Bank Owned North Center 3-Bedroom Home Listed $740K Under 2005 Price: 1930 W. Oakdale
This newer construction bank owned 4-bedroom single family home at 1930 W. Oakdale in North Center near Hamlin Park has been on the market since October 2010. (This is showing up as North Center in the neighborhood designation- but most would call it, probably, Roscoe Village.)
In that time, it has been reduced $81,600.
At $759,900, it is now listed about 50% below its 2005 purchase price of $1.5 million.
From the pictures, the kitchen appears intact with stainless steel appliances and granite counter tops.
There’s custom millwork throughout the house as well as what looks sto be a custom wood fireplace mantel.
Three out of the 4 bedrooms are on the second floor with the fourth in the basement (which is maybe why the listing write-up actually calls it a 3-bedroom house instead of a 4 bedroom.)
The listing says there is a custom closet in the master bedroom.
The lower level is fully finished.
Built on a standard 25×125 lot, it also has a 2-car garage.
Is this a deal?
Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.
1930 W. Oakdale: 4 bedrooms, 3 baths, 2 car garage, no square footage listed
- Sold in January 2005 for $975,000
- Sold in February 2005 for $1.5 million
- Lis pendens foreclosure filed in July 2009
- Bank owned in April 2010
- Originally listed in October 2010 for $841,500
- Reduced
- Currently listed at $759,900
- Taxes of $14,901
- Central Air
- Bedroom #1: 14×17 (second floor)
- Bedroom #2: 17×13 (second floor)
- Bedroom #3: 12×12 (second floor)
- Bedroom #4: 12×12 (basement)
Wow – I would definitely have to say that the 2005 owners overpaid for this place. I don’t see how anyone at any time could have paid much more than 1 million for this type of house in this particular area. Actually, wtf happened between Jan and Feb of 2005 – something is a bit fishy here…..
I agree with you Clio. I’d say even at the current price it’s not a ‘steal’ in this market, it’s a decent deal…but 1.5? give me a break. something definitely not right…that pricing for this home doesn’t fit this neighborhood.
There are plenty of homes over $1 million in this neighborhood.
Just a block away at 1919 W. George is this brand new construction for $1.2 million.
http://www.redfin.com/IL/Chicago/1919-W-George-St-60657/home/13359312
Another block north on Wellington is this house, also newer construction (last 10 years), for $1.6 million.
http://www.redfin.com/IL/Chicago/1924-W-Wellington-Ave-60657/home/13359020
Sabrina,
that’s pretty wild, didn’t anticipate so many million dollar properties in the area.
I’m not super familiar with this neighborhood but I would have thought at this price point buyers would have vast options within the city. Both the house on George and the one on Wellington area beautiful inside though – not a fan of the exteriors.
You need to know the area before you say that there aren’t houses at this price point. In fact, that is all they are building in this neighborhood now.
Whether or not the neighborhood supports them is another matter.
This house did not sell at $840,000. And it is, so far, not selling at $749,000 either.
Ouch on the taxes. Even foreclosed sfh in the green zone don’t come cheap.
I do think Clio’s last sentence is right. Either something fishy happened between January and Feburary 2005 or the person who bought in January 2005 is the world’s luckiest flipper. Maybe someone more knowledgeable about CCRD can provide some info.
sadatplaza440 – why are you sad? what is wrong with plaza 440?
“sadatplaza440 – why are you sad? what is wrong with plaza 440?”
Just the incredible collapse of the Plaza 440 condo values since they were sold in 2005 — literally 40 to 50% price drops. Beyond that, not much wrong with Plaza 440 … but losing six figures is enough to make one sad. I should have just kept renting, though on the bright side I have a smaller, cheaper unit which is a lot better than having bought a 2-bedroom on the 50th floor.
sadatplaza440
just look at it this way – you are living in a great building in a great location. Hold on to it for a few more years and I think you will see a rebound in prices. Remember, they are not building many new buildings in that area which will continue to be highly sought after!!!
I like this area a lot, it is close enough to the lake and Wrigley for my tastes. You can also walk to the Brown line from here, and there is a lot of shopping along Clybourn. My only issue are the eyesore Lathrop homes off Division/Damen/Clybourn.
