Roscoe Village 3-Bedroom Finally Closes: 2110 W. Roscoe
We last chattered about this newer construction 3-bedroom unit at 2110 W. Roscoe in Roscoe Village in October 2008.
See our prior chatter and pictures here.
It had gone back on the market only six months after its prior sale.
A year later, it finally sold for under its 2008 purchase price but over the 2005 sale.
Unit #3: 3 bedrooms, 2 baths, 1875 square feet
- Sold in February 2005 for $535,000
- Sold in January 2008 for $590,000
- Originally listed in June 2008 for $625,000
- Reduced
- Was listed in October 2008 at $609,000 (parking included)
- Sold in July 2009 at $560,000
- Assessments of $199 a month
- Taxes of $7719
- Janet Jasmer at Jameson had the listing.
Nothing is funnier to me than reading the previous postings about how this will sell for $299k, or “the low 400’s.” Now the thread will read how they overpaid and how the real value is $299k. I think several people on here are the same people who run those shows on TV about killer asteroids, tsunami’s in Chicago, and how swine flu will eventually kill off the rest of man-kind.
“This unit has recently closed at $560K. Is this a good sign that Roscoe Village (esp the prime spots along Roscoe St) have maintained their value relatively well??”
In a word, yes. I was way off mark as were many others. I still expect this or comparable units to be lower 400s by the bottom of this RE trough.
Can anyone be so kind as the sort of financing used for this purchase?
LOL @ everyone expecting that place to sell for 400k… keep dreaming!
“Can anyone be so kind as the sort of financing used for this purchase?”
Couldn’t you guess that it was a $417,000 mortgage?
But nobody has 25% down anymore! blah blah blah
“Couldn’t you guess that it was a $417,000 mortgage?”
No because if they brought 143k as a downpayment theres more people with $ who want to live in RV than I thought. Why these people with $ want to live in an RV McCrapBox I have no idea..
“Can anyone be so kind as the sort of financing used for this purchase?”
$417k mortgage. No recorded 2d.
RV is a very nice family oriented hood… lots of wonderful SFH’s there (for 1+MM), and for the price this is pretty good bang for the buck for the neighborhood.
“RV is a very nice family oriented hood… lots of wonderful SFH’s there (for 1+MM), and for the price this is pretty good bang for the buck for the neighborhood.”
You forgot about Bob’s disdain for breeder dum-yups. They’re down there with hipsters in his hierarchy of the loathesome.
As one of those much disdained dum-yup breeders (that’s right, I own a condo on Roscoe AND have two kids), I have to say that the neighborhood has tremendous appeal which has allowed real estate values to drop only moderately. Where else can you find a vibrant commercial/residential strip that isn’t on a bus route or carry insane amounts of traffic? Overall, RV is the neighborhood everyone flees to when they get tired of the LV/LP same old/same old.
“You forgot about Bob’s disdain for breeder dum-yups.”
I only really hate the stroller pushing set in my neighborhood. Foot traffic is high enough as it is and my hood isn’t exactly family friendly so it is especially irksome to see someone who really should be living in a more family friendly ‘hood and not blocking pedestrian traffic.
If they stay in RV good for them. RV isn’t a hood for me and ELV isn’t a hood for them.
RV’s new slogan: it really is different here. Really!
Roscoe Village is the new Naperville. The place where flocks of dual income married couples transition to once they discover that “soon to be mom” is expecting.
Roscoe Village is another made up neighborhood. Its entirely derived from realtorspeak. ‘Roscoe Village’ really refers to the southern part of community area 5 (North Center).
But I guess if it helps sell condos at these pricing their strategy is working. Whats next are they going to start naming individual streets their own sub sub neighborhoods as well?
HD – I get the sentiment that not every area is different, but by definition some areas *are* different. In a higher density city, certain areas will remain popular for reasons to certain groups. If I were ok with lack of light rail & thinking of having kids – RV would rock. Thus, higher valuation for people who want to live among like kind of thought.
I think that gets way too discounted on this site routinely, be it LV, LP, WP, or even a suburb. Underlying economic/job situation of that population segment definitely plays in to the pricing, as well as financing available to each group.
I’ve learned how to value a place with multiple view points due to a few folks on this site (particularlly how to look up taxes, mortgages, past sales), but I wonder what our collective track record is for actual sales price vs. prognostication. Rules would be tough – would Bob still be right if eventually 3 bedroom condo in RV closes for 300k?
Like stock picking but backwards.
I lived in RV for a couple of years. Yes it is a desirable area. But desirability alone will not save neighborhoods from the popping bubble.
The $535,000 buyer put down only 10%.
