Bank Owned East Lakeview 1-Bedroom Now Listed Under the 2000 Price: 550 W. Surf

This 1-bedroom in the historic Commodore at 550 W. Surf in East Lakeview has been on the market since July 2011.

550-w-surf.jpg

It is bank owned.

It has been reduced $17,100 in that time and is now listed $9,100 under the 2000 purchase price of $164,000.

From the listing pictures, it appears that the kitchen is intact but it is also not a renovated kitchen. It has white and black appliances.

The unit, while being a 1 bedroom, does have a full size dining room and hardwood floors.

It also has a lot of the amenities buyers look for, but can’t always find in a vintage unit, including central air, washer/dryer in the unit and parking.

We know buyers want “new” but is this still a deal?

Timothy Blomquist at Key Realty has the listing. See the pictures here.

Unit #214: 1 bedroom, 1 bath, no square footage listed

  • Sold in April 1992 for $96,000
  • Sold in May 1996 for $118,500
  • Sold in October 2000 for $164,000
  • Sold in September 2005 for $245,000
  • Lis pendens foreclosure filed in January 2009
  • Bank owned in May 2011
  • Originally listed in July 2011 for $172,000
  • Reduced
  • Currently listed at $154,900
  • Assessments of $385 a month (includes cable)
  • Taxes of $2967
  • Central Air
  • Washer/Dryer in the unit
  • Bedroom: 17×16
  • Living room: 15×20
  • Dining room: 12×10
  • Kitchen: 10×9

72 Responses to “Bank Owned East Lakeview 1-Bedroom Now Listed Under the 2000 Price: 550 W. Surf”

  1. Did the ’05 buyers get to live here free for 30 months?

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  2. Seems like a good price to me, especially since it includes parking and in-unite washer/dryer.

    How much would it cost to re-do the kitchen Home Depot style? Those cabinets are atrocious.

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  3. I hope so.

    “Did the ‘05 buyers get to live here free for 30 months?”

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  4. seems a decent price with the parking etc. But still might have to come down a bit given the fact you have to gut the kitchen and bath. maybe 140 gets it done

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  5. “But still might have to come down a bit given the fact you have to gut the kitchen and bath. maybe 140 gets it done”

    Why do you “have to gut the kitchen”? Where the hell do all of you live? Buckingham palace? Honestly, people have gotten so out of control with their expectations. Look around at your own houses and you will realize that you don’t need to live in a showcase to be happy. Good grief!!

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  6. Jenny,
    It can be done for under 15K with the granite, SS, etc.

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  7. “It can be done for under 15K with the granite, SS, etc.”

    Why even bother if you’re not really upgrading… Yea it’s ugly, but putting in a low end home depot kitchen isn’t going to make it more functional. Just switch out the doors, maybe paint the cabs, switch to granite countertops, no need to rip it all out if the cabs are still good, waste of money imo.

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  8. Seriously, where do all of you guys live? Do you all live in model grade condos/homes? Do all of you have ss appliances, granite counters, etc.? Please come back down to reality

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  9. Clio’s right. Does a $150,000 condo gain anything at all from granite counter tops?

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  10. I imagine most who post here have live in nicer places, but to Clio’s point, not everyone needs SS and granite.

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  11. “Clio’s right. Does a $150,000 condo gain anything at all from granite counter tops?”

    It might give you a slight edge when selling against the other $150,000 condo in the same building or nearby.

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  12. Also, I wouldn’t gut — which I believe means tear down the drywall — the kitchen. Replacing/refacing the cabinet fronts would be enough unless there is some type of damage that is later discovered, i.e. bad plumbing, electrical and/or mold.

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  13. “Does a $150,000 condo gain anything at all from granite counter tops?”

    As an investment? No… But for an owner who plans to stay there long term I’d say yes, if that’s the owner’s preference. I just think it’s stupid to rip out perfectly nice cabinetry and then replace it with something of equal quality. If you’re gonna go that way at least upgrade to a higher standard.

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  14. In ten years, stainless and granite will look as dated as avacado green appliances from the 70’s.

    It seems that every single condo rehabbed during the bubble had these finishes. It looks so ‘Home Depot’ to me…

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  15. “As an investment? No… But for an owner who plans to stay there long term I’d say yes, if that’s the owner’s preference. I just think it’s stupid to rip out perfectly nice cabinetry and then replace it with something of equal quality. If you’re gonna go that way at least upgrade to a higher standard.”

    I agree with this.

