FINALLY! Bank Owned 2/2 at 507 W. Aldine in Lakeview Sells
We’ve been chattering about this 2-bedroom at 507 W. Aldine in Lakeview for years.
You can see interior pictures of the unit in our May 2009 chatter here.
It represents the full circle of the housing bust.
We saw it go from:
- Normal sale
- to Short sale
- Into foreclosure and bank owned
- Then listed from the bank
- Finally sells for 32% under the 2007 purchase price
The vintage unit had washer/dryer and parking but no central air.
The kitchen and baths were intact but there appeared to be some TLC that needed to be done.
Saul Zenkevicius at Goodwill Realty Group had the listing.
Unit#2B: 2 bedrooms, 2 baths, dining room, 1400 square feet
- Sold in May 1995 for $154,000
- Sold in June 1998 for $199,000
- Sold in April 2000 for $243,000
- Sold in March 2007 for $379,000
- Was listed in February 2009 for $410,000 (included the parking)
- Reduced
- Was listed in March 2009 for $399,900 (included the parking)
- Reduced
- Was listed in May 2009 for $375,000 (included the parking)
- Reduced
- Was listed as a short sale in June 2009 for $339,000
- Under contract
- Re-listed in September 2009 for $339,000
- Under contract
- Lis pendens foreclosure filed in December 2009
- Re-listed in May 2010 for $325,000
- Withdrawn in July 2010
- Bank owned in September 2010
- Was listed in December 2010 for $276,500
- Reduced
- Was listed in February 2011 for $254,900
- SOLD in April 2011 for $255,000
- Assessments of $362 a month (includes heat)
- Taxes of $5365
- No central air- only window units
- In-unit Washer/Dryer
- Wood-burning fireplace
- Deeded parking included
- Bedroom #1: 14×12
- Bedroom #2: 12×11
I’ll bookmark this property. In a month or two we’ll learn from the recorder of deeds whether this new sale is also ‘tax refund as a down payment’ sort of purchase or whether the new buyer actually put some skin in the game.
I’ve been in this building and the apartments are very, very nice, with excellent vintage features. The courtyard itself is also one of the prettier in the neighborhood, with lots of foliage.
That said, the condos are kind of small, and the ones on the west side of the building look out over a parking lot from their back windows, which isn’t too pretty.
For $255,000 with parking, I’d say this is a decent price, but perhaps a bit too high. To think someone would ever have paid nearly $400,000 for it is a laugh.
I think this is a very good price for in-unit w/d, parking and this location. Window air conditioners are a pain for some but I think for this price acceptable. As to the parking to the west, the open space lets light into the units and you can control the view with window treatments.
Congrats to the buyers. $255k is a great deal. I’d say this is about a $325k property.
The original post 2/18/09 on this was great. It had it all. Bob and HD calling it right, anonny with a grossly inaccurate “it’s different here,” poster a calling it right on the money “I say 250, 275 tops,” a couple of randoms with the even then tiresome retorts of “Oh, right, you don’t own anything anyway,” a classic HD reply of “Is that supposed to be an insult?” and a timely appearance by Suzanne.
http://cribchatter.com/?p=6332#comment-27690
People certainly made out well if they sold at the right time at the height of the bubble. We focus so much on the people that are getting foreclosed on now, because thats whats happening, but on all these properties someone made out like a bandit. They made $136,000 before realtor free for just living here for 7 years between 2000 and 2007. All these properties you’ve show recently have taken huge hits, but most of the time is the bank and no even the owners. And on all these properties the previous owner banked tons of cash for themselves.
I was thinking that this seems to be a pretty fair price now. It is really is amazing looking at some of the bubble prices. Glad to see them coming back to reality. More and more of these place seem to be closing around prices in 2000.
oh and that Suzanne appearance was hilarious
ha! ha! G- that is funny. It IS a microcosm of what goes on on this site.
My question is- if everyone is now mocking the previous $400k price- what does that mean for all of East Lakeview? Most of the 2/2s with parking ALL sold for around $400k back in the day. They are ALL underwater. It’s going to be a rough few more years in East Lakeview for current owners who want to sell.
Also- this property is an excellent indication of how long it is taking this bubble to burst.
From original list to re-sale from the bank took 2 years. That is even a little quick compared to other distress property sales I’ve seen.
That’s why the price declines are sooooo slow in the GZ areas. It’s taking years to wash its way through the system.
“We focus so much on the people that are getting foreclosed on now, because thats whats happening, but on all these properties someone made out like a bandit. ”
But most of those people rolled their money into a new house just as overpriced as the ones they sold.
Only a minority used their windfall to downsize or move to a low-cost area.
The (400k) is still present for nice condos with parking…the props that I have seen well under it aren’t places I would want to live. Obstructions, high assys, no central air, etc…for the nicer buildings (a la the Montgomery, 600 Fairbanks, 550 stc, 160/240 illinois, 535? mcclurg, 600 LSD, just to name a few) still need 450 for decent living space.
In LP, sure you can be sandwiched bt a two units and haul groceries up into your skinny condo – and if u like that more power to you! Vintage units are a bit different IMO, as you can get good space for a cheaper dollar though not my cup of tea.
I am interested in seeing what happens to the ‘special units’ ( penthouses, large balconies, the one-off floor plan in a building) to see if they hold…obvi that penthouse listed the other day in RN was a steal at 625 IMO but non- distressed props…can people return a 10percent profit???
“homedelete on April 22nd, 2011 at 8:18 am
I’ll bookmark this property. In a month or two we’ll learn from the recorder of deeds whether this new sale is also ‘tax refund as a down payment’ sort of purchase or whether the new buyer actually put some skin in the game.”
As a potential buyer in the market, I’m perfectly capable of putting 20% down, but why should I? The marginal cost of a 95% loan is small. My equity investments made about 20% last year. In general, I would expect to make a higher rate of return on equities over the next 5 years, so why wouldn’t I try to control a real estate asset with the lowest possible amount of ‘skin in the game’ and invest the difference? In addition, I maintain the flexibility to reallocate (i.e. pay the note down faster) if conditions change.
I’m not sure what inference you are trying to draw by looking at LTV, but I would be careful about assuming that a high LTV indicates someone barely able to afford their purchase.
“Congrats to the buyers. $255k is a great deal. I’d say this is about a $325k property.”
It just sold for $255k, so I’d say it’s about a… $255k property. 😉
“People certainly made out well if they sold at the right time at the height of the bubble. We focus so much on the people that are getting foreclosed on now, because thats whats happening, but on all these properties someone made out like a bandit.”
Possibly. But how many times did the bandits sink the proceeds to some other peak-priced property?
Which is why we have a glut of $500k+ properties not selling as well.
My parents bought a 4-bedroom condo in a courtyard building on this same street for $45,000.
In 1975.