“My only issue are the eyesore Lathrop homes off Division/Damen/Clybourn.”
And by Division, you mean Diversey.
ChiBuilder – out of curiosity, which Brown line stop are you walking to from here? Is it a daily work commute walk or a random let’s check out a museum on a weekend in the summer walk?
Yeah, this is not close to the el, which is an issue for many. Also, buyers are not fans of Jahn.
Lathrop homes are a non-issue. Their days are numbered and they are not that close. Personally, I am a fan of the neighborhood. It’s really neighborhoody.
Some odd finishes throughout the house but overall the price seems pretty good barring some weird layout or structural problems. What’s going on with the garage’s foundation? And is the kitchen sink running in the kitchen photo?
And this looks more like a gut rehab to me rather than new construction.
Oh…and I wouldn’t get hung up on the taxes. They need to be appealed.
Paulina, and that depends on your preference for walking. I can do up to a 1 mile walk to public transportation every day. This would be just under that so probably not everyday for most. North of Belmont is of course more desirable for that reason. OTH, I take 90 West and the proximity of this place to the Diversey/California (thanks Jon) entrance would be closer.
What exactly is the ‘green zone’? I’ve heard it volleyed around a bunch here at CC can never quite pick up the meaning from context. My hunch suggests an up-and-coming hood? Way off base?
until now I thought sadatplaza was a fan of anwar sadat. take him for a spin in your car clio to finish cheering him up.
it’s about a mile to the el stop
established neigborhoods. “safe” like the green zone in iraq
CH,
i wouldnt say “established neighborhoods” more as just call it what it is Whiteyyuppieville. GZ term is new to me also but i only see it being referred to LV, LP, GC, RN you know the Whiteyyuppieville areas.
Some people think Bucktown/Wicker Park are green zone, while others do not. It is mostly tied to crime and perceived safety relative to other areas, while also being a very desirable place to live with upwardly mobile professionals.
“most would call it, probably, Roscoe Village”
NorthCostCo. Or Hamlin Park. South of Belmont =/= RV.
Hamlin Park describes it best. Not nearly as nice as Roscoe Village, IMO. And vastly overpriced compared to better parts of Roscoe Village/North Center. Unless you enjoy visiting the Lathrop Homes CHA project…
Oh, two more things:
1. The former owner is a mortgage professional.
2. The acquisition loans totaled $1,149,900. Which *STRONGLY* suggests (because it just makes more sense) that the purchase price is a typo and should be $1,150,000. Just missing a 1.
And another:
The f/c’d mtg was for $1mm even, as a 2d refi in 2007, and the 2d was refi’d twice at ~$150k (2d time in Apr-07), and then in May-07, refi’d for $500k, and in Jun-07, refi’d again for $550k. Yes, three 2d mortgages in 60 days (releases were recorded, so they weren’t add-ons). I report, you decide.
groove, my first impulse was to write wealthy white neighborhoods.
Thanks anon(tfo) for helping to clarify the sales prices. Still a $175,000 gain (minus closing costs), or near 20%, in one month seems high to me.
Also, while I don’t want to get the thread off track, I wish I had Clio’s eternal optimism. I don’t think Plaza 440’s values are going to be coming back anytime within a decade or more. At least I like the location …
Very interesting Anon,
Thanks for the sleuthing. The Tax info on Redfin says it is a multi-unit from the twenties, which implies a gut rehab with a facade-ectomy. That would seem to account for the 300k to 975 k from 2000 to 2005, but what would account for the increase that happened after only a few months in 2005?
“groove, my first impulse was to write wealthy white neighborhoods.”
I Always type my first thought, i find its more entertaining that way 🙂
but yes GZ=wealthy pasty neighborhoods.
“That would seem to account for the 300k to 975 k from 2000 to 2005, but what would account for the increase that happened after only a few months in 2005?”
Rhetorical or actual question?