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  16. “In ten years, stainless and granite will look as dated as avacado green appliances from the 70’s.

    It seems that every single condo rehabbed during the bubble had these finishes. It looks so ‘Home Depot’ to me…”

    What materials would you use in a kitchen these days?

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  17. styrofoam counters and appliances made out of bubble pop wrapper. Granite rules cause it is just so tolerant.

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  18. Those cabinets are like 25-30 years old, no? I think replacing the counters or doors would be putting lipstick on a big at this point. Of course, this is coming from someone whose 15 year old cabinets are basically disintegrating.

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  19. and don’t forget a knife block – lots of falling knifes around these parts

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  20. “In ten years, stainless and granite will look as dated as avacado green appliances from the 70’s. ”

    And the question is: what replaces them?

    I *like* Ze’s suggestion, but don’t find it to be practical for $150k units. I can see it gaining currency at the high end, tho, once linoleum (for counters, silly–not on the floors) has run its current course.

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  21. “What materials would you use in a kitchen these days?”

    On the high end, quartz and full integration. If you aren’t restricted to gas go with induction top and built in oven, otherwise a pro style stainless steel range will do. And if you have no taste get a competent kitchen designer.

    If you’re doing a traditional kitchen it don’t matter, it’ll look dated from day 1 anyways.

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  22. I’d have to crunch the numbers and see the space, but it seems like a cheap but new kitchen could be done for closer to $8k here. At this price point, I think that a new kitchen gets you in to a better rental price point and would pay for itself in probably three years or so.

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  23. This place is worth extra because of the name of the building.

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  24. “Those cabinets are like 25-30 years old, no?”

    That’d be my guess.

    Whether refacing them makes sense depends on the material used for building the boxes–if it’s *real* plywood or better, then you’d be best off just refacing. Tile back splash, new (white, prolly) dishwasher, new faucet and it would look pretty decent for the price.

    I’d want to replace the counter and the sink, but it really depends on how much you’d really use the kitchen–if it’s for storing and reheating takeout leftovers, why bother, unless it’s damaged?

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  25. ” a pro style stainless steel range ”

    But that’s going to look like avacado green appliances from the 70’s in ten years!!!

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  26. ps:

    biggest problem this unit has is that crappy carpet in the bedroom. Bet it smells, on top of being totally filthy.

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  27. “On the high end, quartz and full integration. If you aren’t restricted to gas go with induction top and built in oven, otherwise a pro style stainless steel range will do. And if you have no taste get a competent kitchen designer.

    If you’re doing a traditional kitchen it don’t matter, it’ll look dated from day 1 anyways.”

    Right, and it will all look outdated in 10 years.

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  28. “But that’s going to look like avacado green appliances from the 70’s in ten years!!!”

    I’d give it at least 25 years, but easy to put in a new range anyways. It’s the cheaper ss stuff that already looks like shit with their obnoxious design elements and those gigantic control panels. Too many buttons on that junk. But as I said a gas range should be second choice anyways…

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  29. I just really hate those cabinets. The appliances are usable, but those cabinets are gross. I would rather have cheap Home Depot cabinets.

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  30. RE:

    anon (tfo) on September 26th, 2011 at 10:07 am
    ” a pro style stainless steel range ”

    But that’s going to look like avacado green appliances from the 70’s in ten years!!!

    —————–
    Really, you can’t conceed that syles change and yesterday’s “it” thing gets dated in a few years? Unless you’re in your 20’s, you surely have seen design fads pass over time.

    I can’t tell you what the next fad will be. Maybe Retro? I don’t know.

    But I do know they buying the same crap as everyone else dates a home to the style of the day. And it will become dated.

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  31. So how would you do your kitchen TB?

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  32. Listing says bldg has doorman….that can’t be right with a $385 assessment can it?

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  33. I live in a 2/2 in a doorman/elevator building with cable/internet included, and my assessments are only like $320 a month. It’s possible.

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  34. I actually prefer the 90s fads. I was younger and those were happier, simpler times for most.

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  35. “So how would you do your kitchen TB?”

    Linoleum counters and whatever appliances he finds in an alley. Because at least that doesn’t involve spending any money on something that’s already rapidly approaching it’s sell by date.

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  36. “Linoleum counters and whatever appliances he finds in an alley. Because at least that doesn’t involve spending any money on something that’s already rapidly approaching it’s sell by date.”

    Like it!

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  37. “I can’t tell you what the next fad will be.”

