Hyde Park 3-Bedroom 75% Under the 2007 Purchase Price: 928 E. Hyde Park Boulevard
This 3-bedroom unit at 928 E. Hyde Park Boulevard in Hyde Park just came on the market.
It is bank owned.
It is also listed 75% under the 2007 purchase price.
According to the pictures, the kitchen and baths are intact. The kitchen has stainless steel appliances and granite countertops.
This is a big vintage unit in a 1912-era building, with a family room and a den.
The property has central air and one car parking. It also has an in-unit side by side full size washer/dryer.
Is this the deal of the month?
Henry Jones at Jones Realty Company has the listing. See more pictures here.
Unit #2: 3 bedrooms, 3.5 baths, den, 1 car parking
- Sold in July 2007 for $770,000
- Bank owned
- Currently listed for $192,000
- Central Air
- In-Unit washer/dryer
- Bedroom #1: 16×15
- Bedroom #2: 13×12
- Bedroom #3: 12×12
WTF?
That won’t last long…
Obviously priced extremely well. I can only assume it’s priced this way to generate multiple offers and a bidding war.
This well close for well above list price. It’ll be interesting to see what the actual close price is.
Nice. I would do that deal.
It looks like its on a really nice block, probably close to 270k would be my guess
Looks great, I would love to see a place like that for even $450k in RN.
WHO ON EARTH PAID $770k for this ordinary, and somewhat bungled, rehab?
Sure, it’s a nice enough unit, roomy and amenity-stuffed. and I actually like the kitchen and bath a lot. Beautiful kitchen. But the rest of the unit is pure rehabber schlock special. All the charm and beauty this apt. once had was relentlessly gutted and clean-walled right out of the place. And that horrid fireplace needs to go.
In this climate, $192 is about the right price. Maybe it will get bid up to $250K because it has a parking space and it is spacious. But there are too many other Hyde Park properties with more going for them- Hyde Park is stuffed with really beautiful old apartments.
Was there fraud at the 2007 price? Just curious. I don’t know the market all that well in Hyde Park, but does seem like a huge price difference.
How much for the two abandoned, boarded-up houses directly to the east of this place?
“Looks great, I would love to see a place like that for even $450k in RN.”
Sadly the cheapest 3/3.5 in RN is 950k
http://www.redfin.com/IL/Chicago/460-W-Superior-St-60654/unit-8/home/12687475
The cheapest 3/3 is 510k (looks nice though a tad small at 1650sqft) but in a good building and nice finishes.
http://www.redfin.com/IL/Chicago/510-W-Erie-St-60654/unit-1502/home/12696671
Wowza taxes are high.
Laura, $192k for a 3/3.5… I think you are out of touch with what it cost to live in a big city. This place was no where near worth $770k, but $192k is well below market. Whoever buys this will get a good deal. I bet it gets bid up to around $275-$300k which is still a pretty good price.
Some of the “beautiful old apartments” are just that… old. A lot of space and nice architectural details, but haven’t kept up with modern amenities.
Sabrina:
Why didn’t you note taxes and assessments? From the link:
Assessment/Association Dues (monthly): 284
Taxes: 10597.61
AV got whacked in half for 09–from 73,877 to 37,780, so the taxes will be going down substantially.
“Was there fraud at the 2007 price? Just curious. I don’t know the market all that well in Hyde Park, but does seem like a huge price difference.”
From the developer. And most of the other units sold for similar sorts of prices. So, maybe fraud, but the developer was teh primary beneficiary, whether “involved” or not.
To me old apartments mean small closets, bad electrical (sockets not located in enough places, low total amps in), creaky windows and floors, and rooms that don’t flow with my lifestyle. Good example of the room issue (again, for me) are the parlor rooms that connect a front living room with a dining room in typical three flats in LV.
On the plus sides, usually have neat built ins and huge wood details. I’d personally much prefer this type of rehab over an unmaintained one.
The price went from one end of the ridiculous spectrum to the other. This place will easily sell for over the current list price. It’s a great deal.
This price seems about right given the proximity to Cottage Grove. A few blocks east and this place would’ve been off the market for double, maybe even triple the price. I sense a bidding war coming on.
Location is not so great…Would like to know which buyer’s agents got their clients into these condos at that type of 2007 price. Ridiculous even for Hyde Park.
This is about a block and a half from the Obama’s house. Nobody else pointed that out. 770 is absolutely ridiculous.
That’s more Side Park than Hyde Park — not an awful location but definitely on the less good end of the spectrum. I’ve noticed that North Siders and suburbanites are often way out of touch when it comes to HP. Yes, HP is expensive, almost as expensive as places like Lakeview or Lincoln Park. People post-bubble pay a premium to live there. It is a very nice place in many ways even though there is far less entertainment and commercial density than the north side (it is compensated for to some degree in other ways). Anyhow, I’d say something like this would go for 300-325. How on earth it fetched over 700 is beyond me. Incredible. 192 is low.
Concur with Rachel, the location is not very good. The neighborhoods west of here are not attractive, and you are going to use your car a lot unless you like taking the bus east/west. Need to check special assessments and financial condition of the building – a friend is in a similar building in HP that was mismanaged (a polite way of saying “looted”) and each unit now faces specials of $50K+ for deferred maintenance. Do your homework here!
LOL, bidding war? um no. Has anyone here actually physically spent time in this area? Hyde Park is a poster child for this real estate bust, moreso than any other hood in Chicago. No one is going to bid this to 300k+. That is not going to happen.
Also, how can you say this is below “market” when the “market” in hyde park is still falling like a brick every few months?
