Got Cash? Bank Owned 1-Bedroom $180K Under 2008 Price: 1351 N. Ashland
According to the Tribune, Unit #2A at 1351 N. Ashland in West Town sold in February 2008 for $290,000.
It is now bank owned and is listed for $180,700 under the 2008 purchase price.
It is a cash only sale.
But if you’re an investor, you’ll have to wait a day or two more because, according to the listing “Fannie Mae assets are reserved for owner occupants or NSP purchasers for the first 15 days that a property is listed in the MLS. Regular investor offers will only be considered after 15 days of MLS exposure.”
From the pictures, it appears that the floors, the kitchen appliances and countertops and the bathroom sink/toilet are all missing.
Will investors be flocking to make all-cash offers on this one?
Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.
Unit#2A: 1 bedroom, 1 bath, no square footage listed
- Sold in February 2008 for $290,000 (per the Chicago Tribune)
- Bank owned
- Currently listed for $109,300
- No assessments are listed
- Taxes of $2784
- Listing says no heat or central air
- Bedroom: 10×10
- Living room: 10×10
- Kitchen: 10×10
10 x 10 LR/DR combo…now that’s livin’
Not a deal even at this price.
300 Sq Ft for the bedroom, living room, and kitchen. Now that is small.
You’d have to pay me $109,300 to take this place. And I still might refuse.
Now that’s what you’re supposed to do when you get foreclosed on! Left the cabinets, tho…
Seriously, 290 for a 1/1 on Ashland must have been fraud. I’m sure they never made one payment – anyone feel like looking up who made the (surely 100% LTV) loan?
I have a feeling those room sizes are dummy numbers (emphasis on “dummy”). There’s no way it’s just 300 sf. I don’t think this was stripped by the former owner — looks like this one was just not finished (hence no AC). Still, stay FAR FAR away.
LOL! Rip off alert!
Also that’s an INSANELY busy road to live on… probably busier than living on I-94 24/7
You can tell it the developer got foreclosed on…
Michael – I think you’re right on both counts (unfinished, and rm sizes). And definitely right on staying far, far away–unless you’re planning on picking up the other (at least 2) foreclosed units in the building.
But 1st floor looks finished and lived in: http://www.redfin.com/IL/Chicago/1351-N-Ashland-Ave-60622/unit-1B/home/21674432
290k for a 2 room studio? I wonder what idiot bank was left holding the bag on this one
Developer’s place
I like the wood trim around the windows. Not sure I can wait for the 15 days to pass!
I think the cash only aspect will limit the pool of potential rehabber-yahoos attempting to make money on this place.
roma’s listing link says there are 9 units in the building. Can that be right? It looks like a single lot – lord.
The Developer definitely was foreclosed on, I went and saw 3C 2/2 when it was listed (same condition/bank owned), beautiful place if someone complete it… but most of the building is unfinished, the stairwells and a few of the units. Also since there isn’t a formed association, I’d hate to deal with all of the problems that may arise.
@Jon Yes there are 9 units total in the building, & no parking available for any of them.
I’m sure this was a legitimate developer who got caught up in the real estate depression as opposed to a sketchy contractor who committed fraud and absconded to Poland….
I haven’t look at the place, but I have had bad experience with the listing agent, she’s shady character.
Russ said “You can tell it the developer got foreclosed on…”
K0RT said, “The Developer definitely was foreclosed on”
I don’t think so.
The developer seems to have done just fine (cough, spit) with this 9-unit conversion. The sale prices:
1A $700,000 1B $265,000 1C $700,000 2A $290,000 2B $290,000 2C $290,000 3A $? 3B $700,000 3C $700,000
Go to ccrd.info and enter 17-05-115-003-0000 for a textbook example of something peculiar…
– 2A, 2B, 3B & 3C already foreclosed
– 1A, 1C, 2C & 3A lis pendens filed by lenders
– big mortgages on the units (although not 100% LTV since these “sold” in 2008)
– 3 units bought by “VASYL SEMANYUK”
– 2 units bought by “OREST MARTYNYUK”
– 2 units bought by “JOSE GALINDO”
– 1 unit transfered btwn LLC’s
– 1 unit (1B) that sold for $265,000 with only an $80,000 mortgage from the developer
– Doc #0912539026 perhaps includes the developer’s name and leads to an interesting history?
