It’s Got No Kitchen, But There are 3 Bedrooms: 1651 W. Addison in Lakeview
This bank-owned 3-bedroom unit just came on the market at 1651 W. Addison in West Lakeview.
The listing says the kitchen is missing (and the pictures confirm it). It also says some light fixtures in the bathrooms are missing.
It is a duplex down with all 3 bedrooms on the lower level.
There are hardwood floors on the main level and some exposed brick.
It has central air, an in-unit washer/dryer hook-up, and 1 parking space included.
The unit is priced at $133,100 under the 2005 purchase price.
Is this a steal?
Linda O’Donnell at Re/Max Signature has the listing. See the pictures here.
Unit #1: 3 bedrooms, 2 baths, 1 car parking
- Sold in December 2005 for $406,000
- Lis pendens filed in October 2008
- Bank owned as of February 2010
- Recently listed for $272,900 (parking included)
- Assessments of $428 a month
- Taxes of $5677
- Central Air
- Washer/Dryer hook-up in the unit
- Bedroom #1: 12×11
- Bedroom #2: 12×11
- Bedroom #3: 12×10
- Living room: 21×12
- Kitchen: 21×12
- Dining room: 12×11
Bob! Get in there!
Its on a MAIN street 🙁
“Its on a MAIN street”
And half a block from one of the worst streets on the northside.
Wow, I think I was in here when the previous owner was selling off everything that wasn’t nailed down.
She offered to sell me the whole kitchen but I declined. Looks like someone bought it.
” I think I was in here when the previous owner was selling off everything that wasn’t nailed down”
Looks like she got (and accepted) offers for some of the stuff that was nailed down.
You can cook in a bedroom but you can’t sleep in a kitchen!
Also, what the hell is with this price… nearly 2500 a month to live in a duplex down, on two of the busiest streets in chicago, with no kitchen 😮
What is funny to me is that this is bank owned. Yet you would think the bank would know that there isn’t any financing available to buy the place without a functional kitchen. They are going to sell something they won’t even finance. They would probably be better off putting in a home depot/ikea special kitchen so the place can actually be sold to a non cash buyer.
Normally places without kitchens don’t get me too excited, but damn is that close to Tai’s Till 4 (5am on Saturdays). If Kyle Farnsworth still guest bar tended I would have a tough decision to make.
The Redfin listing says ‘cash only’ so I don’t know why the agent mentions ‘pre-qual’ in the remarks
Assessments of $428 a month… not bad for having a pool, gym, 24hr doorman, HVAC, cable… oh wait… WTF? $428 for Water, Common Insurance, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal? Is it managed by Daley Property Mgmt?
If the assessment doesn’t include heat, it’s too much.
This is a rather common, ugly building too far west and the original rehab job was trashy. I’m sure the original kitchen wasn’t worth keeping, and the baths aren’t much either.
For $100K less, this would be a great opportunity. Right now, it’s ludicrously overpriced.
yeah its a shady listing
The agent will want you to send proof of funds to buy the place before he even shows you the place. I know, I viewed a couple of cheap “cash only” deals in West Ridge. That is what he means by “pre-qual” only- fax over your bank statement.
I completely agree with Bill DeBurgh. During the bubble people paid little attention to the associated expenses of assessments and what they were getting for them. Now that the bubble is popped one must wonder what exactly that $428/month is paying for. Is it weekly maid service? Because it seems even that would be cheaper than $428/month. Let the banksters rot–they don’t know crap about making loans nor about being a landlord.
Umm,
Proof of funds is bank/account statements proving that you have the cash. Pre-qual is for a loan……
Laura Louzader on March 20th, 2010 at 11:04 am
The agent will want you to send proof of funds to buy the place before he even shows you the place. I know, I viewed a couple of cheap “cash only” deals in West Ridge. That is what he means by “pre-qual” only- fax over your bank statement.
I’m trying to picture someone hocking their kitchen appliances.
For what? Drug addiction?
“I’m trying to picture someone hocking their kitchen appliances.
For what? Drug addiction?”
I could see this happening in a property flipping scheme. The same unscrupulous types that would profit from being straw buyers would probably try to scrape a few more bucks out of it by selling the appliances.
hocking their kitchen appliances.
-I’ve seen, more than a few times, entire kitchen sets for sale on Craigslist. I bought a replacement dishwasher for one of my rental units that way. Nice 2 year old (standard) GE unit in white. Retailed new for probably $450-500. Got it for $100 cash. Just had to disconnect it myself. The guy also offered me the kitchen cabinets at $20 a piece. If I had more storage space I would have taken them for a future rental rehab.
Looking for a clothes washer currently, there are some fancy ones but I need a cheeper one for a common laundry room.
funny thing is i was stupid enough to put anoffer on this place when it was a short sale at about 299k. At that point it had all the appliances and bathroom vanities. Eventualy the banks wanted to much cash so i said f*** it. THe owner go tpissed and decided to gut the place and went into forecloser. best thing to ever happen to me was not getting this place…..and the assesments are stupid. they dont even have landscaping…