Single Family Home First a Short Sale and Now Bank Owned: 2533 N. Greenview in Lincoln Park
We first chattered about this 5-bedroom single family home at 2533 N. Greenview in Lincoln Park all the way back in September 2008.
At the time, it was listed on Craigslist as a short sale but said it was rented out for $5,000 a month.
Check out the September 2008 chatter and pictures here.
We checked in with it again in January 2009 and it was still a short sale and further reduced.
A lis pendens was finally filed in February 2009 and the property became bank owned in March 2010.
It has now been re-listed for $312,600 under the 2006 purchase price.
3 of the 5 bedrooms are on the second level and 2 are on the third.
It appears from the pictures with the listing that the kitchen and baths are still intact.
There is central air and a 2-car garage.
Is this finally a deal after nearly 2-years on and off the market?
Jason Shapiro at Rising Realty now has the listing. See the pictures here.
2533 N. Greenview: 5 bedrooms, 4 baths, 2 car garage, no square footage listed (but old listings say 3000 square feet)
- Built in 1996
- Sold in August 2006 for $997,500
- Originally listed in July 2008 for $1.25 million
- Was listed as a “short sale” on the MLS in September 2008 for $1.189 million (although the Craigslist ad said $1.15 million)
- Reduced numerous times
- Was listed in January 2009 as a “short sale” for $989,499
- Lis pendens filed in February 2009
- Bank owned in March 2010
- Currently listed for $684,900
- Taxes of $10,523
- Central air
- 25×125 standard Chicago lot
- Bedroom #1: 11×14 (second floor)
- Bedroom #2: 13×11 (second floor)
- Bedroom #3: 14×11 (second floor)
- Bedroom #4: 12×13 (third floor)
- Bedroom #5: 14×15 (third floor)
fugly
It says: “BUYER RESPONSIBLE FOR ALL CITY LIENS/VIOLATIONS, CITY REPAIRS & CITY ESCROWS IF ANY.”
“anon (tfo) on January 28th, 2009 at 12:06 pm
“corner lot so a lot more light than you’d get mid-block”
It’s an alley corner, so it’s a corner and mid-block. It can’t sell for anything close to the current ask with tenants in it–no one wants a $900k single-unit rental property, even if they could get financing. When the lease is up, in 9-10 months, I’d say it’s going to the lender.”
Heh.
If it’s actually in good shape and the reno that was done was done reasonably well, this is a good deal at the ask price. I still think the location is subprime.
North costco location, alley lot, fugly house, no thanks
Wickedly accurate prediction
“North costco location”
SE CostCo. North Salvation Army. This is an area with multiple identities to suit your changing moods!! And convenient to everything the premier neighborhood in North America has to offer!!! E-Z Transit and Freeway access!!
beautiful fascade
“facade”
It already went to the lender, hence the ‘bank owned’ part. It sold for 599k to the bank at the auction.
Just another reason not to buy a “West Town” Duplex
anon was pointing out he predicted it in our earlier chatter (January 09), although he left some confusion by not using single marks to differentiate quotes within quotes! 😉
“if…the reno that was done was done reasonably well…”
what are the odds of this?
“what are the odds of this?”
Low, of course. But “reasonably well” is with the low expectation that things were not made worse by the reno and the materials/mechanicals used were of decent quality–basically no hidden problems and nothing such crap that it needs to be replaced in teh near future. Having it rented for a year would help to expose those types of problems.
Yeah, I hate these types of homes but for someone at the right price….
January 6 was the last day it was listed as a short sale and at that time it was listed for 724,900. Looks like the realtor let the clock run out.
Anyone dealt with Rising Realty before? Online review (the only one I can find) says they are terrible. Isn’t the experiences with buying a REO largely dependent on the listing agent’s capability? Maybe not as much as a short-sale listing agent in short-sale situation, but I digress.
Rising Realty must do bulk work with REO’s—probably discount the commissions, and throw it into the MLS. They had the listing on a foreclosed house across the street from me in the north suburbs & appeared to do very little to promote it even thow it had an asking price significantly below what other comparable houses were then selling for.
Just to clear up a point, this is a corner lot – it’s on the corner of Lill and Greenview. The garage has a curbcut on Lill. The north side of the lot is next to the driveway/garage access for some condos or townhomes that run perpendicular to Greenview. There is a fair amount of space on all four sides of the house and I would guess that there is a good amount of light. Also, I think the location of this place isn’t all that bad. This is across the street from Wrightwood Park and is in a neighborhood with some very nice homes. I’ve been watching this house since I first walked by it in 2008 and called the number on the sign to see what the asking price was. I was expecting under $900K and was shocked when the guy who answered said something like $1.25MM. Also, the listing photos have always been terrible which made me wonder what the rest of the house was like. The house looks very narrow and the ceilings seem low. All that being said, assuming no huge inspection issues or liens, this should sell for more than the current ask. It still is a single family home in Lincoln Park.
The facade picture is actually the back of the house. The front is not “beautiful”. With Greenview on the west, Lill on the south, the alley to the east and the townhouse drive on the north, this house is an island. You could literally drive around your whole house. Yes you would get more light than most, but as the cost of feeling like you live in a fast food restaurant with a drive-thru.
The park across the street in nice though.