Flipper Alert: Former Bank-Owned Unit Rehabbed and Back on the Market: 928 W. Eastwood
Many of you will remember this 1905 renovated vintage building at 928 W. Eastwood in Uptown. We’ve chattered about the foreclosures there several times.
See our November 2008 chatter and pictures here.
Last November, two of the first floor 3-bedroom units were bank-owned and selling for “only” $80,000 each.
Unit #1E sold in January 2009.
But it’s now back on the market for $159,000 more than the prior sale.
The listing says the unit was just rehabbed and now has a “beautiful kitchen” with stainless steel appliances and granite counters. It also now includes a parking space (it was unclear whether or not the bank-owned units also included parking.)
Does the interior rehab work justify the current price increase?
Aaron Taylor at Real Living Helios has the listing. See the interior pictures here.
Unit #1E: 3 bedrooms, 2 baths, no square footage listed
- Sold in August 2006 for $260,000
- Bank-owned
- Was listed in November 2008 for $80,000
- Sold in January 2009 for $80,000
- Back on the market and now currently listed for $239,000
- Assessments are now $152 a month (were $200 in the prior listings)
- Taxes are “new”
- Central air
- Parking included
Why so many door pictures? Are they special doors?
hard to tell, what with photos of doors and hallways…
I’m sorry, but why do they even waste the time to take photos, if this is what it’s going to be?
Am I the only person who only checks listings to see dimly lighted pictures of doors?
Its in Uptown so who knows if it will sell. And lol at those pics!
I’m impressed with their thorough closet door coverage, but I would like to see more pictures of the HVAC ducts.
Seems like a lot home for the price but then again, I have never been in that neighborhood.
Would it be too much to ask this agent, to post some close up pictures of the electrical outlets?! Seriously, why list pictures if they suck!
BTW – All Agents, please take note, when listing a garden unit, always take the pictures during a SUNNY day, not at night. This place looks like a cave!
Seriously though, $239K for a 3bd/2bth, with parking is not bad at all. I know Uptown can be sketchy and this block is one of the sketchy ones, but at $239K, a small lower/mid income family could move in.
Uptown’s one of the more marginal areas of Chicago, much like Buena Park, however, I’m hard pressed to find this price to be ridiculous. It’s a 3BR, 2BA, Parking included, Hardwood floors, and doors, doors, doors! I dunno. I’m tempted to think it’s reasonable.
I’ll just reprint my question from last time about this place: “Below-grade units in a fraud-filled conversion?”
The flipper can disclose they know nothing about any problems “because they never lived there and didn’t own it very long.”
Good luck, mark, er, buyer.
Remember the ground level unit that had its windows open all winter? I’m sure that did wonders for this building. Why don’t they also just have a shuttle bus and stairstep for the rats convenience?
Nothing new drywall, paint, tile and fixtures won’t cure. Right?
Right?
Decent price but no pics of bathrooms or bedroom. probably hiding stuff
Hiding the rat holes in the walls probably.
I’m sure you’d *never* hit your head on the cabinets over teh washing machine. Nice layout, guys.
Looks nice enough–for a basement. I’d consider hiring them to build out mine.
I don’t understand why anyone would even bother rehabbing or flipping in this market. There is ever growing competition for fewer and fewer sales. You think these guys would have found other careers by now.
“You think these guys would have found other careers by now.”
What are they going to do? Sell drugs? In case you hadn’t noticed, there aren’t a lot of job opportunities right now.
“What are they going to do? Sell drugs?”
Pretty lucrative business in Uptown!
Adapt or die.
“#anon (tfo) on April 3rd, 2009 at 9:07 am
“You think these guys would have found other careers by now.”
What are they going to do? Sell drugs? In case you hadn’t noticed, there aren’t a lot of job opportunities right now.”
“Adapt or die.”
Funny, coming from someone who complains so heartily about the way the world worked for the past eight years.