I would not call this Roscoe Village. Maybe RV adjacent…
What are the Green zones, well as someone who didn’t grow up in what people here describe as a “GZ” of chicago it bothers me a bit, since people are limiting themselves to a very very small segment of chicago. Lincoln park/river north/gold coast/old town are a VERY VERY small fraction of chicago and you are missing out on ALOT of great neighborhoods!!!
Another way to recognize “green zone” — people with too much money and no sense, as evidenced by a proliferation of baby boutiques and pet spas.
Hey hey hey…
HOW DARE YOU!
If you come close to taking away my cupcake shop, then there’s gonna be a throw down.
🙂
—
First the Starbucks, then the double wide strollers, then nirvana when the cupcake shop arrives…
Well by that assessment then West Town, Wicker Park, Bucktown are all green zone, also parts of East Rogers Park (morse south devon).
But still not parts of uptown or pilsen.
The green zone, for the most part, is relatively safe and entertaining. Hence, it’s worth a premium. Don’t knock it just because it’s more expensive. Sounds like sour grapes.
I love North Center.
There is a hefty price to pay to insulate oneself from the hoi polloi and unwashed masses. We could all move to Crystal Lake or Midlothian and live among the unwashed masses on the cheap; but if you want to live in an urban environment with professional likeminded neighbors like ourselves, there’s a premium to be paid. My issue is that the premium over the years has been extremely inflated due to ARMS, 100% financing, fraud, funny money, etc. RV/Hamlin Park will always be more expensive than other areas; it’s just that premium needs to get a bit out of the atmosphere.
Although there is a starbucks at the corner of Lawrence and Broadway, and even a boarders, but certainly no double strollers
Homedelete –
Good points, but the same can be said of the guy who paid $450k for his Portage Park bungalow in 2006 – that’s now worth $300k.
Insane leverage found it’s way outside the GZ too.
The foundations of the real estate boom were leverage and fraud.
“You need to know the area before you say that there aren’t houses at this price point. In fact, that is all they are building in this neighborhood now.”
Well, i’m no expert on the neighborhood, but I know it well enough to say that I wouldn’t pay nearly 1.5 mil for this location, nor would anyone else I know, and thats probably why all these houses are sitting around.
“That would seem to account for the 300k to 975 k from 2000 to 2005, but what would account for the increase that happened after only a few months in 2005?”
Rhetorical or actual question?
actual
“actual”
First, assume that it was $1.15mm, not $1.5mm.
Then, a couple of possibilities:
1. The seller was a flipper, who closed on a 03/04 pre-reno contract price (maybe directly with the prior owner, maybe w/ the developer holding a purchase contract as an intermediary) intending to re-sell. $1.15mm for a newly finished SFH wouldn’t have been too insane then, nor would have 15% over an early 2004 price. That was totally normal in the condo flipping market.
2. Fraud. Always a possibility, esp. with 100% purchase financing, in the 04/05/06 period.
3. Buyer was just dumb. Tho he did manage to take $300k+ out of the house in just over two years, so not too dumb.
If the purchase price was “actually” $1.5mm, my only explanation is fraud.
Looks like there are 2 sinks in the kitchen – the one that is running appears to be a bar area type sink. The other is a sink by the dishwasher/ stove. At first I thought the island was flipped in the 2 pictures with the stove top pointing another direction – but no, 2 sinks. These pictures make it hard to get a feel for the layout. Has anyone seen this place live?
Also forgot to mention that the missing carpet in the basement says “flood” to me.
I understand that Lathrop Homes is being reconfigured as a tenant-managed development, similar to Airport Homes (?) on the Southwest Side. Improved properties, better screening of tenants, etc. are part of the program.
Not-so-fun-fact about the ‘hood that makes me wonder just who lives around there: Hamlin Park has four Little League/softball baseball diamonds, each one dedicated to a legendary Cubs player. When I drove by “Ron Santo Field” in recent weeks, there was not one floral bouquet, teddy bear, “10” jersey, etc. displayed on the fence, unlike the lovely memorial at Wrigley Field. Sad…
I agree that no carpet can mean flood – but you still have to do your homework. We bought a place that had water in the basement simply because the house was not maintained and there was a backup in a drain outside which led to overflow in the house. Since we have been living in it – there have been no problems with water even with the crazy fall storms. Other than having to replace carpet and verify that there was no mold growth in the walls.
