Buy A Studio For Under $40,000: 732 W. Bittersweet in Buena Park
This studio at 732 W. Bittersweet in the Buena Park neighborhood of Uptown has been on the market since April 2012.
The listing says it has been upgraded with real maple hardwood floors.
The kitchen also has granite counter tops and stainless steel appliances.
The listing says it has an eastern view.
It doesn’t have central air, in-unit washer/dryer or parking.
But it’s priced nearly 70% off the 2005 price at $37,900.
Who’s buying a studio condo right now?
Cecille Plurad at American International Realty Corp. has the listing. See the pictures here.
Unit #608: studio, no square footage listed
- Sold in October 2005 for $129,500
- Originally listed in April 2012 for $49,900
- Reduced
- Currently listed at $37,900
- (not listed as a short sale that I can see in the public listing)
- Assessments of $250 a month
- Taxes of $1632
- No central air (window units only)
- Coin laundry
- No parking
- Studio: 18×11
- Kitchen: 12×8
How quiet is it going to be this week? Is everyone on vacation?
I may go to just 2 posts a day this week if no one is paying any attention. Of course, no posts on the 4th itself.
“How quiet is it going to be this week?”
Is there much to say about a two-room condo?
“Who’s buying a studio condo right now?”
I hate to stereotype but at least this one looks like a place some closeted married guy would buy to bring his tricks home to from Boystown.
“Is there much to say about a two-room condo?”
For $37,000? Sure. We’ve never had trouble chattering about studios before.
I think people are on vacation this week and won’t be checking in. The holiday in the middle of the week is really screwing with work/vacation schedules.
This is not just a studio, it’s a luxury studio with granite countertop, European aka frameless cabinets and SS appliances. Appears to be built in bookcase and shelves on wall surrounding TV. Amazingly enough, the current owner financed this gen with almost 100% financing over two mortgages ($103,530 + 25,800), which is technically 99.8% financing, but who wants to quibble over a few hundreds bucks with a beauty like this.
I wonder what the ratio of owner occupied vs rentals is in this building. It looks pretty nice and nicely maintained from the pix. I would think a parent would snap this up for their college kid. It would be cheaper then paying rent for them for sure.
Not everyone is going out of town – we r sticking around so please keep the posts coming Sabrina. I cant speak for everyone else but when you were on vacay, I missed you!
“I may go to just 2 posts a day this week if no one is paying any attention.”
Open threads!
As for the the studio in Uptown, it illustrates the changing perception of Uptown over the last several years. Many people (including me) believe that area will inevitably gentrify, and that feeling was particularly strong at the height of the real estate boom. But in 2012 when — or even if — it will ever gentrify is a lot less certain. There’s lot less new home construction, condo conversions, etc. than in 2005, and those that are happening are in more established areas. So the Uptown studio that looked like a can’t miss investment in 2005 loses 70% of its value by 2012.
My guess would be that the area on the South side between South Loop and Hyde Park is suffering similarly in terms of collapsing values between 2005 and 2012.
This place would be nice for a student.
They should work on cleaning this place up before taking photos. A studio is going to be compact in the first place, and all the furniture and other possessions make this one look even more cramped. Plus, they’re weird.
Alas, I’m stuck at work all week (except Wednesday), so please continue posting, Sabrina, so I’ll have something to distract me during these long, dull hours between 8 and 5. Thanks.
Pretty building… This seems like a good deal to me. If I had a college age kid, I would considering buying this.
“There’s lot less new home construction, condo conversions, etc. than in 2005, and those that are happening are in more established areas. So the Uptown studio that looked like a can’t miss investment in 2005 loses 70% of its value by 2012.
My guess would be that the area on the South side between South Loop and Hyde Park is suffering similarly in terms of collapsing values between 2005 and 2012.”
and
“Not everyone is going out of town – we r sticking around so please keep the posts coming Sabrina. I cant speak for everyone else but when you were on vacay, I missed you!”
I agree with 100%!
This building has some expensive tuckpointing and facade work to do.
Due to this there are some huge special assessments pending in the 50K kind of range.
If you check comps you will see several units in this building listed at 50K and under.
In this case they are cheap for a reason.
