From $525,000 to $192,500 for This American 4-Square in Rogers Park: 1530 W. Touhy
This 5-bedroom American 4-Square at 1530 W. Touhy in Rogers Park just came on the market.
It is bank owned.
Built in 1916 on an oversized 50×164 lot, 3 bedrooms are on the second floor and 2 are on the third.
It also has an unfinished basement and a 2 car garage.
Unfortunately, the listing doesn’t have any interior pictures. So we have no idea what the condition on the inside of the house is like except the listing says the house is “just waiting to be rehabbed.”
It also doesn’t appear to have central air.
The house last sold in 2005 for $525,000 and is now listed by Freddie Mac at $192,500.
Could this be a steal?
Sally Crachy at Applebrook Realty has the listing. See the picture of the house and the listing here.
1530 W. Touhy: 5 bedrooms, 2.5 baths, 3425 square feet, 2 car garage
- Sold in June 1994 (no price listed)
- Sold in June 2005 for $525,000
- Lis pendens foreclosure filed in November 2009
- Bank owned in June 2011
- Currently listed for $192,500
- Sold “as is”
- Taxes of $8452
- No central air
- Bedroom #1: 15×21 (second floor)
- Bedroom #2: 12×15 (second floor)
- Bedroom #3: 12×15 (second floor)
- Bedroom #4: 12×12 (third floor)
- Bedroom #5: 11×13 (third floor)
Wow. I just wanted to be one of the first to post for once.
All kidding aside, I’d like to get in there and check this place out. Seems cheap to me.
Its on touhy just of the old Greek church. Not bad looking, its white frame and red colored window frame atleast on google maps.
http://maps.google.com/maps?hl=en&biw=819&bih=482&q=1530+w+touhy+chicago,+il&rlz=1W1GGLL_en&gs_upl=1312l7750l0l8000l38l31l5l0l0l0l266l4705l0.16.10l26l0&um=1&ie=UTF-8&hq=&hnear=0x880fd1b2f258c579:0xc597c0f11ac5e2c8,1530+W+Touhy+Ave,+Chicago,+IL+60626&gl=us&ei=t0aXTv-wMumQsALRmvm7BA&sa=X&oi=geocode_result&ct=image&resnum=1&ved=0CBwQ8gEwAA
Definitely cheap. Decent location. Should sell relatively fast.
This seems like a really good deal for a larger family. Of course, it all depends on the interior, but on the surface it looks like a good deal.
I would buy it.
I’d love to see what it looks like inside.
It looks very bland and sterile inside, and all the vintage charm is long gone. But it’s in fairly good condition, and the kitchen and baths were just renovated.
It’s now a very, very good deal for the money.
God only KNOWS what this is going to do to condo prices around here. We are now getting below rental parity even after you figure in taxes and utilities and HOA. Rogers Park condo sellers had better get real. Given $192K for a large, updated, though weirdly configured, house with a large yard and in the most favorable, friendly part of Rogers Park (south end, close to lake and Sheridan Rd), good luck to anyone who wants more than $90K for even a lux 2 bed 2 bath.
Speaking of laughably overpriced condos, Sabrina, do a post on the 4 bed 4 bath in the new complex at 7772 N Sheridan Rd, for $899,900. I think it is hilarious.
Sabrina, check out the $725
Meant to delete that last fragment of a sentence, sorry.
Laura, do you really consider Touhy the South end of R P?
I think of the Prime part as being either East of Shedidan or South of the Loyola stop up to a few blocks west of Sheridan.
Hmmmm…if fraud can be ruled out, I think this particular listing is a game-changing neutron bomb for east RP condo prices. (Although agree with dahliachi that this ain’t prime RP…if such a place exists it’s east of Sheridan but even there big cracks are showing). This is not north of Howard (yikes!) How can any self respecting agent sell a 2/2 or 3/2 in da hood for above $100-$150k with a straight face.
Thanks Laura. I’m certain that not putting photos in the listing is hurtiing this place immensely.
Whether the interior is good or bad, I think it always hurts a seller to not post photos. It make one assume the absolute worst of the interior.
If the ‘realtor’ is so lazy as to not take/post photos, what are they being paid for? With distressed sales, half the time they have the property on a lock box and don’t even come to show it! And some people wonder why realtors get a reputation for being lazy and overpaid.
And, no one could accuse a bank of running a good business these days, but if they are trying to get top dollar for the property, they should have some expectations of the listing realtor.
How, it’s a foreclosure? And no one knows what the interior is like. The seller is a Bank. No one is paying attention.
There is mold inside. Photographers don’t usually sign mold disclosures.
Vlajos…not sure what you mean by “…no one is paying attention”?
Sorry, no one at the Bank is paying attention.
Newbie question…$8400 annual taxes…how hard to get properties re-assessed after such drastic devaluation?
Is the lot itself worth $192? Imagine if some developer like Ranquist bought the entire row and make the newest “Urban Sandbox” single family homes. You NEVER know. I wish I had money right now. I would buy this and have Studio Dwell built an amazing custom home for me 🙂
“Is the lot itself worth $192?”
Double lot? Probably pushing it too high, given the location. If the structure is remotely salvageable, it should be worth about $75k+, leaving the double lot at $100k, which is “cheap”, even with the location demerits.
anon… how about if we say the house is non-salvageable? Would the lot itself be worth 192. Who knows where Roger’s Park will be in ten, twenty years. And where else in the northside can we get a lot for that low?
Thoughts?
jason:
There’s this one:
http://www.redfin.com/IL/Chicago/6555-N-Seeley-Ave-60645/home/13570316
which is a bit smaller, but actually vacant and only $59k.
TONS of options west of the river, tho.
thanks for the link anon. it may not be a bad idea to buy some of these lots. the economy will turn around… eventually and we’ll all be saying “i wish i bought then.”
Prime part of Rogers Park? Well
to me what is Prime in RP is Jarvis EL stop Adjacent.
Near the Lake, like east of sheridan ofcourse.
More and more Morse EL stop Adjacent, my neck of the
woods is doing very well.
Loyola EL stop adjacent is fine as well.
This house is almost in no mans land.
Quite a hike to either EL stop, but still okay area.
Just kinds dead. Closest bar is the lighthouse?
I agree that Rogers Park is on the rise. Now more so than ever.
With this price Im sure there are some major problems
with this house. Its overall Ugly.
So its an average old blah frame house that doesnt
have vintage features?.
I myself dont buy frame houses.
Good buy if you dont mind just letting the thing
further slide into decay, rent it out
and when things wake up again tear it down
in 10/20 years.
Anon and Jason –
The problem with the 59K lot on Seeley is the 5K/year tax bill. That’s why the price is so low, I’m guessing. If you hold that lot 10 years, you’re in the hole 50K in taxes. What’s the deal with empty lots? Can you appeal the taxes?
The problem with the place on Seeley is that it is on a row of three or four shacks that do not have street frontage. The have a 16 ft fence in front and a tar area that used to be the street before it was closed off years ago beyond that..
You can appeal any assessment for RE taxes.