Hey my only complaint over the last 8 years has been the crazy run up in housing prices; otherwise the world has been pretty good to me over the last 8 years. I got myself a good steady job; I met someone special in my life; I graduated from a great law school; I borrowed money at less than 3% to get my education; I got my very first automobile; I’ve learned a ton about real estate.
Don’t blame the flipper they’re just doing what they know how to do. They’re probably making a risk-adjusted business decision with the banks money.
Blame their bank: at the other side of most flip transactions theres a bank giving them the loan.
this is a basement aparement…hence the windowless pictures.
http://www.redfin.com/IL/Chicago/928-W-Eastwood-Ave-60640/unit-1E/home/17903659
What is apparent with the market in it’s current state is that is has eliminated all of those ‘flippers’ who were not at all concerned with quality based regentrifications of lower priced neighborhoods. What they were calling their ‘business’ was buying gutter properties, doing only the most basic cosmetic ‘improvements’ then selling to amateur buyers for double their purchase price.
I am so glad that level of rehabbers have all but disappeared from the equation leaving a few true pros who have the capital to invest in properties, do quality work with quality products and are able to sit on them until the market stabilizes.
Gone from the scene along with these gutter rehabbers are those RE agents/brokers who were only in it for a quick buck. When placing the blame for what we face now in this market, I can quickly point my finger at these people, as they are who sent this market into the freefall we are in now.
As I noted in another thread, I have been able to sell 21 properties in the past three months. Looking at my entire inventory, these were the lowest purchase priced (for me) units I had. I was able to negotiate somewhat with buyers so these sales went pretty smoothly. In these props, no major work was needed other than removal/rearrangement of walls to add more usable floor space and basic cosmetic and structural improvements that the new buyers were searching for… something we all agree only adds great value for the new owners and a larger group of buyers at a increased profit for me.
The other end of what I have left on the market/using as rental income are the higher end props that I cannot bargain on. These are all more labor intensive/top of the line product projects that will NOT sell for a few years. This I can afford to do as I am in this career for life. I have never, nor do I now, view my work as a get rich quick job. So when the others went searching for a new career, it left those of us who do this job because we know what we are doing, and do so honestly, to reap the rewards of this industry within an industry.
As skeptic pointed out yesterday, those of us who still do this work see it as property recycling and neighborhood regentrification, all while allowing buyers a viable option to these poorly constructed new glass buildings that are now at a stand still.
One part of your statement is not true from my perspective. There is a huge inventory of properties out there for people in my field who are not led by an emotional need. It is not so much about finding a great selling price for me. Rather it is about finding a house with a solid structure that I can add to that will guarantee both parties a great value come closing time.
This is a perfect career for me as I am very fortunate to have sufficient capital, the skill needed to maximize the value of a home and the ability to not have to sell immediately upon the rehab completion.
I hope I have made myself more understandable in this thread as it seems my communication skills have been rather questionable over the past few weeks time and has led to some rather unpleasant exchanges. Not to worry though, I have one, maybe two more props to pick up then I won’t be a regular contributor on this board over the summer/fall months. As it stands now, I seemed to have gone a bit overboard in snapping up houses and have plenty of work lined up for some time! Sit tight all, I will be out of your hair in no time…
“I don’t understand why anyone would even bother rehabbing or flipping in this market. There is ever growing competition for fewer and fewer sales. You think these guys would have found other careers by now.”
The pictures are hysterical. Practically screaming, “Look! granite! stainless steel fridge! hardwood!” while not saying anything about the bedrooms… how do you have a 3 bedroom place and NOT show any of the bedrooms? Amazing.
Still… 239K for a 3bed/2bath with parking that close to the lake strikes me as reasonable. All depends upon how comfortable the buyer is with living in one of more sketchy parts of uptown, and how optimistic the buyer is about that particular part of uptown becoming less sketchy in the future.
