Get a 2/2 With Parking For Just $150,000 in Old Town: 235 W. Eugenie
This 2-bedroom at 235 W. Eugenie in Old Town just came on the market.
It is a HUD property and is listed for just $150,000.
The listing says FHA financing is available and it is eligible for 203k (which is the FHA renovation loan.)
There are no interior pictures of the unit so we have no idea what it looks like.
235 W. Eugenie is a mid-century modern building designed by Chicago architect Harry Weese (who also designed DC’s metro system.)
At 1300 square feet, it doesn’t have central air (only wall units) but it does come with one parking space.
This unit is listed $32,500 under the 1997 purchase price.
Even though we can’t see what the interior looks like, given the location, is this a deal?
[Also notice that it took over 2 1/2 years for this unit to go through the foreclosure process.]
Andre Bennett at Crest Realty has the listing. See the listing here.
To see interior pictures of a different unit that we have chattered about over the years- click here.
Unit #G5: 2 bedrooms, 2 baths, 1300 square feet, 1 car parking
- Sold in May 1992 for $118,000
- Sold in May 1997 for $182,500
- Lis pendens foreclosure filed in September 2009
- HUD owned in May 2012
- Currently listed for $150,000
- Assessments aren’t listed
- Taxes of $3331
- No central air- wall units
- Bedroom #1: 13×14
- Bedroom #2: 10×13
There’s a lot of distance between $150K and the $400K plus of the other unit in this complex.
It must be in horrible condition. Probably needs at least $150K in work. And it sounds like it was pretty substandard relative to other units there from the 1997 price, which is rather low for these units at that time. What happened? Did the 1997 purchaser get buried in reno expenses, thus ending up in foreclosure?
For this price, it really ought to be attractive to someone who wants an opportunity to choose his own renovations, in a townhouse in a nice neighborhood. I would think a cash buyer would snap it up at this price. But with FHA almost-nothing-down financing, plus the availability of 203K loans, means that yet another nearly-broke buyer can acquire this place, be immediately underwater, and get buried in renovation cost overruns, instead of being purchased by a cash buyer who has the means of his/her own to rehab the place. It seems to me that the availability of 203K loans has made FHA loans even more prone to delinquency and default; as it is, the FHA delinquency and default rate is at 19%, which is scary.
“Probably needs at least $150K in work.”
Doubt it. 150k is a lot of money and you’re getting ripped off by your GC if this smallish 2/2 goes to 150k, ripped off big time.
From the listing it looks like this unit is one floor rather than duplex. And it’s ‘G’ so possibly below grade. I can see why it’s priced so much lower than the other one right there.
Toured upper-level unit twice two years ago. Though I really like this Weese building and its location, there’s a lot of deferred maintenance and problematic common element conditions here. Building urgently needs refurbishment, including: repairs to damaged/worn wood siding, new energy efficient windows to replace original aged single-pane windows, replacement of original and often poorly functioning louvered ventilation window/doors, concrete and masonry repairs, basement clean-out, and catwalks repaired and/or replaced. Enough to curb a purchase. Small reserves. Cool building, but a major special assessment and capital improvement plan are definitely needed.
Even with $100k+ of rehab work and a $50k special assessment this would be a better buy than that stupid 1BR in Old Town from a few weeks ago
But if it’s an HUD property, won’t all your neighbors be poor? Seems like that could be a problem, especially if your sharing your wall (or worse, you’re ceiling) with them!
“Also notice that it took over 2 1/2 years for this unit to go through the foreclosure process”
thats fast i know a few forclosed people still living in their homes right now 2 1/2 years after it started.
“Doubt it. 150k is a lot of money and you’re getting ripped off by your GC if this smallish 2/2 goes to 150k, ripped off big time”
depends on the damage and work need to be done, mold remedy isnt cheap. if this is a ground “or below grade unit” and the HOA found a way not to have to cover water infiltration into this unit, that can get expensive.
but again if its just the basics 150k will be too much and you will over improve a small garden unit.
