Foreclosure Alert: The $64,000 Rogers Park 1-Bedroom: 7044 N. Greenview
We’ve chattered quite a bit about the decline in prices in Rogers Park.
It is evident in the bank-owned properties like this 1-bedroom vintage unit at 7044 N. Greenview which recently came on the market.
It is priced more than 50% under its 2006 sales price.
There are no pictures of the kitchen or the bath in the listing, but it’s 900 square feet and has a dining room. The listing says it is about 2 blocks from the lake.
Scott Schilaci at Prudential Stark Realtors has the listing. See the pictures here.
Is this a deal?
Unit #1N: 1 bedroom, 1 bath, 900 square feet
- Sold in December 1998 for $42,000
- Sold in November 2002 for $115,500
- Sold in April 2006 for $139,000
- Bank owned
- Currently listed for $64,900
- Assessments of $227 a month
- Taxes of $782
- No central air- window units
- No in-unit w/d
- Hardwood floors
- Bedroom: 10×13
- Living room: 13×14
- Kitchen: 8×10
- Dining room: 10×16
Deal? You couldn’t pat me to live there in that neighborhood. Window units, no laundry & parking is horrendous. Assessments too high.
They’ll throw in the drive by’s for free.
What do you guys think an identical unit (900 sq ft, no pkg, no W/d in unit, ground level) would be worth in Hyde Park? Just curious. In many ways the neighborhoods are similar, in others they are worlds apart.
> parking is horrendous
I guess a lot of people will live there if the parking is so bad. Or maybe the cars are just living in Rogers Park?
Actually, EAST of Sheridan isn’t too bad safety wise. This, however, is NOT east of Sheridan…
With all the money you save on this place you can install bullet proof windows, and buy an armor plated hummer to drive around in this hood!
K so there’s good rogers park and bad rogers park. You know which part this home is in!
I know, Sonies, but I still want to know what you guys think an identical unit in Hyde Park (“average” Hyde Park) would be worth. Double the ask here? Or about the ask here? Something in between?
Depends on the area of Hyde Park. HP a stone’s throw away from campus obviously commands a premium to places north of 55th.
If its non-prime HP I’m thinking 75-90kish. If its prime HP then I’m thinking 110-120kish.
Well this unit is probably in much poorer shape than the pictures would lead you to believe, so probably in a “good” area of hyde park (near transit) it would probably fetch 100-120k, depending on the condition of the unit.
Thanks Sonies and Bob. 🙂
Beautiful church across the street.
Kenworthey, don’t you live in HP? Which part would you say is least desirable? The northwest corner?
Chris, I’d say anywhere along the “edges” (except the eastern edge, which of course simply abuts the Lake–that’s actually very desirable.) I guess I’d agree that Northwest is worst, but it’s a toss up with just-east of Cottage Grove, and just-South of the Midway. And actually, some of the nicest residences in HP are Northwest-ish, near/in Kenwood.
I live just North of the Midway (along 59th) and as far east as you can get–and even though it is an easy walk to campus, is still not “prime.” Too easy for someone to mug or burgle you and flee south along the viaducts or Stony Island. In other words–anywhere in Hyde Park from which it’s easy to flee, is an undesirable part of Hyde Park.
Brad @ 2:58 – a lot of people live places where parking is bad. What is your point? I spent over a yr in that part of the ‘hood, just a few doors down, actually, while I dated someone there – I know of which I speak. Parking there was worse than Lincoln Park.
Oh, come on. It’s not that bad. I grew up in that hood back in the 70s. If anything, I was under the impression the area had improved since then. The unit price isn’t bad. Parking has always been an issue though. I’d imagine there’s a w/d in the basement.
At least double in HP. This is suspiciously cheap, even for RP.
This building isn’t up by the jungle. No, it’s not nestled in the heart of Lincoln Park – but if you have no clue about the street to street make-up of a neighborhood your opinion probably isn’t valuable. Also, if you got this for much cheaper you could have positive returns on it. I’m not insinuating that the returns on this would warrant the risk – I’m just saying – some of you are significantly off on safety concerns regarding this pocket of RP. Additionally, 1 bedroom units in this pocket rent for $650-$675. I think I’m gonna buy this… yes – I’m calling Scott Schilaci right now.
Make sure you go see the place before you offer… there might not be any wiring or appliances left in the place 🙂
If the place is habitable I think its a deal at 65k. By habitable I mean cabinets, toilet, sink, bath & stove not taken and nothing affecting the integrity of the unit (mold). Its easy enough to add a ‘fridge and washer/dryer.
This again proves my theory that the only cash flow positive properties in non-ghetto areas of Chicago are REOs. And no people complain about Rogers Park but its a ‘medium’ neighborhood as far as Chicago goes, there are much worse.
It’s telling that the listing only shows a corner and a fireplace. I’m assuming the kitchen and bath are horrible or missing fixtures.
Also, I bet most one bedrooms rent for more like $700-775 here. Could this be one of those elusive cash flow properties?
Kenworthey and Chris, the area south of the midway is actually Woodlawn, not Hyde Park. Different Ward and everything. The “good” areas of Hyde Park are those with the best transportation access and the best access to retail, etc. That’s basically the areas around 53rd and 57th, with 55th itself being a bit of a dead zone in places. You can’t get too far west or you lose the good transport access and end up in a pretty crappy neighborhood where car breakins, shootings, and burglaries are by no means unheard of. You can’t get too far east or you lose proximity to the University and the retail and food (though you generally gain proximity to the lake).
