Foreclosure Alert: Authentic Loft Under 1998 Price in Lincoln Park: 1236 W. Fullerton
This brick and timber 1-bedroom duplex loft at 1236 W. Fullerton, the Surrey Court Lofts, in Lincoln Park has been on the market since May.
It is bank-owned and just recently had a $10,000 price reduction.
The loft is now listed under the 1998 purchase price.
The unit has a spiral staircase to the bedroom and den on the second level. The loft has all the bells and whistles in terms of central air, washer/dryer in the unit and an assigned outdoor parking space.
Though the building was converted into lofts in the 1980s, the kitchen has been updated and even has stainless steel appliances (at least according to the pictures).
Why isn’t this selling?
Jerzy Kozera at Coldwell Banker has the listing. See the pictures here.
Unit #1J: 1 bedroom, 1.5 baths, den, no square footage listed
- Sold in May 1998 for $215,500
- Sold in February 2003 for $299,000
- Sold in May 2003 for $260,000
- Bank owned as of April 2009
- Listed in May 2009 for $219,900
- Reduced
- Currently listed at $209,900 (parking included)
- Assessments of $303
- Taxes of $4472
- Central Air
- In-unit Washer/Dryer
- Bedroom: 15×12
- Den: 12×8
- Living room: 29×14
- Kitchen: 15×10
between the chain link fence used as the loft railing, and the bars on the windows…jail house chic? who wouldn’t want that??.
Its not selling because its ugly…
Taxes are steep for the unit. Assessments too if they don’t include heat and air (which I highly doubt they do)
“the chain link fence”
Looks like string net, probably to keep a cat or dog from going over the edge.
What do we think this would rent for, with the parking? Could you get $1500/mo?
Not my cup of joe but I think it sells at or near ask.
It does have high assessments (as do all lofts) and taxes (presumably coming down), but these are offset somewhat by the low purchase price.
And if thats to keep a cat from falling off, or a dog older than a puppy, they have a pretty stupid pet.
“And if thats to keep a cat from falling off, or a dog older than a puppy, they have a pretty stupid pet.”
I guess it could be to keep their drunk friends from falling off, or to play floor hockey. But pet (or baby, I guess, but then the parent(s) were outrageously stupid) is the most likely scenario.
NO
It’s not selling because of this (from the MLS): “Cash or pre-approved buyers subject to appraisal only (ie, no inspection or mortgage contingencies). Seller requests that buyers complete a pre-aproval with Champion/Nationstar Mortgage.” and “NOTE: Special assessment for roof and tuckpointing $8640.00 ($263.83 per month for 36 months start 5/1/2009)”
I have a friend/client who wants to see this so we’re going tomorrow… will report back.
Holy shit, DO NOT WANT.
…cause it is dark and crampt.
High assessments and a 3 year special assessment, thats a winning combo.
I don’t see an average buyer taking the risk of not having a mortgage or inspection contingency.
Looks like Madoff’s prison cell….
Overpriced @ $100k IMO.
What drunk college kid (only person that should be living in a place this shitty) would want to traverse a spiral staircase to go to bed?
Also, this place looks like it belongs in uptown…
well obviously this place is in Uptown right, this isnt LP, becasue you cant have forclosures in LP, or depreciation, or so many other things, Steve H. Says so (unless of course you dont buy smart)
so this must be Lincoln Park Nebraska right?
it’s a long and skinny condo. I’d bet it’s 16′ wide x 40′ long? All that brick is depressing, and the jail cell imagery it conjures is about right.
I don’t think it is all that bad. I like the brick. It comes out to what? Like $240.00 or so a sq. foot?
Right by the college. I wonder what what it could rent for, if you could rent it out. DePaul students are not poor.
I’m way to lazy to do the math right now but DePaul students would be a steady income stream in this location I would think.
Assuming 10% down and 5.5% 30-yr mortgage, payments will be $1072 per month. You also have to pay the assessment, special. and taxes. My gut is you can’t make money as an investment unless you believe in appreciation. Not an arbitrage. I don’t think it gets interesting as an investment until another 20% is lopped off (minimum). Someone who can’t do math might step in earlier.
