It’s Back! 4-Bedroom Cash Only SFH Now Just $349,900: 1019 W. George in Lakeview
In February 2011, we chattered about this 4-bedroom frame house at 1019 W. George in Lakeview which came on the market as a “pre-foreclosure.”
See our prior chatter here.
It went under contract in one day as a “cash only” deal.
It previously sold for $1.2 million in 2007 and was listed at $399,900.
The listing said “rehab work required” and showed a picture of the kitchen, which was intact, with a hole in the ceiling.
Some of you cried foul and declared this an “insider” deal.
A couple of days ago, the property came back on the market and was reduced $50,000.
It is, once again, under contract.
But the listing has quite a few, shall we say, different looking pictures than the one in February.
Do the new listing pictures change your mind about whether this is a deal?
George Cuevas at Exit Strategy Realty has the listing. See the pictures here.
1019 W. George: 4 bedrooms, 3.5 baths, 4200 square feet, 2 car garage
- Sold in May 1991 for $450,000
- Sold in August 2004 for $1.18 million
- Sold in July 2007 for $1.23 million
- Originally listed in August 2008 for $1.299 million
- Reduced several times
- Was listed in October 2009 for $979,000
- Withdrawn
- Was listed in February 2011 as a “pre-foreclosure” at $399,900
- Under Contract the first day it was listed
- Fell out of contract
- Reduced
- Re-listed on April 14, 2011 as a “pre-foreclosure” for $349,900
- Under Contract
- Cash Only
- Subject to 3rd party approval
- Taxes of $16,117
- Central Air
- Bedroom #1: 18×13 (second floor)
- Bedroom #2: 18×14 (second floor)
- Bedroom #3: 15×13 (second floor)
- Bedroom #4: 16×11 (lower level)
If it was previously sold as cash only how is it now in pre-foreclosure?
Doh it’s too early!
It’s still a steal – you could finish that for much less than 200k and turn around and sell it for 750-900k (depending on how fast you want to sell it). This is a no-brainer….
Why does it look like this? Termites?
Home run. The land itself is worth more.
I’d buy it with a 203k loan and live as primary residence. Too bad for me that the bank only wants cash offer.
Did anyone else read the title to this post in a Jack voice – “It’s baaaaaaaack!”
Ok had my coffee. What an opportunity – I agree that it’s a shame it’s cash-only, but I think that might be part of why the price is so low.
Redfin is showing as contingent as of this moment.
In one of the pictures there appears to be an industrial dehumidifier and some large fans. Sign of major water damage/mold issue?
If there is major water damage/mold, that will be a large problem. Was the $1.23M sale price mortgage fraud here?
I just found a 2 flat near the Irving Park Brown line for under $450. No parking, but it doesn’t look horrible.
http://www.trulia.com/property/1490533-1524-W-Byron-St-Chicago-IL-60613
Dave M: We’ve chattered about 1524 W. Byron several times over the past several years since it’s been on and off the market for 3 years.
See our last chatter on it: http://cribchatter.com/?p=8549
Does anyone else think that the bank hasn’t even okayed this price? The listing says it is a “pre-foreclosure” and is subject to third party approval. Yeah- it’s cash only so it should move through faster but the last buyer bailed after 2 months.
“I just found a 2 flat near the Irving Park Brown line for under $450. No parking, but it doesn’t look horrible.”
I know it wasn’t being brought up to show it as a comp necessarily, but the locations between these two properties are very different.
Also, I’m not one to know land values, but as others have said, this screams a steal, just for the land alone. I’m sure water damage would make this a headache, but there’s lots of room in the numbers to deal with that, I would imagine.
I wouldn’t be surprised if the price isn’t approved yet. If you read the description from the 2007 sale it sounds like a fabulous house. I would love to know what happened between fall 2009 and this spring to need the house gutted. Did the owners move out and never check on the place and a hole in the roof happened or a burst pipe situation like taj whatever in burr ridge? Just so, so sad!
here’s a story groove will appreciate –
a few doors down on the SW corner of George and Sheffield was one of the once-ubiquitous little grocery shops (there were ones on Seminary & Wolfram, Racine & George, etc) that all the kids called the “Chinese Store” as the owner was Chinese, although nobody ever heard him speak anything but English and Spanish. Anyhoo, back in the day the Agassiz/neighborhood kids would shoplift that place on a regular basis, so he developed this hilarious schtick where he’d ask if you wanted your popsicle or other packaging cut open – and you always said yes, because he’d then pull out this Rambo-sized machete and hack it right on his counter with the force of a medieval executioner.