US$ 150,000 goes a long long way. That’s over 100$ psf just to renovate. I suppose with super high end appliances, ‘D’ priced quartize, high end cabinetry, that could run up costs significantly
I think it could make sense as a renta, but as others pointed out a looming large special assessment, and some internal work could increase the equity requirement substantially.
“Probably needs at least $150K in work.”
Just buy HD’s house instead. He’ll glady move his family back to the uptown apartment in exchange for 50% ROI
I don’t understand why posts like this go up. We have absolute no clue what the place looks like.
Icarus: Do you have an agent? Why not have one so that you can at least get a cut of the commission? If you have one, you prob should mention when asked at open houses.
“We have absolute no clue what the place looks like”
93% of what CC’ers comment are speculation anyway. this just helps us work on the creativity aspect.
“you’re getting ripped off by your GC if this smallish 2/2 goes to 150k, ripped off big time.”
As HD sez, could get there, but likely only by over-improving the space *unless*, as Groove sez, there are major problems beyond just doing a total gut. Total gut should be ~$75k + fixture (cabinet, appliances, counters) upgrades if you have to completely strip it and don’t so much as lift a hammer yourself.
“If you have one, you prob should mention when asked at open houses.”
we do and we did. I guess it’s so rough out there that agents who are stuck trying to sell unsellable homes are willing to try and steal a qualified buyer. When we finally buy a house, I fully expect every realtor I’ve ever met to show up at the closing trying to get a piece because they signed me up for MLSConnect (without my expressed permission).
Oh, and:
chichow–what’s your feeling on the location within OTT of this one? Better than average, no?
Thumbs up on the location!
Sure I’d rather be on St. Paul or Willow, but that’s just nitpicking at this point.
“We have absolute no clue what the place looks like”
If not knowing where a non-GZ property is doesn’t stop CCers from commenting, what makes you think lack of pictures will have any impact?
“If not knowing where a non-GZ property is doesn’t stop CCers from commenting”
Wait–are you implying that this may, in fact, be in the city? I was sure we were dealing with a subruban property.
Just saying I think its nice to have at least SOME substance in the comment section before the convo devolves into….well, this crap
“Just saying I think its nice to have at least SOME substance in the comment section before the convo devolves into….well, this crap”
would you prefer we go back to talking about strollers?
haha, touche
“Just saying I think its nice to have at least SOME substance in the comment section before the convo devolves into….well, this crap”
I think it’s actually top quintile post in terms of SNR, especially if your posts (and responses to your posts) are excluded. And certainly if mine are.
“would you prefer we go back to talking about strollers?”
Or balance bikes versus training wheels (aka how well my son is doing on his bike).
Or this: http://www.youtube.com/watch?v=miPWUb0p28U
You’re right DZ. I’ll let the convo get back to hypotheticals on how much work this place needs, what the layout might be, whether it’s ground floor and whether its single story or duplex. Riveting discussion.
“have at least SOME substance in the comment section ”
I think it is reasonable to assum that the place is in functionally original condition, and rather beaten down.
It doesn’t seem possible that the place is 1300 sf–the building, on the ground level, is not more than 60′ deep, and there are 7 window “sets” across the ~100′ face of the building. Altho the unit consists of 2 pins, which would indicate a combined unit–still confusing.
bc of the 2 pins, taxes in the listing are incorrect–second pin added $1900+ to the tax bill.
F/C’d loan was for ~$177k; taken out in Oct-08, with f/c filing in Oct-09. No mortgage recorded at purchase in ’97.
“I’ll let the convo get back to hypotheticals on how much work this place needs, what the layout might be, whether it’s ground floor and whether its single story or duplex. Riveting discussion.”
You’re right, the complaints about the thread are more interesting than architect’s pretty detailed comments about the building from actually having looked in person, or the discussion about cost of gut or close to gut reno (which any buyer of this place surely needs to consider) about which most everyone save LL seem to be reaching a consensus.