    But you CAN tell me the time frame (under 10 years) for what (I think) is a “basic” (white/black/SS) will become as dated as one of the most widely understood passe kitchen design elements of all time?

    Cabinets, countertops, sure. Especially particular combos, mostly including black granite or any “name-brand” (eg Uba Tuba or whatever) granite.

    But you really see SS appliances looking more dated than white or black appliance do now? I don’t think *NEW* white/black appliance look dated *now*, but 15-20+ year old models do, of course, bc they *are* dated. If you buy a SS refrigerator today, that same fridge *will* look dated in 15 years, bc by then it will be *old*.

    And in all of this I mean in a kitchen in a median-ish to 75%-ile priced house, not in a kitchen that cost as much as a median-ish priced house in an upprer bracket home.

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  38. “But as I said a gas range should be second choice anyways…”

    If you like fashion over cooking.

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  39. How would I do a kitchen?

    Glazed white cabinets, Corian counters, white appliances

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  40. And, I wouldn’t bet that in 10-15 years stainless applliances will the the fad. Probably will not be.

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  41. “If you like fashion over cooking.”

    There’s practically no benefit to having an open flame in your kitchen when induction is more powerful, more precise, much easier to clean, more efficient, creates far less less waste heat, and yes, it’s also more fashionable.

    Don’t confuse induction with regular smooth top electric.

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  42. I like traditional cooking, which includes flame.

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  43. I like induction stoves because the technology is fascinating. I don’t care about how well is actually cooks. I’m also a wimp and would rather not work around flames.

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  44. Random OT question-
    Does anyone have any experiences in buying a parking spot from an existing owner who is keeping the actual unit? There’s 2 notes on the property, both of which are owned by the same bank and both list both pins. Is it possible to purchase the spot without the current owner refi’ing?

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  45. “I like traditional cooking, which includes flame.”

    Source of energy doesn’t really matter, unless you like to roast peppers on your stove top all the time. I’d rather just use my grill for that and use induction to boil water in half the time of gas without having to crank up the ac. Also because the cooktop doesn’t get all that hot spills can be wiped up immediately. It’s really fantastic stuff, my parents have it and it’s a joy to use.

    Sadly my condo is gas and I can’t upgrade the electric…

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  46. “I wouldn’t bet that in 10-15 years stainless applliances will the the fad”

    “not the fad” =/= “dated”.

    All white kitchen are pretty hawt in the mags right now. Will that look “dated” in a decade?

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  47. I actually do roast peppers quite often on my stoves. And flambe. Then again, I learned to cook working in a restaurant. I wouldn’t trust sliding cast iron over an induction top.

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  48. RE:

    All white kitchen are pretty hawt in the mags right now. Will that look “dated” in a decade?

    Probably, but it’s more neutral than the cherry/granite/stainless look, and that may help it live longer. It seems more classic.

    It’ll look less dated than the one million condos that have builder grade maple/cherry cabinets, black or green speckled granite, and Home Depot steel appliances 🙂

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  49. “All white kitchen are pretty hawt in the mags right now. Will that look “dated” in a decade?”

    yes

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  50. “I actually do roast peppers quite often on my stoves. And flambe. Then again, I learned to cook working in a restaurant. I wouldn’t trust sliding cast iron over an induction top.”

    this, but then I actually like to cook

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  51. how about a switchable “smart glass” fridge

    http://www.youtube.com/watch?v=c-_eBeVz7wA

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  52. I redid my kitchen in my current place but had the cabinets professional painted (off white), a new island built, and crown molding installed on them. They were 42”cabinets but ugly Oak.

    I did marble counters and SS appliances. It was a cheap “redo” for about 9K

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  53. “I wouldn’t trust sliding cast iron over an induction top.”

    Not a big slider myself, but people who are worried about scratches just use a layer in between like a silicon mat. For what it’s worth my parent’s is over 5 years old, gets daily use without mats and still looks like new.

    “how about a switchable “smart glass” fridge”

    Just as terrible as Sub Zero’s glass front, but I’ve seen that sort of glass used for a bathroom window. Very cool.

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  54. that is awesome, I wonder if something like this could be used for home use? I’d love to replace my current blinds with something like this!

    http://www.youtube.com/watch?v=IsdOt8DeOEs&feature=related

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  55. Ha. I have those cabinets in my rental. Not much to look at, but I don’t care.

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  56. Clio is right, no need to gut the kitchen on a $164,000 unit. Yeah, the cabinets look very 80s, but puh-leeze, this isn’t horrible. Personally, I hate SS because of the fingerprints and would never have it in my home.

