Get a South Loop 2-Bedroom for $8100 Under the 2001 Price: 1530 S. State
This 2-bedroom at 1530 S. State in the South Loop has been on the market since September 2011.
It is a Freddie Mac Homesteps property.
The unit has been reduced $45,000 since September and is now listed $8,100 under the 2001 price (which was the original sales price for the unit.)
It’s hard to tell much from the pictures.
Part of the kitchen appears intact and there are black appliances. The listing says it is “freshly painted” and has “new carpet.”
There is central air, washer/dryer in the unit and deeded parking.
Now listed at $249,900, how low will this go?
Gerard Lewis at Better Homes for America has the listing. See the pictures here.
Unit #823: 2 bedrooms, 2 baths, 1289 square feet
- Sold in May 2001 for $258,000 (included the parking)
- Sold in August 2008 for $340,000 (included the parking)
- Lis pendens foreclosure filed in June 2010
- Bank owned in June 2011
- Originally listed in September 2011 for $294,900 (parking included)
- Reduced
- Currently listed at $249,900 (parking included)
- Assessments of $505 a month (includes heat, a/c, gas, doorman, cable)
- Taxes of $3992
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 13×13
- Bedroom #2: 11×11
Probably the worst photos I’ve seen of any cribchatter listing. I’m embarrassed for Gerard Lewis and the owner. Thanks for showing me an open toilet seat.
Crappy photos aside, my brother recently bought a homesteps property (at a much lower price than this). It’s a great program, super easy purchase, especially for first-time homebuyers. He even got a great home warranty they paid for which has already worked to fix two appliances.
“Thanks for showing me an open toilet seat.”
at least they didn’t leave a floater in it.
We’ve seen a bunch of these distress properties recently with really bad photos.
How much does that influence how long the property stays on the market? Some of these seem to be sitting for months.
There is a bank owned condo in Lincoln Park that I’ve been following for awhile. Last sold for like $450k. Now listed at $250k. It’s a vintage unit in a good location. It has been on the market for months (finally pending) but there were NO interior pictures with the listing. Ever. I have thought that that really contributed to the fact that it was sitting there for months and months. (I also didn’t post on it because there were no interior pictures and I couldn’t find any in the old listings either.)
If a buyer can’t tell what it looks like- will they even go look at it?
“If a buyer can’t tell what it looks like- will they even go look at it?”
No pictures is a huge red flag. 9 times out of 10 it means they’re trying to hide something. Especially if it’s on a lockbox because the listing agent has no skin in the game – i.e. there’s no cost to showing it to a low probability buyer. So, yeah, it’s going to reduce traffic.
i was intrigued by sabrina’s photo….then saw the listing.
“We’ve seen a bunch of these distress properties recently with really bad photos.
How much does that influence how long the property stays on the market? Some of these seem to be sitting for months.
There is a bank owned condo in Lincoln Park that I’ve been following for awhile. Last sold for like $450k. Now listed at $250k. It’s a vintage unit in a good location. It has been on the market for months (finally pending) but there were NO interior pictures with the listing. Ever. I have thought that that really contributed to the fact that it was sitting there for months and months. (I also didn’t post on it because there were no interior pictures and I couldn’t find any in the old listings either.)
If a buyer can’t tell what it looks like- will they even go look at it?”
i bought in east lakeview in june. i had been searching for about 2 years. i saw numerous places and choose what i wanted to see based on the listing. if the unit looked bad in photos, i eliminated it UNLESS it seemed super cheap in a prime neighborhood. but there were only a couple of those.
so, as a buyer, no i wouldnt even look at a place with sh*tty looking photos. i felt that if the sellers didnt care enough to make their listing look appealing, they probably didnt care enough to take care of their home.
Photos matter tremendously unless the price is super give away low. In fact, there have been plenty of solid properties that sold for the cheap simply because so many people overlooked the property due to the bad photos. Many of the diamonds in the rough are the long listed properties with terrible or no photos. However, conversely, good photos cannot overcome too high of a price either.
I’m gonna buy the foreclosure at university village just to F up garys comps.
A friend recently bought a place where the seller, a bank, had repainted the unit and put in new carpet, but the pictures showed horrible paint colors and disgusting carpet. They didn’t even mention in the description that they painted it and put in new carpet. People weren’t going to see it because of the pictures and she ended up getting a great price. It also had a great city view, but the description didn’t mention the view and the agent didn’t show a picture of it either.