Listing info:
Sale Price Does Not Include Parking
Parking info:
# of Cars: 1
# of Exterior Parking Spaces: 1
Parking Space(s)
Parking On-Site
hmmm…..
which seems to contradict
“the complaints about the thread are more interesting ”
You know what I like best–meta discussions about the interestingness of the complaint-comments about the lack of interestingness in the direction of the conversation. Bravo, DZ! Bravo! More, please!!
On that standard, I give this thread so far a 83, it’s got a good beat, and you can dance to it.
“I don’t understand why posts like this go up. We have absolute no clue what the place looks like.”
Pictures are now up. Doesn’t look like mold. Nothing fancy inside, but not nearly as horrid as I was imagining. Perhaps the poor state of common areas and low reserves makes up for a large part of the low price.
I think it is a ground unit not garden. Since the building looks to be 4 stories, are the first two floors simplexs, or is this indeed a duplex, but on the ground floor up to the second floor?
I’ve been by this place more times than I can remember and I’ll confirm that the exterior from what I could see needed a lot of maintenance. Great location and seems cheap enough. If the association is turning itself around and plans for maintenance/renovation are in place, this seems like a good deal.
“You know what I like best–meta discussions about the interestingness of the complaint-comments about the lack of interestingness in the direction of the conversation. Bravo, DZ! Bravo! More, please!!”
Good to know. Will try to put in some more time on it after I finish watching my son ride his bike, work on my slacklining tricks at a respectable height, edit icarus’ blog, and contemplate the sophie’s choice of on ashland v hd neighbor living.
“work on my slacklining tricks at a respectable height”
Well played DZ, well played… I was waiting for CH to sign on before I told him I found the name for it.. I like the waterline in arpoador or the highline up at Pedra da Gavea…the later takes some serious balzacs. http://slacklinerio.wordpress.com/
And I think the video answers my own question about it being popular in Chi-Town. Put your average mid-westerner on one of those and that line wouldn’t get off the ground… not to mention (but mentioning) there would probably be a bunch of laws requiring kids to have helmets,etc..
Now back to on topic discussions about hard wood or fixing my toilets broken balcock
“Since the building looks to be 4 stories, are the first two floors simplexs, or is this indeed a duplex, but on the ground floor up to the second floor?”
From everything I could find (easily), looks like the original building was 19 to 21 units: 5 to 7 ground (w/ direct entry), 7 middle, and 7 top floor duplexes. Some of the units have been combined, which appears to include this one, based on having two pins. Pix not illuminating enough to tell if it is two Gs or a G and an M–but, the pins are 1005 and 1009, which I can’t make adjacent with normal unit numbering.
What’s a mystery to me is how the middle upper units are accessed.
“What’s a mystery to me is how the middle upper units are accessed.”
I see a doorway at the corner of Eugenie and North Park. I assume that leads to an interior stairwell that must access the M units?
“From everything I could find (easily), looks like the original building was 19 to 21 units: 5 to 7 ground (w/ direct entry), 7 middle, and 7 top floor duplexes. Some of the units have been combined, which appears to include this one, based on having two pins. Pix not illuminating enough to tell if it is two Gs or a G and an M–but, the pins are 1005 and 1009, which I can’t make adjacent with normal unit numbering.”
Per ccrd, there are G1-10, M1-7, T1-7, and 1005 and 1007 are Gs.
Meant 1005 and 1009, which correspond to G5 and G9 (hard to see how they are adjacent).
“I see a doorway at the corner of Eugenie and North Park. I assume that leads to an interior stairwell that must access the M units?”
Looks like there are doors on each (E+W) side to interior stairs. Want I’m not sure about is how to go from the stairs to the units–is it all outside? With the M’s entered on teh north and teh T’s on the south?
“which I can’t make adjacent with normal unit numbering.”
Could they be separate units, purchased together, of which one is now being sold separately?
“Per ccrd, there are G1-10, M1-7, T1-7, and 1005 and 1007 are Gs.”