Buyer beware.
do depaul and/or loyola students want to live in uptown? maybe parents of Truman college students are buying condos for their kids
nice tip, milkster
Also, the management company has received consistently poor reviews for several years now:
http://www.apartmentratings.com/rate/IL-Chicago-Bittersweet-Condominiums-formerly-Bittersweet-Apartments.html
Where does the bed / futon go? Is the couch supposed to be a sleeper or is there a murphy bed I’m not seeing. $40k is a pretty darn good price even with the assessments. The rent to own ration would have to be pretty favorable on this place if someone in their 20s or a student were willing to stay for five years or so.
“Alas, I’m stuck at work all week (except Wednesday), so please continue posting, Sabrina, so I’ll have something to distract me during these long, dull hours between 8 and 5. ”
Ditto
I bet Bob pounces on this one, its right up his alley
agreed…I’m still at work. @Russ, Benjamon and icarus, here is the guy to talk to about OP tax appeals. not sure on when to go in, but apparently this is the guy to talk to to get your property taxes lowered.
http://oakparktownship.org/services/appeals
God, I wouldn’t live here for 5 years. Thats just me.
However I don’t think this would be a bad place to rent out. You wouldn’t get big income out of it, but its such a small investment in the first place.
The area is practically Wrigleyville. Lots of students rent up here because its cheaper than the Depaul area.
I’ll be working and paying attention all week Sabrina, keep em coming if you can!
These postings of small, cheap places always get me to click through to read comments and study listing–much more than the big fancy expensive places I could never afford. More of these please!
The values in this building have been depressed in part due to the work that needs to be done (repair work started 2 months ago) and an assn with little money to do it–but many other examples of that with other buildings. The REAL issue is the lawsuit the assn has filed against the developer–what they expect to get is beyond me—they’re losing move via the beyond market depressed prices. If they dropped the lawsuit and loans were possible, the the building would great for 1st timers — 1/2 block from the lake and great proximity to pub trans.
Uptown has/will change—but to give it ‘5 years’ give me a break — this area of Uptown is Buena Park and this building is 1 block away from Lakeview. If a person didn’t know any of the ‘dirty laundry/history’ of Uptown, I suspect no real difference would be noted after crossing Irving.
The key to Uptown’s future is the new Alderman who is pro-development vs the prev Alderman who was not. By the time the general public has deemed Uptown ‘ok’ the best deals will be gone to those of us who know the change is coming (without being stuck on the past). Seriously, along the lake with GREAT proximity to pub trans and more affordable than surrounding areas…seems like a no-brainer 🙂
You definitely do notice a difference crossing Irving! As a former long-time Lakeview resident I can attest to that. I can’t see buying a studio condo in most cases, and I’d be especially careful about the rental rules in this building.
“You definitely do notice a difference crossing Irving!”
Not east of broadway, in fact there are many beautiful huge homes up till around 4300N where the “real” Uptown starts IMO
I’d go along with Sonies. I’ve always liked this area east of Clarendon between Montrose and Irving. It’s very quiet and the housing stock is just as nice as in Lakeview a few blocks south. The only thing that mars it are some crummy 1970s high-rises along Gordon Terrace.
It’s such a handsome building on the outside; too bad there are so many problems.
‘You definitely do notice a difference crossing Irving!’ REALLY, what is the difference?
I visited this building during the big conversion when the developers had several brokers’ tours in hopes of generating interest among our student/young worker clientele. Walking through this nice-but-not-spectacular vintage building – with no parking – and checking out the small individual units, I started getting a hunch that the housing bubble was getting ready to burst and condo converters were starting to get really desperate to find a building – any building – to milk for a profit before the public – and the investors buying up all those sub-prime loans that financed places like these – got wise.
You know, insofar as studios go, I actually do like this one. Which is saying a lot.
It isn’t for me, but someone will get a deal on this.
“Seriously, along the lake with GREAT proximity to pub trans and more affordable than surrounding areas…seems like a no-brainer.”
No offense Cooper, but if I had a dollar for everytime someone has said this about Uptown over the past 20 years, I’d be rich.
I’m just saying…
“I’ll be working and paying attention all week Sabrina, keep em coming if you can!”
The chatterati has spoken.
I’ll keep our normal schedule for the rest of the week since so many of you will be bored at work (instead of at the beach.)
Keep the tips coming!
The density across irving park changes when you cross the street.
