Short Sale Alert: $2 Million Southport Home: 1510 W. Byron
The 6-bedroom house at 1510 W. Byron in the Southport neighborhood of Lakeview was new construction in 2007.
It sold in 2007 for over $2 million but has come back on the market in 2009 as a short sale.
The home has all the new construction bells and whistles including heated stairs and walk (so you never have to shovel again.)
Will anyone be biting at $200,000 off the 2007 purchase price?
Richard Anselmo at Jameson has the listing. See the pictures here.
1510 W. Byron: 6 bedrooms, 4.5 baths, 5100 square feet, 2 car garage
- Sold in February 2007 for $2.09 million
- Lis pendens in September 2008
- Listed in March 2009 for $1.999 million
- Reduced
- Listed as a “short sale”
- Currently listed for $1.89 million
- Taxes of $20,187
For those interested in a closer look, here’s a link to the interactive floorplan (not as good as a Picture Plan, but what are you going to do…) for this property:
http://www.smartfloorplan.com/il/v290808
Man those new builds are fugly. But I guess there’s obviously a target market for them, given how many anonymous boxes have sprung up all over the place.
I’m looking at the map to see how far the EL is and it hits me. If I have 2 million to drop on a home how often would I take the train?
“Will anyone be biting at $200,000 off the 2007 purchase price?”
No.
As opposed to taking a helicopter, Scrooge McDuck? The EL beats sitting in traffic probably 9 or 10 months a year.
“CK on July 17th, 2009 at 7:22 am
I’m looking at the map to see how far the EL is and it hits me. If I have 2 million to drop on a home how often would I take the train?”
I kind of like the style of this place… reminds me of college campuses built in the 60’s (i think).
All other things being equal, $200K (~9%) does not seems to be enough of a discount from the peak 2007 price. Plus there would be an additional discount expected for the hassle and time of a short-sale.
Crown molding and granny motife in a modern exterior house? This place is a disaster, no wonder its having trouble selling!
can someone check the mortgage info. Also, if this was bought in Feb 07, first payment due in April 07 and Lis Pe. filled Sept 08, how manypayments were actually made?? Can someone give me the typical timeline from the 1st missed payment to Lis. Pe. to actual judicial deed.
A lis pendens is usually filed shortly before the foreclosure is filed. Usually it takes about 3 payments before the lender declares you in default, then the lis pendens is file and then the foreclosure is *usually* filed shortly thereafter. However, your mileage may vary by lender. I’ve heard stories in CA and elsewhere of people not paying for over a year without even a NOD from the bank.
Based on the foreclosure there is the Citibank (MERS) for $1.5 million and the Castle Bank for $258,083.00 (which was a refi of an original $590k note. The case is still pending, all parties have filed appearances and they appear to be actively litigating the case.
https://w3.courtlink.lexisnexis.com/cookcounty/FindDock.asp?NCase=&SearchType=2&Database=3&case_no=&Year=&div=&caseno=&PLtype=2&sname=+%09KOSCIELSKI+DANIEL&CDate=
That fan in the last picture is too small
“That fan in the last picture is too small”
and that’s a 3d floor room with tiny windows. Looks like a basement room.
It is on a 145-150′ deep lot, so it does have that going for it. It’s a ~70′ deep house and still has a ~35×25 backyard.
I think if you are spending $2MM on a SFH like this the small fan is the least of your worries…
To this day I can’t figure out why Southport is so overpriced vs other areas further north on the Brown line. Its not like it has 24hr L access.
Why? Because there are a lot of wealthy 20/30 somethings who pay a premium to live near bars restaurants and each pther. Its a more mature and less superficial crowd than the LP, imho.
i havent liked many of the houses on here (guess i’m a condo person) but i do like this one. But i have neither the money nor the big family to fill it!
It is a great little area, but it is a short hike to the EL (4 blocks+ usually), and the crime there has really picked up for some wierd reason.
Note that 2 of the 6 BRs are in the basement and another is on the 3d floor.
“the crime there has really picked up”
Evidence? Or is this purely anecdotal?
“the crime there has really picked up” – the blagojevich office was down the street…
“Its a more mature and less superficial crowd than the LP, imho.”
Yeah you get the LP prices without as quick access to downtown, the Zoo, etc. Actually I wasn’t comparing SP to the LP, I was comparing it to cheaper neighborhoods only a few stops north like north center/lincoln square.
