Buy A Foreclosure, Fix It Up And??? A 1-Bedroom in 3110 N. Sheridan in East Lakeview
This 1-bedroom at 3110 N. Sheridan in East Lakeview has been on the market since November 2011.
Bank owned in 2009, it has been totally rehabbed with some interesting finishes we normally don’t see in one bedroom condos.
It has heated slate floors.
The kitchen has a Bosch dishwasher, a Monogram oven and a Traulsen refrigerator.
Granite counter tops? Nah. It has concrete counter tops and a subway tile backsplash.
The bathroom is also unique with marble floors and an oversized walk-in shower (there’s no tub).
There’s no central air, just wall units. There is also no in-unit washer/dryer.
There’s parking available in the building for $15,000.
This unit was originally listed for $110,000 more than the 2009 purchase price, at $210,000.
It has been reduced to $164,000.
Another 1-bedroom in the building with new granite counter tops and kitchen cabinets but white appliances, Unit #802, is under contract at $155,000.
Is this unit now a deal given the finishes?
Thomas McCarey at @Properties has the listing (it also appears to be agent owned.) See the pictures here.
Unit #1104: 1 bedroom, 1 bath, 750 square feet
- Sold in February 1997 for $60,000
- Sold in July 2000 for $111,000
- Sold in January 2003 for $155,000
- Sold in July 2006 for $200,000
- Lis pendens filed in June 2008
- Bank owned in March 2009
- Sold in August 2009 for $100,000
- Originally listed in November 2011 for $210,000
- Reduced numerous times
- Currently listed at $164,000
- Assessments of $450 a month (includes cable, roof top pool)
- Taxes of $2711
- No central air (wall units only)
- No in-unit washer/dryer
- Parking is $15,000 extra
- Bedroom: 17×12
I believe the underpants gnome rules of real-estate moguling are
Step 1) Buy forclosure
Step 2) ????
Step 3) Profit
The descriptions on the photos are hysterical:
“gorgeous. space interplays and interlocks profound kitchen, brilliant closet system and tasteful living room”
“trees are green . water blue . when you own this unit . this could be you”
They read like an English translation of the French translation of the original German.
The lack of a built in toilet paper roll holder just kills this for me. Pass.
Ok in all seriousness; I like the rehab, the floors are a nice touch. The list price is also reasonable. I guess the assessments are ok considering there is a pool, but I still feel they are a tad high for a 1 bedroom. Would rather put that extra money into a slightly larger mortgage and get the tax write off, particularly in a building that doesn’t have to increase assessments for pool maintenance.
OH, the closet is roomy AND roomy?!? *Calling my agent to place a full price bid ASAP* With an entry overhand worthy of not one, but TWO pictures, I can’t believe this place will be on the market very long.
I like the rehab a lot. Not too bad on the assessments. Unforunately they’ve chased the market down pretty hard. 150 might get it sold
Why so you put this refrigerator:
http://www.jeansrestaurantsupply.com/Spacesaver-RefrigeratorFreezer-2-Section-Traulsen-UR48DT-6-P7298C211.aspx
into a $150k (or even $200k) condo?
The unit has been done nicely but I agree the fridge is too fancy. I’ve seen far worse units in this building, but it’s such a crummy building I still think this price has to come down.
“Why so you put this refrigerator:”
There must be something behind this. Used. Off the back of a truck. Taken out of 1mil house where they were upgrading. Something. I refuse to believe that someone actually paid 15k to put this in a 1br.
Wow anon, that is nuts, I mean look at the limited counterspace in here, why bother with a $15k chef’s refrigerator?
Sonies – one word; BEER!
“Why do you put this refrigerator:
into a $150k (or even $200k) condo?”
Well it was a $200k condo when they bought that, right? In ’06, surely it was expected to be a $300k condo by now?
Sounds like exactly the type of decision you should expect from someone who spends $200k on a 1/1 with about 500 sqft of living space.
(Agent owned-> fridge came from another property?)
