Foreclosure Alert: $685K Off Prior Sales Price: 2426 N. Rockwell in Logan Square
We haven’t done a McMansion foreclosure for awhile.
This 3-bedroom single family home at 2426 N. Rockwell in Logan Square just came on the market and is bank owned. It looks like fairly new construction (2006-2007) and sold in 2007 with 100% financing (twice).
Is this a deal?
Here’s it’s history:
2426 N. Rockwell: 3 bedrooms, 3 baths, 2 car garage, no square footage listed
- Sold in March 2007 for $1.2 million
- Sold in July 2007 for $1.265 million
- Lis pendens filed on the property in September 2007 by Countrywide
- Bank owned by the end of 2008
- Currently listed for $579,900
- Taxes are listed as $24,882 but I think this includes the property next door as there appears to be two properties listed as one in the public records
Abe Rabah at Great Street Properties has the listing. See pictures of the house- plus interior pictures- here.
Right around the corner from the Fireside Bowl! Dreamy!
This was never a million dollar home.
Lis Pendens filed in September when the loan was originated in July?
FRAUD! They never made a single payment! It was designed for default from the very start.
I don’t see how this can be considered a “mcmansion” — it’s just a three bedroom house. I agree that this was never a million dollar property.
Absolutely neve a $Million property. Unreal.
Never, sorry.
If this place was over $1 Million, then my parents townhouse in Bridgeport must be worth at least $800,000.00. It is also 3 br, 3ba with a two car garage. And not as junky-looking. Also in a way better hood.
Sold in July and lis pendens in September? That has to relate to an older mortgage–they wouldn’t have been even 60 days late (Buy in July, first payment due 8-1, late on 8-16).
If there is only one PIN for two houses, the purchase price was probably for both houses (2424 N Rockwell is also for sale–for $724,900, it’s a 5/4.1–also as-is, 2-3 day seller response, so looks like another REO). Need to see a copy of the deed to be sure either way.
What do you think it costs to build one of these units?
Are taxes really over 24K? Wow.
Logan Square:
Where the service sector hipsters who can’t afford Wicker Park move to. This ask price is a JOKE.
previous prices have to be fraud, no? anything over 1MM for that is just ridiculous. anyways, 580K is rather reasonable. it’s funny how banks are leading prices down as aggressively (through their foreclosure pricing) as they helped lead prices up during the bubble.
How much work does this property need to become habitable after looking at this pictures? I’m a little weak on the construction side of RE.
HD:
From the pictures, no idea. They don’t show a single fixture/appliance/anything. Based on the pix, I’d assume there’s no kitchen, no baths, possibly no HVAC other than ducts–but that could be a very unfair assessment. The windows could be boarded b/c they were installed wrong (expensive) or because a single pane was broken and it’s easier to just board up the whole thing (cheaper to fix).
Or it was boarded by court order, being vacant and open property. That was my first thought.
Jason:
Def possible, but I’d think more likely if the glass were cracked or broken, no?. Don’t think that explains the *one* rear french door being boarded up.
I think the bank boarded it up to protect it from being vandalized and/or gutted for copper. This property was once secured by a million dollar loan you know. Somebody at a desk thought it might be worth the $5,000 to board it up.
btw it looks like one french door is boarded up on the inside and then again boarded up on the outside? It’s hard to tell.
homedelete,
That somebody at a desk is probably going to get a pink slip if they haven’t got one already. Heres to hoping the property gets stripped. Banks fault for believing this was a $1MM property.
I’d bet the loan had minimal if any downpayment, too.
I am quite gleeful today that the financial sector is melting. They got us into this mess, they don’t deserve to live. I hope banker becomes akin to used car salesman in terms of prestige in the coming years. At least with used car salesmen you know what you’re in for.
I’d like that appraiser to value my property, I need a temporary morale boost.
Crap–one of the temporary “over the limits” ate a post re what I think happened here–I’ll try again:
There are two houses with the same PIN–2424 and 2426 N Rockwell
Three deeds in ’07:
March 9 for $1.2mm to Buyer 1 (likely included 2424 and 2426)
March 30 for $1.2mm from B1 to B2, 100% financed
July 9 for $1.265mm from B1 to B3, 100% financed
Lis pendens filed September on B2
Lis pendens filed December on B3
So, either Buyer 1 sold the same property twice or (more likely) had appraisals for each address either completely fraudulent or (more likely, I think) glossing over the fact that they were based on the value of TWO houses. Lenders (apparently different for each, tho both are now owned by same bank) oblivious to the fraud until after 90+ days with no payments. Plus, then the houses eitehr remained unfinished or (again, I think more likely) were partially stripped–appliances, etc.
If this were a basically turnkey house (needing paint, the garage deck, maybe a couple of appliances), it looks like $580k would be a pretty good deal. But the pics make me think that there’s a **lot** more to be done. Same thing applies to 2424 at $725k.
If the house doesn’t have appliances and/or fixtures, the banks will most likely require a construction loan, which is much more of a hassle and higher interest.
