The Bank Now Owns This East Lakeview 2/2- Will It Go Back To The 1997 Price? 521 W. Surf
We last chattered about this East Lakeview vintage 2/2 at 521 W. Surf in December 2011.
See our prior chatter here.
Back then, it was listed just under $300,000, but a lis pendens foreclosure had been filed.
The listing was withdrawn without a sale and the bank took possession in April 2012.
The property recently came back on the market reduced another $30,000 from the 2011 price.
It has all the features buyers look for (and which are rare in vintage units, especially in East Lakeview), including central air, washer/dryer in the unit and not just one but two parking spots (it is an outdoor tandem spot.)
The building was built in 1906 and has 26 units.
The top floor unit still has some of its vintage features including built-ins, a wood burning fireplace, a beamed dining room ceiling and a pier mirror in the foyer.
The kitchen is eat-in and measures 10×17. It has white cabinets and appliances.
The listing says this property has a mandatory waiting period put in place so that owner occupiers can buy the property before investors.
It is listed just $16,400 above the 1997 price.
Will it go as low as $250,000?
And is that a deal for the neighborhood with 2-car tandem parking/laundry and central air?
Linda O’Donnell at Re/Max Signature now has the listing. See the current listing pictures here.
You can see the old listing pictures, which are more plentiful and include furniture, here.
Unit #3: 2 bedrooms, 2 baths, dining room, no square footage listed but previously it was 1700 square feet
- Sold in January 1993 for $174,000
- Sold in December 1994 for $225,000
- Sold in September 1997 for $253,500
- Sold in July 2001 for $375,000
- Originally listed in April 2011 for $395,000
- Reducedseveral times
- Lis pendens foreclosure filed in September 2011
- Was listed in December 2011 at $299,000 (included the parking)
- Withdrawn
- Bank owned in April 2012
- Re-listed in September 2012 for $269,900 (includes 2 car tandem parking)
- Assessments now $486 a month (they were $477 a month in 2011) (includes heat, cable)
- Taxes now $4444 (they were $4982 in December 2011)
- Central Air
- Washer/Dryer in the unit
- Bedroom #1: 14×14
- Bedroom #2: 13×12
- Dining room: 13×16
- Kitchen: 10×17
I could see this selling for close to full price. Needs some updating but there is a lot of room with central air and in-unit laundry, and parking is included. I’ll say $257,500.
Seems like a good deal… It’s surprising that after 10 years of ownership, this ended up in foreclosure. I wonder what happened.
Looks like a good deal to me if everything is in liveable shape and nothing bad hiding behind those walls
Seems like a reasonable price – def needs some updating… the floor plan is kinda funky though – a ton of space is dedicated to the dining room – which is not very ideal, IMO; especially with a north-south layout like this place has. Will this go above the asking price?
“It’s surprising that after 10 years of ownership, this ended up in foreclosure. I wonder what happened.”
Seems that they moved into the (new as of shortly have the f/c was filed) Mrs’ place on Armitage.
LOL at the description of this unit as a “penthouse.” The listing agent needs to go back to real estate school. Do they really think people won’t see through that bull?
“LOL at the description of this unit as a “penthouse.”
I get that it’s not on the top floor of a luxury high rise, but how else should a broker convey the fact that a unit is on the top floor (and thus not subject to overhead noise, it’s elevated higher than lower floors above car/pedestrian noise, etc.)? For lack of a better term, PH seems to work. It’s no more euphemistic than calling *all* old places “vintage.”
“top floor” is less letters than “penthouse” so don’t give me that crap
but that might you know, be more honest which isn’t the realtard’s M.O,
“but how else should a broker convey the fact that a unit is on the top floor (and thus not subject to overhead noise, it’s elevated higher than lower floors above car/pedestrian noise, etc.)?
anonny (September 24, 2012, 1:46 pm)”
Um, by saying it’s TOP FLOOR?
Technically, “top floor” would be less letters (or lesser, if you will) than “PENTHOUSE.”
Am I missing something about this unit? I would think a jumbo 2bd in Lakeview would sell before becoming a REO
fonzi lived in the penthouse on top of the cunninghams garage.
“Technically, “top floor” would be less letters … than “PENTHOUSE.””
The spaces count as characters, no? so same number of characters, but now TWO words to misspell.
spaces aren’t letters mr. nick picker
“spaces aren’t letters mr. nick picker”
tell that to twitter or my cell provider
“tell that to twitter or my cell provider”
Or, I’d guess, the input field for the mls thingy.
“now TWO words to misspell”
Is misspelling more likely w a three letter word plus five letter word, or w a nine letter word?
“The spaces count as characters, no?”
Gee whiz. I figured if anyone would detect the less vs. fewer snark it would have been you.
“Gee whiz. I figured if anyone would detect the less vs. fewer snark it would have been you.”
You had the most concise and redactable post to jump off from.
“Is misspelling more likely w a three letter word plus five letter word, or w a nine letter word?”
Based on an unscientific review of MLS listings, I beleive that every space increases the odds of a misspelling by a non-trivial factor.
Inventory must really suck right now, cc has nothing interesting anymore.
Assessments hurt, but I have learned the value of “heat included”. I have to agree w/Lauren that there must be something fishy or truly incompetent here-this never should have made it to REO status. I’m going to guess with the current listing price there will be a multiple offer situation by the end of the preview period, and this will sell close to list.
the Redfin listing shows that parking is NOT included
All complaints about wording aside, this is a lovely condo, and it looks like a good deal to me, especially if CC is correct about 2-car parking included. Great location as well.
“the Redfin listing shows that parking is NOT included”
No. Redfin says two car parking included and then also says no parking included. It also says no central air (which it DOES have.) The old listings all have 2-car parking included (it is a long tandem space behind the building.)
It has the parking.
“Inventory must really suck right now, cc has nothing interesting anymore.”
Um…yeah. Have you looked around at what is out there?
Urban Turf finally threw in the towel (at least in Chicago- it’s website is still operating in DC.) Nothing to write about out there. Why keep posting on boring properties? It will probably be like this for the next 5 years.
The row house is a good post Sabrina!