Woodlawn is a different animal. I won’t get into the details of that here, but suffice it to say that you are looking at a very different neighborhood when you look there. Not that it’s a bad thing.
Dorch- You’re right. I actually think that rule applies to neighborhoods all over the city. You can tell by the shift in amenities when you are going from a decent neighborhood to a shaky one: Coffee Shops, boutiques, Bookstores -> check cashing stores, tons of fried food places, trash cans that look like they threw up all over the streets. I hope that doesn’t sound too racist but it’s the first observation I made when moving to Chicago.
Lauren – Why would that be racist? Were you thinking something racist when you wrote it?
OT, but Kenworthey: the usual definition of Hyde Park’s “Golden Rectangle” (choice faculty housing) is 55th, 59th, University, and Harper. it’s equidistant to campus and the transit spine (Metra/#6) along Lake Park, and surrounds 57th’s adorably collegiate retail. East Hyde Park is a long walk to campus but closer to transit and the lake, obviously; it’s also much higher density, so it has fewer profs and more students. the neighborhood as a whole seems livelier now than I remembered it as an undergrad, and the trees (and buildings) sure are nice. the neighborhood itself is nicer than Rogers Park, except RPers don’t need to truck across town to get to Whole Foods, movie theaters, Belgian beer-snob bars, or womyn’s bookstores.
Dorch, I thought Woodlawn started at 63rd (3rd street south of the Midway). At any rate, that’s where the U of C’s patrols stop. Re: being close to transportation: yes, it’s a good thing to be able to get around, but it’s a mixed blessing, because it makes it easy for the kind of “hit and run” crime I described. (There’s a reason the U of C blocked development of an El stop into Hyde Park proper in the 60’s.)
Just looked it up, Dorch. You are right re: definition of Woodlawn. Its northern boundary is 60th (southern boundary of the Midway). Still, U of C does patrol to 63rd, and the University has built much housing there. Nevertheless, I would call it an undesirable area of “the University of Chicago neighborhood”, if not Hyde Park proper.
Coming from someone who lived for 5 years in Rogers Park (although not since 2000) I would never ever live there again. This unit is closer to the infamously ghetto Morse El stop than it is to the Loyola Campus. It gets super sketch up there and from what I’ve heard, it’s still super sketch. Somethings never change. You couldn’t pay me to live anywhere near here again.
The morse stop is ghetto? My friends live like a block from there (they knife caught a year ago) in the gut rehabbed places. Its a ghost town now. Not really ghetto.
“There’s a reason the U of C blocked development of an El stop into Hyde Park proper in the 60’s.”
What? Where would this have been? This sounds like urban legend to me.
Like I said it’s been a while since I’ve been there but I’ve heard rumblings.
“sounds like urban legend to me”
Me, too. Which line would this have been on? Jackson Park, turning back north? Revival and extension of Kenwood?
The green line as is was in place going back to the 1890s, back then it went all the way to the lake. Later that segment was demolished and it only went to University & 63rd, which was demolished in 1997. I’m not aware of any serious consideration given to ever extend it north.
The crime at 63rd & Cottage Grove, where it currently terminates is rampant and I wouldn’t recommend any UC students to make the walk unless in a big group and with pepper spray. Guys drinking 40s at 10am, hanging out, loitering, etc.
“Guys drinking 40s at 10am, hanging out, loitering, etc.”
Yeah, those DePaul students are a rough crowd.
This unit is in the North of Howard neighborhood, which still has a highly elevated crime profile. It is much worse than around Morse (which is bad enough).
This area could be pretty but right now has monstrous problems, which I don’t see getting cleaned up anytime soon.
Correct me, I thought it said 7740.
No, this unit is very close to Morse, close to Estes and Greenview. 7000 N is Estes, correct me.
This is a pretty part of Rogers Park but it is NOT good. We’ve had a lot of street crime right through here.
However, $64K is rent parity, or even better, for a 1 bed around here.
Also, the neighbhorhood is visually appealing and has a lot of amenities. I love Rogers Park and think it has a great future, but I just wouldn’t pay the same price as I would in an area that has put its problems behind it. We have a lot of work to do around here
I was misremembering the events–I was indeed referring to the history of the destruction (and failure to rebuild) of the Green line spur down 63rd (which would be heavily used by students. I occasionally used to use the 63rd and Cottage Grove line myself, but yes, only in daylight and not often, even though I lived less than 3 blocks away from it.) For some background on all of it: https://securesite.chireader.com/cgi-bin/Archive/abridged2.bat?path=1997/971107/WOODLAWN&search=%22arthur%20brazier%22 . I have no idea how reliable it is–I was basing my own original comments on just what “people in the neighborhood” tend to say–which is unsurprisingly when I was getting dates wrong.
Hey, I just saw this, I am actually representing the buyer on this, we close tomorrow, huge commission, I know…but the place is actually in a very decent area for RP, close enough to the Lake and you can enter the Red Line through Lunt which is much nicer…the property is located at the corner of Greenleaf and Greenview, East of Ashland. Condition its actually amazing, the person who was the owner prior to the bank had done work in the kitchen and bathroom, its actually a very nice and HUGE unit…the buyer is very lucky. Maybe I’ll take some photos of the place tomorrow… Last week I closed on an updated 1 bed, 1 bath 1/2 block from the lake on Estes, in unit laundry, ss appliances, brazilian cherry floors, etc, originally sold in the $170’s my buyer picked it up as a foreclosure in the low $80’s if you like updated units…