Looks like off-campus housing.
Should be priced as a rental…..and get a 3 month security deposit from students!
You could get $2000 a month for this place in such a neighborhood. The 1200 block of W. Fullerton is absolutely prime.
The only reason I can think that price for this place has to be cut so drastically is that it does need work to be comfortable. Still, it’s a good-looking authentic timber loft with a lot of potential, in a top tier neighborhood with every urban amenity close at hand.
If this place stays on the market for more than a month during this selling season, it means that most prices in most neighborhoods still have a loooooooong way to fall, for we still have more residential foreclosures in front of us than behind us if April’s record NOD filings are any indication. The price on this loft looks like capitulation to me, and methinks we will go into overshoot on the down side, especially as the wave of commercial foreclosures now just beginning to wash over us hits in earnest.
Went under contract after 10 days on the market. It will be gone again soon.
“If this place stays on the market for more than a month during this selling season, it means that most prices in most neighborhoods still have a loooooooong way to fall, for we still have more residential foreclosures in front of us than behind us if April’s record NOD filings are any indication. The price on this loft looks like capitulation to me, and methinks we will go into overshoot on the down side, especially as the wave of commercial foreclosures now just beginning to wash over us hits in earnest.”
I honestly can’t believe you took the time to right this.
Throw stones while living in a glass house one mustn’t. -Yoda
“Went under contract after 10 days on the market. It will be gone again soon.”
What did?
This unit in the post has been on the market for 2 months.
The foreclosures are selling quickly- which isn’t surprising given how much lower the banks are listing them for versus “regular” listings.
In the recent Illinois foreclosure numbers, foreclosures are still 35%-40% of all sales.
Laura- I’m with you. I’m surprised that this unit is still on the market.
I can tell you with certainty that there are plenty of foreclosure in the pipeline and quite a few of them are in ‘prime’ neighborhoods.
Steve, darling, I can’t believe that YOU took the time to write it over again!
HD: I have no doubt we’ll see a lot of foreclosures coming down the pike.
I’m seeing that it’s taking the banks anywhere from 8 months to 16 months after the lis pendens to actually take possession of the property.
And once they do that- it is taking anywhere from 2 to 6 months (sometimes more) for it to be listed for sale by the bank.
If a homeowner is falling behind right now, we may not see that property work its way through the system until late 2010 or 2011.
When I think of lofts, I think of a ton of light and open space. This unit seems very dark and cold and does appear to be in a neglected state. I wonder if the other units in the building are owned by people who just do not care what their homes look like as this owner obviously does? I have seen this type of mentality in multi unit buildings before and once it spreads to a more than half percentage of the tenants, the building quickly deteriorates, no matter how nice or trendy the hood might be.
I think also that spiral staircase might limit a good portion of those who would otherwise be interested. Any idea why the price fell by $39,000 in a few months time period? If I were to buy this place, I don’t think the special assessment would bother me too much as it does show things are being maintained….just wonder what quality level this work will be?
Overall though it is a good sign that prices, even in what are considered prime areas. While I am not at all happy that some people are losing their homes through foreclosure as some here are, it shows us that all levels of homes are in danger…sad situation for everyone.
“I honestly can’t believe you took the time to right this.”
I honestly can’t believe this board pays any attention to the ravings of someone illiterate enough to not know the difference between “write” and “right”
JPS,
As incomprehensible as the SHill usually is, this actually makes sense.
By “right” he must have meant “made correct.” His disbelief in her doing
Sorry, cut off.
…His disbelief in her “righting” it comes from the realization of what it means for his future.
It’s been about a year since I inspected a unit in this building. The roof and basement were pretty rough at that time. The common areas in general need a lot of repair and updating. It’s one of those buildings that needs to get it’s act together in order to make the units more attractive and marketable. Pretty neglected. I hope they’re working on it.
“Any idea why the price fell by $39,000 in a few months time period?”