Aha: the G units were front and back (if you streetview from the south, there are exterior doors facing the parking lot, too). I count 5 doors on the north side, presumably 5 on the south, too. Still don’t see how 5 and 9 are back to back, but I’d wager that’s how they were combined.
Still don’t buy 1300 sf.
“Could they be separate units, purchased together, of which one is now being sold separately?”
Could be. Don’t know how they get the second exterior door or the second bathroom in the posted pix w/o it being both “units”.
“work on my slacklining tricks at a respectable height”
funny i was in Winnetka the other day driving down Elm st. and passed a park. Two teens had tied a red slackline between two trees, i busted out in a laugh so hard i had pulled over.
Seriosuly the odds of you posting a link and mentioning it the other day to me randomly spotting two teens in innetka doing soon after, were so far that it made it hilarious.
The kids probably thought i was laughing at them (they did suck at it) but it was the odds that the belly chuckle.
Whoever buys it, I hope they don’t expect much return on their investment, if the future is anything like the past for this unit. If you adjust for inflation, the price has actually fallen quite a bit over the last two decades.
I do like the exterior and the location. And I’ve been in the Washington Metro hundreds of times and love the architecture there. If the interior is anything like that, a big thumb’s up! But somehow I doubt it.
just went through it. I would estimate to be 900sqft. simplex not duples- above grade.
housing bear is right. just search the HUD case number and the place is only 840 SQFT.
http://www.hudhomestore.com/Listing/PropertyDetails.aspx?caseNumber=137-422023
I called the listing agents office down on 95th st, they couldn’t care less
thanks for clearing it up Housing Bear!
I think that it’s worth $150K just for a place to go to the bathroom during the Wells street art fair but the toilet is sealed.
Fyi this is a garden and is not 1300 sq feet. Its more like 900 sq. ft.
garden? or first floor?
Thanks for the info John. Did you see the unit?
“estimate to be 900sqft”
“more like 900 sq. ft.”
“the place is only 840 SQFT”
Were the individual units, pre-combination, really only 420-450 sqft?
“garden? or first floor?”
Well, it’s definitely the lowest level of the building, whatever it is called (which also depends what kinda english you’re speaking). Note discussion here about level of courtyard vs sidewalk.
http://renownoldtown.blogspot.com/2010/03/235-w-eugenie.html
To those here and elsewhere who diss the low-down-payment FHA loans: you do realize, of course, that these loans were instrumental in creating the home-owning middle class of the affluent post WWII era, right? Like maybe even members of your own families?
And on this weekend when we’re honoring our fallen military, maybe we should give a shout-out to the no-down-payment VA mortgages that were an important part of the historic “GI Bill of Rights.” For some reason these have fallen into disfavor, even among those who display “Support the Troops” on their T-shirts and bumper stickers. Thankfully some lenders, like Chase, are actively promoting this and other plans to give a break to our vets.
It’s not the USE of FHA/VA but the ABUSE that leads to trouble.
Have a grat holiday weekend!
Ground floor unit. ABOVE grade. 900 sqft foot, original unit.
“900 sqft foot, original unit.”
1. Why 2 pins?
2. How does it have two exterior doors? Are the pix wrong?
slacklining looks hard and not super fun. is it mostly for attention?
The posts above make me laugh. As someone who knows the area and the unit, I can tell you the following. The property will have 20 contracts by Tuesday and the property will sell well north of $200k. It is a steal and would easily rent for $2,400 per month. The parking space is worth $30k alone!
The photos indicate that the unit is NOT in stellar condition. $2400 is highly suspect
” It is a steal and would easily rent for $2,400 per month. “
. “Why 2 pins?”
parking space separate pin?
The property needs a paint job and that is it. It has 2 large bedrooms and a huge living room, outdoor space,and parking. Run the old town proper area and see what rents are… It is a steal and it will sell well north of $200k.
