McMansion Developers Under Stress: 2322 and 2324 Charleston
Previously, there have been issues with new McMansions in Bucktown going into foreclosure.
The seller of these two houses on West Charleston also appear to be in serious distress.
2322 W. Charleston: 4 bedrooms, 3.5 baths, 2 car garage
- Old house sold in January 2005 for $360,000
- Public records show it sold for $1.5 million in January 2007 (not sure if this is correct)
- Was listed in July 2007 for $1.7 million
- Price was lowered to $1 million in February 2008
2324 W. Charleston: 4 bedrooms, 3.5 baths, 2 car garage
- Original house sold for $346,000 in July 2004
- Public records show the house selling in February 2007 for $1.5 million
- Originally listed for $1.7 million in July 2007
- Lowered to $1 million in February 2008
Real People Realty has both listings. Both have the following listing:
HUGE PRICE DROP! OWNER SAYS SELL NOW! STUNNING & ELEGANT BRK STONE LUXURY BUCKTOWN SFH W/4 LIVING LEVELS/HWD FLRS/ 3FIREPLACES. GOURMET KITCHEN W/LOVELY GRANITE COUNTERTOPS & CUSTOM CABINETS. SUN-FILLED MBR W/LG WIC/FRENCH DRS TO BAL., SPECTACULAR SPA BTH W/DBL STMSHWR & MARBLE ACCTS. SPACIOUS 4TH LVL W/SKYLINE VIEWS, FRT DECK W/FIREPLACE, WALK THROUGH TO TWO REAR DECKS. 2CAR GAR./GATED LOT.
All of the interior pictures are the same for both homes.
Real People Realty has both listings.
[Thanks to the Tipster who sent me information on these homes.]
why settle for a 30′ x 125′ lot when you can have this for the same price
http://www.realtor.com/search/listingdetail.aspx?ctid=41033&ml=3&mnp=40&mxp=38&typ=1&sid=dccacf42eabe4741b852571e2b3144e1&lid=1076510380&lsn=1&srcnt=1#Detail
Well- again- that house is in the suburbs. It’s comparing apples to oranges.
But it does bring up a good point. Do you buy the 3 bedroom, 2 bath condo in Lincoln Square for $500,000 or the house in an excellent school district in LaGrange or Oak Park for the same?
Sabrina on February 26th, 2008 at 8:16 pm
Well- again- that house is in the suburbs. It’s comparing apples to oranges.
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not picking a fight, but we are talking about 1,000,000 GREEN apples to 1,000,000 GREEN oranges! haha
Stuckinthecity,
You can’t compare a house in the suburbs to a house in the city. The are many factors to home valuation, one of them being location. You cannot even compare a house in Lake Forest with a house in Naperville. I can show you a studio apartement in Chicago for $250,000.00, then a similar one in New York City for $1,000,000.00, then another one in Hong Kong for $2,000,000.00. Do really think these a comparable properties?
after lengthy research found that these properties are tied up and unavailable.
We bid on one of the Charleston houses in Bucktown—but we were outbid. So, I’m surprised to hear they are both going into foreclosure? Incidentally, none of the above properties had any major appliances—and the 2322 Charleston house was a victim of break-ins—a common thing I suppose in these empty homes?
We’ve had it and will move to the suburbs!! It would be interesting to hear about the challenges of buying these supposedly hot foreclosures/short sales from other buyers. You’ll see why we feel this way—we lost the 2230 Medill property also (see crib chatter).
what bank is foreclosing i haven’t seen a public notice on this property or the one next door
The lis pendens on 2322 was filed by Deutsche Bank (recorded on 06/29/2007). Several subsequent assignments have been recorded, ultimately to WaMu.
The lis pendens on 2324 was filed by HSBC (recorded on 08/14/2007).
This is from CCRD, after searching for PINs on the Assessor’s website.
If these werent’ so flipping ugly maybe they would sell.
One of these just sold. Can anyone pull up the details?
JK
2324 Charleston closed 10/31/08 for $850K cash.
is 2322 still on the market?
WAMU acquired the deed on 2322 in September. How far it fell down their rabbit hole will determine when they put it back on the market. The short-sale listing prior to the foreclosure indicated mold in the lower level. There was no similar indication on the listing for 2324 which sold as stated by megc629.
does anyone else think $850 for a damaged McMansion (with burst pipes and only 2 bedrooms on the 2nd floor) is a lot…
This might look like a bargain but there is a lot of risk unless you really know about construction. I’d be surprised if the buyer gets it fixed up for under 100K.
I walked through both houses back in March. The kitchen and parts of other rooms on 2322 were not finished. Both looked like the builder rushed and cut a lot of corners to get the homes ready for sale before the money ran out. Worse, pipes were frozen in both houses so major plumbing repairs are certain.
I hope JPMorgan fires everyone from WaMu in 2009.
Wow, 2322 W. Charleston sure has changed since I lived there as a little kid back in the late 1950’s. The “old house” was to the back of the lot, we played in the grassy front yard. Was a nice friendly neighborhood back then.