Lakeview Mansion with 6-Car Parking in Short Sale: 461 W. Melrose
This 7-bedroom “short sale/pre-foreclosure” at 461 W. Melrose in Lakeview has been on the market since June 2008.
The listing says it was originally listed for $3 million but I could only find it listed at $2.499 million in June 2008.
Since June 2008, it has had several price reductions and price increases but it has mainly stayed around the $2.49 million price. Recently, it has seen a price reduction of only $1,000.
How do you market mansion properties at a time when there is a glut of them on the market?
461 W. Melrose: 7 bedrooms, 3 baths, 2 half baths, approximately 5,000 square feet
- Originally listed in June 2008 for $2.499 million
- Reduced and increased several times
- Listed on Jan 12, 2009 for $2.48 million
- Increased
- Listed on Jan 26, 2009 for $2.495 million
- Reduced $1,000
- Listed on Feb 5, 2009 for $2.494 million
- Taxes of $16,045
- 6 car parking
- Elevator
- Steve McEven at @Properties has the listing. See the pictures here.
Other than one picture of the kitchen and the basement, the pics don’t show much… What about the deck, backyard, master bath, etc? Wouldn’t they have more leeway in the price if it’s a short sale?
How do you have that many bedrooms and parking spaces but only have three full and two half baths?
Does that seem totally messed up to anyone else? I mean I think a family with two (or more kids) that might be interested in something this big is going to want each to have their own bathroom. Just unbelievably stupid!
Lol that kitchen is bigger than the entire apartment I first moved to here in chicago many years ago.
So is this a converted multi unit building or what?
Funniest thing about the listing?
Look at the high school: “NORTHSIDE COLLEGE PREPARATORY SENIOR HIGH SCHOOL”.
Which is only the toughest of the CPS selective enrollment high schools to get into. And is near Lincoln and Peterson. So it’s not even close by. Who do they think they can fool with that? Just makes the listing agent look like a liar.
Lacking curb appeal. For 2.5M there are much more stately or awe inspiring properties.
The interior doesn’t fit the exterior imo. Every gutted multi-unit I have seen has a Soho modern minimalist look, not single family look. I would kill for that kitchen though! How on earth did they pull off 6+car parking? Nice place, I wonder for how much it’ll go for.
Interesting use of the world “mansion”. Try “converted 3 flat with no original features”.
I used to live down the street from this house (I moved away in July of 2008). It had been on the market (at least with a sign out front, don’t know if it was on the MLS) for most of 2007.
The parking is probably tadem, 3 parking spots side by side and two cars deep. Or they have 3 cars side by side utilizing three car stackers which lifts one car over the other.
I don’t know if any of you guys watch LXTV (lifestyle television) but awhile back the owner of this home was featured On LXTV as he was looking to”downsize” — he went looking at properties in the 950k-1.2 million dollar range. The entire episode was also shown from this home — the owner is clearly another one of the geniuses who made a vitual fortune in real estate through his bold development company — and took his fortune bought tops in the real estate market and now has to hit the bid — to watch it check out this link http://lxtv.com/openhousechicago/video/9423
In addition to this idk how many of you heard about another great obama idea that came out today where they want to federally subsidize those who cannot make their mortgage payments after passing a “means test” — what a joke. So if you bought tops like a moron and couldn’t pay your mortgage they are goingto bail you out — what a great idea. Guess we all should have piled in bought a ton of shit like this clown that we couldnt afford and boom ! get bailed out.
also you can see his home displayed boldly on his development website — http://www.bolddevelopment.com/single-family.html
anon- I watched that episode of LXTV. Ironically the bold development website has an FAQ section which offers advice on living within your means.
classic example of money doesn’t buy taste.
This home is also listed for rent asking $12,330/month. This is confusing to me. How do you rent something while advertising it as a pre-foreclosure? Who would sign a lease?
This is the mortgage history:
Mortgage Date:
03/19/2007 08/15/2006 08/24/2005 07/25/2005 $282,150 $2,280,000 $1,894,058 $1,048,000
National Cty Bk Countrywide Bk Bridgeview Bk Grp Mb Fin’l Bk Na
Conventional Conventional Conventional
Also, I could not find any type of pre foreclosure activity on this property. There are no additional liens filed by the banks.
Pre-forclosure is a term I belive that if it doesn’t get sold soon, and the short sale price doesn’t work, it will be a forclosure… which can take up to a year.
Yes, but there is no pre foreclosure activity (no liens filed by the banks). And if there is nothing filed by the bank there is no way the bank will negotiate a short sale. A buyer is wasting their time until the bank files a lien.
Sorry my cut/paste didn’t work well. Even if a buyer made an offer for 2M Country Wide (the first position) would have to approve it and then the second position (National City) would take a total loss. There is no reason for National City to negotiate. The realtor, seller and potential buyer are all wasting their time.
And why would someone who can pay $12,330/month (not that anyone would) for a place they know the owner is in financial distress?
Mansion? Okaaaay, and my Yugo is a luxury automobile and my funky downtown apartment, with mediocre views, is a stately domicile with sweeping views.
Hello everyone,
Thanks for all your helpful comments! Here’s the deal.
It is a pre-foreclosure, “Short Sale”.
Having represented buyers & sellers in these transactions, there are many ways to purchase this home.
If you or a client of yours is seriously interested, please give me a call (312) 307-9470
Dave, LOL. I have a friend who lived in a “Rental Apartment” where one day the signs were replaced to read “Luxury Rental Residences” with no actual changes to the building. Shortly thereafter his rent doubled.
According to tax records this property is still classified as a multi-family building of approx 4,000 sq ft. ( so they are counting the basement in the square footage.
Also if you click on the pic in the link, you will see a car parked in front of the building, which might help account for the 6 parking spaces.
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