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  57. “For what it’s worth my parent’s is over 5 years old, gets daily use without mats and still looks like new.”

    That’s something I can’t say about the grates on my gas stoves– I beat the crap outta ’em.

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  58. Anyone trying to flip or rent this place would do well to replace those cabinets. They are hideous.

    This seems like a great deal considering it has parking compared to what’s on the market. I think it should sell quickly.

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  59. Arch Snarky Commentator on September 26th, 2011 at 1:20 pm

    $1300k a month after t’s and assessies, *and* after a $15.5k DP to live here.

    Isn’t there a nursery rhyme about the music stopping and Jack sitting on a candle stick? If not, there should be, and it should be about the DePaul parent that ends up buying this as an “investment”.

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  60. “$1300k a month after t’s and assessies, *and* after a $15.5k DP to live here.

    Isn’t there a nursery rhyme about the music stopping and Jack sitting on a candle stick? If not, there should be, and it should be about the DePaul parent that ends up buying this as an “investment”.”

    You’ve got a math fail somewhere in there, even with the correction on the monthly amount.

    I’m not sure that this is such a terrible deal at ask. With a pretty small amount of money (no more than 15% of list), this could probably be a pretty nice unit, and it already has parking, central air and washer/dryer.

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  61. funny thing is in my apt I have it all top line cookin stuff. Out in the country I have this kinda cool industrial looking, but very simple cooktop. Very inexpensive too. Basically not much more than 3 burners hooked to a tank. But I get the best ingredients out there, and totally cook better on the cheap cooktop. Point of story.. Rick Bayless with a Bic lighter over any of our asses.

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  62. “If not, there should be, and it should be about the DePaul parent that ends up buying this as an “investment.”

    I don’t see this as being a very convenient DePaul residence.

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  63. “Rick Bayless with a Bic lighter over any of our asses.”

    No doubt, amusing you mention him though considering his new take out joint uses induction specifically to greatly reduce ventilation and air conditioning demands. If it’s good enough for him, it sure is for me.

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  64. not sayin anything wrong with induction BOB2. Just i’m an old school guy, i like looking at the flame. Bit of a pyro as well.

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  65. ” i like looking at the flame. Bit of a pyro as well.”

    You? I don’t believe that for a second.

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  66. Arch Snarky Commentator on September 26th, 2011 at 3:25 pm

    “You’ve got a math fail somewhere in there, even with the correction on the monthly amount.”

    No I don’t. A math fail indicates a significant calculation error. No one, not even on this site, is thick enough to think the monthly nut on a 150k 1BD could be 1.3 mil.

    Mine was a classic grammar error, Ferris.

    BLNT

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  67. Do you mean “$1300 / month including fees and assessments”? That is not the same as “$1300 after fees and assessments” to me.

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  68. JPS – no doorman that I’m aware of.

    I know someone who lives in this building and did a really good redo of their kitchen, very sleek and modern. I lived with a smoothtop cooktop, it was awful – hard to keep clean with a bunch of kids in the kitchen. I’m also a cast iron cooker and woks don’t work well without gas.

    What I don’t like is the dropped ceilings all over this unit and the change in direction of the flooring (obviously there were walls there originally).

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  69. FG, I am amazed you are the first one to mention the floors! Looking at those floors made me crosseyed and my head hurt. I couldn’t imagine it! I’d much rather live with an 80’s kitchen than those floors…

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  70. “I don’t see this as being a very convenient DePaul residence.”

    This isn’t anywhere close to DePaul.

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  71. “Clio is right, no need to gut the kitchen on a $164,000 unit. Yeah, the cabinets look very 80s, but puh-leeze, this isn’t horrible.”

    But you’re competing against renovators who buy the foreclosures and fix them up and resell them. Those will have new cabinets, counter tops and stainless steel appliances. This unit actually has parking which is a rarity on this street and at this price point. Same with in-unit w/d.

    You’ll have to sell the 1/1 at some point, right?

    The problem with the old kitchen/baths is that the rentals are all nicer than that. So if you’re going to buy anything (1, 2 or 3 bedroom) you want it to be nicer than your rental.

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  72. “RE:
    All white kitchen are pretty hawt in the mags right now. Will that look “dated” in a decade?”

    Yeah. Wasn’t white already in-vogue in the early 90s, anyhow? It’ll roll back out just the same. Personally, I loathe these all white trends. Blech.

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