Live the Wrigleyville Dream in This 3/3 Listed Under $400,000: 3723 N. Wilton
This 3-bedroom “newer” construction duplex down at 3723 N. Wilton in the Wrigleyville neighborhood of Lakeview has been on the market since March 2011.
In that time, it has been reduced about $100,000 and is now a short sale.
This unit would seem to make a perfect home for a buyer with several roommates as it has 3 bedrooms plus 3 baths.
It is also just up the street from Wrigley Field and the listing says it is NOT on the El side of the street.
2 of the 3 bedrooms are on the second floor with the third in the lower level.
There is also a lower level family room.
The unit has the finishes of 2005-era construction including Brazilian cherry floors and crown molding.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
It has central air, washer/dryer in the unit and 1-car garage parking.
The unit is now listed about $175,001 under the 2005 purchase price.
The listing says “Yes this price is correct, looking for a quick sale!!”
Is this unit even a deal at this price?
Kieran Conlon at Conlon Real Estate has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, no square footage listed
- Sold in August 2005 for $575,000
- Originally listed in March 2011 for $499,900
- Reduced several times
- Currently listed as a “short sale” for $399,999
- Assessments of $300 a month
- Taxes of $8314
- Central Air
- Washer/Dryer in the unit
- Parking included
- Bedroom #1: 15×11 (first floor)
- Bedroom #2: 12×11 (first floor)
- Bedroom #3: 11×11 (lower level)
- Family room: 18×14 (lower level)
Nice unit. Hardwood floors are great. Wet bar in the basement is perfect for lounging with friends playing MLB 2011 on XBOX 360. The place is large enough to host some pretty killer after parties. Seems priced right. Seemed like a deal in 2005 too – duplex downs seem like they were more expensive back then. The Redfin agent says it’s been lived in ‘rough’ which is to be expected for a cool party condo in Wrigleyville. The mortgage was only $460,000 of the $575,000 so you would think there’s equity. maybe this unit is priced, dare I say, undermarket? No way this unit has to be a short sale and lose THAT much value over a 2005 sale, maybe if this were an 07 sale, but not an 05 sale.
Looks like the dream didn’t turn out so well for the 2005 buyer.
$1000 a month in taxes/assessments makes it a little tough to get excited, though the $300/month in assessments isn’t all that bad. If these CL ads are considered comps, then maybe it would make sense for a buyer to rent out a couple of the rooms and still end up okay.
http://chicago.craigslist.org/chc/apa/2479108372.html
http://chicago.craigslist.org/chc/apa/2479189231.html
Interesting price point. I wonder how Chad fratboy is going to be able to afford this Wrigleyville duplex down and live the dream if he can’t buy it with 3.5% down?
http://online.wsj.com/article/SB10001424052702303763404576420101788878440.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Required downpayment is going to go from $14,000 to anywhere between $40,000 $100,000 at this price point.
interesting article Bob. so more price drops to come? chicago is already hit bad as is.
Why is it going to $40-100k again? Fannie/Freddie limits staying the same, Chad can still get into this real gem for under $20k.
I doubt this condo association is FHA approved. Besides, can you call someone a Chad fratboy if they didn’t grow up in the likes of Hinsdale and have wsealthy boomer parents who could easily float them 30k for a condo, as evidenced by the fact that they paid five years of out of state tuition for some crappy big 10 state school?
“Why is it going to $40-100k again? Fannie/Freddie limits staying the same, ”
Uhh doesn’t Fannie and Freddie require at least 10% down (40k)? And I think it’s 25% to get the most favorable financing terms on condos these days (100k).
Most FHA loans aren’t near this price point. FHA reducing to $365k won’t have huge impact imho. Also, FHA changed their MI premiums making them less attractive than comparable conventional financing.
FHA is really only the best call if the borrower has mediocre FICO scores – less than 700 and also wants a lower down payment. Most of the smaller condo buildings aren’t FHA approved anyway and it is a pain in the ass to get the HOA approved since HUD got rid of “spot condo approvals.”
Fannie/Freddie require 5% down, although there are some 3% down community programs that aren’t in heavy use.
“Fannie/Freddie require 5% down”
Ugggh–this is the elephant in the room then supporting current valuations.
Bob, I honestly rarely see less than 10% down deals these days. I’d venture that 70% of my purchases these days are 20% down. 10% are 10% down and the rest are 5% down/FHA.
Yeah I don’t think a 40k downpayment borrowed from “the rents” is going to be an issue for Chad Frattingtonsworth
The Chads have left the market.
This is a generic, sewage-level rental.
$319k.
Check out 250k to 350k purchases range for sfh in the suburbs. That’s fha low money down fanntasyland. That’s a good chunk of the deals I see and research and comes through my office.
I think it sells near ask… but given that its a short sale will the bank approve at this price? I dont like this area, but a lot of people do… and thats a lot of space for $400K. BTW, $300 a month in HOA is a lot of loot for a walk-up.
Lis pendens filed on 1/20/2011.