Mansion on the Block: 1122 W. Wrightwood in Lincoln Park
This 4-bedroom single family home at 1122 W. Wrightwood in Lincoln Park has been on the market since September 2008.
It also has two lis pendens filed against it:
- In October 2008
- In February 2009
Could a buyer get a deal on this home?
There are no interior pictures available. And, in fact, no listing is provided either.
But the house is NOT new construction. It was apparently built in 1999.
1122 W. Wrightwood: 4 bedrooms, 4.5 baths, 2 car garage
- Only sale I could find was for $102,000 in June 1999
- Currently listed for $3.1 million
- Taxes of $29,960
- Roopit Patel at First Chicago Real Estate has the listing. See the one picture of the exterior here.
Might be nice on the inside, but the exterior is pure “bleh” in my book.
Also severely hurting this property: bigger, newer McMansions right next door for a lot less money. Just browsing redfin I found these two:
http://www.redfin.com/IL/Chicago/1111-W-Wrightwood-Ave-60614/home/13362543
http://www.redfin.com/IL/Chicago/1050-W-Wrightwood-Ave-60614/home/12624400
Not saying I’d jump on these if I had the money, but if I *were* looking for a McMansion in the area, you can find much better deals than this place.
I don’t know anything about the pricing on high-end properties but this thing looks pretty sweet and great location.
In before the “mccrapbox” comment.
Trulia has two prior sales:
September 25, 2007 $2,700,000
April 4, 2002 $2,200,000
Cross-checking ccrd, the 07 deed was a trustee’s deed, w/ $0 stated, to the current owner who appears to be having trouble b/c of personal guarantees and a related mortgage on (presumably) his home. The 2002 transaction (if real) isn’t recorded and was probably a transfer of beneficial interest in the trust (there was a new $600k mortgage in 2002), the deed into the trust being the 99 deed for $102k (likely a typo, as there was a $900k mortgage from the trust the same day).
This loser has quite the capital stack on this property:
Countrywide Bank $1,722,500
Integra Bank $700,000
United States of America $88,415
Crowley Barrett & Karaba $32,877
Cacciatore Harper $41,532
Yaroslav Construction $14,528
Total $2,599,852
$3.1 works in true LP–bounded by north, armitage, halsted, clark, but does not work fronted onto wrightwood.
“United States of America $88,415”
Tax lien. Not exactly related to the real estate. And the $700k line is apparently related to a personal guaranty for business obligations.
Thanks for posting the lien info–I like to know where my hard earned taxpayer dollars are going. You’re welcome Ken Lewis, as you obviously know how to spend my money better than I do. A real gem he acquired in Countrywide and Merrill Lynch, always the savvy businessman.
“I like to know where my hard earned taxpayer dollars are going.”
So, you think this place is worth less than $1.75mm? Because otherwise I don’t see how the 1st lien loses.
I don’t know a lot about the higher end market. Its a nice place but similarly nice (from my view) places can be found for 1.5MM. Maybe the rich have preferences I’m unable to discern.
But I am confident that even if it sells for over 1.7MM BofA will find a way to lose money on the loan. Its what they do best.
““I like to know where my hard earned taxpayer dollars are going.”
I’ll tell you where they’re going…You can expect to pay 50% more into the coffers of the state of IL; to be used primarily for construction contracts for connected folks and pension obligations for overpaid, lazy and union state worker. A few months ago a guy I know said that for the next 10 years bureaucracy is the name of the game. The good paying jobs with great benefits and guaranteed pensions are all in the public sector.
““I like to know where my hard earned taxpayer dollars are going.”
But BofA said that it was also profitable the first two months of the year and that they are very very happy that they purchased countrywide?
“But I am confident that even if it sells for over 1.7MM BofA will find a way to lose money on the loan. Its what they do best.”
$3.1 Million dollars, and no high quality pictures? Seriously? If I got $3.1 million dollars, I want some damn pictures. Now I am a Realtor, but I hate Realtors like this. This person is wondering why it has been on the market for over 191 days. Well lets start by a bad description, no pictures, and a steep price. (maybe its not too steep, maybe its a castle in there, but I dont know)
If you have to see pictures, you can’t afford it.
🙂
Sonies,
This is a true fact. Much like if you see market price on a menu, and you have to ask…haha.
From what I have heard from neighbors the place is a castle with ridiculously high quality construction, much better than standard SF in LP.
You can tell it’s pretty high quality construction just from the solid limestone exterior, which you rarely see except in those ginormous mansions on Burling and Orchard in “true” Lincoln Park. However, there’s no way they can come close to $3.1 million in that location.
Here is the real lowdown on this property.
Just bad karma, for a bad developer,that screwed SO MANY people.
http://www.chicagorealestatedaily.com/cgi-bin/news.pl?id=30365
homedelete on March 13th, 2009 at 11:26 am
“”…You can expect to pay 50% more into the coffers of the state of IL; to be used primarily for construction contracts for connected folks and pension obligations for overpaid, lazy and union state worker. “”
First off, what’s the puny IL income tax rate right now? 3%?? Oh my, if it’s gonna bankrupt you to pay another 1.5%, you’ve got other problems.
Secondly, “state workers” are not all union, not all lazy, and sure as hell not overpaid. For example, teachers and employees of state universities. And, did you know that the state has FAILED to meet their legislated obligation to FUND the pension fund annually, for the past decade or more? That there’s a huge jam-up now with the pension fund is purely the result of State Government overriding each year payments into the pension fund that they are legally obligated to make.
logansquarean, if you think you don’t pay enough to the State of Illinois in taxes, you can always send more in. The address is: Illinois Department of Revenue, 62726-0001.
Your donations will help fund the pensions of state employees. It must be nice to have a generous pension, plenty of paid time off, great benefits and job security during a time when the private sector is shedding jobs like a cat sheds fur in the spring.
[Editor has deleted this comment.]
meanwhile back at the lair bob drunk posts on a real estate blog.
Reminder:
Please try and keep the discussion about the property. If you want to talk about the tax increases, politics etc. there are other blogs and websites for you to do so.
I realize some of these topics ARE real estate related- but keep it clean. Personal attacks will be deleted.
Thanks,
Sabrina
sorry sabrina and all.
It just really rankles when while trying to make a point, homedelete manages to make the most outrageous claims and pins them on ALL state employees. From experience, I can tell you that while the bennies are good, the salaries for 98% of the jobs are under what you’d get in the “real world”.