Is it hilarious MLS picture Friday already?
http://www.redfin.com/IL/Chicago/2944-S-Michigan-Ave-60616/unit-5/home/12785363
Take a look at the bathroom pic!
“Adapt or die.”
Funny, coming from someone who complains so heartily about the way the world worked for the past eight years.
Thank you!!
“Hey my only complaint over the last 8 years has been the crazy run up in housing prices; otherwise the world has been pretty good to me over the last 8 years. I got myself a good steady job; I met someone special in my life; I graduated from a great law school; I borrowed money at less than 3% to get my education; I got my very first automobile; I’ve learned a ton about real estate.”
Now see, the difference between you and I is that I could never degrade anyone’s career choice…or tell them they need to adapt or die. And someone had the nerve yesterday to tell me I needed to work on improving my internet persona. LOL But back at you, I know many crooked lawyers who do nothing but prey upon those who need their services. Good for you and I hope you aren’t in that bunch!!
“Don’t blame the flipper they’re just doing what they know how to do. They’re probably making a risk-adjusted business decision with the banks money.
Blame their bank: at the other side of most flip transactions theres a bank giving them the loan.”
Actually those who are still relevant in my field do not rely on any outside financing to do this work. To have someone tell you that is how they operate shows you exactly what category they fall into.
Taking risks with other people’s money in this field is just not good business sense!
“
Back to this property and the accompanying pictures and ad…in my professional opinion, there is a lot more going on here than the agent is letting on. Once I start seeing that many !!! in any ad, I go on to the next one.
I hope this one sits on the market for years, and I never say that about anyone’s properties!!!!!!!!!!!!! and !!!!!!!
“And someone had the nerve yesterday to tell me I needed to work on improving my internet persona.”
I told you you needed to work on the *consistency* of your internet persona. You claimed to be a “girl” when you first got here, and a “man” in the last couple of days. You also just got called out for claiming to visit a home you had not. If you’re going to bother to go to the effort, put a little effort into it. Like ze carioca or Steven Heitman.
This is in a very bad location.
Bob, I’m not sure what’s more disgusting, the color of the tub and shower walls or the floaters left in the toilet.
LOL Nothing says “buy me” like a floating turd.
That’s even more hilarious than the picture of the rooftop deck with the knocked over patio furniture! LOL! Turds in toilets… clearly that realtor is earning their 5%!
Kenworthey,
When you set a mission of attempting to discredit and degrade a person’s reputation, you really do go all out and stop at nothing to accomplish your disturbing task!
Are you so intimidated by my comments and thoughts that you feel the need to do this to me and to a few others as well? I just do not understand, on an anonymous internet RE posting site, what pleasure a person would gain from making such false accusations. While ignoring what is shared here from a few posters, it does seem that you invest a lot of work at the keyboard to accomplish this assinine ‘project’ of yours.
First off, no where did I EVER claim to be a ‘girl’ or female at any time. I am a man and a pretty upfront, honest and solid one at that. I think you may have confused what I intended to be a flippant comment/joke about the ‘girl’ you are referring to in a thread that was discussing Boystown residents. In saying girl, I meant not to insult anyone at all. As a gay man myself, I have no problem using this term in a humorous way. So let’s put that one to rest.
In using the man term a few days ago, I was defending myself against someone who was making a derogatory joke about my profession and the quality of my work. While I am generally a pretty mellow and mild mannered person, when an insult is thrown my way (especially about a career that I have spent most of my adult life in) I will come back to answer that accusation.
Regarding my being ‘called out’ on my claim of visiting a property, I just don’t know where that is coming from. I did in fact visit it, noticed both good and bad features and pretty much forgot about it soon after that visit. End of that imagined ‘story’ and accusation.
What I thinking is happening here (it did take awhile to come to this conclusion) is that the person who claimed to be the listing agent is in fact an imagined persona you created in your disturbed mind. Dual personalities on your part would be the only logical explaination for this harsh and untrue accusation.
