Buyers Swoop in on Foreclosures: 3231 W. Fulton in East Garfield Park
We chattered recently about a foreclosed rowhouse in West Garfield Park but foreclosures abound in both West and East Garfield Park.
This bank-owned 1893 vintage 4-flat at 3231 W. Fulton Blvd. in East Garfield Park has been on the market since November 2008 with several reductions.
$4741
It has recently gone under contract and is now listed for $335,000 less than the 2006 purchase price.
The listing says the building “needs work” (check out some of the pictures.)
But it appears to have good “bones.”
Are buyers getting some deals in this part of town?
Henry Jones at Jones Realty Company has the listing. See more pictures here.
3231 W. Fulton Blvd: 14 bedrooms, 7 baths, 4 unit building (units range from 4 bedroom/2 bath to 3 bedrooms/1 bath), 3 car parking
- Sold in September 1998 for $63,500
- Sold in February 2000 for $43,000
- Sold in September 2006 for $420,000
- Bank owned
- Originally listed in November 2008 for $114,900
- Reduced
- Currently listed for $84,900
- Under contract
- Taxes of $4741
Just think, buy this place for 80k, get 8k from the guvment, throw about 200k into it and BAM you’ve got your own personal 14 bedroom 7 bathroom mansion in an “up and coming” neighborhood!
then the olympics arrive and everything goes banoodles. it’s a perfect plan.
Sonies,
You forgot the 4-5k you’re going to need to armor plate your vehicle and for kevlar suits.
Lol yeah, I figured your armor plated hummer and window bullet proofing would be included in the 200k of upgrades, perhaps we should upgrade to the military quality package and spend $400k!
Isn’t this near the last “up and coming and just wait till we get the Olympics” place? I don’t care how racist it sounds to some of the hippie, kumbayah- my- lord, socialists on this page but the few hundred dollars in cash flow isn’t worth the risk nor the headache. Especially if there are no reimbursements from the Section 8 people. The news doesn’t lie, these areas are dangerous hence the dirt cheap prices. Thanks but no thanks
“the hippie, kumbayah- my- lord, socialists”
LOL!
Everybody get ready for paulj’s imminent arrival to castigate us and call us bad words and try to make us feel bad for not investing in East Garfield Park, LOL. You first, paulj. Remember the first wave gentrifiers always have the biggest gains. LOL.
I was glad there were hippie, kumbayah-my-lord socialists (re: out cast visionaries) who moved into Sheffield/LP 30 years ago when it was in the same sad run-down state as this neighborhood is. My parents thought I was mad when I bought a dump off Webster in ’79/80 too – what does one give their Latino gang bang neighbors for X-mas? Cookies? A 9MM? But then again, it’s easy for Lauren to make judgement as she writes from the suburban bliss of her Skokie split level.
Well I’m back to parse my previous characterization of the 11th district. This place is on the very eastern edge of the 11th district north of madison, as the dividing line between 011 and 013 is Kedzie.
I would by no means recommend this area for anyone not fully familiar with urban living, but it is not nearly as dangerous (measured by anecdotal recollection or current statistics) as the areas along Pulaski or Cicero.
This would be something that could be gradually gentrified by a coordinated mob, as its only a block or two or three east of what might be considered “safe” today.
For those familiar with Ukrainian Village or West Town or the areas east of this, what is the farthest west along Fulton you would go and still feel reasonably comfortable?
Yes this is a wonderful “urban” area, no wonder it hasn’t sold for $20 a sqft… buy now or be priced out forever!
I mean surely this area is 3x better than the place on Erie and Cicero for $6.67 a sqft.
Whatever, there’s nothing romantic or impressive about living in a rough neighborhood or an up-and-coming gentrifying area. In fact I think it’s racist to even consider it; the socialist hippie, kumbayah-my-lord socialists (re: out cast visionaries), or, just plain stupid young person, who think they’re going to help gentrify the ghetto poor people and show them how uppity people with middle and upper-middle class upbringing live their life.