Southport is just an extension of Wrigleyville but for slightly older folks who don’t want to be thought of as still drinking beer out of a keg.
Its a nice little overpriced area.
“slightly older folks who don’t want to be thought of as still drinking beer out of a keg”
Beer is better out of a keg. Cheap beer and plastic cups–notsomuch.
““the crime there has really picked up”
Evidence? Or is this purely anecdotal?”
Okay, checking at everyblock (the former chicagocrime.org), for the last 30 days, there are 37 reported crimes in the “Southport Corridor” and in 2007, same period, there were 52. So, while that’s not enough to disprove Soniers assertion (imo), I would need actual data (rather than his friends’ experiences/imprssions) to believe that crime has gone up.
crime is up because he’s one the committing them.
I used to live in the area and when we moved in I thought it was one of the safest hoods in the city, but over the last year+ there was a large increase in the amount of “tagging” as well as smashed winshields from car thefts from when we moved in.
” over the last year+ there was a large increase in the amount of “tagging” as well as smashed winshields from car thefts from when we moved in.”
So, no data, just anecdotes. Good enough.
I don’t know about this one, it is a bit too close to Ashland and all the ‘bonuses’ that location offers. Last time I was driving down Ashland right around this area as a matter of fact, an older topless woman was being chased down the street by two other women at 7 am. Quite a sight to behold!!
Also, when I drop $2 mil on a home, esp here in Chicago, I want people to look at it, sigh and KNOW I dropped that amount. The curb appeal is not up to a $1 mil level, never mind a $2 mil one.
On a positive note, I love the size of the Mstr Bdrm, just wish there was more info and pics. The kitchen also looks upscale enough with the right grade appliances and I assume with the layout, it is pretty efficient as well. Usually when you see one of those industrial sized refridges, it is shoehorned into place and nothing else is in the proper scale…so kudos to the kitchen designer.
Well to be fair, how many “tagging” cases or garage breakins or smashed windshields are reported to the police? I’m not saying that people have to fear getting shot during the day or night, but it has become a target for petty crimes much more than I have noticed in the past. Don’t get me wrong I love the area, but it has become a target for kids looking to get off with some easy loot.
I think the kitchen island looks too short. Its almost like an inbuilt small dining room table.
Also for $2MM the kitchen better look nicer. I’d expect one of those stainless steel hoods over the stove as well for $2MM.
“Well to be fair, how many “tagging” cases or garage breakins or smashed windshields are reported to the police?”
Tagging should be, b/c then the city will come clean it for free.
Garage break-ins are, in my experience. Yeah, not all, but the list on everyblock includes several garage break-ins.
Smashed windshields–don’t most insurers want a police report?
“Smashed windshields–don’t most insurers want a police report?”
Most of the time, not always obviously, its cheaper to pay for a new window than to pay the deductible
“Most of the time, not always obviously, its cheaper to pay for a new window than to pay the deductible”
Never had a deductible for a windshield (at least 3x replaced). But then I’ve never had one smashed by a vandal.
“I think the kitchen island looks too short. Its almost like an inbuilt small dining room table.”
Half of it is a inbuilt breakfast table, the other half is regular counter height. House needs a website w/ more pics.
“Also for $2MM the kitchen better look nicer. I’d expect one of those stainless steel hoods over the stove as well for $2MM.”
Looks like the vent hood is covered in cabinet-matching panels, or behind a dummy cabinet. Might be more expensive than the “shiny object” hood.
This is a fairly cookie cutter large home nearly as ubiquitous as the cookie cutter three flat. The $2 mil price tag is gone take a haircut for sure.
Two dead giveaways for inexpensively constructed interiors: builders fireboxes and overlay kitchen cabinet doors.
Curl up with a good book in front of the fireplace in your $2MM (that’s million with an M) home and gaze upon the glowing beauty of a Chinese made pressed metal insert the builder bought from Handy Andy for $450; a real brick fire box means a proper chimney and a larger foundation to support its weight. Fine for a loft conversion, but a $2MM (!) custom home?? Or, maybe you can submit pics of your new custom kitchen to House & Garden when you move in, because nothing speaks of the quality of workmanship than thin overlay cabinet doors – cabinets not level to the doors, just adjust the fronts with the euro hinges.
Amazing what’s out there, and even more amazing that people fall for sub standard workmanship at these prices.
