Lincoln Park Short Sale Listed 14% Below the 2006 Purchase Price: 716 W. Webster
This 2-bedroom short sale at 716 W. Webster across from Oz Park in Lincoln Park has been on the market since August 2009.
It is currently listed as a “short sale” and is priced about 14% below the 2006 purchase price.
The unit has 11 foot ceilings, oak floors and a wood burning fireplace.
The kitchen has oak cabinets, white corian counter tops and white appliances.
There is no central air, no washer/dryer in the unit and no parking. But there is a 21×10 private patio.
The listing calls for all “bargain hounds” and says to “come make a deal.”
Is this a “deal” at this price?
Ken Snedegar at Prairie Shore Properties has the listing. See the pictures here.
Unit #1W: 2 bedrooms, 1 bath, 1300 square feet
- Sold in April 1989 for $164,000
- Sold in June 1992 for $172,000
- Sold in March 1996 for $159,000
- Sold in April 1998 for $178,500
- Sold in May 2006 for $367,000
- Originally listed in August 2009 for $359,000
- “Short sale”
- Reduced several times
- Currently listed for $314,500
- Assessments of $267 a month
- Taxes of $4394
- No central air
- No washer/dryer in the unit
- No deeded parking
- 1 wood burning fireplace
- Bedroom #1: 15×10
- Bedroom #2: 11×8
- Living room: 23×14
- Kitchen: 12×10
this is the poster child for ugly and tasteless
it will require a complete gut job
this is not a bargain but a money pit
and the winner is not…
the monthly cost of this place is $2500; no way this rents for that much or remotely close. This is a great example of the bubble and the overpriced nature of lincoln park.
That pricing is a joke! At least make it sub $300K (which would still be highly overpriced)
just looked through the photos again; the first time I looked at it I didn’t realise that the kitchen cabinets and Counters were new. The quasi-remodel ended up looking as dated as possible. i don’t know mow they managed to make it look so crappy. They actaully choose to use that horrible corner sink?? Those are the worst. One of the units in my rental building has that same sink-worst design ever. And the cabinets look bizzar. And I question the instal job-look at that weird filler piece to the right of the fidge. Is this a do-it-yourself IKEA job?? And is that astro-turf on the porch?? This place is a disaster- but remember, location,location, location…..(sarcasm)
Ugh this place is a rental that doesn’t look like they spent anything to make it condo liveable and for 315k is LOL funny
God almighty, look at all the frickin’ built-ins.
Hideous.
The ’98 price would be the right sales price as you would need an equal amount to bring the place back to life.
It seems as though the unit had carpeting at one time and a loser pet owner was too lazy to take Fido out to do his business. I have attempted to refinish floors like this before and it is so difficult to get those pee stains out…better to just replace them . I agree with dotcost that this place needs a TOTAL gut rehab…even then, is a unit in that building really worth making such an effort?
No AC, no W/D, no parking also takes all value away making this place a resounding NO. Add all of these issues onto the fact it is nearly impossible to land a short sale property…well let’s just say the lending bank will be holding this place for a long, long time.
One of the worst properties I have seen on CC.
It was entertaining though to see some relitter call an 11X8 bdrm huge!
hey, my granma had astroturf on her porch in Hegewisch and it was pretty nice.
There is so much FAIL with this listing I dont even know where to begin.
“Walk to Toast, farmers market, Athenian rm, Oz Park Rose Garden, Brown Line.”
I’m always baffled by the list of neighborhood amenities that realtors choose to waste their limited characters on–The Athenian Room? Really?
This place might be worth the list price if it were already gutted and updated. In its current form, I say $225k or less. Looks like a frat house rental to me.
Now that I know you can walk to Toast, this place is a steal. Ability to walk to Toast = $30K premium…minimum.
“Ability to walk to Toast = $30K premium…minimum.”
Yes, I, too, would pay a minimum of $30k for legs that work.
WTF is “Toast”?
This has to be the best property posted ever on this blog.
If I were the realtor I would modify with “walk to Trotter’s, Alinea”…
“WTF is “Toast”?”
It’s just a neighborhood (small chain really) breakfast place. It’s presumably where the owner of this place takes all his hookups from the night before for a decent breakfast before their walk of shame back to the DePaul campus…
“WTF is “Toast”?”
From what I see here, it looks like a brunch place with a really rude owner.
http://www.yelp.com/biz/toast-chicago-2
that bathroom is a crime against nature
315k for a 2/1 is not a “short sale” and 315k for that kitchen/bathroom is laughable.
While it may seem noteworthy that the price of this place is 14% below the 2006 purchase price, you have to take the 2006 purchase price into account. Some total idiot paid $367,000 for this place! Are you kidding me? $367,000 for this place is ridiculous. A tragic 2 bed/ONE AWFUL BATH with no parking, not top floor. Wow.
“come make a deal.” — there’s no deal to be had here folks. The Toast in Bucktown is better than the Lincoln Park IMO.
Hi – Long time lurker, first time poster. I generally enjoy reading this blog even though I don’t always agree wtih some of the commentors 🙂
Anyway, I am looking to list my duplex condo in lakeview and was wondering if anyone knows of a site that ranks/reviews Chicago realtors? I like the realtor I used previously but in this market I want to explore other realtors too.
Thanks for any help or feedback
I don’t understand why relitters advertise the proximity to _____________ as a selling point of a property. Focus only on the properties assets and facts and not how close it is to a restaurant, bar or store.
The only exception to this would be access to transportation.
I don’t care how close a business is to the property and it does not factor into whether or not I will buy it.
Seems to be only useless space fillers when they don’t care enough to find out what a unit’s strongest, REAL selling points are.
seriously,
$200 at menards would get u all matching fixture for your bathroom. they will be cheap end crap bu the towel bar and the sink faucet and the bathtub will match.
“Seems to be only useless space fillers when they don’t care enough to find out what a unit’s strongest, REAL selling points are.”
Proximity to Athenian Room may be this place’s best selling point. Parking, no. Kitchen renovation, no. Bathroom, no. Small bedrooms, no. Views of brick walls, no. Price, hell no. The ONLY thing this place has going for it is the location.
i didnt realize athenian room was that gyros place attached to glascott’s. pure awesome.
I for one appreciate it when an agent lists proximity to a certain location. Sure, I can use Google maps to see what is nearby and what is far away, but Google maps does NOT tell me if I will get mugged and shot if I walk to the Athenian Room to get a gyro. The real estate agent, on the other hand, has assured me that I will be completely safe on my gyro journey.
“Proximity to Athenian Room may be this place’s best selling point”
*cough* McGees *cough.*
SO does this place smell like lamb chunks and onions?
what a hideous kitchen. When you see a list of attractions in a condo profile, that is a warning sign that the unit is NOT the attraction.