It’s simply the reincarnation of the white man’s burden. Jingoism all over again. Instead of colonizing Africa or Polynesia, you’re gentrifying ethic or minority neighborhoods. Same idea, smaller scale. Those folks don’t want you there; if they wanted to live your lifestyle they would have done that long time ago. They just want to be left alone. That’s why they stayed in the city when your parents moved to the suburbs. They could have moved to your suburbs too. but they choose not to.
Furthermore Jay you have no idea what you’re talking about your suburban bliss of skokie split-levels; skokie is one of the most vibrant and diverse places on the planet, where jews muslims and christains and hindus live and shop as neighborhoods in peace like they can no where else on the globe. To suggest that Lauren is somehow racist or too judgmental for implying that the area is rough is simply ridiculous.
“But then again, it’s easy for Lauren to make judgement as she writes from the suburban bliss of her Skokie split level.”
Ukrainian Village and West Town are not east of this area, they are North East. South of Grand, I would not want to be east of Racine and East of Ashland is a very dodgy area.
Oops! Should have said West of Ashland and Racine in the above post.
True that they are not directly east. Directly east by a few blocks is townhouse replacements for the Henry Horner homes. And east of that is really not comparable to almost ANYTHING that happens in the 011th police district west of kedzie north of madison and west of western south of madison. Its one of the reasons I’d suggest that parsing is appropriate.
I’m not sure what you are saying abuot Racine or Ashland, but I will note that the 911 center for Chicago is at Loomis and Madison, and the area around the 911 center up to at least Ashland is really not that sketchy, or sketchy at all.
Again, my question for others is how far west they are comfortable along Fulton. Where do things feel too sketchy to, e.g., get out of a car and walk around?
HD, you better believe there ain’t nothing romantic or impressive about gentrifying. It is, however, a good way to make money, afford a home early, contribute to improving a community and a city, and otherwise live a bit of an adventure. Its silly to compare gentrifiers with missionaries or whatever. Nobody is being tamed. Its more that poverty and crime are being pushed out by persistence!
“Again, my question for others is how far west they are comfortable along Fulton. Where do things feel too sketchy to, e.g., get out of a car and walk around? ”
Probably California/Fulton, then again I don’t have a car and am far braver than the average “chad/carpetbagger/cracker” who wouldn’t walk west of Western ave.
“That’s why they stayed in the city when your parents moved to the suburbs. They could have moved to your suburbs too.”
I try to stay out of this (anymore), but HD, this just isn’t true. “they” couldn’t just move to “your” suburbs in the 50s/60s.
““they” couldn’t just move to “your” suburbs in the 50s/60s.”
Genius last time I checked the 1970s were over 30 years ago, coming on 40. And no I think we all agree that “they” couldn’t hack it in the suburbs because the behavior that is so common among this demographic (single parent households, dependance on public aid, truancy, etc) is generally frowned upon in the suburbs and they can’t live the same lifestyle they live in the city. No begging in the suburbs: its not tolerated and theres not a critical enough population density to support it.
They love the city life because it provides them anonymity for their problems and a critical enough population density to support their less than legitimate (often even illegal) professions.
The residents have had 50 years to leave their neighborhoods and move to safer and greener pastures. It’s taken the foreclosure crisis and this depression of 2009 to make any real inroads. Yes I recognize the redlining of the ’50’s and ’60’s and but again, 1950 was 59 years ago.
This block is one of the quieter ones in the 11th District, but that’s relative to the others of course. You also get the convenience of a halfway home at the corner of Kedzie and Fulton with some of the most degenerate looking people you’ve ever seen.
I’d like to know who the idiot was that paid over 400K for this in ’06… but at $85k it could be a great gamble for someone familiar enough and comfortable enough with the neighborhood. If the area truly does gentrify in the next 10 years, you could maka a bundle off a small investment.
way to go bob another glistening crappy & stereotypical derogatory comment!
“And no I think we all agree that “they” couldn’t hack it in the suburbs because the behavior that is so common among this demographic (single parent households, dependance on public aid,….”