You are correct on both counts in the kitchen anon. If you look closely at the cabinet directly above the burners, you see how that one cabinet is extended out past the others…it is deeper to contain the exhaust fan without having an outside visible one. And yes, the cost is significantly higher to have a concealed exhaust fan.
I like that lower height breakfast table. I have one in the kitchen of my NYC house. When it is not in use, I can push the top back into the cabinets and no one can tell there is a table there. Great space saving function.
Speaking of vandal broken windshields, on the one car I transferred to Ill, my insurance refused to cover any glass at all due to my address and the frequency of glass breakage breakins in that area.
If you look at Chicago police data or Everyblock, you can see data evidence of the increase in crime. I can second the anecdotal evidence of crime as when I was walking to work up Lakewood just north of School with my husband last December, we came across another guy who had been walking to the el for work at 5:45 am who was attacked by two guys with a gun and was beaten up and bleeding badly. That was enough to shake me up and realize that those little datapoints on the city charts aren’t just all petty thefts – there is real danger out there. Of course, this kind of thing does happen in the city (and elsewhere) and I guess it’s just part of life.
“If you look at Chicago police data or Everyblock, you can see data evidence of the increase in crime. ”
I looked at Everyblock. The data shows a 30% *DE*crease in crime from 2 years ago in “Southport Corridor”. Again, I am open to some demonstration that crime has increased, but saying the data shows something and actually citing the data are two different things.
And it took seeing someone after they were mugged to realize that the city is dangerous? Really?
I don’t trust the popo’s #’s
I’ve seen the wire and I know how the 5-0 massages crime stats.
“Two dead giveaways for inexpensively constructed interiors: builders fireboxes and overlay kitchen cabinet doors.”
Jay or Westloopelo – any chance you can expand on the kitchen cabinet comment. What exactly should I be looking for in good cabinets.
Thanks.
“I don’t trust the popo’s #’s”
And I don’t trust your personal experience as actual data, rather than anecdote. My personal crime rate is way, way down from 10+ years ago. Unless you count littering, then it’s up several hundred percent.
Doesn’t mean crime is down. Just like your experience doesn’t mean crime is up (in this ‘hood).
@ Marko –
Overlay cabinet doors in and of themselves aren’t a bad thing (they’re commonly used in modern styles kitchens), but when I see them used in classically styled kitchens (as they are in this house), it’s a sign of an inexpensive job.
Overlay doors very cleanly cover the entire body of the cabinet (called the carcass), and that’s great for a WELL built sleek European style cabinet (see balthaup.com for example). But… overlays are almost exclusively used in inexpensive kitchens because they’re relatively easy (and cheap) to produce; you have your carcass with an adjustable door slapped on the front… not difficult to produce, nor difficult to install.
An inset door on the other hand (see peacockcabinetry.com for example), is a door that sits within the exterior face frame of the carcass; there’s no room for error – the door has to fit perfectly within the frame (1/8″ gap between door and frame), as the visible hinges aren’t adjustable like they are with overlays (hinges are hidden behind the door, and can twist like a stripper). Takes lots of skill, time, and money to make such a cabinet, and that’s why you don’t see them in ‘regular’ nor inexpensive homes/apartments, but this place isn’t priced like a common house now is it.
Other things to look for in a high end kitchen: quality doors are 5/4 (called five-quarter) aka 1 1/4″ in thickness; 3/4 is much less expensive to produce. 5/4 has a heavier feel to it (like the heavy gauge of steel on a Mercedes), resists warping, and gives the recessed center panel a nice deep depth. The carcass should be maple-ply (a material where sheets of maple are attached to strong industrial plywood); tons of stability and it resists moisture. Inexpensive cabinets use white laminated particle board/melamine for their carcasses… again, it’s inexpensive to make. Remember last year when the Chinese ground up that s**t and put it into our pet food?
For painted kitchens, maple is used, and the final coat of paint is hand brushed… time and skill of the painter, as you want to see those brush marks; inexpensive painted kitchens have factory sprayed paint, and maybe it’s then ‘distressed’ for that Olive Garden look. For wood kitchens, the best flitch of wood is used; the grain and movement of the wood should flow from cabinet to cabinet; hand rubbed lacquer finish. Inexpensive kitchens use any piece of cherry they pull out of the bin… tone it within an inch of its life to even out the variations, and then spray it with polyurethane.
I just don’t get it when a builder asks that much money for a house and stocks it with cheap a** fixtures. If that’s the kitchen, what kind of material/labor do you think he used for the stuff you can’t see?