The $590,000 buyer did the same.
The $560,000 buyer put down 25%.
The direction for all neighborhoods is higher down payments, lower prices.
“The direction for all neighborhoods is higher down payments, lower prices.”
No, its not. Its just going to be more of the same old same old form the big GOVERNMENT.
I’m sure the zero downs will stay away but FHA, and 10% down are here to stay.
how are the schools in RV? seems like that should be pretty high on the list of family friendliness factors.
“how are the schools in RV? seems like that should be pretty high on the list of family friendliness factors.”
Defining the ‘hood as Metra line to the river, Addison to Belmont (or Diversey if you object to orphaning areas–but I think the s of Belmont is distinctly “Hamlin Park”)
School is Audubon for the bulk of the hood. Jahn forsome of the E/SE portion (mostly E of Damen–right? didn’t doublecheck). Hamlin Park gets that one on Hoyne just north of Clybourn for most of south of Belmont. A couple blocks along Addison are in Bell.
Bell is good; Audubon is rapidly imporving and has the parent org to make it stick, esp. with families not moving out. Jahn isn’t there yet and the one on Hoyne I would expect to only *really* turn after the Lathrop homes go.
thanks. where do you get info and what schools are improving? my guess is I could look at the trajectory of the scores on cps’s site but is there another good source?
“is there another good source?”
Talking to parents w/ kids at the schools. Blogs and various local parent websites, esp the comments.
The easiest check is the % of low-income students. Tipping point appears to be 50%. The “best” Elem schools are way below 50%, but if you can find the trend (I haven’t seen an easy way to track that–not something CPS wants to advertise) and it’s below 70% and heading lower, I guarantee that’s a school in the process of turning around. There are only a couple dozen Elems below ~85% low-income.
Where can I find out how much was put down? Is there a website out there with this information? Thanks!
“Where can I find out how much was put down? Is there a website out there with this information? Thanks!”
Sabrina should add an FAQ for this stuff:
Find the PIN. Assessor’s website is much more user friendly now — www dot cookcountyassessor dot com. But Redfin usually has them and they are ususally correct.
Go to recorder’s webbie — ccrd dot info.
Search by PIN. Type in PIN, wahla, Mortgage amount, everytime they refi’d, what prior buyers paid and how financed, what other props the owners have owned in cook county. A cornucopia of public information.
if a property has, “lis pendens” that means a forclosure is happening?
and above the above document says “Affidavit” what does that men?
Generally, yes, the lis pendens means it’s going into foreclosure. However, it means: (1) Latin for “a suit pending.” The term may refer to any pending lawsuit. (2) A written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The City also files them for housing court law suits.
Affidavit can mean any of a number of things. Don’t worry about them. Worry more about the mortgages, releases and deeds. Some properties are easy to figure out, some are more difficult.
“if a property has, “lis pendens” that means a forclosure is happening”
Depends. Who’s the other party? If a bank/mtg lender, then presumptively yes. But LP can get filed for any lawsuit against the owner or the property. It’s to provide notice to a potential buyer.
““Affidavit” what does that me[a]n”
Could be just about anything. Presuming that the LP was filed by a mtg lender, I would guess (just a guess) that it’s an affidavit to reflect that the bank filing the LP is the real owner of the Note underlying the mtg notwithstanding no recorded assignment of the mortgage. This is esp. likely (imo) if the original lender is an entity that no longer exists (World Savings, WaMu, Countrywide, Lehman, etc.) and the LP was filed by the successor entity.
we have someone in our company that we suspect is dipping into company money.
Now this person has bragged to a few people that they live in a 1 milloin dollar mansion and telling them to keep it quiet.
of this persons new address shows that the place is new construction and no sales have shown for it either, its be listed and delisted a few times last delisting is in march 2009. and there is no new 2009 mortgage for the property
i did find a craiglist listing that was renting availible for rent too.
this persons old address has the lis pendens attached to it.
unfortunately our company is so cheap that they have me do the sleuthing before the get a PI or a lawyer.
they had me do this stuff last time and by the time i found some proof and reasonable suspicion the guy they suspected “dipped” into funds 7 times.
seriously i am a frickenn accountant not a gum shoe, flat foot, a bacon.
oh and the other person the stole from our company bought 2 three flats to flip, in the bubble. and with the stolen money he paid for labor and materials. both of those three flats where bought with 0% down in the bubble. (yes now they are both foreclosed on)
2108 W Roscoe #3, likely the same cookie cutter floorplan at 1,875 square ft is now listed for 550k.
Congrats to the owner of unit 3 at 2110 who managed to lose at least 10k in two months time (likely much more)!