Bank Owned Wicker Park Single Family Home Under the 2000 Price: 1342 N. Leavitt
This bank owned 5 bedroom single family home at 1342 N. Leavitt in Wicker Park is currently listed more than 40% under its last sale in 2004.
And it’s also listed $211,600 under the 2000 purchase price.
From the pictures, it looks as though the kitchen and bathrooms are intact although the listing does say the house is in need of some repairs.
At over 3100 square feet, it has cathedral ceilings, skylights and a sauna.
Is this a steal at this price and location in Wicker Park?
Mark Miles at Dream Town Realty has the listing. See more pictures here.
1342 N. Leavitt: 5 bedrooms, 3.5 baths, 2 car garage, 3154 square feet
- Sold in June 2000 for $961,500
- Bank owned in October 2003
- Sold in October 2004 for $675,000
- Sold in November 2004 for $1.26 million
- Lis pendens filed in October 2006
- Bank owned in June 2009
- Currently listed for $749,900
- Taxes of $13,762
- Central Air
There will be a bidding war with investors and interested parties. The idiot bank, likely fearful of leaving money on the table, will pull the listing after a time.
From my observations foreclosures don’t ever wind up as sales in public records. For some reason the banks continue to find ways to shoot themselves in the foot. My guess is 850k for this one if the bank isn’t a fool.
I dont know how necessary 5 bedrooms are, but I’m guessing that a couple of them are in the basement. If you had the down payment, it would be cool to pick this place up and have four of your buddies rent from you… fratastic.
so it sold for 900k in 2000, and 675 in 04? odd
“CH on September 1st, 2009 at 10:30 am
so it sold for 900k in 2000, and 675 in 04? odd”
– yeah its odd because this one property has been foresclosed on twice in 6 years. Do I hear defered maintenance or other issues. Maybe a frozen pipe or two?? or at least there could be if this sits foreclosed over the winter. I saw numerous 2 & 3 flats that were ‘winterized’ only to find busted pipes in the basement.
It’s a handsome, modern home, and halfway between North and Division. The taxes are obscene, but it’ll be popular.
Not sure why, but just concerned about this place… I’ve gone past it, nice area. Maybe it’s because we don’t get a picture of a single one of the 5 bedrooms, but we do get an off-kilter snapshot of the washer and dryer… And the wood of the sauna… And the standard fare let’s-hang-out-on-top-of-my-garage-and-look-at-the-alley-deck… I want to like this place…
I’m concerned with this place as well; there was a foreclosure in summer 06 when the market was climing steadily. So RE prices very skyrocketing and the current owner couldn’t unload the property. Seems strange, make me question the ligitimacy of that sale.
I like how the realtor uses the neighboring place that just sold for $950 as a comparable sale and something that should really lure someone in. Whoever got that place (probably not a foreclosure in need of repairs) at about $50K over the Jan. 2002 price got the deal here. If this place even sells for $750 (and as someone points out above, more likely than not the bank will waiver), you’ll probably have another $200K in this place in no time.
I agree that the two foreclosures are worrisome. I would not be surprised to uncover problems related to the original construction. Invest in a quality inspector, all thee who dare tread.
I am the listing agent who sold the neighboring house. The buyer paid cash and her agent was absent (DUI lawyer with a real estate license) the entire time. She had the house inspected and it had a few minor issues but the deal closed w/o a hitch.
A close friend of mine rented this place with his college buddies for roughly six-eight months. Around July after nothing being fixed for six-eight months they realized that the debt wasn’t being serviced by the home owner/developer and that Countrywide was in the process of selling the property at auction. They lived there for a few months free. What a wonderful situation to be in as a renter…
Them living there was like walking into Ben Affleck’s house in Boiler Room. Place had a sauna, hot tub, granite counter tops, etc. and these bums had a couch, a beer pong table, and leftover chinese food all over.
^^^ Based on AaronERG’s comments, it may take far more than $200K to get this place into habitable condition… Leftover Chinese food is worse than mold I’m told.
