Get a 2-Bedroom University Village Townhouse at 30% Off the 2005 Price: 1510 S. Sangamon
This 2-bedroom townhouse at 1510 S. Sangamon in the University Village neighborhood has been on and off the market since November 2010.
It is bank owned.
In that time, it has been reduced $50,700.
It is now listed for about 30% under the 2005 purchase price.
From the listing pictures, it appears that the kitchen and at least one bathroom are intact.
The kitchen has stainless steel appliances, granite counter tops and cherry cabinets.
Both of the bedrooms are on the top floor of this 3 story townhouse with a family room on the bottom (or main) level.
The townhouse also has a rooftop deck and an attached 2-car garage.
Is this a deal?
Michael Lohens at Re/Max Properties Northwest has the listing. See the pictures here.
1510 S. Sangamon: 2 bedrooms, 2.5 baths, 2202 square feet, 2 car garage
- Sold in November 2005 for $617,500
- Originally listed in November 2010 for $477,900
- Reduced
- Currently listed as bank owned for $427,200
- Assessments of $261 a month
- Taxes of $8002
- Central Air
- Washer/Dryer
- Bedroom #1: 17×10 (third floor)
- Bedroom #2: 15×10 (third floor)
- Family room: 13×12 (main level)
30% of 2005 seems to be pretty common these days, what year do you think prices will be back to 2005 prices?
you would think with three levels you’d be able to get third bedroom or a one of the two bedrooms to be wider that 10ft!
“what year do you think prices will be back to 2005 prices?”
In real dollar terms? Ha!
“In real dollar terms? Ha!”
Real dollar terms would obviously be more accurate. Its does feel like the Fed is going to try to inflate their way out of this mess. Are you thinking like 2020? just curious when peoples estimates are.
or do some people think they will never go back?
barf
just… no
“Real dollar terms would obviously be more accurate. Its does feel like the Fed is going to try to inflate their way out of this mess. Are you thinking like 2020? just curious when peoples estimates are.”
In real dollar terms, were I betting (beyond being an owner, that is) I’d wager “not in my lifetime”.
On a nominal basis, barring double digit inflation, more like 15 years.
“you would think with three levels you’d be able to get third bedroom or a one of the two bedrooms to be wider that 10ft!”
Just need to convert the garage to a bedroom, then you have your third BR!!
I don’t much care for this development–despite generally admirable “planning principals”–but in most respects this is a pretty good spot within the development, isn’t it?
“30% of 2005 seems to be pretty common these days, what year do you think prices will be back to 2005 prices?”
yah, for toxic assets.
“you would think with three levels you’d be able to get third bedroom or a one of the two bedrooms to be wider that 10ft!”
well the entire property isn’t much wider than 15′
“well the entire property isn’t much wider than 15”
and being charged 427k for only 15ft!!!!!!!!!!!
“but in most respects this is a pretty good spot within the development, isn’t it?”
agreed, but see my response to sonies
Just think groove
in ’05 they paid almost 175k for a 633 sqft floor (15’x42′)
TIMES THREE!
“in ‘05 they paid almost 175k for a 633 sqft floor (15?x42?)”
Now, now. It at least 16′ wide, as the LR is 16×23. And it 734 sf per floor (2202/3).
Of course, they didn’t pay “almost 175k” per; they paid *over* $205k per.
Yeah, since this is right around the corner from me I’ve had my eye on it. I think it’s intriguing. Have not been inside but I suspect it could be gotten for a really good deal. It’s in a very nice location in the development.
It was previously under contract but I have not found out what happened.
At the lower end of University Village there are a number of foreclosures going on – not as many at this end of the market. I’m just waiting for something I would be personally interested in to come on the market at a good price.
Gary, Is this really a deal for a smallish two bedroom townhome in U village? I’ve had my eye on the U village market and it doesn’t seem like it to me, although maybe I’m just looking for a fire sale.
Have the SFH in the new UV dropped below 900,000 yet? I know they were over a million at the height of the bubble.
Endora,
I’m speculating that this particular unit can be obtained at a good price.
A bank owned SFH went for 800K last year and that was a pretty good deal. I’m kicking myself for not buying it but at the time my wife and felt that we didn’t need that much space and didn’t need to spend that much. Now there is another bank owned SFH that they are asking an absurd amount for. It’s not going to move.
I track all the University Village listings at http://UVillagehomes.com and have highlighted the distressed properties and a few that are stupidly overpriced.
This basically sums up bland 00’s construction. Incredible the 2005 sales price was that high. This is still overpriced now.
I live a few townhouses over. I really like this area. I admit the houses themselves aren’t super unique or special, but the area is perfect for me.
With the prices falling, I’ll stay put for awhile though (which was my original plan anyway).
I am not a huge fan of the whole ‘subdivision within the city’ style of development. Subdivisions are meant for the suburbs if you ask me. Any large scale development should be required to have some amount of commercial and/or industrial in the area.
I live in a similar development. On an intellectual level, I understand what you are saying, ChiBuilder, but I can’t tell you enough how nice such developments are to live in. It has the most ‘community’ feel of any neighborhood that I have ever lived in anywhere–city or suburbs. You know all your neighbors, kids can play in the local parks, walk to friend’s houses, etc. And, most importantly for me, it is really green–lots of flowers and trees. At the same time it is racially diverse and close to downtown. And extremely walkable. I see it as the best of both worlds–city and suburbs. I understand the problems some have with it. I just don’t share them.
It may be racially diverse, but certainly not economically diverse. That brings about a whole other huge topic of conversation, but I am a fan of economic diversity in the city. I think low income residents benefit from having people more fortunate around them. The other thing I like about old school traditional Chicago neighborhoods are corner stores I can walk to. My big problem with a lot of newer suburbs are that they were designed with the car in mind, meaning you can’t go anywhere without a car. Some, now all, of these developments in the city are just as bad.
Sure they benefit, you leave nice things on your patio, they steal them. You leave visible items in your car, they break into your car. You leave cash/tvs/electronics in your house, they break in and take them too. Don’t fool yourself into believe that the less fortunate are going to learn anything from the more fortunate. They don’t want anything to do with you or I. Not everyone has one foot in the gutter while gazing at the stars.
“I think low income residents benefit from having people more fortunate around them. “