Best guess is bad record-keeping. It is quite likely that either the $299 or the $260 was for a different unit. Happens more than it should.
I went and saw this today. It is indeed pretty dark, but it’s got a lot of space. It has it’s own private entrance and small front patio/yard type thing, and the kitchen is actually pretty nice. The upstairs bedroom and den space is nice with decent light as well, although you have to use the spiral to get up there. The living/dining room is the problem. It is on the ground level, with the windows facing north overlooking an alley, so cars/trucks are driving right outside the windows. Also, there is a huge brick column support type thing in the middle of the room which really makes it feel a bit claustrophobic. Bathrooms could use some updating as well. But, for $200k in that location, you could definitely do a lot worse.
Thanks for the update JC. It’s nice to hear from someone who has actually been in the unit- instead of just commenting that it “looks” dark or whatever.
My client bought this unit for 229K. (about 10k over asking) We got a property inspection on it, and eveything was ok. There is a special assessments on this unit. We were getting ready to close on it and my client had his mortgage rate changed to $7 a month more. He was so upset he backed out of the deal. (he lost $2500em bc of this,pretty stupid if you ask me) I thought the unit was not bad for the money. You have a gated parking spot and in unit laundry. The upstairs could be made into one large bedroom and a seperate office area.
Oh also, there was 6 other offers on the table when my client got it. I can gurantee this will go for well over asking again.
So did he buy it or did he back out of the deal? English please…
The buyer backed out because of the special assessment (which amounted to $7 per month amortized over 30 years) and the buyer lost his $2,500 earnest money. But there were 6 other offers.
Anyway the whole bidding war thing seems so odd as the bubble deflates; it’s almost as if there are a lack of prime properties priced at 2005 or less, that anytime something halfway decent pops up, a bidding war ensues.
homedelete- He did not back out because of the special. We knew about that. Its a long story as to why the rate changed, but because it did,(for an extra $7 a month) he backed out and lost his earnest money.
Sonies- Im pretty positive I wrote that in english.
Sounds like he was trying to overextend himself if an extra $7/month was a big deal for him.
If an extra $7/month killed the deal imagine if he had an unexpected monthly expennse like a car repair. (Or even a movie ticket!)
Your client is an idiot.
“for an extra $7 a month) he backed out and lost his earnest money.”
So, to save $2520 over 30 years, he gave up $2500 today? I’d like to do business with that guy!
steele – “There is a special assessments on this unit. We were getting ready to close on it and my client had his mortgage rate changed to $7 a month more.”
that’s how I read your post. I guess it isn’t entirely clear. For once I agree with Sonies.
I’m sure something else came up in his life, which he was unwilling to share with his agent, that made him change his mind, and the rate provided the excuse. Come on.
“Sonies on July 20th, 2009 at 12:48 pm
Your client is an idiot.”
And these are the people others are competing with in today’s environment in the bidding process, apparently. Not exactly fiscally prudent.
Best to wait until after the dumb money has taken their lumps and is no longer out there competing. Then again with FHA..that may never happen (at least on sub 400k segment).
I could foresee the Chicago market being split where the lower end is propped up by new homeowners and FHA and you have 1/1s going for 225-250k, but when you get up to 500k you have 4/3.5 houses, not a linear scale and simply because no FHA.
Dumb money will never cease to exist, I mean look at these trust fund hipsters everywhere with their anorexic, tatoo, PBR drinking selves…
Don’t forget about the Parliaments either, Sonies. A blue pack of Parliaments is par for the course as well.
Guys, I wanted to kill this guy. I kept trying to explain to him, that not only are you going to lose your $2500 of earnest money, he lost the $200 for a home inspection, AND his lawyer was still going to charge him $200 of the $400 for the work he did. $2800 total. He felt that he was getting one “pulled over” on him, for $7 a month. The story was that the son was going to be the one on the mortgage, but the father wanted to be on it instead. The fathers credit was not as good as the sons, so the mortgage rate changed because of this.
homedelete and sonies- I am sorry if I didnt make it clear in the first place.
the guy was an idiot and I let him go as a client.