Where is Laura L.(sorry don’t remember how to spell her last name). Isn’t she pretty well – versed on this area? Also- has anyone ever see those things that are like a Murphy Bed but on the backside it is an actual office or whatever, then you pull it down and voila! A bed! I’ve seen this at Costco as a special display and I think they were a grand or so. Something like this would be perfect in a place like this. Sorry my description is so lousy, it’s getting late and maybe I was outside too much today : )
If it weren’t for the massive special mentioned above I think this could be a good deal for quite a few people, students, or staff from the nearby hospital etc. But is it a short sale or bank owned? Because I don’t think it’s owned by an investor with that mortgage, and I doubt they’re bringing $80k to closing. And this is another listing that could have benefited from better photography, but at the pittance of a commission that $38k gets you I probably wouldn’t have done more either.
‘No offense Cooper, but if I had a dollar for everytime someone has said this about Uptown over the past 20 years, I’d be rich.’
Yes, BUT — during those last 20 years Uptown had the same anti-development Alderman. Since May of last year, we’ve had a pro-development Alderman — over the past year = 17 story / 270 unit rental building to break ground in Sept at 3750 N Halsted (yes, this is Lakeview, but NEVER would have been approved under previous leadership), several developers interested in prop at Montrose and Clarendon, $100mil + renovation of Wilson EL stop to begin this year and recent announcement of the renovation of Uptown Theatre 2014-2015 (yes we’re heard about this before too, but NEVER from an Alderman).
I’m not stuck in the past, can see / measure the indicators of the future.
‘If it weren’t for the massive special mentioned above I think this could be a good deal for quite a few people, students, or staff from the nearby hospital etc. But is it a short sale or bank owned?’
This is a short sale. Per comments in MLS — special could be paid by lender via short sale approval process. Per prev post, unless someone has cash—condo’s in this building cannot be purchased. New owner must also live in the building for first 3 years before renting out. So that eliminates investors and what is left are first time buyers—since they cannot get a mortgage on this building, would have to pay all cash. Sure–how many first timers have $40K in cash? To bad — with 20% down – mortgage + assm + tax = $532 ish. Projected market rental on this unit = $800. Would be a nice return for an investor.
Between the lawsuit against the developer and the rental cap, the current board/owners and making every choice possible to devalue their homes.
I saw condos in this building a few years ago. Nice location, lovely building, but there were serious problems in the common areas and high special assessments planned.
“New owner must also live in the building for first 3 years before renting out. So that eliminates investors”
How do you know this? Where did you find this info?
Question:
If someone could afford to pay cash for this unit, would it make financial sense to rent out?
At a rent of $800 a month, I’d recover my initial investment in about 4 years. But I’d still have to pay $4,600 in assessment and taxes every year (and those can only go up). So my income from the unit would be at best $5,000 a year ($9,600 – $4,600), which I suppose would be enough to send one of my kids to overnight camp for 4 weeks. Big deal.
Also, I’d have the headache of making tenants happy when things go wrong with the unit and finding new tenants when old ones leave. Makes me wonder why people go to all the trouble of buying a unit and then renting it out, unless I’m calculating incorrectly or forgetting some key metric.
Hadn’t thought of this before, but wouldn’t I also have to pay taxes on my rental income? So of that $5,000, probably 35% would go to the government(s) when all is said and done. That means I’d keep about $3,500. If my wife and I were so hard up that $3,500 would be a major impact, she’d teach a summer school class or two. A lot less work and worry.
would you also benefit from being able to depreciate the property?
“Hadn’t thought of this before, but wouldn’t I also have to pay taxes on my rental income? “
“About a half hour earlier, two women were said to be in critical condition in a shooting in the 4400 block of North Racine Avenue, in Chicago’s Uptown neighborhood. Police said one of the women was shot in the back and the other was shot in the knee. A man was shot in the leg.
The shooting was a drive-by, police said, adding that they’re looking for a white Ford Taurus with two male occupants. The shooting was potentially gang-related.”
http://www.nbcchicago.com/news/local/chicago-shooting-161297645.html
“[shooting at 44xx Racine]”
Had the shooting been outside Wrigley, would you have posted it here, too? About the same distance. You need to post it to one of the actual uptown props, like the one on Magnolia.
