Bank Owned 4-Bedroom Condo at 45% Off 2005 Purchase Price: 3722 N. Wilton in Lakeview
This 4-bedroom duplex up unit in an 1890 vintage Victorian at 3722 N. Wilton in Lakeview just came on the market.
It is bank owned and priced about 45% under the 2005 purchase price.
The listing says it needs “some TLC.”
From the listing, the kitchen looks intact. There are 41 inch beech cabinets, granite counter tops and white appliances.
2 of the bedrooms are on the second floor, including the master bedroom.
It has central air, private laundry and 3-car tandem parking.
Yes, those are the El tracks directly behind the building.
Is this duplex up a deal?
Anthony Disano at Parkvue Realty has the listing. See the pictures here.
Unit #2: 4 bedrooms, 2 baths, no square footage listed
- Sold in March 2005 for $420,000
- Currently listed as bank owned for $234,900
- Assessments of $100 a month
- Taxes aren’t listed
- Central Air
- Private laundry
- 3 car tandem parking
- Bedroom #1: 16×16 (second level)
- Bedroom #2: 14×12 (main level)
- Bedroom #3: 12×9 (main level)
- Bedroom #4: 14×9 (second level)
Yes it does appear to be a deal at 235k. Heck this one could actually make sense buying as it appears to be cash flow equivalent or positive vs renting.
Next to the L tracks, half a block from Wrigley?
The link provided goes to the 2005 listing. Here is the link to the current listing: http://www.redfin.com/IL/Chicago/3722-N-Wilton-Ave-60613/home/12624514
Frame house right on the tracks? I always wondered how affordable one of those would be… good luck getting roommates to live with you in this place…
3 car tandem parking? LOL does that mean one long space for 3 cars? Also the parking is likely under the tracks… yay extra dirt and other stuff with the snow.. i can’t imagine getting your car out of a 3 car tandem spot after its snowed hard… jeez
Now THIS is a deal. Seriously, anyone who is in the market for a place in this area (and is a little tight on money) should snatch this one up. You are NOT going to get a bigger place that is cheaper than this in this area. I know that it is right on the El, but, hey, for 235 you got to take what you can (look at the alternatives in this price range – studios and really crappy 1 bedrooms). Plus, you get 3 car tandem parking, low assessments. This really is a dream come true – I am happy for the person who ends up with this place. Truly, a candidate for “deal of the year”!!!!
“Here is the link to the current listing:”
Was that $640k in 2007 for the whole building? OR just this unit?
Unfortunately, even though I think a first time home buyer or low/middle income “down on their luck” person should be given the opportunity to buy this place, the reality of the situation is that some investor (like myself) will snatch it up, put 50k into it, and re list it for 300-350k (or will reant it for 1500-1800/month). The main problem is that banks look at cash offers first – and there are plenty of investors who can easily pay cash (if it means turning a profit). In addition, if the place needs repairs (as it probably does), it may be difficult for a first time home buyer/low-middle income person to qualify for a mortgage, etc. because it may not appraise out.
I am having a lot of the same issues in the suburbs. All great deals are sold within hours for cash (with multiple all cash offers)
Everytime a deal comes along, and someone proclaims “it doesn’t get any better than this!”, another and better deal somehow magically appears in the MLS.
Just out of curiosity, anyone here ever tried soundproofing a building that close to the tracks? Probably a bit messy of a job, but I’d bet a few extra layers of sheetrock put up with acoustical glue would go a long way (typical home studio treatment).
“a few extra layers of sheetrock put up with acoustical glue would go a long way”
Spray foam insulation would probably help a great deal, too. And have side benefits.
Those second level room sizes have to be overstated.
You lose a lot of space in that room with slanted ceilings, while it may be 16′ wall to wall at the bottom, it may only realistically be 10′ or so.
“(look at the alternatives in this price range – studios and really crappy 1 bedrooms).”
Actually for 235k that puts you squarely in nice one-bedroom territory. Like this coach house on Wellington, MLS 07500816.
Doesn’t make this a non-deal but shows that there _are_ other options at this price point.
Interesting foreclosure. Wonder what shape it is in.