How refreshing. A forclosure for sale and the appliances are still there!! Hurray!
I agree about the lack of good pictures. Either a complete novice took them or they’re hiding something.
“I agree about the lack of good pictures. Either a complete novice took them or they’re hiding something.”
Dude, it’s an REO. The next time you find an REO with *good* pictures will almost certainly be the first.
By the standard of REO pics, these pictures are frickin’ artwork.
Although it looks to be an interesting layout from the pics and has some unique features/beautiful exterior, I am sure there are multiple problems with it. Just from the pics, you can see the hardwoods need to be replaced as they are warped…as sign of what was said above with the leaking water issues.
For a risk taking rehabber, I would say bid $650 and expect at LEAST $300k for repairs.
This thread was worth reading just to realize that MG lists properties that are NOT ‘as is’, broken down places…well done and congrats my friend!!
Just dropped $50K – $699K.
Maybe we aren’t getting the fully picture then or the “investors” in Chicago finally ran out of money/creditworthiness. Because when I think of what a 700k property should look like this definitely fits (and exceeds) the bill.
“Maybe we aren’t getting the fully picture then or the “investors” in Chicago finally ran out of money/creditworthiness. Because when I think of what a 700k property should look like this definitely fits (and exceeds) the bill.”
Agree completely. There must be something we can’t see that’s an issue (I won’t say “problem”) with this property.
Oh, except the taxes. The taxes are killer at $700k.
And, is that scattered-site public housing across the street?
It’s also closer to Clemente and the hospital than I would prefer, but that’s not really a big deal.
Now listed at 629
“For a risk taking rehabber, I would say bid $650 and expect at LEAST $300k for repairs.”
So at $629,000 is this place a deal? I’m tempted to take a look at it. I like the location and the facade is nice. Just wondering how much to rehab the inside…
Has anyone been to look at this place? I made an appointment for tonight (the realtor asked whether I was really interested in spending some money on fixing this place up or if I was just wasting his time…nice) and would be curious as to what people think the warning signs are. I’m already fairly certain that there’s some damage, roof issues and mold (per the realtor). If $200K would whip this place back into shape (and I like the idea of choosing furnishings), it’s interesting at least. I really like the area.
“the realtor asked whether I was really interested in spending some money on fixing this place up or if I was just wasting his time…nice”
I bet he’s had a bunch of jagoffs expecting a totally turnkey place for a screaming deal. Then they see the place and start asking for price reductions to fix everything–when it should be clear it’s built in, perhaps not enough yet, but still.
“there’s some damage, roof issues and mold”
The roof is easy and any other damage prob pretty easy, too. The mold is a real wild card–you might be faced with pulling out every square inch of drywall and insulation and then doing remediation. The only way I know of to know *for sure* even the *basic* extent of the problem is poking holes in the drywall, which I bet they won’t let you do.
Thanks anon. I figure with the mold issue, you would just have to make a decision assuming the worst case scenario. And, if there’s any mold, I’d probably want to do a full remediation anyways. I’ll let you know just how bad it is once I’ve seen it.
Jon it all depends,
i wish i could help you more but this is all i know;
now if you did most of the work yourself and with some buddies, it will be very cheap to do. (it will take more time than a contractor). At the moment the price of copper is HIGH, i just redid a bathroom in my house and the most expensive material was the copper pipes.
I know mold is expensive and i think you have to disclose even after its been taken care off.
pitched shingled roof issues are cheap, flat tar roofs i have no experiance but dont see it as that much more (i think actually less)
i have come across that foundation leaks, even small ones can turn out costly, and found that some major leaks are easy fixes. never really know until you dig into the problem.