SSDD.
Damn foreigners! Lol wow that is such a blantant scam…
Busy street = negative
Many Mexican Restaurants = positive
You got that right, Papu! In fact, Carniceria Leon tacos alone add at least 5k to the value of this place, in my book
This is Chicago it isn’t like there aren’t authentic mexican restaurants and burrito joints in almost every neighborhood. At least every hood ever discussed on here.
I feel bad for the owner of 1B- it looks like they were one of the few legit buyers in this total scam. The 1B listing states that there are HOA fees. I’m not sure who paying that with all the foreclosure and pre-foreclosures.
I wouldn’t be surprised if this went for $30-50K. There is a lot of risk and there is a lot on the market with a lot less downside.
Ukrainian
‘sketchy contractor who committed fraud and absconded to Poland….’
hey, hey, hey, lets not insult the wrong people. This developer absconded to Lituania, Romania, or somewhere in the former Yugoslavia. If you’re going to baselessly insult ethnic groups then at least insult the correct peoples.
can someone explain what you guys are implying happened with the developer multiple units to these foreigners…?
*selling
Tay, the way I think the scam works is that the developer lines up his friends to buy his units for vastly inflated prices. From those proceeds, he kicks back a few thousand (or more — who knows?) back to them. The developer and the friends pocket these proceeds and head directly into foreclosure. There are often crooked mortgage agents and/or appraisers involved as well. They then head back to Lithuania or wherever and live happily ever after. Sound about right?
No idea if that’s what happened here, but it certainly looks suspicious.
Its the ukraine. Sorry not Poland.
Michael you basically hit the nail on the head.
Thats why I laugh at idealists like valasko who think the US government is going to kiss the booboo, go after these people and put them in jail and make it all better.
Sorry valasko in crimes like this our legal system is woefully inadequate to administer justice. Thats why its important to make sure the system is set up so it never happens in the first place.
The least our government could’ve done was to let the mortgage companies who enabled this fraud to flame out and die and all employees be fired. Of course they didn’t do that because financial firms have lobbying power.
Bob,
Are you shorts getting you in a bind?
You really don’t know me, I am quite the opposite of an idealist.
Personally I think this country is toast, the balance sheet sucks for both the government and the consumer.
I am currently riding this market and have been reducing exposure for some time. Long term most of my capital is and will be invested overseas.
Again I wish you luck with your shorts.
This will sell. Put 40k of work in to it, sell it for 175 and take a quick profit.
“Are you shorts getting you in a bind?”
No. Learned my lesson about leverage and margin calls some time ago. Now I use inverse ETFs.
Anyhow looks I dropped the wrong name, sorry–someone wrote a couple days ago they can only be optimistic our government does the right thing and goes after all the fraudsters and cleans this whole mess up. I’m far more cynical and in your camp.
Bob, thanks for clarifying……. The current market is way over bought, priced for a normal recovery which in my mind is a longshot at best.
I’ve seen this building…its a mess, to say the least. The reason the association fees are not listed is because the building isnt completed, hallway stairs are still plywood, missing light fixtures, etc. Looks the the developer of this building went under, horrible location, crappy building, mess of an association = BAD INVESTMENT.
If you thought these places were bad investments as foreclosures, how about buying the “rehab” from a flipper for 300k?
Check out 1A, back on the market today:
http://www.redfin.com/IL/Chicago/1351-N-Ashland-Ave-60622/unit-3B/home/14110578
I will resist the urge to comment…
OMG.
$195k more? Across from Target and a parking lot? That’s a really crappy stretch of Ashland, even if there’s a “seperate enterance” to the family room. Even if they took two units and joined them to make one.
HAH. Ha ha ha. Cracks me up.
1A closed for 279, according to MLS!
3A on the market for $305k.
These may turn out to be profitable flips after all. I’m ready for a pre-thanksgiving plate of crow.
And who’s up for a rehab project?
http://www.redfin.com/IL/Chicago/4533-S-Greenwood-Ave-60653/home/13962346
“OMG.
$195k more? Across from Target and a parking lot? That’s a really crappy stretch of Ashland, even if there’s a “seperate enterance” to the family room. Even if they took two units and joined them to make one.”
Were it across from a Target, that would be much better than the reality of the KMart and Jewel.