Short Sale Alert: The New Construction Condo in Jefferson Park: 4968 N. Milwaukee
This 8-unit building at 4968 N. Milwaukee in Jefferson Park was constructed (and units sold) in 2007. It sits within steps from the Jefferson Park Metra stop and the Jefferson Park El stop.
The building is also near the shops and restaurants of Gale Street.
This top-floor 2-bedroom unit is in short sale and is priced $93,100 under the 2007 purchase price.
It has hardwood floors throughout. The kitchen has stainless steel appliances, granite countertops and 42 inch kitchen cabinets.
The unit also has marble baths and a marble fireplace in the living room.
Parking is included and the building has an elevator.
Is this a deal for a unit with such a transit friendly location?
John Gall at Axis Realty has the listing. See the pictures here.
Unit #4S: 2 bedrooms, 2 baths, 1500 square feet
- Sold in May 2007 for $333,000
- Currently listed as a “short sale” for $239,900 (parking included)
- Assessment of $179 a month
- Taxes are “new”
- Washer/Dryer in the unit
- Central Air
The bastards stole my kitchen design!! Actually this place looks nicer than I thought, but I believe it overlooks the expressway, screw that.
YAWN
“I believe it overlooks the expressway”
If by overlooks, you mean “is twenty feet from”, in a section where the edge is a vertical wall, then yes, you’re right.
Ummm cant you get a 3br SFH in this area for about 250k? yeah it wont be as updated as this condo.
This is ON the expressway overlooking EL track and METRA, i am sorry this is not a area to BUY a 2/2 its an area you RENT
Like you guys said…
BAC gave 80/10 financing to the “owner.” They also filed a lis pendens in 9/09.
The PINs don’t appear to have been split until the 2nd bill this year. The full year 2008 taxes due 12/1/09 were $4,326.43 and they remain unpaid.
Interesting to note that the assessor seems to have realized the fate of these units by lowering the assessment for 2009 (pay 2010) to 19,450 for an assessed MV of $194,500.
“assessed MV of $194,500”
That would be getting closer. I think these probably work okay for ~$160k (maybe even $175k), with a long horizon (10+ years) for moving.
The architect should be taken out back and shot three times. I will say that A LOT of the appraisals that I have been seeing on condo units in not quite fully gentrified areas have been getting destroyed lately. A lot of them bought for $300-$325k a couple of years ago and now appraising at low to mid $200s. Makes for a fun conversations with the owners…
Most being killed by a foreclosure or short sale in their buildings – usually a specuvestor caught holding the bag.
“Most being killed by a foreclosure or short sale in their buildings – usually a specuvestor caught holding the bag.”
Entirely predictable since that was the basis of demand during the bubble. Lenders raced to dismiss all standards to lend to that false demand during the free money era.
“A LOT of the appraisals that I have been seeing on condo units in not quite fully gentrified areas have been getting destroyed lately. A lot of them bought for $300-$325k a couple of years ago and now appraising at low to mid $200s. ”
And those are still optimistic appraisals.
If this place was *actually* worth $333k, wouldn’t that imply that LP/GC/RN (hell, BT/WP) were generally *under*priced?
No doubt many were over priced. I just feel bad for some the folks that bought them as a home. It only takes one broke neighbor to bring down the values for everyone.
Appraisals are a shot in the dark though these days. I will say I have seen increases in value relative to previous purchase price in some buildings in River North (notably the Montgomery) at least according to some appraisals I have been getting. Also seen a few appraisals coming in higher in LP and some parts of Lakeview. Also seen quite a few surprise drops as well on some properties in LP.
Just boils down to what has been selling recently in the area that can be used as comps.
What is the feeling about this area specifically. So many areas now seem 5 years from recovery but when I’ve driven around here it seems decent enough. Schools like Beaubien Elementary help and there seems to be some rehab work still on going.
OK I can’t resist the broker bashing…….”Huge rooftop deck” and so you give us a picture of……….the elevator. That modern marvel sets the listing apart for me.
Where do you come up with $160K or $175K? A recently constructed 2/2 with 1,500 SF of space (ok, so maybe that includes the closets . . .) – in the low $200’s sounds like its at least worth considering. At the ask price, you’re only paying $160/SF – which is ridiculously low by new condo standards. Good access to transportation. I wouldn’t buy this close to the expressway, but plently of people have in other neighborhoods and paid much more.
What’s the SFH market like out there?
“Where do you come up with $160K or $175K?”
“I wouldn’t buy this close to the expressway, but plently of people have in other neighborhoods and paid much more.”
$50k deduction for the absurd proximity of the Kennedy. This is certainly “nicer” than an apartment, but there’s a reason that, historically, it’s crummy rentals that are next to freeways.
And I suspect that the SF is chewed up by a long, long hallway. Why, in an apartment that is evidently 19′ wide, is the MBR only 15′ wide?
@Russ,
“I will say that A LOT of the appraisals that I have been seeing on condo units in not quite fully gentrified areas ”
I saw a crazy thing yesterday when i was heading up north. I was driving down Narragansett ave towards irving park rd (never take that street to many pot holes, but daley redid a big stretch of it) I saw a row of 3 unit condos, like 7 of them in the middle of SFH (they looked so out of place) it also looked like 75% them were vacant. IIRC there was an article in the trib about the alderman in that area had a nephew that was a builder, i guess they got it rezoned with the aldermans “help”.
Its crazy to do that in those type of areas. i wounder if they didnt sell cause the condo was more expensive than a SFH?
3BR SFH’s in this area in similar condition to this (ie, granite kitchen, nice bathrooms etc) are in the low-mid 300s. You can get one that hasn’t been updated in 30 years with no central air for about 250k. Trade-offs for everything though. I’d take the house in a second.