Bank Owned 3-Bedroom Duplex Down in the Heart of Old Town: 1742 N. North Park
This 3-bedroom unit at 1742 N. North Park in Old Town just came on the market.
It is bank owned.
The 8-unit vintage building was converted into condos in 2007. It looks like this unit never sold from the developer.
Two of the three bedrooms are on the main level with the third on the lower level along with a 11×8 den.
It is also a rare 3-bathroom unit (instead of 2 baths.)
From the pictures, the kitchen and at least one bathroom are intact. The kitchen has stainless steel appliances.
The unit has central air and a washer/dryer in the unit but there is no deeded parking.
The listing says it has north and east exposures.
The “sister” unit, Unit #1S, sold in October 2007 for $525,000.
Is this even much of a deal?
Art Collazo at Jameson has the listing. See the pictures here.
Unit #1N: 3 bedrooms, 3 baths, no square footage listed
- I can’t find a prior sales price- possibly never sold from the developer
- Lis pendens filed in November 2008
- Bank owned in November 2010
- Listing says originally listed for $599,000 (would have been in 2007-2008)
- Currently listed for $400,000
- Assessments of $325 a month
- Taxes of $7060
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 16×11 (main)
- Bedroom #2: 11×10 (main)
- Bedroom #3: 11×11 (lower level)
- Den: 11×8 (lower level)
I like the “gourmet kitchen” — it looks like they ran out of cabinets mid-build. This place is bad. For just a bit more, this place looks nicer to me and includes parking: http://www.redfin.com/IL/Chicago/1546-N-Hudson-Ave-60610/unit-1/home/12687480
Yikes, this is bad. Among other things, it appears there is no dining room and no space for a table in the small living room. The only positives are the nearby area and the fact that it is in the Lincoln Elem school district.
The property that Jon posted is in Manierre – total non-starter for families with young children.
weird
Jon: that place on Hudson is a building away from the el. Not sure it is a comp, given its location and proximity to the el.
Sorry for the rushed comparison to the Hudson condo (el proximity, school district). I guess it doesn’t really matter to me what is out there in this range because the North Park place is so bad.
Gourmet kitchen? There’s barely enough room to store a cup for a gourmet coffee in there.
What’s up with the pictures of the corners? Is the realtor proving the place isn’t round?
gourmet kitchen means you have to move out of the way while doing dishes if someone wants to get something out of the fridge? /puzzled
Is it me or are the assessments high? $325 for water/snow removal?
Assessments do seem high. I would expect it to be under $200 unless there is something else included
steps to the lake? I think not.
“I like the “gourmet kitchen” — it looks like they ran out of cabinets mid-build. ”
Yup I got a good chuckle when looking at that odd space to the left of the microwave.
Another rehabber who had no real idea what they were doing, IMO.
I wouldn’t buy the parking space that through this in for free
“Is this even much of a deal?”
If it tracked the CS condo index *exactly* from the sale of 1S, it would have been $409k in September, so it does not seem to be a “deal”.
The basement is really low (check the tiny, tiny windows on streetview), so I’d discount the lower level SF as anything other than storage or media room and very occasional guest room. And the “deck” is (1) shared with the sister building on Orleans and (2) right next to the garbage cans, so you and your neighbors can get a good view of the rats.
I’ve been getting the daily emails from RealtyTrac that purport to list shorts and REO’s. The agent listed by RealtyTrac is a G. Marie Leaner. However I can’t get her to respond to any questions at all. Anyone have any luck with RealtyTrac or is it just some kind of scam?
“Anyone have any luck with RealtyTrac or is it just some kind of scam?”
I think your problem is not RT, but Ms. Leaner. Perhaps she is too busy being a Visionary Entrepreneur and Global Activist to return your calls.
I remember when this building was converted. It came on the market right after the Crilly Court development was sold out and while 334 W. Menomonee was selling. Three large condo conversions in Old Town is a lot, and all three had very different outcomes. Crilly Court sold out almost immediately, and many of the subsequent resales have been successful. 334 W. Menomonee was way over-priced and many of the units were on the market for a long time with significant price reductions or were rented.
I went to the first open house for the North Park condos and walked through the model unit and several of the units under construction. They were nice, and better priced than the Crilly Court units, and many of them sold that first weekend. One thing I didn’t like was that all the outdoor spaces were accessed through the master bedroom. No one wants to take their guests through their bedroom to get outside, or carry food outside to the grill.
I overheard some people talking during the open house and it appeared many of the interested buyers had missed the opportunity at Crilly Court, thought that 334 W. Menomonee was too expensive and considered the North Park condos were a final chance to get a condo in Old Town.
During the construction, the developer ran into trouble with the Landmarks Commission because he replaced some of the bay windows without permission, a requirement in the Historic district. Construction was suspended for months while the arrangements were worked out. I don’t know if the buyers of those units walked, or just waited it out, but the delays had to cost the developer a ton of money.
The unit in this listing has only been lived in briefly, and I think that was as a rental. It was one of the units I was able to walk through, and I remember the basement area felt damp and dark – but this was during construction, so the final product might have been nicer.
Duplex-downs in a building as old as this one is a challenge, because the basements were never intended to be lived in.