Get a Single Family House in the Blaine District for Only $320K: 3826 N. Racine
This 4-bedroom single family home at 3826 N. Racine in Lakeview just came on the market.
It is listed for $320,000 which is also $40,000 under the 2002 purchase price.
The listing says it is in the Blaine school district.
It is also just a short stroll to Wrigley Field.
Built in 1897, it is on a smaller than standard Chicago lot of 30×81.
3 out of the 4 bedrooms are on the second floor with the 4th in the basement.
It has central air and the listing says there is 3-car parking in the rear.
There is currently a tenant renting it on a month to month lease.
The listing has no interior pictures.
But even without seeing the interior, is this a deal for the location?
Susan Tetrault at @Properties has the listing. See the exterior picture here.
3826 N. Racine: 4 bedrooms, 2.5 baths, 3 car parking, no square footage listed
- Sold in October 2002 for $360,000
- Lis pendens filed in November 2009
- Currently listed for $320,000
- Taxes of $10,746
- Central Air
- Bedroom #1: 16×16
- Bedroom #2: 12×11
- Bedroom #3: 12×10
- Bedroom #4: 18×10 (lower level)
sounds to me like someone is trying to unload an old though move-in readyhouse in need of updating at a no nonsense price. probably tired of paying those taxes for their parents estate.
correction, redfin says it’s a short sale.
Next to a cemetary.
Next to a cemetary….so? That’s like living next to a park. You’re pretty assured that it will never be developed.
I actually think this is a great deal, provided its actually what most people consider “move-in” livable condition. The lot may be short, but it has alley access and is in the thick of it on a “out of the way” hidden block.
But those taxes are insane and you have to deal with a short sale.
“But those taxes are insane”
Where do you pay your taxes? Taxes on a condo can be that much. Nothing insane about $10K for a SFH.
Where does it state it is a short sale? I don’t see it and it is usually very obvious in the listing?
While it might not have interior pics, I have toured thousands of these places…some good some not so good so you have to calculate your costs based on what you see on the outside (which can be very telling of what is on the inside) and whether or not it would be a good investment based on other factors.
By a cemetary? Some would think this would be a calm and serene location.
In this area? For many the proximity to restaurants, bars, shopping, etc is a must have for their consideration.
Would I consider it as an investment property? Yes as I have others in the area that appeared to be in worse shape yet once renovated were great homes.
Below pre bubble pricing, CA, parking and most bedroooms above grade…yes it would be worth a look see.
How about for the New Year we ALL start stating an positive aspect BEFORE focusing only on the negative? Just a thought.
You’re also next to a convent, which is “busy” only on days when the nuns rent out parking spaces to Cubs fans. And of course you’re within walking distance to the Santo Shrine.
The falling price is the most positive aspect.
Positive and minus a negative and sarcastic snark?
Forget it…some people just have it in their blood to be dicks.
Jon – $360,000 in 2002 (aka bubble period) on a small lot with seemingly limited updates does not seem to warrant a +$10K tax bill.
I could understand if it was $7-8K for taxes (aka ~2% of purchase price), but at almost $11K its in the 3% range, which is silly for such a property
Sure, $11K is not abnormal for SFH in the neighborhood, but I think this is not a typical SFH for the neighborhood and should be a candidate for tax appeal.
HD – you should stretch for this one or this is certainly a good rehab candidate for those with the money/time to have it done, especially if it actually sells for around list.
“But those taxes are insane and you have to deal with a short sale.”
There is a lis pendens filed. But the public listing doesn’t say anything about it being a short sale.
Oh- I see. Redfin is calling it a short sale (but it doesn’t say so in the listing.) It’s probably in the realtor’s notes in the listing (that is only available in the MLS.)
Per the listing agent remarks: “CC: Pursuant to Short Sale. PURSUANT TO SHORT SALE”.
In case it wasn’t clear the first time they repeated it in all caps.
Dimensions: 30X81
Standard Chicago Lot
lol wut
and this is a short sale… it would have to get approved
those taxes should be only like 4500-5k if this is the market price
Looks like the attendance area is safe too with Blaine. I hadn’t really considered moving into that district but wow is it tight compared to some others.
Great find Sabrina, btw.
Oh this bad boy is definitely a short sale. It’s got a $308,000 which is the foreclosure and an $88k second mortgage from Countrywide.
But think about this for a second: If there is a lis pendens, that means that the owner wasn’t paying the mortgage.
Yet, there is a tenant who is month-to-month presumably paying the rent.
Soooooooooooo….it’s entirely plausible – but definitely happening – that the landlord has been taking rent and not using it to pay the mortgage since at least November 2009.
The property has been in foreclosure for a year and judgment was just entered last month. Oh boy.
https://w3.courtlink.lexisnexis.com/cookcounty/Finddock.asp?DocketKey=CAAJ0CH0EFIEE0CH
So, the landlord got to pocket some rent, and he took out equity loans above and beyond what he paid for the house.
Sweet deal if you ask me.
“Soooooooooooo….it’s entirely plausible – but definitely happening – that the landlord has been taking rent and not using it to pay the mortgage since at least November 2009.”
or the rent is covering the TAX BILL. which at first glance is getting robbed.
The only way to make money in real estate these days is to pocket the rent.
Sorry, typo, i meant to say, not definitely happening, but might be happening.