Good times. Miss those little places, they had a ton of character.
“here’s a story groove will appreciate”
and did appreciate very much! groovy loves little hood stories 🙂
“Miss those little places, they had a ton of character.”
miss them too! what is it now a potbelly’s or pocket’s in that spot?
That’s hilarious. there was a place like that by my house growing up on byron and paulina. Except he was a nice old man. I miss the character of the old neighborhoods….
But as for this place, I’m really curious as to what happened to it. They decide to gut-rehab and then realized they had no money midway through??
nah, just a residential conversion, super-duper boring.
best part of that store was they carried those awesome rubber balls molded into real baseballs, complete with faux stitching. the paint usually lasted about an afternoon’s worth of fast-pitch against the school’s wall.
Strikeout and Butts Up…
o/t:
I love a listing that sounds like an Al Green record:
http://www.redfin.com/IL/Chicago/5459-S-Hyde-Park-Blvd-60615/unit-1S/home/13946406
Of course the price is NOT approved by the bank. I wanted to look at 247 E Chestnut #2500. It’s a full floor (4700 ft2) and the listing is $500k. WOW what a price. Talked to the agent and he tells me it NOT approved by the bank. Look online and the mortgage is $1.4M.
Last buyer may have had second thoughts after seeing it all opened up. You can find a lot of issues when you get down to the studs (water damage, mold, asbestos, carpenter ants, etc.) I would really need to look closely at this before making a bid. If the rehabber pulled a permit then the city will be looking it over carefully as well.
“nah, just a residential conversion, super-duper boring.”
just like all new builds, BORING, no soul, no pride, just a cheap shell.
oh and i loved those balls after a good day wearing off the cheap lead paint we would toss it to the dog, oddly he would only eat 1/8 of it and stop?
Hm, maybe Fast-pitch is just another (northside?) name for Strikeout?
For those who liked the Jerry Kleiner spot (think there was at least one person who did):
http://www.redfin.com/IL/Chicago/1945-W-Schiller-St-60622/unit-47/home/12696875
I always thought these were rentals. Right across from the park. Odd history on ccrd, and ridiculously low taxes. Interesting juxtaposition of vintage bones, vanilla modern rehab, and very un-vanilla artistic decorating.
Sabrina: what do you think about chattering on this one?
This one is really interesting for a number of reasons.
Who opened up the walls and when? Before or after it went under contract last time?
Also, how far along are the sellers with their bank?
Looks to me like it will cost more than 200k to rehab
I’m really surprised to see all this discussion about the existing structure – who cares? Bulldoze it and start over and you still have a profitable situation. Lot value alone is $500K here.
I think that this is likely to get approved by the bank (if it hasnt been already)… this place is a nightmare for a bank to deal with, especially considering that the lending environment for a buyer anting to renovate a property that is clearly not able to be occupied doesnt exist.
Sell it cash, let someone with $600K in cash rehab the thing and make a return.
Joe, $350K, plus $50K demo, is a pretty steep land cost… especially with $16K in carrying cost (taxes). Just sayin.
could be – what we called fast-pitch was throwing against a school wall that had a strike zone painted on it, so you needed those rubber baseballs (figures they had lead paint on them, doh!).
groove – I actually don’t think the building came down, the occupant just put up blinds or something. You sure wouldn’t want R. Kelly staring in your windows from across the street, eww.
“Hm, maybe Fast-pitch is just another (northside?) name for Strikeout?”
I think that’s the $100,000 question, what is that lot worth right now?
my mom sold her 1886 orange-rated victorian 2-flat a block west for about $650K in the mid-oughts.
It needed a LOT of work (no central air, avocado/70s kitchens), but had all the original woodworking and an extra bonus of a two-story garage, which was nice for privacy. new owner kept the building and did the work, to what extent I have no idea though. We speculated back then that the lot was possibly $400K-$450K of the value of the property.
“Lot value alone is $500K here.”
