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Montclare Jumbo Bungalow at 50% Off the 2006 Purchase Price: 2902 N. Newcastle

This 7-bedroom jumbo brick bungalow at 2902 N. Newcastle in Montclare recently came on the market for about 50% less than the 2006 purchase price.

It is a bank owned home.

Yes- it really has 7 bedrooms:

3 on the main level, 2 on the second level and 2 in the basement (which the listing agent doesn’t technically “count”- as it’s listed as a 5-bedroom home.)

The listing says it has been updated from top to bottom.

Built in 1925, there are hardwood floors throughout the main level, original woodwork and a fireplace.

The kitchen has white cabinets and granite counter tops but I can’t tell if there are any appliances.

There is central air and a 2-car garage on a standard 25×125 lot.

Is this a deal?

Anton Mitev at New Century Real Estate Investment has the listing. See the pictures here.

2902 N. Newcastle: 5 bedrooms, 3.5 baths, 2 car garage

  • Sold in September 2003 for $327,000
  • Sold in July 2006 for $432,000
  • Lis pendens foreclosure filed on January 2009
  • Bank owned in April 2010
  • Currently listed for $219,000
  • Taxes of $5413
  • Central Air
  • Bedroom #1: 16×15 (main level)
  • Bedroom #2: 12×10 (main level)
  • Bedroom #3: 11×10 (main level)
  • Bedroom #4: 16×15 (second floor)
  • Bedroom #5: 10×10 (second floor)
  • Bedroom #6: 12×10 (basement)
  • Bedroom #7: 10×10 (basement)

This entry was posted on Wednesday, July 21st, 2010 at 1:07 pm and is filed under Monteclare, Single family homes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

16 Responses to “Montclare Jumbo Bungalow at 50% Off the 2006 Purchase Price: 2902 N. Newcastle”

  1. Fan in teh bathroom is not a good sign.

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  2. re:fan
    -maybe, maybe not. It could just be run 24/7 to keep air moving without running the A/C constantly.

    a house can get stagnant pretty quick with all the windows closed.

    Nice looking house that could serve a decent sized familiy, especially with the basements as a living / toys room for all the kids.

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  3. “-maybe, maybe not. It could just be run 24/7 to keep air moving without running the A/C constantly. ”

    Then you’d have me believe that an REO realtor moved the fan up against the vanity to take a pic. Inconceivable. And, if they were going to bother doing that, why not actually move it out of frame?

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  4. “And, if they were going to bother doing that, why not actually move it out of frame?”

    because that would take effort unplugging and replugging in the fan

    Great deal for someone who doesn’t mind being in a car dependant hood, with crappy CPS schools

    I have a friend who lives out here… its REALLY far from anything and its a bitch to visit if you don’t have a car!

    He does live in an amazing house with a beautiful yard in a nice friendly european neighborhood however

    FHA this place and its $1474 a month without insurance

    not too shabby

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  5. “FHA this place and its $1474 a month without insurance”

    And that’s *before* appealing the taxes.

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  6. This would be the REAL chicago that some CC’ers talk about?

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  7. yep pass on this place, no need to live here, bell park sux azz. the school is over crowed and even built an addition to it which still is over crowded.

    the liquor store on oak and div is 100% ghetto if your going to buy over here go south of grand or west of harlem its like night and day. you will thank me for it.

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  8. danny (lower case D) on July 21st, 2010 at 2:05 pm

    At 50%, its no longer a haircut but a hatchet down the middle. I know this gets eaten by the bank, but very painful for everyone in proximity.

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  9. “I know this gets eaten by the bank, but very painful for everyone in proximity.”

    welcome to my world danny, welcome. and now you know why my place is not listed.

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  10. looks like a pretty nice place and a great price,i had a similar,but smaller house a little further east of there 17 years ago,(at 2922 n kildare,just recently sold for 100k….LESS than i sold it for in 1994.unbelievable.)

    you are right about the schools over there groove,pretty crappy.and very car dependent,way to far from the kennedy xway.

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  11. “you are right about the schools over there groove,pretty crappy”

    thats why i suggested that area west of harlem to cumberland from belmont to irving. i think thats Dever which is a not a great school but a good one for the area.

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  12. danny (lower case D) on July 21st, 2010 at 6:03 pm

    I’d say its a deal at this price. Appeal the tax assessment based on new purchase price, and send your kids to Montessori in Oak Park.

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  13. danny (lower case D) on July 21st, 2010 at 6:05 pm

    Then again, if you are living here with 6 kids (one for each bedroom), Montessori would begin to add up.

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  14. Makes me want to have more kids!

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  15. $210 a month per bedroom! A minimum wage job can totally afford that!

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  16. THIS WAS SOLD & BBOUGHT @ JUDICIAL SALE IN APRIL OF 2010 FOR $95,000. THIS IS NOT A BANK OWNED PROPERTY! INVESTOR OWNED!

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