Despite the pictures, TLC could equal “no appliances or mechanicals”…
On this same block, this is what is on the market:
3717 Wilton #3 – 2/2 – 450k
3721 Wilton #3 – 3/2 – 565k
3734 Wilton #1N – 3/3 – 464k
3738 Wilton #5 – 3/2 – 465k
3735 Wilton #1N – 3/3 – 619k
3743 Wilton #2 – 3/2 – 411k
You will note that 2 of the above properties also back up to the “el”. With this data, is there ANYONE out there who would doubt this is one of the best deals out there?!!!! I really hope that some hard working poor person is able to buy this place. It really is an awesome deal that is going to make someone incredibly happy!!
“I really hope that some hard working poor person is able to buy this place. ”
whoa, define “poor” here. you consider someone that can afford 235k condo to be poor? doesn’t someone have to have an income of 55k/60k in order to be approved for a $225-250k mortgage? do you still consider them to be a ‘poor person’ if its a 25 year old making that much?
if i was looking at this place, the spiral staircase would be at the top of my upgrade list. but overall i think assuming $15k of cosmetic fixes could make this look pretty nice. Good location too, i like that area (even though I know most of you aren’t interested in being that close to Wrigley). Definitely interested to see how quickly this moves!
“the spiral staircase would be at the top of my upgrade list.”
Which one? There are at least 2.
“whoa, define “poor” here.”
sorry – I didn’t mean financially poor – I meant to say “some poor hard working person”
nice find; could be a great deal (if mechanical are there & working / no structural issues); get a good home inspector.
“sorry – I didn’t mean financially poor – I meant to say “some poor hard working person””
poor means everybody but the .1% that is richer than his persona. eg. wloop.
“poor means everybody but the .1% that is richer than his persona. eg. wloop.”
1. I highly doubt wloop is richer than me…..
2. why does everyone think I am making things up? Honestly, everything I have posted is true. I do have great luck – I attribute to being a very positive person. Happiness begets happiness.
Probably a bit messy of a job, but I’d bet a few extra layers of sheetrock put up with acoustical glue would go a long way
***************************************************
if you put up too many layers of sheetrock you run into fitting issues with the doors,windows,trim and electrical outlets.everything would be set in to far with the sheetrock sticking way out.
I rented down the street from here in ’07/’08. Parking is very likely uncovered under the el tracks. I believe rent on the 4 bedroom SFH converted into 4 master beds was like $2450/mo.
“if you put up too many layers of sheetrock you run into fitting issues with the doors,windows,trim and electrical outlets.everything would be set in to far with the sheetrock sticking way out.”
All true.
Many think the answer to soundproofing is an easy one when in fact it is difficult to do even with the right materials and very easy to over do.
Same with insulation, if you apply too much it cuts off the neccessary air flow that is required to provide both heating and cooling. We found this to be true years ago when the higher quality foam first came on the market…it actually performed too well as mold quickly grew and a few months later we were forced to redo the entire house. Expensive lesson to learn and one that will not be forgotten!
“it actually performed too well as mold quickly grew and a few months later we were forced to redo the entire house.”
Serious question–was that b/c you used too thick a layer (I know how thick “too thick” is depends on the type of foam), or because you didn’t add enough ventilation to the now-sealed house?
ok, well, I guess I should have clarified – I’m talking about sheetrock on top of existing walls, just one layer, with this stuff:
http://www.acousticalsurfaces.com/greenglue/impact-green-glue.htm?d=18
mold has to due with moisture buildup, so that strikes me as a problem you’d have independent of that extra layer, relating to water actually entering your house, poorly designed HVAC/climate control/venting, etc.
I spent a lot of time researching all this when I did my basement studio. ideally you want to build a box-within-a-box to really soundproof, but when space is an issue (shouldn’t impact molding/outlets with just one extra layer) sheetrock helps a LOT.
just ask my wife! : )
The “three car tandem parking” alone could make this worth-while, at least during Cubs season.
Let’s say a person/family with only one car buys the place. They only need ONE of the “tandem” slots. They are wise enough to also get a permit sticker from the alderperson.
So on game days, the owner gets the car out of the tandem space early enough to claim a street spot. Then s/he puts up a sign directing Cubs fans to the tandem spots for rental – at the going local rate, about $20-$30 for the afternoon.
Rinse (your tears in beer because of course the Cubbies lost) and repeat. Put the proceeds in a savings account so you can buy nice holiday gifts for family and friends.