When looking at bank owned homes, a buyer has to ignore the pictures. Just because a bathroom picture is missing, doesn’t mean the bathroom is awful. Buyers have to look at a lot of these properties and have patience.
“When looking at bank owned homes, a buyer has to ignore the pictures. Just because a bathroom picture is missing, doesn’t mean the bathroom is awful. Buyers have to look at a lot of these properties and have patience.”
That’s what an informed buyer may do, but, as we see here again and again, most people are pretty low-info.
“Quality” of pictures aside, this unit looks to be in good shape. No cosmetic mess left by previous owner, not contractor mess, building is a solid solid industrial building with thick walls/floors (I’ve been inside couple of times), decent location but not great, tax is fair, assessment is OK. I think the price is fair, but for the effort the agent put into this, or lack there of, the potential buyer ought negotiate harder.
I’ve seen some houses that show much nicer than the listing photos. I’ve also seen some wonderful listing photos only to see the place in person and wonder if it was the same house (Lighting and Photoshop does wonders).
“No pictures is a huge red flag”
About two years ago, I asked a realtor why there were no pictures of a particular property that had been listed for months. She told me “showing pictures of homes is a very recent thing. People don’t like to have photos of their home for privacy reasons.”
Another excellent photo of a house, in Albany Park nonetheless, for nearly half a million dollars. And with a listing history like this you would think there’s been plenty of time to update the photo.
Property History for 4440 N SPRINGFIELD St
Date Event Price Appreciation Source
Nov 28, 2011 Listed (New) $479,000 — MRED #07950679
Nov 06, 2011 – Delisted (Cancelled) — — Inactive MRED #7
Jun 14, 2011 – Price Changed * — Inactive MRED #7
Apr 08, 2011 – Listed (New) * — Inactive MRED #7
Jan 03, 2011 – Delisted (Cancelled) — — Inactive MRED #6
Nov 17, 2010 – Price Changed * — Inactive MRED #6
Sep 24, 2010 – Price Changed * — Inactive MRED #6
Jul 17, 2010 – Price Changed * — Inactive MRED #6
Jun 17, 2010 – Price Changed * — Inactive MRED #6
May 06, 2010 – Listed (New) * — Inactive MRED #6
Jan 20, 2009 – Delisted — — Inactive MRED #5
Dec 02, 2008 – Price Changed * — Inactive MRED #5
Oct 09, 2008 – Listed * — Inactive MRED #5
Oct 08, 2008 – Delisted — — Inactive MRED #4
Oct 01, 2008 – Price Changed * — Inactive MRED #4
May 07, 2008 – Listed * — Inactive MRED #4
Apr 30, 2008 – Delisted — — Inactive MRED #3
Jan 30, 2008 – Listed * — Inactive MRED #3
Jan 24, 2008 – Delisted — — Inactive MRED #2
Jul 24, 2007 – Listed * — Inactive MRED #2
Mar 12, 2007 – Delisted — — Inactive MRED #1
Dec 11, 2006 – Listed * — Inactive MRED #1
“People don’t like to have photos of their home for privacy reasons”
Probably bodies in the basement
http://www.redfin.com/IL/Chicago/4440-N-Springfield-Ave-60625/home/18945353
“People don’t like to have photos of their home for privacy reasons.”
I have NEVER heard that. Even our most private clients have allowed photos, though they haven’t allowed the property to be listed on the MLS.
Speaking of bank owned properties. What’s the best way to search for these? I’m assuming some of these aren’t on the MLS? Any tips or tricks to help me become a two-time knife catcher would be appreciated.
It seemed totally clear to me beginning around 2006/07 that places like this in the South Loop were a dime a dozen and that there was a ton of oversupply. Units like this are going to take a long time to get back to 06/07 prices. Honestly, I would be surprised if someone would be willing to pay more than $230k for a property like this right now.
I agree with everything you said JJJ, but this abomination would not sell for over $230K anywhere not just in SL.
“Speaking of bank owned properties. What’s the best way to search for these? I’m assuming some of these aren’t on the MLS? Any tips or tricks to help me become a two-time knife catcher would be appreciated.”