I’d knew you come through eventually, just put a property I guess west of Ashland.
revassal,
In this neighborhood I don’t think either one of us would last long term but I doubt you’d last a month. You naivity towards these people and what perpetuates the cycle of poverty is literally astounding.
Now please feel free to get back to your college sociology class where the root causes of these people’s impoverishment is everything but themselves and their flawed decision making processes in life on just about every level.
I am quite confident you can come up with a model in your sociology class that blames their poverty on the inflation rate in Guatemala.
So buying a beautiful yet run down house in a blighted neighborhood equals colonial imperialism HD? I assure you, whomever bought this place (and who says they’re white) didn’t do so with the romantic notion of trying to convert the neighbors into Range Rover driving yuppies. What, you think there’s some subliminal missionary plot going on? Too much Dateline.
What I imagine they see (as I did 30 years ago in LP), is a neighborhood filled with beautiful old architecture at an ‘affordable’ price, within in the city, where they are live out their urban lives. I’m sure if they had their choice, they would prefer the neighborhood to have zero crime and for all the stoops to have flower boxes, but that just isn’t the case. And who cares what the racial breakdown of the area is, it’s the house they want with all of its blank possibilities: one house gets fixed up, then another, and another… that’s just how it seems to go. If the area gets too expensive for the ‘locals’, call the county and complain, as it’s their bs property tax system that forces people from their homes, not the hippie socialists. Yes, very far from Skokie (or insert almost any suburb here), and it’s 50’s symbol of white fear/flight.
HD:
Honest question–your parents grew up in the City? When did they move to the suburbs?
You were (intentionally, I think) referring to a specific cultural period from the 50s and (mostly) 60s. “they” didn’t “stay behind” in the 70s, they moved into the ‘hoods vacated in the 60s in the 70s.
breaks my heart.
gorgeous old architecture; I’ll bet there were fireplaces with gorgeous wood mantles where those strips of bricks are on the walls. And those arched windows! How much to MOVE a house again?… That’s what I’d do.
“If the area gets too expensive for the ‘locals’, call the county and complain, as it’s their bs property tax system that forces people from their homes, not the hippie socialists.”
Agreed. And I think TPTB love it that way – once you’re old and a burden on the City, they shuffle you out – it’s sad to see the wave of people who rebuilt decaying Lincoln Park buildings now unable to keep up with the ever-escalating property taxes.
jay- I don’t live in Skokie, I live in Streeterville and yes I know everyone doesn’t have to live in yuppie 312, LP or LV. There’s a difference between being a pioneer in a bad neighborhood and being a stupid daredevil. If the people in some of these neighborhoods don’t think twice about shooting at cops and little children what do you think will happen to a landlord?! To each its own but I, personally, choose to pass on a place like this because of it’s location, regardless of race. If I were to gut a brownstone, it would be in Kenwood or Bronzeville. Similar prices, better “ghetto”.
Yeah, but skeptic, if they are owners they can now sell that property and make 1000% profit over what they initially bought it for.
The property tax issue is simply an unbiased unintended consequence of the neighborhood’s success.
@ ME
but understand, for these highly taxed LP people (including myself $2K when I bought, $16K now), it’s a H-O-M-E, and not an opportunity to make money… never was. One bought these ruined old homes for their then faded architectural beauty and for the character and raw charm of the neighborhood. This whole flipping/what’s it worth idea just wasn’t in the public vocabulary… yet. Nobody, I mean nobody, bought then with the intention of making money on RE; it was for pure love of this urban lifestyle. What does it matter if you’ve made a 1000% profit, where are you going to go? Some gated community in FL? Tax caps would have solved the problem, but that’s another blog.
My grandparents left Old Irving for the NW burbs in the middle 1950’s. My great grandparents stayed in Logan Square on Kedzie until they died in the 1990’s. I grew up the NW burbs and returned to the city for college in the 1990’s.
I would be in favor of tax caps for those that were indeed the gentrifiers but not across the board for everyone.