Yup, sounds like what we called strikeout on the south side
“could be – what we called fast-pitch was throwing against a school wall that had a strike zone painted on it, so you needed those rubber baseballs (figures they had lead paint on them, doh!).”
“could be – what we called fast-pitch was throwing against a school wall that had a strike zone painted on it, so you needed those rubber baseballs”
all you needed were 2 people to play a bat and ball (the square was usually already there). the rubber ball was crucial so the pitcher didnt need to walk back and forth 🙂
another game played with that ball, wall, bat, and no gloves was “500”. 75 for a grounder 100 for a one hopper and 150 for a fly. *YMMV
“groove – I actually don’t think the building came down, the occupant just put up blinds or something. You sure wouldn’t want R. Kelly staring in your windows from across the street, eww”
that whole store front turned rental or home is just too, eewwwww. i cant get around being at ground level and right on sidewalk thing.
palyed fine with a tennis ball too.
Endora on April 20th, 2011 at 5:44 am
Why does it look like this? Termites?
Could it have been that toxic Chinese drywall?
“palyed fine with a tennis ball too”
ball to unnaturally squirrely for fast pitch, better just playing whiffleball
“Yup, sounds like what we called strikeout on the south side”
Yep, that’s strikeout. We played for hours and hours every day in the summer. My arm aches just thinking about it.
ze, I figured you played with a spaldeen pinky ball from the local bodega.
Clio, you’ve got the cash why don’t you do it, it seems like it would be a fun project.
“It’s still a steal – you could finish that for much less than 200k and turn around and sell it for 750-900k (depending on how fast you want to sell it). This is a no-brainer….”
“asbestos”
They didn’t use asbestos in 1985 assuming the assessor info is correct.
Mold on on just the framed studs is not a difficult fix.
The land is worth 50k more and demo cost is what, 10-15 for a frame house?
Turn it into a 3 flat and sell for 750k! School aint so hot but is the 3 flat renter a parent with children over 5? Alphonsus is right around the corner anyway.
“For those who liked the Jerry Kleiner spot (think there was at least one person who did)”
I was one of the people who liked Kliner’s. Sure this place is colorful but it has little in common with any of the things that I liked about the Kliner pad.
Mold, mold mold, that is why there in the dehumidifier. Most likely needs fo come down. That being said, some dirtbag will buy it do a cheap rehab and sell it to some poor unexpecting family that does not know any better.
This is a pre foreclosure, meaning a short sale. Yes, the bank has to still approve the sale at this price (and will likely never approve). The last buyer didn’t walk away, they are just having trouble getting the bank to approve. The new photos are pictures are in the current state of rehab which the agent will produce to the bank to try to convince them to approve the short sale.
Again, an insider deal, if the bank lets it go at the price, it will be rehabbed and sold at a considerable profit. The profit can be shared with the owner of the property and the rehabber. This way the owner walks away from over a million dollars of mortgage loans and still makes some money. The short sale division has access to the same picdtures we see and will ask many many questions before this will ever get approved. My bet it will never be approved and will come back on the market as an REO. For an investor, it’s current condition is PERFECT, no surprises and less demo work.
Groove – YES! We played plenty of 500. However, unlike strikeout and butts up, 500 for us was more of a field/park game, not a playground wall game.
“another game played with that ball, wall, bat, and no gloves was “500?. 75 for a grounder 100 for a one hopper and 150 for a fly.
JP3, You’re right of course, didn’t mean to actually say the two places are comparable in any meaningful way. More like “if you like bright colored design”
I am (obviously) not an interior designer…
“I was one of the people who liked Kliner’s. Sure this place is colorful but it has little in common with any of the things that I liked about the Kliner pad.”
loved 500!
on this, they weren’t using asbestos then, but there were a few awful spray-in insulating foams that were later determined to be cancerous. I know as I spent about a year removing it from our flat with my dad, biggest pain in the ass EVER – had to be done with chisels, and delicately.
“They didn’t use asbestos in 1985 assuming the assessor info is correct.”
“Groove – YES! We played plenty of 500. However, unlike strikeout and butts up, 500 for us was more of a field/park game, not a playground wall game”
“loved 500!”
i think your right it may have been a after practice game. acid was a fun drug but my memory show its side affects.
another game played or really a rule was when short on players, anything hit on the right side of second was and automatic out.
any one else play johnny tackle?