Buying a unit to rent was a mistake I made and have regret it. I bought a condo studio for 40,000.00 short sale. I thought it would be a great investment since the banks are paying nothing for money in savings.(Not like the old days). Mine has two large windows and central air. It feels loft like and spacious! The taxes are 1900.00 yearly. Since it was a short sale it needed updated. I paid cash for it and put 20,000.00 more remodeling it. The bathroom tile was falling apart due to advance age, and the grout was coming off plus the tiles were white but old yellow like from age. I remodeled the bathroom and put a quality carpet plus had the cabinets painted in kitchen and installed dishwasher,refrigerator,sink all quality stainless steel. I even put a filter system under the kitchen sink for fresh filtered water. Rented out for 850.00 with two year lease. Guess what I got after the renter left? The stainless steel in kitchen was all scratched with comet cleanser. I noted this cause it was left by the tenant. The kitchen sink had dings all over it and the kitchen dishwasher door was coming apart from abuse by the tenant. The carpet was filled with urine from the two cats and number two too. The tile in the bathroom tile was scratched from an sos wire pad. It was left inside the vanity.Lesson learned forget it. Renters deserve to live in dirt and none updated at all. They don’t care cause it’s doesn’t belong to them. Sorry, I brought it.
“Guess what I got after the renter left? The stainless steel in kitchen was all scratched with comet cleanser. I noted this cause it was left by the tenant. The kitchen sink had dings all over it and the kitchen dishwasher door was coming apart from abuse by the tenant. The carpet was filled with urine from the two cats and number two too. The tile in the bathroom tile was scratched from an sos wire pad. It was left inside the vanity.Lesson learned forget it. Renters deserve to live in dirt and none updated at all. They don’t care cause it’s doesn’t belong to them.”
Thanks for the comment from the landlord’s point of view Jason.
It’s not always so easy to just rent it out! Everyone thinks the renter is going to take just as good of care of the wood floors and the granite counter tops as the owner. It NEVER happens that way.
“It’s not always so easy to just rent it out! Everyone thinks the renter is going to take just as good of care of the wood floors and the granite counter tops as the owner. It NEVER happens that way.”
You have not met my tenants. They have been excellent tenants for over 2 years, and every time we have been by for a repair or to drop something off, the condo has been spotless and clearly well taken of.
I don’t think it is a good idea to make blanket statements. Maybe rarely would have been a better choice.
Yikes! Sorry about the double post, got an error message when I hit submit.
“You have not met my tenants. They have been excellent tenants for over 2 years, and every time we have been by for a repair or to drop something off, the condo has been spotless and clearly well taken of.”
They’re not “cleaning” the floors with bathtub cleaner? (yes- an actual occurance that happened in a $2200 a month 1-bedroom rental in Old Town 3 years ago. Landlord had to replace all the floors. The tenants actually said, “we didn’t know you couldn’t use comet on wood floors.”)
If your tenants are a dream- you are lucky. That’s all. Even in high priced rentals, renters will ruin counter tops, floors, carpets etc.
One person e-mailed me years ago that they rented out their GZ loft to a professional single woman. It was supposed to be “no pets”. They had to go into the unit to repair something about 3 weeks after she moved in. They discovered 5 cats! Had to evict her. Took 2 months.
“If your tenants are a dream- you are lucky. That’s all. Even in high priced rentals, renters will ruin counter tops, floors, carpets etc.”
I dunno. Our place that we rent is nicer than when we moved in. I don’t have a guess about proportion of good and bad renters, but people are a lot more likely to tell stories about the atrocious cases.
Tenants run the gammut from great to awful. Experience is the only way to differentiate between the two. There are very few “perfect” tenants.
The best defense against bad tenants is a good offense. This means good and careful screening, credit checks, call references, etc. It’s better to leave a unit vacant than rent it to a tenant you’re not sure about. If one month’s rent isn’t a high enough security deposit to cover likely damage, ask for more. It’s also smart to be nice to people on the front end, but to walk through the lease carefully with them and explain that you’ll enforce the terms of it, how to clean things, special considerations, etc.
The price of unit G1 – (assume this is the ground floor) – has been reduced to 24K.
Assessments $500.
Taxes $1,715.
http://www.redfin.com/IL/Chicago/732-W-Bittersweet-Pl-60613/unit-G-1/home/12593537