Anyone moving to LP in the past decade for instance shouldn’t be afforded any tax caps as they weren’t responsible for gentrification.
Maybe a good way to do this would be tax caps only for longtime owners (10+ years).
The 2006 purchase doesn’t even look like obvious mortgage fraud to me. Go figure.
Fulton is a pretty cool street with lots of great old architecture – and it’s an extra wide street too. The Garfield Park Conservatory is at Central Park (3600W) at about 400N, just north of Lake St – i.e., Fulton.
The closest el stop to this property is the Kedzie green line – at 300N and 3200W.
As a side note (since this blog is about Chicago real estate and not about bashing people of certain races and economic classes, as far as I know), the outright racism, ignorance, and close-mindedness exemplified by a few comments as of late is ridiculous and insulting to the sensibilites of any thinking person – and this trend grows more bold and prominent for some reason, as time progresses.
Do you suppose that everyone who reads this blog is white???
Do you?
Are all of the readers of cribchatter.com also wealthy?
Upper or middle class? With wealthy or middle class upbringings?
No single mothers?
Are the readers of this blog also all afraid of African American people and Hispanic people?
And do they all enjoy broad, offensive generalizations too?
Right. That’s just *stuff* that applies to OTHER people. Poor people. Black people. And poor, black people don’t deserve our empathy – or anyone’s RESPECT as fellow human beings.
At least not on this blog.
Really????
You can call me a “hippie, kumbayah- my- lord, socialist[]” all you want. I can live with that. It’s way cooler than being an ignorant, close-minded, racist bigot.
Forealestate,
Remember, the inflation rate in Guatemala is responsible for societal inequity and poverty and nothing at all to do life choices and a flawed decision making process in life.
Don’t you have a sociology class to run to where you can chalk the state of impoverished people to any conceivable theory beyond personal responsibility?
You are the offensive one as your viewpoints offend MY sensibilities. You are obviously the bigot and racist as you are the first person to employ such hate speech on this thread.
Bob: Based on your various comments, I think you and I live in the same neighborhood and have similar opinions on the general state of things. Would be interested in your thoughts on the community garden situation.
I won’t get into details but I guarantee that I probably interact with far more minorities and people of non-white races than 98% of the posters on this board (I’m not legal aid and I don’t do 100% bankruptcy either). For anyone to claim that my comments are racist or bigoted is absurd. A bad neighborhood is a bad neighborhood, whether it’s black, white or whatever. To insinuate otherwise is naive and stupid and shows how small your little social circle of big ten liberal arts college educated peers really is.
Cmon people. Let’s just say someone here bought this place and started the renovation process that would bring the property back to life and start a gentrification spark in the hood. Don’t be shocked if half of your building materials are carted away in the middle of the night. Unless you hire 24 security. IT REALLY IS THAT KIND OF NEIGHBORHOOD. No matter how many sociology classes anyone has taken, this will not change the reality of urban blight and crime. These same politically correct folks who think they are so open-minded are the same ones that would not even associate with the current folks that live there. And if they did, it’s a 50/50 chance the interaction would lead to anything good. Streetsmarts and perseverance will go a long way in this neighborhood…but this would definitely be a more than a property investment. More like social engineering.
“The property tax issue is simply an unbiased unintended consequence of the neighborhood’s success.”
No, it’s a consequence of the state of IL violating its constitution, which *mandates” that it is the state’s responsibility to fund the majority of public education costs.
As the state does NOT do this, it leaves municipalities the responsibility to find funding, and property taxes have historically been the easiest way to go about it.
I’m back only as I was thinking that this looks like a candidate/culprit of the mortgage fraud I posted about recently – I’d bet if a serious investigation was done you might some Gangster Disciple involvement here.
“What does it matter if you’ve made a 1000% profit, where are you going to go? Some gated community in FL? Tax caps would have solved the problem, but that’s another blog.”
Exactly. Selling for a huge profit isn’t such a great deal when one then needs to buy a new home in an expensive housing market.
