No One Wants This Bank Owned East Lakeview Paris Maisonnette: 3100 N. Sheridan
We last chattered about this 2-bedroom vintage unit in The Barry, at 3100 N. Sheridan, in East Lakeview in September 2010.
See our prior chatter here.
Back then, it had just come on the market as a bank owned unit and was listed $39,600 under the 2007 purchase price.
Since September it has been reduced again by $44,400.
The unit has dark hardwood floors throughout, french doors and some crown molding.
There is no in-unit washer/dryer, parking or central air (window units only.)
The listing says there is a new kitchen and bath and the pictures indicate that the stainless steel appliances are still in the kitchen along with granite counter tops.
We have been chattering about this unit, originally called a “maisonnette in Paris”, for over 2 years.
What will it take for the bank to finally sell this unit?
The listing says you can purchase with as little as 3% down.
Coya Smith at Smith Partners & Associates still has the listing. See the pictures here.
Unit #1B: 2 bedrooms, 1 bath, no square footage listed
- Sold in September 1995 for $114,500
- Sold in September 1997 for $131,000
- Sold in May 2001 for $236,000
- Sold in January 2003 for $245,000
- Sold in March 2006 for $309,000
- Sold in May 2006 for $325,000
- Sold in July 2007 for $336,500
- Lis pendens filed in August 2008
- Was listed in October 2008 for $389,000
- Lis pendens filed in August 2009
- Bank owned in June 2010
- Was listed in September 2010 for $296,900
- Reduced
- Currently listed for $252,500
- Assessments of $691 a month (includes gas, heat, cable)
- Taxes of $3158
- No central air
- No in-unit washer/dryer
- Bedroom #1: 15×11
- Bedroom #2: 15×9
Nice looking place. Why did it flip so many times over the years?
$150-$160k.
I would say at 240k, and that because you would also have to take into account the likely 6 months of back assessments which will like be another 4k on top of the sale price which you can’t finance.
I definitely think it will sell long before’s HD’s 1997 pricing.
“I definitely think it will sell long before’s HD’s 1997 pricing.”
Likely true. Just as there have been knife catchers since the peak, there will be knife catchers to the bottom.
Wow – amazing the difference a few blocks can make. Our friends sold this unit in June for $369K. It was a first floor duplex down with no parking. I’m pretty sure that the unit did have w/d and central air. Looks like my friends also had higher taxes. It looks like those assessments are killing this comp!
http://www.redfin.com/IL/Chicago/611-W-Barry-Ave-60657/unit-1W/home/13372332
“Likely true. Just as there have been knife catchers since the peak, there will be knife catchers to the bottom”
G- what is it about real estate that you don’t understand? I hope you DO realize that real estate is not just a financial investment for many (actually most) people. There are so many factors that influence where, when, and what people will buy – money being only one of these factors. To insult buyers by calling them “knife-catchers”is not only wrong, but also immature and extremely irritating.
“# Sold in January 2003 for $245,000
# Sold in March 2006 for $309,000
# Sold in May 2006 for $325,000
# Sold in July 2007 for $336,500”
that must be a slippery knife
clio: “To insult buyers by calling them “knife-catchers”is not only wrong, but also immature and extremely irritating.”
G being lectured on manners by clio…I love it.
You’d have to be a moron or a complete idiot to not catch this knife!
This unit still shows nicely. Decent sized rooms with great natural light. All seems decent. The bathroom has a nice vintage feel that goes with the style of the unit. Too bad they picked out the menards/home depot standard maple granite kitchen.
Had they put more energy into the design and stayed true to the vintage look and feel of the space then they might have found a buyer that was emotionally drawn to the home as Clio suggested above. Every day people make most of their purchasing decisions mainly based on EMOTIONS! It is way more frequent then buying based on logic. In RE purchases they then just need appraisals and loans as their second “opinions” to back up those emotional preferences.
This knife is going to chop off a few fingers of the unfortunate buyer who decides to catch it.
Why buy today when it will likely be priced $10k to $15k cheaper in a few weeks?