I get this question all the time and I always tell people that the best thing to do is to look for the best deal, not necessarily a bank owned property. They are on the MLS so if they are a good deal then you will find them. And there may be good deals that are not bank owned. Last time I tried the MLS didn’t have a field for bank owned – except after closing – but they are constantly adding fields so I’d have to check again.
Thanks Gary. Just wanted to make sure I’m not completely unaware of these properties and their pricing in relation to the stuff that’s readily searchable through Redfin and the other RE sites.
What would it rent for?
I’m guessing we’ll see a lot of 2/2s in the South Loop going for right around $200,000 before very long (maybe even less… I wouldn’t be surprised if $175k eventually becomes the norm). For the record, I love the South Loop and live just west of it in UV.
@ Jenny, right now redfin’s sale record in zip code 60605 over the past six month does not support your prediction. Quite a few 2/2s are selling over 300K and some well over it (in 600Ks).
“Quite a few 2/2s are selling over 300K and some well over it (in 600Ks).”
How big, tho? Would you object if the construct were “under $200 psf, some as low as $150”? And then a carveout for the few lux buildings like OMP.
Zip Code 60605
Last 6 month 2/2 activity
6/1/11-11/30/11
All 2/2:
closed 110
short sale 20
REO sale 10
median $312,125
average $333,141
minimum $122,000
maximum $670,000
with SF 96
median PSF $236
average PSF $240
minimum PSF $103
maximum PSF $428
Non SS/REO:
closed 80
median $322,000
average $344,467
minimum $178,000
maximum $670,000
with SF 67
median PSF $242
average PSF $251
minimum PSF $142
maximum PSF $428
SS/REO:
closed 30
median $260,000
average $302,936
minimum $122,000
maximum $607,500
with SF 29
median PSF $194
average PSF $214
minimum PSF $103
maximum PSF $356
I can’t believe that 73% of them were non SS/REO. I would have thought the opposite.
I’m surprised there are still a lot of people paying over $230 a square foot. I thought it would be more like $200 a square foot.
Thanks G.
“And then a carveout for the few lux buildings like OMP.”
Or carve out a few dump buildings.
We were all over this building during our house hunt in the fall of 2008. There are at least some nice units, including some that have balconies or terraces. None with terraces were on the market when we looked, but we were seriously considering one with a sort of corner wraparound balcony and decent furnishings.
Other units, sadly, look pretty much dead on like this example. Just really ugly. The building itself seemed OK, but suffers from “long hallway syndrome”. The neighborhood is a bit odd as the EL runs right next to the building and it feels a little isolated.
“Or carve out a few dump buildings.”
Are you seriously contending that–on a pure counting basis–there are more lux buildings/units in the SL than medicore to dumpy?
And the ss/reo median is in line with the suggestion, which is consistent with “wouldn’t be surprised if” as reformulated.
“Are you seriously contending that–on a pure counting basis–there are more lux buildings/units in the SL than medicore to dumpy?”
Never said that as I have no idea about the entire building/unit status in SL or for that matter any other hood. But I think one cannot selectively exclude buildings when talking about a hood and BTW, MP has many buildings not just one.
Here’s the distribution of the 15 highest and lowest PSF:
15 highest PSF ($290+ PSF)
233 E 13th (1)
41 E 8th (1)
1250 S Indiana (1)
1160 S MICHIGAN (1)
1322 S Prairie (2)
1235 S Prairie (3)
100 E 14th (3)
1211 S PRAIRIE (3)
15 lowest PSF (under $195 PSF)
40 E 9TH (1)
500 S CLINTON (1)
780 S FEDERAL (1)
1250 S Indiana (1)
1433 S PRAIRIE (1)
1133 S STATE (1)
1020 S WABASH (1)
1528 S WABASH (1)
1111 S WABASH (2)
1322 S WABASH (2)
1255 S STATE (3)
Interesting that 1250 Indiana shows up on both lists….
This is a lovely thread – for me it really is. This is what I originally remember cribchatter as
Its focused on the property and leaks into the surrounding area.
Its like a beautiful tango when anon makes a point and the a G response
It hasn’t completely derailed into QE3 and…
and no SHill (not a client?) nor OB trolls.
