Foreclosure Alert: $485K Off New Construction Humboldt Park Home: 1708 N. Richmond
The bank has taken possession of this 2007 new construction 3-bedroom home at 1708 N. Richmond in north Humboldt Park.
It is currently listed for $485,100 under the 2007 purchase price.
The pictures show the home as having hardwood floors, cherry kitchen cabinets and granite countertops.
Is this a deal for a fairly large new construction home in this neighborhood?
Riklin Realty has the listing. See the pictures here.
1708 N. Richmond: 3 bedrooms, 3.5 baths, 2 car garage, no square footage listed
- Sold in May 2007 for $820,000
- Bank owned as of March 2009
- Currently listed for $334,900
- Taxes of $8225
- Central Air
- Bedroom #1: 18×28
- Bedroom #2: 18×13
- Bedroom #3: 15×11
- Basement: 13×15
Who pays 820k for a house in humbolt? Seriously?
Moving on…
If it were 3 block north, sure. Even where it is, this seems to be pricing intended to get bids for over ask.
But what’s with the master bedroom being half of the 2d floor (if the measurement is right)? Seems a little excessive to me.
Looks like another vinyl-sided face-brick front “pick-up contractor” special. In ten years, it’s shoddy construction will be clearly evident and someone will have the unfortunate task of rebuilding it.
Buyers get seduced by finishes.
Looks like a false front building from some 19th century Western town. U. G. L. Y.
Someone should also tell this realtor that before he takes pictures with his I-phone he should at least get the smudges and dust off of the lens.
And close the toilet lids.
Yeah, the $820K pricetag for Humboldt is certainly eyebrow-raising…
So is the “SOLD AS IS.” in the listing. Makes you wonder what they don’t want to fix.
All REO’s are sold as-is. Banks don’t want to fix ANYTHING. This listing isn’t any more or less suspicious than any other REO.
“All REO’s are sold as-is. Banks don’t want to fix ANYTHING.”
It’s as much about post-closing liability. Banks get held to different standards than individuals and, unlike developers, don’t hold their REO assets in stand-alone LLCs, so they aren’t judgment-proof.
All the more reason to trash the place if you are being foreclosed on. Not only do banks make stupid loans that wreck the economy but they also operate within stupid legal structures that prevent them from doing anything aside from being a deer in headlights.
The three pictures of the corners of rooms really want me to take a look at this place
What the hell?! A. What’s with the brick front and the rest of the house having vinyl siding?! B. Keep your paint job, I’d rather have appliances. Something tells me that price is going to come down alot more before people even consider this place. Whatever banker approved the loan for this place should be forced to buy it.
I’m not nearly as offended by as many of the exteriors as other posters, but this is one ugly house.
“What the hell?! A. What’s with the brick front and the rest of the house having vinyl siding?! ”
Pretty common for Chicago new construction or rehab SFRs where they’re trying to keep the price down.
“Pretty common for Chicago new construction or rehab SFRs where they’re trying to keep the price down.”
Has anyone ever been to Glenview, or Geneva, or “lesser” suburbs (here or elsewhere)? It’s **really** common.
“that price is going to come down alot more before people even consider this place”
Nah. This is an *almost* okay location and the competition price-wise is crap. The wildcard is if there are any structural/water issues.
Geneva is a lesser suburb? I’ve also never noticed homes there like that (can you name a street with these?). Either you live in a large 4-5 Bedroom home or you have a small little ranch in Geneva (e.g. ranches off of Western Ave. near the school and the big homes slightly to the west of western going all the way to randall). Very little new construction and even fewer rehabs. You can’t just make up information to support your point.
I don’t think this listing is that bad. The banks must get the worst realtors though, this person obviously hates their job.
Vinyl siding over the ubiquitous split-face block at least offers some weatherproofing. But that sad, this is fugly with a capital F, and screams either fraud or near-criminal incompetence. this would have been overpriced at $400K *before* the market meltdown, if they get $300K PT Barnum will once again be proved right.
Nate:
The sentence I quoted was in reference to the brick-front vinyl-side construction. Aer you saying that there is nothing like that in Geneva? Strange, as I have friends who live in one in a nice development full of them. I’m sure I could find streetviews showing dozens of them, but won’t bother.
Also, think about what “Glenview, or Geneva, or “lesser” suburbs” means. Does “lesser” modify Geneva or Glenview or set up a comparison? Where did you go to school for grades 5-8? I’d liek to recommend against that district.
Geneva is like 35 miles straight west of Chicago… wtf suburb are you talking about Nate? And there’s a crapton of brick front/siding houses everywhere around there. Wheaton & Naperville included. Joe Keim and some other crappiddy developers built about a million homes like that in the area.
sonies–
nate clearly misread my post, given the mulitple misinterpretations.
skeptic–“screams either fraud or near-criminal incompetence”
The $820k screams fraud, given the fairly small size of the house in this location. But 22 months from closing to REO indicates they made some payments (as does the painted rooms), so it seems like more typical subprime fraud rather than the more egregious fraud we sometimes see.
I’m voting for egregious fraud on the original sale, when popko wojciech sold it to mariusz kipiel. Just took a while to work through the system?
the city of chicago numbers are shocking.
“Just took a while to work through the system?”
Got an Option ARM and made the first 10 or 12 minimum payments until the re-cast? Cheaper than renting.
I have seen this home with a client. The basement level has standing water and there is now a horrible mold problem. Does anyone know anything about mold mediation? It is a shame that the sump pump failed. I have seen this with other forclosures….but it looks like there will be a phoenomenal amount of work needed to be able to live here..the neighborhood is at best sketchy…but the mold problem will make this unit tough to sell.
“Vinyl siding over the ubiquitous split-face block at least offers some weatherproofing”
Not really. Vinyl siding is not at all waterproof. It relies on the correct detailing of the weather resistant barrier (WRB), commonly called Tyvek, along with the correct detailing of the window and door flashings to provide minimal protection from moisture intrusion.
So many experts here!!!
I used to own a building one block over. Drugs and lowlifes abound. I would never live in this area.
Price is now $293K. If one could get the taxes reduced it would make a nice deal, provided the property is in decent shape and wasn’t hit too hard by winter. With mold, though I would not touch this place.