foreclosure in 2009-2010.
I live in unit 3B.
That 2/2 for $78,000 is an incredibly good deal.