Anyone know anything about how safe this part of logan square is? I know it’s all relative, but how does it compare to say southern Rogers Park or West Town or other parts of Logan Square itself. Was E joking about proximity to Fireside Bowl being a plus? If so, why? My inner suburbanite has always liked that this area is so close to the big box stores and Kerasotes theater on Elston, but I don’t know how safe this particular part of Logan Square is.
One more thing…please don’t point me to Everyblock (formerly ChicagoCrime.org). I know how to find crime stats. I just want anecdotal evidence from anyone who is familiar with the area. Thanks!
“If the house doesn’t have appliances and/or fixtures”
Really only if you don’t have a legal right to occupy the house. What do you need in Chicago? A toilet, a sink, hot water and heat, right? So, as long as there is one bathroom, hvac and a water heater, no need for a construction loan, unless you need it to fund the installation of everything else (i.e., you believe that completion will warrant a significantly higher valuation).
This is in police beat 1431, and I live a few blocks away from here. This beat is considered the safest beat in the 14th district. We’ve got some pretty strong neighborhood groups and really good CAPS participation, and in general this little quadrant of Logan Square, from Western to Sacramento and Fullerton to Logan Blvd. is totally the most solid chunk of the area.
Fireside bowl has been remodeled inside and is currently doing real live bowling, after many years of being an all-ages punk rock venue. The Elston corridor expansion is creating a traffic nightmare, however, but it’s damned convenient otherwise.
I feel very safe there, although always on guard, just as I was when I lived in Lakeview. Nowhere in the city is totally safe.
Re: Logan Square safety –
Like absolutely every other neighborhood, there are plenty of petty street crimes and scammers. You will see Logan Square in the headlines quite a bit for gang activity which tend to be directed at other gangs. Not to belittle innocent bystanders, but I find if you don’t look for trouble, it won’t find you.
The hipsters with their tight jeans and fixed gear bikes have definitely arrived en masse. I’m cool with that if they pave the way for more bike-friendly neighborhood planning.
As a Logan Square resident, I’m sad that the shootings continue (one just yesterday on the 2800 block of North Albany, a 30-second drive from my seemingly quiet, lovely block). I think that logansquarean is right that this home is in a “safe” part of Logan Square. But, I’m not sure if any part of Logan Square is all that safe. I live just north of the boulevard, two blocks from the El. I’ve seen some serious sketch in the alleys, once something out of a scene in HBO’s “the Wire” (I no longer take the short cut home through the alley after dark).
My lease is up in March, but I plan to stay another year in the apartment. In other words, I don’t feel so unsafe that I’m wanting to move.
I’d hoped to buy in Logan Square and stay for awhile. Now, I’m thinking about eventually buying elsewhere. When/if my husband and I are lucky enough to have children, I think I’d like to live in a neighborhood where I don’t have to worry about their safety. Sure, the chances of anything happening are low – – but they’re closer to zero in other neighborhoods.
Hope this helps to answer the question.
YES, this is EXACTLY what I was looking for. Thanks REB and logansquarean. I love first-hand info like this…especially stuff about neighborhood groups and specific boundaries that are useful to house hunters and things like “It’s not great but I feel safe enough to stay for another year.” Logan Square is one of the few ‘hoods where I think I’d like some of my neighbors and I could afford a single family home or multi-unit building instead of a condo. However, I’m concerned that the gentrification push has gone as far as it can, and now it might be a struggle just to keep the area from getting worse. I’m keeping my eyes on Edgewater and Andersonville prices, but I have a feeling I’m always going to be stuck paying twice as much for a foreclosed dump in those areas than in Logan Square.
expect things to get much worse in newly gentrified areas, fringe areas will get hit HARD.
With regard to the board up, Chicago ordinance REQUIRES that vacant buildings be boarded up, so thank you bank for complying with the law and not allowing the building to become a scrap metal heaven
And yes, this is a relatively safe and well-kept area in the neighborhood.
I grew up around here, so I can speak from decades of experience in this area. It’s been up, it’s been down, but it’s never gotten so bad I’ve considered moving. What keeps this particular pocket stable, I believe, are the old mansions on Logan Boulevard. They’ve always been well kept, and there aren’t as many 2-3 flats as there are on other boulevards around town, so there’s always been a pretty solid owner base. Even on the side streets, there are more owner occupied 2 flats than huge 6+ flats.
And, we’ve been able, to some extent, to keep an eye on development, be watchful of upzoning and we’ve tried to keep any new buildings to be within scale to its neighbors. Developers hate us!
My little shack? If I had sold last year, I would have made a bucketload, but as it stands I’ll still make more than half a bucket if I should sell. Of course, I bought in 98, and did a full rehab, since we didn’t really have any *new* construction back then…
I like it here just fine.
I’ve lived in this part of LS for 30 years. Neither I nor my tenants have ever had a crime problem. It is a safe great neighborhood. It’s mostly owner occupied homes or 2 flats. Most of the owners are long term, and I know most of my neighbors. If there’s gentrification going on it’s the replacing of middle class Latinos, city workers and small businessmen, with hipsters. I don’t know if that’s an improvement. I liked it when everyone went to bed at 10:00 PM.