Even if I were blowing $15k on a fridge, though, wouldn’t be that one. . .
“Sonies – one word; BEER!”
OMG DUH!
“Sounds like exactly the type of decision you should expect from someone who spends $200k on a 1/1 with about 500 sqft of living space.”
Without a doubt, if I had put that into my condo that I was letting go back to the bank, I would have taken the refrigerator out. Would be *shocked* if it wasn’t a post-f/c reno addition.
And, even if he got it for 90% off (similar seem to be available on ebay for ~60% off), why do that? Guess the only thing that makes sense is something like 90% off + no way to fit it into *any* other house (ours or family or close friends), and better than paying to store it.
That microwave in the kitchen looks high. Does reaching over one’s head make sense when taking out heated food items?
I have to admit, this one bedroom is beautifully re-done. The assessments appear reasonable to me. The lack of washer/dryer would kill it for me, but for people who send their laundry out to be cleaned, this place would be great.
I loooooove that refrigerator.
I *love* this listing. “chevron laid marble tiled floor . heated . welcomes you.” This cries out for a few more words to attract a haiku-loving buyer. Setting aside the questions noted above about the fridge, it seems like a poor choice for a small open-plan unit like this one. In my experience (disclaimer: I haven’t seen this particular model in action), commercial fridges are not particularly quiet and throw off a lot of heat. I guess we can add “listen to the constant hummming of the fridge emanating from the profound kitchen” to feeling “a sense of harmony with wall colors, floor texture, window blinds and view” while in the living room. Sorry… could not resist.
“I loooooove that refrigerator.”
I thought you didn’t cook…what would you use it for?
“I thought you didn’t cook…what would you use it for?”
Leftovers.
“Why do you put this refrigerator:”
Would you put it in if 1) you got it for dirt cheap/free and 2) wanted to distinguish this unit from the others within the building? In the rare scenario that someone is interested in living here and only here for whatever reason and multiple units are for sale?
Thumbs up to the lyrical flippers. I like that they put in a crazy expensive fridge – someone will probably buy this place just for the fridge and the “tableau view of living room to kitchen.” With that fridge, I’d certainly want to be able to look at it from as many places as possible in the unit.
I like a lot about this place, no idea on the price or location or building, but I doubt many places look this stylish at this price point.
“I thought you didn’t cook…what would you use it for?”
just in case of food poisoning and more than one person at her house?
I had a conversation with this agent (owner?) once years ago. I asked him to recommend a book about buying a home. he told me “there are so many books it’s impossible to say which is better. I would really recommend you learn from a person.”
when I pointed out there were more people than books to choose from he changed the subject.
Food poisoning? I thought that’s why Jenny insists there always be at least two bathrooms in the house.
I got it, Sonies…
I can appreciate a good looking refrigerator even if I don’t cook! Plus, I need a place to store my fruit.
over upgraded for crappy building
That kitchen just looks impractical for anything other than, well, not even for, catering.
The black plastic on the run of the mill developer oven/range standalone kills the almost awesome-looking (but pimple small) kitchen. Try again.
Isn’t the guideline that you should expect to spend about 10% of your home’s total price on refrigeration?
In all seriousness… I’d sell the $15k fridge, put in one costing $1500 and use the difference toward the parking… win!
“In all seriousness… I’d sell the $15k fridge, put in one costing $1500 and use the difference toward the parking… win!”
Buy the place, sell the fridge, flip it for 15k profit!
The fridge is simply too big-looks like 30 cu. ft., which is overkill for one person. And this is a one person apt. Nothing wastes energy like a vastly oversized refrigerator, and this place could have used the counter space a smaller unit would free up.
Why would one want heated floors in the kitchen?
@Mary — I would assume you’d want protection from the massive rush of freezing air every time you opened the mega-fridge.
so where’s a good place or two to look at what’s trending in the way of kitchen and bath countertops, appliances, and cabinetry? Are we done w/ granite yet? Dark cabinets? Cherry? Still with the stainless steel?