Yeah, I meant to mention the lack of carpet in the basement. That is a huge red flag but it could just be unfinished. I’ve seen the outside drain backup problem before. Usually you can spot the evidence of water damage pretty easily.
In the last year, between Belmont and Diversey and Damen and the train tracks 10 homes have sold above $800K. Two of those were in the 1900 block of Oakdale. One of those was a fairly new 4/3.5 that appears nicer than this one and sold for 855K.
so I know this is a bit OT, but I just heard on the radio that Rahm can’t run for mayor due to the appellate court ruling just now?
hahaha
“…with professional likeminded neighbors like ourselves” Not always defined by economic status.” While the lands of pet spas may be in my price range, the people living there are probably not likeminded to me.
Cupcakes, however, are another story…
“so I know this is a bit OT, but I just heard on the radio that Rahm can’t run for mayor due to the appellate court ruling just now?”
Just one more step. This was never going to be final until the Ill Supreme Court ruled.
http://www.suntimes.com/3469419-417/ballot-booted-court-emanuel-rahm.html
Sonies:
And? It’s a headline, and the order of a court that will *not* have the final word on the matter.
And, the majority’s refusal to certify it for appeal makes those two judges look … questionable … in their impartiality.
“And? It’s a headline, and the order of a court that will *not* have the final word on the matter. ”
uhhh – welcome to cribchatter, anon. Here we take headlines (about real estate) and make them more than what they are — sensationalism
are you implying that the wheels of another machine have been greased?
“Airport Homes (?)”
That would be LeClaire Court, ChiTownGal.
As for the Hamlin Park/Ron Santo issue, I would attribute it to the fact that relatively few native Chicagoans live around there anymore.
“so I know this is a bit OT, but I just heard on the radio that Rahm can’t run for mayor due to the appellate court ruling just now?”
i thought the rec was he SHOULD BE off the ballot not “IS” off and it will go to the il supreme ct as we all knew it would.
will “dock” walls is not out of the clear yet, rahm will stay on the ticket
“are you implying that the wheels of another machine have been greased?”
No. I’m suggesting that there is an appearance of bias. It may be the result of them being bad at their job, or actual bias, or just because they aren’t very bright, or because they think Rahm is a Packer Backer, or just because of miscommunication. I would NEVER suggest that a judge has been bribed without a smoking gun.
But saying “the supreme court should decide this” and not certifying for appeal, given the particular subject matter, doesn’t reflect well.
“i thought the rec was he SHOULD BE off the ballot not “IS” off and it will go to the il supreme ct as we all knew it would.”
Ruling is currently “rahm is not eligible” which is a “should be removed, but (if the ballots are already printed) *will* be disqualified”, pending the decision being overruled.
“Ruling is currently “rahm is not eligible” which is a “should be removed, but (if the ballots are already printed) *will* be disqualified”, pending the decision being overruled.”
He will stay on the ballot, we all know it, if il sup ct will vote other wise i will pluck a ball hair to see if i am not dreaming.
it great for the Rahmfather this news helps him from digging in the campaign fund for paying for Ad’s, well never mind i think the ads would be cheaper than a lawyer .
I know this home very well (I had it inspected) – was just recently vandalized terribly – all the copper pulled out and that led to some basement flooding as well; so I no longer care. Also the home has an addition that has some water infiltration between the old part and the new part of the home. Finally the deck is not up to Chicago code.
I was told that the bank is looking for any offer as a result of the vandalism.
The 18.5′ lot next door at 1928 W Oakdale is also for sale – listed at $399K but they’ll come down quite a bit off that number. Would’ve been great to combine the two, but again the vandalism was heavy and I’m not up for that big of a project.
“I know this home very well (I had it inspected) – was just recently vandalized terribly”
A reason they should have registered the place as vacant and had it secured, no? Tho that does make it *very* hard to sell and the neighbors unhappy.
Sold on 03/21/2011 or $740k.
“The 18.5? lot next door at 1928 W Oakdale is also for sale – listed at $399K”
Down to $299k.