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Cheapest House in Lincoln Park Reduced Again: 1846 N. Bissell

In October 2007 I chattered about the cheapest house for sale in Lincoln Park at 1846 N. Bissell.

1846-n-bissell-_2.jpg

It’s still for sale and has been reduced again.

1846 N. Bissell: 2 bedrooms, 1 bath, 950 square feet

  • Originally listed in March 2007 for $525,000
  • Listed in October 2007 for $375,000
  • Now listed for $350,000

The house is right next to the El tracks.  Here’s the listing:

BUILT IN 1888.2 STORIES.ON EL SIDE OF BISSELL.TREMENDOUS POTENTIAL ON BLOCK OF $1M NEW HOMES.VERY EASY TO SHOW. TEAR DOWN OR REMODEL. SOLD ‘AS-IS’ PRICED WAY BELOW VALUE.GARAGE FROM REAR ALLEY CAN BE BUILT BY BUILDING THE NEW HOUSE TO THE FRONT PROPERTY LOT LINE.HAVE APPRAISAL FROM 2006 FOR $ 560,000. BRING YOUR DEVELOPERS! R-4 ZONING.

How low will it go?

There are no interior pictures available.

This entry was posted on Monday, April 14th, 2008 at 10:20 am and is filed under Lincoln Park. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

7 Responses to “Cheapest House in Lincoln Park Reduced Again: 1846 N. Bissell”

  1. HAVE APPRAISAL FROM 2006 FOR $ 560,000.

    How can a trained appraiser not know what is going on in the market? What would that same apprasier say now?

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  2. My favorite line from the ad is: “PRICED WAY BELOW VALUE”.

    Maybe in a quick short sale or foreclosure you could get asset prices below their market value but this thing has been listed for over a year.

    Bad timing on behalf of the owner: if they listed it for 400k initially they likely wouldn’t sold by now.

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  3. err wouldn’t => would’ve..

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  4. Is this the land value? The listing says “tear down or remodel” but remodeling a 950 square foot house sounds like a losing proposition. I’d actually consider buying and living in this if the rats and termites weren’t too unfriendly.

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  5. Dave:

    It is Lincoln Park; of course the rats and termites are friendly.

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  6. Tear-down property is speculative similar to vacant land. Appraisals don’t mean that much, its what a developer will pay for the property, baised on a proforma. If this was such a deal it would be sold. That being said, development land in lincoln park is hard to find, at some point in the maket cycle who ever owns this will probably make some money. The question is how long will they have to hold it, and it’s up against the EL.

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  7. Zoning on that lot is RT-4. Assuming it’s a normal lot size (not tiny) that means one could build a 3-flat.

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