Is 3% Under the 2004 Price Even A Deal For This Lakeview Loft? 811 W. Aldine
This 2-bedroom at the Mandel Bros. Lofts at 811 W. Aldine in Lakeview just came on the market.
It is a Fannie Mae Homepath property which allows the purchaser to buy it for just 3% down.
At 1400 square feet, it has exposed brick walls and timber ceilings.
I can’t tell if it’s on one level or multiple levels. It appears to have a sizable 10×16 deck (maybe a roofdeck?)
It also appears from the pictures that the kitchen and baths are intact.
The kitchen has white cabinets, granite counter tops and stainless steel appliances (although it looks like the refrigerator is missing.)
The listing says it doesn’t have central air and it doesn’t say anything about washer/dryer- but other units in the building that we chattered about in prior years had both of those things. Sometimes the distress listings are not completely accurate.
The listing also lists 2-car parking and then in another location says parking is not included.
It’s come on the market just 3% below the last purchase in 2004.
Is this even a deal or is the 2001 price a more likely selling price?
Ayoub Rabah at Great Street Properties has the listing. See the pictures here.
Unit #5NF: 2 bedrooms, 2 baths, 1400 square feet
- Sold in June 2001 for $362,000
- Sold in September 2002 for $388,000
- Sold in June 2003 for $401,000
- Sold in July 2004 for $421,500
- Lis pendens foreclosure filed in March 2011
- Currently listed as a “Fannie Mae Homepath” property at $408,900
- Assessments of $333 a month
- Taxes of $7126
- No central air???
- Washer/Dryer not mentioned
- Possibly 2-car parking (???)
- Bedroom #1: 13×16
- Bedroom #2: 10×13
- Deck: 10×16 (third floor?)
This looks like a dark creepy loft! 150K is more like it
Helmethofer what do you think about the broker?
But hilarious that Fannie Mae thinks this is a good list price.
“Helmethofer what do you think about the broker?”
Why are you asking Dan this question? This broker at Great Street Properties has been featured in listings on CribChatter for the last 3 or 4 years. They handle a ton of bank owned properties. Cop a clue Bob.
“Why are you asking Dan this question?”
That’s a rhetorical question, right?
Yikes – this place looks like a dungeon, very small windows. Also, the layout looks a bit awkward. Lofts are supposed to feel open with lots of light. Assuming this has central air, W/D (hookups) and 2 parking spots included, I could see this going for somewhere between the 2001-2002 price.
Looks great. I’ve always wanted to live in a storage locker right on Halsted.
Seriously, I remember when this conversion occurred – probably around 1985, as I lived a block away at the time. Interesting to see that not much has evidently been done to the place since then.
Oh hell no. $400K??? What a joke! Dark, cramped, and overall depressing. Terrible photos. Price needs to be cut in half.
Yeah, this place is dark. I wonder if the prior owner took all the light bulbs (happens in foreclosures) but a good listing agent for properties like this should have some in his car with extra light for the photos. This would not cost much. Secondly, I would expect a loft to have exposed duct work for air conditioning. I wonder if the prior owner ripped out the ducts to sell before abandoning. If the building has air supplying the unit, this would be a quick fix. But if there truly is no air, no washer dryer, this price is ridiculous.
This unit is a disaster. The windows are much too small and the kitchen looks dated, dark and dingy. Maybe it looks better in person as the pictures are really dark but I think this sits on the market for at least a year. This does not compare to most listings in the $400 grand range.
Maybe this place is targeted at people who don’t like sunlight. Perhaps this would be a good place for someone who works the night shift?
“The windows are much too small ”
Also note that one set of the pictured windows looks out into the lobby of the building, rather than outside.
“Helmethofer what do you think about the broker?”
I’d pay to see him take on Chezi Rafaeli in a no holds barred cage fight….they could call it the battle of Jerusalem!
Does anyone have the listing history between Jul 17, 2009 and Sep 28, 2010?
I dunno. With 3% down and such low interest rates, you are basically getting FREE MONEY. And I think we all know how the actual Matthew Lesko feels about free money!!! Think about the rent potential people! FREE MONEY!
“With 3% down and such low interest rates, you are basically getting FREE MONEY”
So free that they don’t charge you interest, nor do you have to repay the loan! in addition, the IRS won’t charge you income at ordinary tax rates either! free free free!!! it’s better than finding drug money stuffed into a suitcase!
fannie may homepath properties are notoriously overpriced depending on who did the appraisal. They seem to hire people who aren’t very knowledgeable about the immediate area they’re appraising and I don’t know if there’s incentive to do so, but sometimes just way out of the ballpark pricing.
I remember another unit in this building sitting on the market for a long time, the building hardly has any windows and what it does have they’re kind of unusual in size/location