when i turned my attic to livable space the cheapest quote i got was 50k, for an 700 or 800 sq ft attic, it included adding dormers and a bathroom. I said screw that, i did it myself, skipped the dormers and the bathroom and turned it into a media/family/playroom. then added a bathroom in the basement and extra bedroom in the basement. i did both basment and attic myself for 15k
250k seems like a good ball park but i suggest that on a second showing you bring a contractor along. the contractor wont give you a ball park figure there, he will give you the run around about that and do the whole “let me run some numbers” and get back to you thing. but during the walk through he will point out things and from the tone and manner he says it you will be able to tell what going to be the costly things. and you may learn that 100k may whip this place into shape (doubt it but who knows)
hope that helps 🙁
Thanks Grrove – depending on the walkthrough tonight, I may need to find a good contractor for a second trip over there. I thought that maybe I could hire you to do it, but that would take time away from your CC posts and people would never forgive me for that. 🙂
I am not much of a DIY-er when it comes to the hardcore aspects of home building/repair, that’s why I have a great handyman. As for picking things out, minor fixes and staging, that I can do.
Thanks Groove – depending on the walkthrough tonight, I may need to find a good contractor for a second trip over there. I thought that maybe I could hire you to do it, but that would take time away from your CC posts and people would never forgive me for that. 🙂
I am not much of a DIY-er when it comes to the hardcore aspects of home building/repair, that’s why I have a great handyman. As for picking things out, minor fixes and staging, that I can do.
Theres some potential here for sure. You gonna rehab then resell it Jon?
Even if that were the plan I suppose you couldn’t admit to it without jeopardizing the most favorable financing terms I suppose.
I’m not a flipper.
If I were to take on something like this, I’d definitely live there (for a long time).
Good luck tonight, Jon! I’ll be curious to hear tomorrow what you thought 🙂
“I thought that maybe I could hire you to do it”
hey i am down for really small jobs, but with little groove i dont have free time like i used to. shoot i only have time for CC at work.
plus i would be working on a home in bucktown, would you really want to hear all the bitchhing i would be doin? 🙂
So I went to see this place last night – here is my report.
The realtor was very honest about the problems that plague this house. It looks to be covered in mold and there are giant pieces of ceiling and drywall torn out (that is not reflected in the pictures). You can tell that this was at one place a very nice place (maybe not $1.26 mil though) and has a ton of potential. It is a very large place, but I got the sense that the only salvageable part are the “bones.” Other problems: kitchen layout is bad, carpet everywhere is ruined, doors and windows rotting and fogged.
This will take a VERY serious rehabber (not someone like me on a maiden voyage). The location is nice – I like it, but we did notice some section 8 housing almost directly across the street which is a bit of a turnoff.
I’d guess the lot is worth $350. The realtor indicated that the bank had turned down 2 offers (probably going to be a mistake in hindsite) but that you could probably get it for less than $600. Anyone have any opinions as to whether the “bones” are worth anything? I guess you wouldn’t have to dig for the basement and the facade/shell really are decent.
Hope that helps – let me know if you have any other questions – will be interesting to see what happens to this fallen property.
“but that you could probably get it for less than $600k”
i am shocked on your report, i didnt think it would be that bad. i wonder if the other offers were super low ball like in the 300-400k?
so lets see if you offer 550k, 350k for the lot(anyone chime in on lot price here), and your paying 200k for the foundation, studs, and facade, 350k-400k for all the work WESTLOOPELO help Jon out here on the cost. (i say 350k-400k cause this will be your home for years and you will want the best you can afford) rounding up it will be 1mil.
So 1mil for a custom tailored home across the street from section 8? like i said my estimates are high but when its your own home and your not flipping it you will go over budget. come on who doesnt want radiant heated floors in the bathroom?
WESTLOOP where the heck are you and your war and peace long posts, Jon is looking for some help here!
Looks like it is under contract now. Had a client interested who offered $300; assume there is $125psf of demo and rehab required. The place is a disaster, what a shame. Other than the exterior, foundation, and studs, you won’t be keeping anything in the home. No return for an investor.
Sec 8 across street is well-maintained, if this matters.
Keep in mind that the 1344 Leavitt which sold for $950 is 60% larger than this home.
Thanks for the update Peter. I’ll be looking for a closing price on the property in a month or so.
Listing says it sold for $569,000.