I remember living in Printers Row before the boom and it had its charms. Heck for sometime, I toured numerous places in Dearborn Park II and seriously considered it. I never considered this section of the South Loop though. The only parts that stood out for me down here where driving along for car washes and the police station.
Question: Are the neighborhood amenities accessible from here by easy walk? Meaning the grocery stories like Dominicks on Roosevelt or the newish Movie Theater or the Target or the Starbucks…
I’ve driven around and frequented many places, but don’t know how it is from a living / walking perspective
I may not live in the neighborhood, but south but spend lots of time here. I wouldn’t think State or Roosevelt is exactly a pretty walk but walking from 1500 S to 1200 S to Dominick’s really can’t be that bad. I’d love to live this close to Zapatista…as it is I usually park 1/2 way to this building to get free parking along State. Target and the movies I think is a little further walk, but why not drive to those places as both have free easy parking?
“Question: Are the neighborhood amenities accessible from here by easy walk? Meaning the grocery stories like Dominicks on Roosevelt or the newish Movie Theater or the Target or the Starbucks…
I’ve driven around and frequented many places, but don’t know how it is from a living / walking perspective”
“Speaking of bank owned properties. What’s the best way to search for these? I’m assuming some of these aren’t on the MLS? Any tips or tricks to help me become a two-time knife catcher would be appreciated.”
I get asked this question all the time too. People seem to think there is some “secret” stash of bank owned homes out there that no one knows about. They all come on the market like everything else. A few years ago some of those would “sell before list” to agents and agents friends because they thought they were such good “deals.” But now, I rarely see this happening. Even investors have become jaded. For every “deal” today- there will be another one tomorrow. And usually for cheaper.
The REOs seem to be staying on the market for a much longer period of time now as sales, overall, have dried up.
Sales have dried up but there are some deals out there for those will to scour a bit. The city is more difficult because of sheer number of underwater owners in gentrified or recently gentrified areas. The suburbs though are getting cheap. They’re practically giving away medium sized homes in nice suburbs that need updating. You just have to wait until the long term owners have taken their obligatory 3 or 4 or 5 price reductions, and they will. And when they do, some young family snaps up a 1,700 sq foot house in a northern suburb for around $300,000 or $350,000; that same house would costs in the $500’s or $600’s or more in teh area of the city with a good school district. But in glenview, park ridge, all the schools are ‘good’.
“And when they do, some young family snaps up a 1,700 sq foot house in a northern suburb for around $300,000 or $350,000; that same house would costs in the $500?s or $600?s or more in teh area of the city with a good school district. But in glenview, park ridge, all the schools are ‘good’.”
This is the conundrum for upper middle class buyers who want to stay in the city right now. Single family home prices, while down, aren’t nearly the deal you’ll find in the suburbs. And the schools, for the most part, crush the CPS versions. A buyer can live quite a good life in the suburbs OR struggle financially trying to stretch it in the city.
I still don’t understand why some people are buying, for instance, little cottages in far west West Town (basically East Humboldt Park) for $400k where the schools stink and there are little flashing blue lights on many street corners versus a larger house which might need some work for like $250k in one of the best school districts in the state in the interior suburbs. I understand some people want to stay in the “city”- but it’s just fascinating to me what they’re willing to sacrifice to do so.
Looked at quite a few of these condos in our search a couple years ago. I liked them a lot. My wife vetoed, decided she didn’t like the “soft loft” type. Also, many of the 2/2’s had 2nd br’s with the partial wall instead of windows. (Appears this one is like that.)
Immediate location is not very attractive, however, if you like to eat out, you can walk to Opart Thai, Cafe Bionda, Burger Point, Zapatista, Gioco, Flo & Santos, Donna’s, Scout all within 5 minutes and Tapas Valencia, which I love, is in the same building. I think Dominick’s & Target would be quite a hike but they are 5 minutes away in a car & have ample parking. Also, the new Trader Joe’s is definitely within walking distance, also, the Jewel, if you’re the adveturous sort.
As long as I work in the city, I will live here. I couldn’t handle the suburbs to downtown commute. For a short time, I commuted from the South Loop to Evanston and I just collapsed at the end of the day when I finally made it home. If I was a stay at home mom, with a husband who didn’t mind the commute, I would consider the north shore.
My friends with families who stay in the city either think there isn’t enough diversity in the suburbs, hate the idea of a commute, or are underwater on their city house and can’t sell.