Jan 14, 2011 Price Changed $252,500 #07624921
Dec 13, 2010 Price Changed $269,900 #07624921
Dec 01, 2010 Price Changed $279,900 #07624921
Oct 12, 2010 Price Changed $280,000 #07624921
Sep 03, 2010 Listed (New) $296,900 #07624921″
“Why buy today when it will likely be priced $10k to $15k cheaper in a few weeks?”
…uhhh because it might be sold…
A first floor unit with no view, no privacy, no parking, no w/d, no a.c., etc. If I would not rent this, why would I buy it, especially now with the upcoming property tax increase?
I was going to say exactly what Morgan said.
“Nice looking place. Why did it flip so many times over the years?”
This place is haunted.
Have to get rid of the guy lurking in the kitchen in photo 12 to sell this place I think.
““Why buy today when it will likely be priced $10k to $15k cheaper in a few weeks?”
…uhhh because it might be sold…”
so what if it sold buy this one for cheaper if it does:
http://www.redfin.com/IL/Chicago/3126-N-Sheridan-Rd-60657/home/13372504
or this on LSD;
http://www.redfin.com/IL/Chicago/3300-N-Lake-Shore-Dr-60657/unit-3D/home/13374471
Its a big city and spring will have more to chose from, why settle now because clio told it “might be gone”
““Why buy today when it will likely be priced $10k to $15k cheaper in a few weeks?”
…uhhh because it might be sold…”
so what if it sold buy this one for cheaper if it does:
http://www.redfin.com/IL/Chicago/3126-N-Sheridan-Rd-60657/home/13372504
or this on LSD;
http://www.redfin.com/IL/Chicago/3300-N-Lake-Shore-Dr-60657/unit-3D/home/13374471
Its a big city and spring will have more to chose from, why settle now because clio told it “might be gone”
BTW: whts with the moderation on only two links?
““Why buy today when it will likely be priced $10k to $15k cheaper in a few weeks?”
…uhhh because it might be sold…”
so what if it sold buy this one for cheaper if it does:
http://www.redfin.com/IL/Chicago/3126-N-Sheridan-Rd-60657/home/13372504”
Clio reminds me of the Beatles lyrics in the song ‘Day in the Life’
“Nothing’s gonna change my world
Nothing’s gonna change my world”
“Clio reminds me of the Beatles lyrics in the song ‘Day in the Life’
“Nothing’s gonna change my world
Nothing’s gonna change my world””
that is not “A Day in the Life”
accuracy never stopped bob before…..
C’mon emotional guys, I’m with you on this psychology thing. You just are missing the actual emotion in play. Used to be, fear of loss was effective. Now, fear of a loss rules. Of course, the new emotion happens to be logical, too. Win-win. You know, it was called a mania because it was defined by illogical emotion (and still is, in the case of many knife catchers.)
“Seller reserves the right to reject any investor offers first 15 days on market.”
LOL at this stupid realtor language still in a listing on the market for 5 months with 4 price drops.
3300 N. LSD unit 3D has been on the market nearly continuously at$299K for over a year. It expires, then comes back on after a month or so. I’d say that if it hasn’t sold at this price by now, that it’s likely to require a massive reduction in price to get sold. And it’s at least as good a unit as the featured unit here at the Barry.
“Parisian Mansionette”? PLEASE. I mean, don’t you just love the language some agents use. This is just another 2 bed 1 Bath high rise vintage, with no parking or w/d, and worst of all right on the first floor overlooking the street. There are a number of comparables for sale in 60657 that are better looking and priced better, and they’re languishing on the market for a year or more. How does a place with about 1300 sq ft max become a “mansionette”? Also, as has been noted here, the poor place has been stripped of a lot of its original charm, and clean-walled half to death.
The pluses are that the $691 maintenance incl. heat, and the taxes, are very reasonable and well in line with comparable units.
I believe this place will sell at the 2001 price of $236K at the most.
The correct Beatles song is “Across the Universe”:
“Words are flying out like
endless rain into a paper cup
They slither while they pass
They slip away across the universe”
“Seller reserves the right to reject any investor offers first 15 days on market.”
LOL at this stupid realtor language still in a listing on the market for 5 months with 4 price drops.
——
That’s common for Freddie/Fannie properties, though, isn’t it?