Hrmm dunno on this one. Original sales price is insane and should be ignored. But I’m guessing 250k for this given the tasteful rehab.
The location is quite good. No, not prime, but it is on the cusp of Hyde Park proper and Kenwood. Hyde Park Blvd is also not particularly busy this far west. $192K is a good price for this–but not great, especially given the poor quality of the renovation. You guys would be astounded at the quality of vintage condos in Hyde Park–there are tons of them. And the assessments here are reasonable–unlike in many HP condos/coops which are incredibly over- and mis-managed (lots of old people who want 24/7 doormen, soemtimes X2, onsite engineer, fresh flowers in the lobby, etc. One building famously “gives” it’s residents something like 10 hours of “free” painting by the on-site painter as an “amenity”–that of course you pay for whether you want it or no.)
Don’t get me wrong–it’s a good deal. But nothing like the deal of the century. I’d guess that the price would be bid up to the mid-200’s.
Oh, and to me, it looks like a flipper bought precon from the developer and got stuck. It’s never been lived in; look at the cellophane on the toilets.
Kenworthey: wow, cool cello tidbit that I’ll now pay attention for.
GatorDecks, Microwaves in sinks, and now cellophane. hah
“it looks like a flipper bought precon from the developer and got stuck”
Why would *anyone* think that they could get *significantly more* than $770k for a 2d floor condo in HP?
Former owner was a mini-Trump–he’s been in title to a number of properties.
“Why would *anyone* think that they could get *significantly more* than $770k for a 2d floor condo in HP?”
Uhh late night infomercial as real estate as a means to get rich quick? I’d imagine they don’t talk about things such as cost basis or cash flow positive in most of these infomercials, or the potential for depreciation.
Since I live in this city and have for 23 years, I’m quite well in touch with what it costs to buy a 3/3/5. But there a number of 3/2’s in West Ridge for less money, and they are in better shape and have more going for them in the way of architecture and charm, and they are in a far better area.
But there are many reasons that this unit may be priced at just what it’s worth at this seemingly low price: A. This is NOT a prime neighborhood. It is distinctly not Lakeview or LP. It has higher crime than Rogers Park or West Ridge, it has lousy public transportation, it has a dearth of entertainment and retail, it is far from downtown and AGAIN, this is a crappy rehab even by the abysmal standards of Bubble-era rehabbers. How the kitchen and bath turned out so well, it’s hard to figure, but they might not work as well as they look. Additionally, it may have huge assessments pursuant to building problems. I’d sure do a lot of discovery before I sprung for this (or any other condo these days.)
Maybe it’s only me, but I’ll take architecture and vintage details over modern amenities anytime. I can add the amenities, and frankly, given the tastelessness of most rehabs, I’d rather be the one to do it. But no matter how expensive it is to have the rewiring and replumbing done, it’s even more expensive, and usually impossible, to restore the details and charm that were stripped out of the place.
The parking space and the square footage are big pluses, though. I will be very interested to see what this closes for and I’ll be surprised if it fetches over $250K.
“late night infomercial as real estate as a means to get rich quick?”
I understand why someone dumb-ish would think flipping real estate was a great idea in 2007, and why they might think that flipping new-con condos was a particularly great idea in 2007. I don’t get how anyone thought they’d find a re-sale buyer for an $850k+ decent, but so-so condo in a so-so part of HP where, as is clear from the comments, even 50% less would have been a bubbly price.
Having the same thinking for a unit in Aqua or Trump or [fillintheblank], I can understand that even. But this place, in this location? Who’s the market, even if lending standards had continued as a total farce into this year? Seriously.
Well I suspect fraud was involved in the 2007 price in any case, which would explain the crazy transaction price.
I have lived in Hyde Park since the ’80s. $192K is nice for a condo like this one. BUT, as other commentators already pointed out, the location isn’t too good…Too far west for me to consider to live in.
“GatorDecks, Microwaves in sinks, and now cellophane. hah”
am I the onlyone not in on the inside joke, can somoen explain the ‘gatordeck’ reference??
“am I the onlyone not in on the inside joke, can somoen explain the ‘gatordeck’ reference??”
its a Anon (ufo) thang thats catching on. its a deck that overlooks the gators in the alley.
“its a Anon (ufo) thang thats catching on. its a deck that overlooks the gators in the alley.”
Someone else here coined it; I’m just in charge of marketing.
Glad to see the spotlight on the south side for a change. There are many nice areas in Hyde Park. There are even nice areas in South Shore.
South Shore is cool. I don’t think I’d ever live there, but I love taking the bike all the way down there to Rainbow Park. Those living in the Jackson Park Highlands can walk to 18 holes of golf.
$770k…somebody gambled on the olympics and lost…dearly
There’s absolutely no surprise here. The building is too far west on a street that, for all the vintage buildings, completely lacks character; too far north to be in a good part of Hyde Park; and too far south to be in the really expensive part of Kenwood: prices change down there block by block. Also, look at the finishes, which are completely ordinary. It will sell for below asking, and the buyer will still be making a mistake.
At some point, in many posts, crime in Hyde Park is taken as a given. Not to let facts get in the way of a good discussion, but first check on the Chicago Police Department Clear Map Crime Summary (by community). For the first 3 months of this year, Hyde Park ranks 53rd, well below Logan Square (#14), Lakeview (#18), Lincoln Park (#27), etc. Kenwood ranks #50. BTW, Rogers Park ranks #26, and West Ridge is #28.
I agree this address is a little too far west for my taste, but please let facts rather than perception rule the discussion.
I love Hyde Park architecture but it’s not worth getting mugged, shot, or beaten