Voila – an entrepreneur is born!
“So on game days, the owner gets the car out of the tandem space early enough to claim a street spot. Then s/he puts up a sign directing Cubs fans to the tandem spots for rental – at the going local rate, about $20-$30 for the afternoon.”
You need someone w/o a job or who works from home and has a lot of flexibility. at $30 per, and full capacity for every game, you gross a little over $7k–better than a poke in the eye, but not really big money.
“The “three car tandem parking” alone could make this worth-while, at least during Cubs season.”
Sounz like you’ve had a few dranks fo breafast.
Renting tandem spots? Um. Dumb.
might have to squirt some acoustic glue in your ears to get this place quiet. great address for the deaf though.
Anon – or the worker in the family takes the car, or parks the car and takes the L, downtown to work, while at-home family members (including adolescent kids) take care of the parking business.
And for many Americans nowadays, an extra $7K can go a long way.
“Anon – or the worker in the family takes the car, or parks the car and takes the L, downtown to work, while at-home family members (including adolescent kids) take care of the parking business.”
I believe that situation would qualify as having “someone w/o a job or works from home”. And I’m dubious about the adolescent kid(s) in this unit.
On this same block, this is what is on the market:
3717 Wilton #3 – 2/2 – 450k
3721 Wilton #3 – 3/2 – 565k
3734 Wilton #1N – 3/3 – 464k
3738 Wilton #5 – 3/2 – 465k
3735 Wilton #1N – 3/3 – 619k
3743 Wilton #2 – 3/2 – 411k
If the above are on “THE SAME BLOCK”–
1. What happens to them when this thing sells??
2. Is there any doubt that it is only a short amount of time before the market starts another phase of descent.
“1. What happens to them when this thing sells??”
This unit does seem to be priced to attract a bidding war, rather than being priced to sell at or below ask.
Don’t be stupid people, if everything on your block sells for 10 million dollars that doesn’t mean you are going to sell your home for 10 million dollars. All of the housing that is currently for sale on Wilton in the 400’s+ is because NO ONE WANTS THOSE PLACES AT THOSE PRICES. Ultimately flip the situation, if this place sells for 250k, what is going to happen to all those places!!!?
A-Fed: don’t get on anon(tfo)’s bad side by insinuating that these land values aren’t truly worth 400k/lot in green zone hoods. It’s a dirty little secret that there is a wide gap between owner incomes and asking prices even for crapshacks. The anon(tfo)’s and those who bought at inflated prices, as well as spendthrift boomers nearing retirement, are counting on these prices.
Look at this MLS 07410974: “Single family home next to million dollar residences in the lakeview neighborhood.”
The next stage of this decline is going to be the SFH owners in these ‘hoods who thought their land was worth so much because a developer bought a nearby teardown for 300k and built a 4-flat McCrapBoxes there which sold for 350k each.
Sorry folks but you don’t get half a million dollars just for sitting on a crap shack on a standard lot. Or if you think you do reality will eventually become clear to your stubborn brain.
Bob – I don’t really give a **** whose bad side I get on and owner incomes have absolutely nothing to do with this. The point is just because your neighbors sold their house for X amount, doesn’t mean you are going to receive X amount.
Additionally, the people that bought at the height of the bubble aren’t totally screwed, it’s just going to take time for the prices level out – time which they should be overpaying on the mortgage if possible or re-fiing.
Bob:
You’ll love this one, even with the sale being over a year old:
http://www.redfin.com/IL/Chicago/1713-W-Nelson-St-60657/home/13359582
3130 Clybourn has a great sales history (see redfin), but that’s not really a SFH lot.
And “worth” is something I’ve *never* claimed–just what lots/teardowns seem to be trading at. We’d *happily* pay $250k for either of the houses next door to us, just to tear them down, as would most people on our block, so if you’re completely correct, then I end up happier then, too, just as I’m happier now.
“Bob – I don’t really give a **** whose bad side I get on and owner incomes have absolutely nothing to do with this.”
They do in the sense that longer term the high valuations aren’t sustainable. Case in point is my friends rental: 2-flat they’re in the duplex up in LV. Property has never really been maintained and is falling apart: their landlord inherited it from his parents (likely not even interested in landlording just doing it passively). Gross rents for the place are $1,400-$2,300 (I say $1,400 as the other tenant is currently not paying rent).