The debt to income ratios on houses using low money down loans postww2 was much smaller. No such thing as student loans or credit cards and even car loans were smaller. It was much easier to afford the mortgage. Today’s market is all about leverage up to 45% of a borrowers gross income.
I’m quite the Old Town bigot and even with that said…again $2400 is highly suspect.
Feel free to compare on CL and look at the pricing and the displayed units
http://chicago.craigslist.org/search/apa?query=old+town&srchType=T&minAsk=&maxAsk=&bedrooms=2
Still I suppose it only takes one and you seem to be a much more optimistic fellow…
—
Dan the Man
” It is a steal and would easily rent for $2,400 per month. “
—
Dan the Man (April 13, 2008, 10:45 am)
Prices in Lincoln Park have continued to rise. (emphasis chichow) There has been no price decline and there will be no price decline. Sure those that overpaid for new construction on Diversey and Ashland (other places as well) will lose, but 95% of those that purchased for FMV will be just fine.
Dan the Man (April 15, 2008, 1:19 pm)
I like how you are assuming the stock market will produce a return but housing will remain flat. If housing tanks you will have to trust me that the stock market will follow. It all comes down to buying a home at the right price. That price WILL ALLWAYS be at a premium when compared to monthly rental prices but it should be at a premium.
If you know finances and the market, purchases a property does not have any closing costs. (emphasis chichow) You have to know what you are doing but many pay no closing costs at all. I leave all closing costs out of my equation (and obviously commissions) because I do not have to pay them.
“parking space separate pin?”
Doubtful, given the relatively few pins at the address. As DZ found, seems there were originally 10 G units, lokking at streetview, there are 10 exterior doors to G units, the pix for this one show two exterior doors in the unit, so at some point this place was combined out of two “original” units.
“Doubtful, given the relatively few pins at the address. As DZ found, seems there were originally 10 G units, lokking at streetview, there are 10 exterior doors to G units, the pix for this one show two exterior doors in the unit, so at some point this place was combined out of two “original” units.”
And the two pins were, per ccrd, each associated with a G unit with the same number as the last digit of the pin (I’d never noticed that feature on ccrd before). I do hope someone will clarify. I, for one, would sleep better at night.
Dan the Man,
I went and saw the unit and I agree that it will sell for above $200K and I would be surprized if there arent 20 offers near that price. HOWEVER, the rental market for this type of rental is probably closer to $1600. $2400 gets you much more in this location.
This is exactly why I don’t have a blog..Too much BS!
I’ve been in the Real Estate business for 33 years. I would buy this unit myself if my income hadn’t been reduced by 75% in the housing downturn.
This is a combo unit..A 1BR and a studio unit. Ground level with nearly floor to ceiling windows. The parking spaces are assigned via the condo declaration so they are NOT deeded. No way to tell if parking actually comes with the unit without reviewing the dec & by-laws. Sq Ft is not 1300, but more than 1100. Easily rent for $2000/MO maybe more. The building is totally electric and owners/tenants pay for their own heat AND hot water.
The building is showing sign of aging, some deferred maintenance, but it is going on 50 years old! No reason to have a huge reserve in a building without major mechanical systems. Still no mention as to the amount for the monthly assessments…My guess is around mid $400’s which is dirt cheap if parking is indeed included. I’d risk any potential special assessment. And now for the kicker…Yearly taxes for both units are: $5250.00!
Show me a 2 bed, 2 bath with parking for $1600 in true old town triangle and I will give you a $1
dtm sounds like steve heit. and chichow is like the wayback machine of cribchatter
East Lincoln Park has held it value compared to the rest of the market. Of course location matters!
I thought the same thing about Dan the man. His cheerleading sounds suspiciously similar to stevo’s.
Maybe heitman didn’t get hit by that CTA bus afterall.
“Show me a 2 bed, 2 bath with parking for $1600 in true old town triangle and I will give you a $1”
You’d be hard pressed to find a rental unit (OR a condo) with parking within the actual “triangle.”