How Low Will This Bank Owned Lincoln Park 2-Flat Go? 2610 N. Mildred
We chattered about this 2-flat at 2610 N. Mildred in Lincoln Park in early January 2010 just before the bank took possession.
See our prior chatter here.
It is still on the market and has since been reduced by $92,000.
It is now listed for $103,050 under the 2003 purchase price.
As you recall, each of the units are 2 bedrooms, 1 bath.
There are hardwood floors and eat in kitchens.
The listing still says the property is in “need of updating but has great potential.”
The house was built in 1878 and is on a smaller than standard Chicago lot of 33×75. There is no parking.
At what point is this a deal simply for the land?
Arthur Cirignani at Chicago Realty Partners still has the listing. See the pictures here.
2610 N. Mildred: 4 bedrooms, 2 baths, 2-flat
- Sold in October 2003 for $527,000
- Lis pendens filed in March 2009
- Was listed in January 2010 for $515,950
- Bank owned in January 2010
- Reduced
- Was listed in February 2010 for $439,950
- Reduced
- Currently listed for $423,950
- Taxes of $9544
- No central air
- No parking
I was under contract on this place before cutting my losses a few weeks ago. The listing broker and seller’s (bank’s) attorney are on different pages…. Cash only, tear-down deal. NOT “in need up updating” as stated. There are 3 pending lawsuits with the city relating to a fire and the deck falling off the back (resulting in title issues).
All this aside, I had “rehab” financing lined up and made hedway with the city on the lawsuits. Straw that broke the camel’s back is that there are power lines attached to the deck that service the neigboring building to the south. After working with many electricians and Com-Ed (and although illegal), Com-Ed will not deny anyone service. So the neighbor would have to spend about $40k to upgrade to proper amp metering service, put in a private property pole and add a new service head to thier building all PRIOR to removing the power lines from the deck.
AND the broker was unable to turn on the utilities as an inspector feared that it might start raining from the ceiling or a gas leak would blow the whole thing up. And we won’t even get into the fire damage…
As I said earlier, cash-only, tear-down deal… From a $/SF land persepctive, it makes sense for a developer with lofty expectations or someone (like myself) that planned to eventually tear down and build the house of my dreams in a few years. I liked the idea of an attached garage and the wide footprint of the lot.
I wouldn’t build the house of my dreams on that lot, for that price… no way. A short alley lot = blech!
Yeah I have a hard time believing that this land is worth anywhere near $400K
True, but not many other opportunities to get dirt East of Sheffield, South of Diversey and North of North under $500k that aren’t along the el.
Pdubbs – that is true today, give it a little more time
“So the neighbor would have to spend about $40k to upgrade to proper amp metering service, put in a private property pole and add a new service head to thier building all PRIOR to removing the power lines from the deck.”
Knowing ComEd distribution, this would NEVER get done for $40k.
Sorry to get a little off topic, but did anyone notice that two flat on the double lot at 1431 W. Argyle sold for 450K (25K above asking)? I think the buyers got a great deal, assuming the building doesn’t have some major foundation issue or need some other huge repairs.
Also, the greystone at 1310 Winnemac just dropped to 250K today. Someone commented a while back that the facade is separating and basically falling off this place and they think it can’t be salvaged. Anyone want to chime in on whether 250K is now a deal for this place if it can be rehabbed or if it’s a tear down? It’s MLS# 07342196 (I would just paste a link but I’m afraid the comment will go in the spam filter for moderation.)
@Pdubbs
I also had an offer in on a frame 2-flat. Foreclosed and in bad but not attrocious condition. We put an offer in and waited. A week later, the bank sent a copy of all the city violations; all 42 of them. We decided to look elsewhere.
Tom, can you talk about what some of the worst violations were and how much you think they would have cost to fix? I could really use a reality check on how much it costs to rehab these SFHs and two-flats that are in rough shape or are borderline tear-downs.
Danny,
It can easily cost more than the purchase price.(250k)
And that’s for a brick building in rough shape, no violations.
It would be nice to know some specific example violations and why they cost so much to fix.