South Loop Short Sale Townhouse Now Listed Under the 2000 Price: 1619 S. Indiana
We last chattered about this 3-bedroom townhouse at 1619 S. Indiana in the South Loop in December 2011.
See our prior chatter here.
It is a short sale and has been under contract several times.
If you recall, it is a fee simple townhouse with an attached 1-car garage.
All 3 bedrooms are on the third floor.
The kitchen has granite counter tops and black appliances.
A lis pendens foreclosure was filed on this property 28-months ago.
I asked in December if it just made sense for an interested buyer to wait for the bank to own it- but since it is 28 months and ticking and the bank STILL doesn’t own it- waiting it out may not be the right strategy.
Now listed just under the 2000 purchase price, is this a deal?
Peter Perisin at D’Aprile Properties still has the listing. See the pictures here.
1619 S. Indiana: 3 bedrooms, 2.5 baths, 2000 square feet, 1 car garage
- Sold in January1997 for $271,500
- Sold in February 2000 for $400,000
- Sold in June 2006 for $550,000
- Lis pendens foreclosure filed in February 2010
- Originally listed in February 2011 for $489,900
- Was under contract in July 2011
- Fell out of contract
- Was listed in December 2011 as a “short sale” for $424,900
- Reduced in December 2011 to $399,008
- Went under contract
- Re-listed as a short sale for $399,008
- Assessments of $302 a month
- Taxes now $7226 (were $6925 in 2011)
- Central Air
- Bedroom #1: 14×13 (third floor)
- Bedroom #2: 14×10 (third floor)
- Bedroom #3: 10×10 (third floor)
- Family room: 17×22 (second floor)
The perfect hospice for elderly TV tables, boom boxes, halogen torchiere lamps and TVs.
This is a really good deal, I think, for someone who doesn’t mind dealing with a short sale. The decor is awfull (geriatric), but with some clutter-clearing and new paint, this could be a really nice place, especially at under 400,000 for three bedrooms all on the same floor. Taxes are not terrible either. Nor are the assessments. And the location is fabulous. Somebody should buy this!
I agree. The 3 bedrooms on one floor – only 3 floors total (not sure what’s on the first floor) – is a real plus. It’s also north of 18th, which is a more desirable school for buyers. If this wasn’t a short sale it would close in the low to mid 400s. It’s another example of the discount that short sales require to move them.
Oh….and given that it’s already been through the bank process you should be able to get approval fairly quickly.
“The perfect hospice for elderly TV tables, boom boxes, halogen torchiere lamps and TVs.”
Just a reminder: none of the furniture will be there when you move in. So what do you care what the decor looks like if you’re getting it under 2000 price?
Just go in and paint, have the floors redone and move in.
I know that 95% of buyers can’t see past the decor- but it’s amazing to me that even at a lower price point they will find ways to say “no” instead of seeing the possibilities.
I love this stretch of Indiana… The clutter in this house is extreme and the pictures make it look tiny. Some lucky buyer who can look past the clutter in the pictures will get a nice deal.
Isn’t $302 HOA high for a townhouse?
“Isn’t $302 HOA high for a townhouse?”
What exactly do you think an HOA should cover? I think it should cover expenses including a healthy insurance policy to protect the owners beyond their own home owners policy and a appropriate amount put into reserve to avoid being hit or offset a special assessment when some major repair (roof, tuckpointing, etc) inevitably comes up.
$300 is about average for a townhouse. The association probably takes care of landscaping and snow removal. They probably also have a private company collect the trash. There also might be a private park or some other such amenity… They likely also need common insurance of some sort… these things add up.
Even fee simple townhouses have HOA’s of like 75 bucks don’t they, for common insurance and maybe the once a decade paint job?
“Just a reminder: none of the furniture will be there when you move in. So what do you care what the decor looks like if you’re getting it under 2000 price?”
Got it. It was intended as a joke. I really wasn’t suggesting that the boombox and speakers on top of the toilet were included with the place. If it were, this place would sell WAY above ask!
As an aside, right or wrong, I view dated furnishings and hoarder-like tendencies as a sign that there will be deferred maintenance expenses. Same with short sales — if you are too poor to pay your mortgage, you probably aren’t spending much on taking care of the place.
“Even fee simple townhouses have HOA’s of like 75 bucks don’t they”
Some fee simple townhouses even have $302 assessments.
Has anybody messed around with the NYT Rent vs. Own Calculator recently?
Curious on your opinions for “Annual Home Price Change” and “Annual Rent Increase/Decrease” percentages that you feel are appropriate at this time for Chicago… it defaults to +2% for Home Price Change and +3% Annual Rent Increase for its fundamental calculations.
“Curious on your opinions for “Annual Home Price Change” and “Annual Rent Increase/Decrease” percentages that you feel are appropriate at this time for Chicago… it defaults to +2% for Home Price Change and +3% Annual Rent Increase for its fundamental calculations.”
I would probably use 0 – 1% for home price appreciation but I would use at least 3% for rent. In the last year rents supposedly went up by 9 – 10%. That shouldn’t persist because of new supply entering the market.
This has already been pulled off the market – anybody know why?
Is it going into foreclosure?
“This has already been pulled off the market – anybody know why?”
Call the agent and ask.