Ask price? 540k. Just another entitled boomer thinking a place that CFs out at 300kish is worth much more because their neighbors with UPDATED UNITS sold at the PEAK for 500-700k.
When you removed the gimmicky financing valuations, at the end of the day, are going to have to return to some function of neighborhood incomes. This will cause prices in most parts of Chicagoland to continue to drop.
But what does that have anything to do with income? What you are referencing deals with comps asking/selling price and makes no point to if the landlord, seller, or buyer makes $1 or $1 million.
You are attempting to relate a comp environmnet to incomes, which aren’t completely mutually exclusive but exclusive enough to only draw a loose conclusion, at best.
To your point regarding that neighboorhood income will cause prices in Chicago to drop is false imo. What will cause prices to drop is the fact the people are starting to use common sense and plan to stay in a home longer, to not just flip and profit, to trend back to the values of the 1950’s. If my neighboor makes all the money in the world, that doesn’t affect the “value” of his/her home.
Again. what is the most valuable lesson in RE???
YOUR HOUSE IS ONLY WORTH WHAT SOMEONE ELSE IS WILLING TO PAY FOR IT.
“If my neighboor makes all the money in the world, that doesn’t affect the “value” of his/her home.”
It shouldn’t, but welcome to Cook County. At the root of the entire real estate game is the fact that rising property taxes by nature favor the well-heeled replacing those on fixed incomes, people in the municipal, non-profit sectors, etc.
I can’t even begin to tell you how many people my parents age moved out of neighborhoods they busted their butts to improve due to the growing tax burden.
“rising property taxes by nature favor the well-heeled replacing … people in the municipal … sectors[.]”
Wrong group of people to defend right now, my friend. Especially on a tax-related issue, as they (and their pensions) are the largest driver of increased taxes.
“Especially on a tax-related issue, as they (and their pensions) are the largest driver of increased taxes.”
You can’t blame civil workers for the accounting fraud behind the scenes at the State of Illinois. I have a very good friend who works as an independent auditor, auditing state finances/books, and he’ll turn your hair white with the nitty-gritty. This is a bi-partisan problem that literally goes back decades.
“You can’t blame civil workers for the accounting fraud behind the scenes at the State of Illinois. I have a very good friend who works as an independent auditor, auditing state finances/books, and he’ll turn your hair white with the nitty-gritty. This is a bi-partisan problem that literally goes back decades.”
I *can* (and do) blame them for allowing their unions to continue an outdated and unaffordable grab for pension benefits that are ever escalating.
And yes, of *course* it’s a bi-partisan problem and decades old. Doesn’t make me feel better or think anything different about public employee unions (think they should be prohibited).
Curiosity got the best of me and I went to see this disaster. The first bad sign were the empty beer cans and lighters on the porch (which is sagging), presumably from the tenants in the ground floor unit. Got upstairs and the previous tenants have completely destroyed this unit. The place is littered with trash, and the carpet in each of the bedrooms is adorned with giant stains of beer and what appears to be blood. The kitchen is intact – albeit disgusting – and it’s a shame the previous owner bothered to put in new cabinets and countertops. The bedrooms upstairs are set up like a dorm, with a bizarre, adjoining bathroom with an opposing sink/mirror/vanity arrangement. You could literally have your arm torn off by a passing train if you slipped while opening the window. This unit is definitely not insulated for train noise – I have a high tolerance for noise, but this is unlivable. Lastly, the building to north is arranged with separate apartments on eith floor, and it shares a common side staircase with this place. They sealed off a normal staircase to the upstairs to put iin the two godawful spiral staircases. I couldn’t imagine trying to get a bed and a dresser upstairs. There is no chance of this becoming owner-occupied, and this unit would take a fair amount of work to get it to even be rentable again. This is the most horrific place I’ve seen on the north side since I ventured into 1542 N Hudson!
ugh typos – damn htc!
“You can’t blame civil workers for the accounting fraud behind the scenes at the State of Illinois. ”
I can’t wait until the next governor (re NOT QUINN) takes a chainsaw to the state government budget and the various unions. I even hope he gets a chance to pull a Ronnie Reagan when these unions try to strike.