A home is first and foremost SHELTER, you can’t fight 10,000 years of civilization when some fancy tax gimmicks & wordplay. Real estate speculation isn’t new, folks.
There is a simple solution for those who gentrified LP and now find themselves old with high taxes. It will work great for anyone who believes that they only bought “a H-O-M-E, and not an opportunity to make money… never was.”
Find an investor that will pay your cost basis in exchange for a life estate. It shouldn’t be too difficult.
The kindly urban pioneer gets their cheap H-O-M-E back, and the investor saves them from evil profits while gladly paying the high RE taxes.
It’s a win-win for all, right?
Full disclosure: I live on this block, renting from a buddy in a shoddily-built condo I’m sure he’s way upside-down on. I’m doing things a bit backwards, working in a better area than where I live, but the rent’s cheap, the L is close, and it’s 10 minutes from work. I can also get most places in Chicago pretty quickly (Fulton is mostly factories east of California). It is close to the Conservatory, and there’s a museum or two around here that I’ve never been to.
The downsides include not being able to get a cab and putting up with a lot of the stereotypical poor black anti-social behavior. Littering, using a car horn as a doorbell late at night, extra-loud car stereos, drinking on the public way, standing around on street corners all day and night, yelling as normal conversational volume, and increased rates of domestic disturbances (though not as many as some blocks around here).
Not as much shooting around here as many would have you believe, the immediate area has been pretty solid Black Soul for quite a while, and in cases like this, most shootings will be internal conflicts over money, not shootouts over new drug turf. As such, they tend to be at closer range and more accurate.
“Find an investor that will pay your cost basis in exchange for a life estate. It shouldn’t be too difficult.”
That’s not a simple solution by any stretch of the imagination. And in an economy like this? Not bloody likely.
Here’s a better, institutional one – how about demanding the State of Illinois not operate in contempt of its own State Constitution and pay for the damned schools? It’s easy, as it’s ALREADY THE LAW!
“how about demanding the State of Illinois not operate in contempt of its own State Constitution and pay for the damned schools? It’s easy, as it’s ALREADY THE LAW!”
Yeah, easy like ending patronage hiring, right? After all, that’s already the law AND people go to jail for violating it. Should be easy to make happen, right?
If they are an early LP gentrifier and are not interested in any profit, as Jay stated, an investor won’t be hard to find.
By the way, I don’t disagree entirely with alternative school funding. However, the coming tax shortfalls from other sources might make us happy this wasn’t changed yet.
TR, good post. I drove by the place and agree completely.
Regarding Fulton, going west from Ashland it is almost all warehouses. Some good spaces available if you are looking for an artist studio or small manufacturing. I’ve been in some of these building during the day and I think it quite safe. At night it is a ghost town and I would not want to walk around. Continuing west, at about California residential begins again. The construction of many buildings looked like the typical circa 1900 brick three flats and row houses you see all over Chicago. Good public transit with the green line nearby. Change is possible but it would take a group effort, probably by people from here who have become successful moving back.
As a landlord who has owned multiple properties in this area for the past 6 years, I know more about this area than 90% of these posters do collectively.
I constantly come across low lifes and do not dispute that this area is rough. I’ve been solicited by drug dealers and prostitutes as recently as this past weekend. I’ve had to evict trashy tenants and have been cursed out during the eviction process.
To however generalize and say that the majority of people in this area are of this caliber is extremely ignorant. I have friends who live in this area who are decent people and have met countless of other decent people in EGP.
I’m actually suprised that there are people like homedelete who still exist. I would have thought that after Did the tea baggers association direct their members to this site? I thought these people were going to go into hibernation after Obama won?
As bad as this area is I’ve never felt afraid. I’m not sure if it’s because I grew up in a Chicago in a blue collar family and not some lily white suburb. Is it because I’m not some chicken sh!t Gold Coaster who is afraid of his own shadow or panhandler? Perhaps it’s because 95% of the violent crime in this area is confined to aquaintances and not random. Whatever the case maybe, you guys are truly ignorant and sheltered. Go back to Naperville or Ohio.