Seeing how that house was discussed at length in a number of posts, why would the ‘agent’ not step forward sooner to defend that listing and what was perceived to be flaws and misinformation about the home? Any reputable agent would have presented facts to set the record straight. To suddenly appear and make those remarks was a bit baffling and uncalled for.
Upon closer inspection of that post, it is plain the writing style is clearly identical to yours. I truly find this issue both ridiculous and disturbing. To have remembered my comments, wrongly I might add, since I arrived here and not spoken up sooner is strange. Why the sudden interest in what my opinions are? And because it seems that you are burning angry with intimidation of my career, you come at me guns ablazing and attempt to make me some sort of compulsive liar and/or psychotic poster. To make erronious comments and posts here would require a person to have some serious mental health issues….I can guarantee you, and other readers that is not the case, with me at least!
Actually, I could care less how I am being taken by your sick sense of humor…or as I said above, the intimidation you feel from my posts. To go to this length is very disturbing indeed and I think you should seek mental help!
Perhaps I should be ‘flattered’ by your attention, but in looking at this situation seriously, I am more freaked out by it all than anything else.
What I write and post here are my true thoughts and my very honest and candid opinions based on my career and interest in this industry. They are just that and are not really worth all this effort you are putting into trying to expose me as a fraud. You sure must have a lot of spare time on your hands to have cast aside professional opinions and instead have chosen to focus your attention in an feeble attempt at character assasination.
I have no reason to make up stories or to lie on a message board such as this one. If you do not care for my comments, please do us both a favor and just scroll on by and ignore any posts concerning me. Agree with my comments and views or not, all I ask is that you just leave me alone. Can we just agree to avoid each other?
I see I am not the only person you have chosen to attack and cast a negative light on. I imagine you do get intense enjoyment out of it, but I believe the intelligence level here is at a level where where most see what you are doing.
Frankly, I feel both embarassment and more than a little scared of you. You seem to have a very hostile and negative outlook on life and a burning desire that leads you to believe that you must degrade those you see as being intelligent and successful in their chosen professions.
So once again please, if you do not care for my postings, just ignore them and I will extend you the same courtesy. As I said in another post, I will not be posting here much longer as the weather is getting to the point where we will be doing the rehab work we enjoy and I just will not have the time to spend on this site.
Peace out!
“I told you you needed to work on the *consistency* of your internet persona. You claimed to be a “girl” when you first got here, and a “man” in the last couple of days. You also just got called out for claiming to visit a home you had not. If you’re going to bother to go to the effort, put a little effort into it. Like ze carioca or Steven Heitman.”
westloopelo – believe it or not, we agents do not care what is written on this board as it is an OPINION forum. However, your claim to have visited the house is flat-out false. If you’d like to see the house, I will be there TODAY at 2pm. I’d love to give you a tour. As for combating what is said on this site, I don’t think it’s necessary to counter an assertion as ridiculous as “90-100k to put in central air/spacepak” – its inanity speaks for itself.
Westloopelo, I seem to recall you explaining before how your real estate awesomeness gets you out of bed early.
I’m wondering, did you stay out late drinking before that last post, or just didn’t medicate yet for the new day?
westloopelo, please talk to your friends. You may not be able to see things as others do.
westloopelo,
Absolutely fabulous. Keep up the good work. It takes a strong determination to keep evil doers like KW on the defensive, and an impossibly long letter apparently.
“To make erronious comments and posts here would require a person to have some serious mental health issues”
LOL.
“While I am generally a pretty mellow and mild mannered person”
ROTFL! Had to stop reading after that…
MG/KW, as we both know, I have viewed ‘your listing’ already and have no further need to see it…lol this multiple personality sham even has me believing you are a RE agent now.
But back to your ‘career’, I would like to think that when I hire a RE agent and he/she comes across derogatory or incorrect information on a listing of mine, that they would jump in IMMEDIATELY to correct that info…personal opinions aside, it is your job to represent that listing correctly and to the best of your ability. But then again, I did say earlier that I could point fingers at many gutter agents in Chicago to share the blame as to where this city stands in relation to others in the nation.