The mortgage company will usually pay the tax bill.
“Soooooooooooo….it’s entirely plausible – but definitely happening – that the landlord has been taking rent and not using it to pay the mortgage since at least November 2009.”
This is happening everywhere. I’ve seen other month to month tennants in short sale properties.
There will be some serious price discovery with this ends and the inventory sold at the bid…not the fantasy asking price of every trapped “homeowner”. And yes, prices will fall in the Green Zone.
Current RE prices are still predicated on fraud, not fundamentals.
same with me. one would presume renter are living there[ my neighbors would recognize the owner]/ they may be squatters.
”
This is happening everywhere. I’ve seen other month to month tennants in short sale properties.
“
TB, I am optimistic that potential buyers will become more aware of what you speak in the coming year.
The loanowner bubble-pricing fantasists will get their day of reckoning since the inevitable is, well, inevitable.
As far as the rent collection thing, it’s just another reason that the bankers might just get that the rattle of the rocks in their heads means that rapid foreclosure and asset liquidation are preferable to the short sale shenanigans. Of course, they seem to have mersed the paperwork up pretty good for that, thus making the “best” option less desirable and guaranteeing a longer and deeper cratering than precedence would suggest.
Quick look at the other SFH assessments in the assessor neighborhood, they should be able to get a ~15%-20% assessment reduction based on conformity. Add in an o/o exemption (not filed in 3+ years), and you should get the taxes down to under $7500, which is still too much, but no longer shockingly high.
This is what dated, but sound and livable houses on 2/3s of a lot in “hot” hoods should cost, on the high side. Assuming no substantial defects, it’s a house I would *seriously* consider, were I in the market.
I don’t know why people even bother short selling their property. In my opinion it’s preferable just to let it go into foreclosure. YOu get have the late payments on your credit report, you will probably get the 10 year foreclosure judgment on your credit, the 2nd mortgages aren’t necessarily forgiven, the process is time consuming, long, and stressful. Just live there and walk-away when you get the 30 days notice in the OAS. How hard is that. My law office as a policy doesn’t waste time in short sales. We don’t get paid unless it closes, and the volume is so low and the work is so much that the $500 bucks or whatever we charge is nowhere worth the effort. Quite frankly I don’t know why we even do closings. some people think they’re loss leaders. Help somebody buy a house and they come back to you when they get run over by a car.
is that dirt block still there? any plans with it? is it the cemetery’s parking lot?
“Quite frankly I don’t know why we even do closings. some people think they’re loss leaders. Help somebody buy a house and they come back to you when they get run over by a car.”
You’re reaching into the “don’t know a lawyer” market and, truly, hoping that when someone they know gets run over by a car, or shot by a cop or whatever, your firm’s card is the only one they have. It’s not a “loss leader”, it’s “client development”. Should keep track of time and write off the delta as a marketing expense.
“is that dirt block still there? any plans with it? is it the cemetery’s parking lot?”
The tax payer is:
CHG NTL LEAGUE C INC
1060 W ADDISON
CHICAGO, IL 60613-4566
2009 property taxes were $684,000. Not a typo.
There’s differing views as to that. Some partners here swear by it but I’ve had other lawyers tell me that nearly every closing they’re ever done is a ‘one-up’. To them client development comes from knowing realtors and mortgage brokers, not buyers.
“#anon (tfo) on December 23rd, 2010 at 10:37 am
“Quite frankly I don’t know why we even do closings. some people think they’re loss leaders. Help somebody buy a house and they come back to you when they get run over by a car.”
You’re reaching into the “don’t know a lawyer” market and, truly, hoping that when someone they know gets run over by a car, or shot by a cop or whatever, your firm’s card is the only one they have. It’s not a “loss leader”, it’s “client development”. Should keep track of time and write off the delta as a marketing expense.”
The dirt lot is parking for cubs seasons ticket holders. I don’t have season tickets but someone I know does and I get free tickets and a parking pass a handful of times every season.
“To them client development comes from knowing realtors and mortgage brokers, not buyers. ”
Realtors and mortgage brokers aren’t referring 8-figure PI cases (aka, retirement money), which I thought was what you were talking about.
*Next to a cemetary….so? That’s like living next to a park. You’re pretty assured that it will never be developed*
true,and not only that,but you’re pretty much guaranteed that your basement/yard/etc will never flood.cemetary will soak up the water during those torrential rainstorms
I love this place. Well, the location, anyway. Walkable to restaurants/bars/shopping (Southport as well as Wrigleyville), but on a quiet, dead end street. You’ll get a lot of traffic on game days (I think there’s a back entrance/exit into that parking lot if you drive down Racine), but that’s true most everywhere in this neighborhood. Close to the el. Not too far from the lake.
I suppose the interior could be a disaster…
thanks anon, HD
Standard Chicago lot my arse.
“2009 property taxes were $684,000. Not a typo.”
That is one big parcel. I wish our commercial properties in the city were similar — they are basically multi-parcel nightmares.
“Standard Chicago lot my arse.
“2009 property taxes were $684,000. Not a typo.”
That is one big parcel. I wish our commercial properties in the city were similar — they are basically multi-parcel nightmares.”
Not quite 5.5 acres. It’s about 60 standard lots, with allowances for (narrow) streets and alleys. So they’re paying heavily for the privilege.