“she didn’t like the “soft loft” type.”
Not sure I would call a converted meat packing plant (or whatever it was) a “soft loft”. Though I suppose you could label the top floors that which were added on.
“As long as I work in the city, I will live here.”
Jenny has a point. If you work in the Loop proper, Metra may be an option. But if you work anywhere else, driving to a metra station, then taking a bus or El to your office can be just as draining as driving in. As Laura Louzader would say, our public transit infrastructure leaves a lot to be desired and benefits a disproportionate amount of people.
My comment yesterday was extremely apropos for today’s fha article. Like I said, they can’t give away the medium sized home that need updating in the suburbs. That couple paid 200k for a house in the suburbs. This house at 1700 sq ft on a double lot would be over twice the price in bucktown or wicker or lakeview. Sure you can walk to nicer reataurnats but I can’t eat out much these days anyway.
The commuting issue is annoying but the tradeoff will be less time in the office.
I just want to add to the ‘livability’ question. I’ve lived in Dearborn II for 15 years and love it. Very close to this building, actually. What is not apparent when you drive by on State is how many families live here and how green it is. It is a great place to raise kids–lots of parks, close access to museums, etc. It is also a short commute to work. We live in a very small space that I would never trade for a larger space in the suburbs, largely because of the commute (who wants to spend 2+ hours getting to/from work everyday). South Loop School, from what I understand, is getting better and better, but other neighborhood religious schools (Daystar and Old Saint Mary’s) are excellent at around 8,000 per year per kid. The test scores at OSM *average* 93 percentile. It is certainly true that the SL overbuillt, but this just means that deals are to be found. It is still a great area to live and an especially great area to raise a family.
“This house at 1700 sq ft on a double lot would be over twice the price in bucktown or wicker or lakeview.”
Um, the *double lot*, with my yurt pitched on it, but excluding the yurt, would be over twice that price in b’town/wp/lv.
But it’s unreasonable to say “that much land would cost 3x in the city”–only fair thing is standard buildable lot v standard buildable lot, whether they are 25×100, 30×125, 1/4 acre, 1 acre or 5 acres. If bloomingdale wouldn’t let that lot be subdivided and two sfhs built on it, it’s comp is a single city lot. Everyone knows that if you want grass, you need to move to the ‘burbs, or pay a big premium.
The new trader Joe’s, Jewel-Osco, Sky Grocer, Panozzo’s Italian Market are all very easily accessible for any one living in central station.
Lot of the other stores: whole food, target, Dominick’s, etc…are in easy walking distance but I don’t like the path as it is walking on a narrow side walk of a very busy street (Roosevelt).
There are some pretty good restaurants around: The Chicago Firehouse, Gioco (with a new Italian chef), yolk, etc… and a cute little brunch coffee-shop/brunch place.
The public transport, museums and the parks are great IMO. I actually don’t know about schools, but a few other CCers who know what they are talking about seem to be positive on the elementary school at least.
“Are the neighborhood amenities accessible from here by easy walk?”
My old roommate pays $2100 to rent a similar unit (which faces south) in this building.
“My old roommate pays $2100 to rent a similar unit”
right at 6%. Is that rent is sustainable (yeahyeah), it’s a fair ask now.
“right at 6%. Is that rent is sustainable (yeahyeah), it’s a fair ask now.”
i think that owner got a bitchin deal being able to rent it for 2100, so long term probably not, rents are nuts right now.
“i think that owner got a bitchin deal being able to rent it for 2100”
I was looking for a 2/2 rental in the south loop, and they all seemed around $2000-2200. Was I not looking hard enough, or is $2100 not that outrageous?
“or is $2100 not that outrageous?”
Completely outrageous when you consider that you can get your 3.5% down FHA loan for about 4 months rent. Immediately stop making payments, and you probably get a good 2 years a livin’ on 4 months of payments!
“I was looking for a 2/2 rental in the south loop, and they all seemed around $2000-2200. Was I not looking hard enough, or is $2100 not that outrageous?”
I mean in general rents are high, but this unit facing south for 2100 seems a bit too much. No view, right by the trains there, shit unit. When I moved to the south loop 3 years ago 2100 would buy you much more. Maybe it’s just a phase, maybe it’s a sign of inflation, we’ll see…