That aside, if you were to be there @ 2PM, (maybe an AC estimate to post here?) would I not be infringing on your showing? LOL again.
Re the estimate for a AC system (not Spacepak) I stand by it as that is pretty close to what it would cost to install the units and all the repair work inside.
G – I don’t know what you are referring to –
“I seem to recall you explaining before how your real estate awesomeness gets you out of bed early.” It was you who made what you thought was a smart ass comment and I responded accordingly. And not that it makes a difference to posting here, I don’t drink or do any sort of drugs, so watch your comments. Starting an argument on the times I post now? Get ahold of KW and compare notes as it may help you play your games. Try harder!
dd – lol, thankfully I am not warped as some other posters here, but then I guess they are not my ‘friends’…so what does it matter?
Bob – ? We all know KW started this whole poseur/stalking thing as she/he took a comment I made a bit too seriously.
Outhouse – Sorry, but that is an accurate description of my general personality. Glad to have provided you with a laugh however.
We really could keep going on this if you all care to, but I am sure it is getting a bit monotonous to other readers (I know it is to me) at this point.
Ignore my posts and I will ignore yours, how’s that?
Not bad… fullofshit would have been better, though. I would have more quickly realized it was me you were talking about. Honestly, though, if you’re calm up until a mild insult, when you throw a complete shit fit, I don’t think you would qualify as “pretty mellow and mild mannered” (this isn’t your first tirade), but whatever helps you sleep at night.
“Outhouse – Sorry, but that is an accurate description of my general personality. Glad to have provided you with a laugh however.”
What are you talking about with this complete shit fit comment? I have been called out on a few of my comments and I reply in the same manner as the person calling me out… and I do sleep well at night…no worries and no drama.
Do you go after all offenders of this CSF scenario?
928 w eastwood turning into the jerry springer show
I think the commentary is befitting given what happened with the building. Its hard to find a conversion that got more fubar’d than this one.
You really have to laugh at the developers who run out of money halfway through a unit. I mean really what kind of lack of capital budgeting and forecasting skills does it take to do that?
Unit 4E is on the market for 200k now, comes with parking as well, its a 3/2.
Price Reduced: 05/05/09 — $399,900 to $299,900
Price Reduced: 06/01/09 — $299,900 to $274,900
Price Reduced: 08/14/09 — $274,900 to $249,900
Price Reduced: 09/01/09 — $249,900 to $239,900
Price Reduced: 10/11/09 — $239,900 to $199,900
“Bring all offers. Perfect investment property in need of some work. Just finish work and resell or rent out. “
Unit 1W is a 2/2 listed for 216.9k it seems. Its only a 2/2.
“Though a re-sale, be the first to live in this unit.”
“Get first time buyer $8,000.”
Also unit 4E looks like most of the work is done if the pictures are accurate. The flipper of 1W is gonna take a bath on this one as they can’t compete with 4E.
Oh yeah and lets not forget Unit 1E. The flipper got frustrated with their stale MLS listing and pulled it. Its now listed for 220k with a new listing date of 9/25/2009.
Thanks for resurrecting a classic thread, Bob. The property, the comment thread; pure comic gold!
Are the turds still in the toilet?
Unit 1W was re-listed for sale on March, 14, 2011 with an ask price of $159,900. After a few weeks they cut the ask price to $149,900.
No mention of “Get first time home buyer $8,000” this time as dough 4 dumbs expire and will not be renewed, however the home is $66,900 cheaper than it was a year and a half ago, yet still over double what the flipper paid.
This flipper paid $71,000 for this unit back in May, 2009 (pre-rehab). Will this be a case where the carrying costs kill the flipper’s profit?
Err meant dough 4 dumps but I guess it was a freudian slip!