The Price Keeps Falling On This 3-Bedroom Fannie Mae Owned Townhouse In West Town: 642 N. Armour
We last chattered about this 3-bedroom townhouse at 642 N. Armour in West Town in August 2012.
See our prior chatter here.
It was then listed for $10,000 more than the 2003 purchase price but most of you thought that list price was nuts- considering what the property looked like in the pictures.
Since then, the townhouse has been reduced several times and is now listed $55,100 under the 2003 price.
If you recall, it is a Fannie Mae Homepath property and can be purchased for just 3% down.
It has 2 bedrooms on the second floor and a 3rd bedroom on the top floor.
The kitchen looks intact with white cabinets but the appliances are missing.
It also appears from the listing pictures that the bathrooms are intact.
There are hardwood floors in the living room.
The listing says there’s no central air. But there is an attached 1-car garage.
Some of you thought it would sell in the $200,000s last time.
Is it getting close to a realistic selling price now that it’s at $309,900?
Ayoub Rabah at Great Street Properties still has the listing. See the pictures here.
642 W. Armour: 3 bedrooms, 2.5 baths, listing says 1120 square feet, one attached garage
- Sold in May 1996 for $198,000
- Sold in September 2003 for $365,000
- Lis pendens foreclosure filed in June 2011
- Fannie Mae Homepath property
- Was listed in August 2012 for $374,900
- Reduced several times
- Currently listed at $309,900
- Taxes of $4488
- No central air (?)
- Bedroom #1: 17×13 (second floor)
- Bedroom #2: 14×12 (second floor)
- Bedroom #3: 14×10 (third floor)
What a POS
Small dark box that needs significant repairs before it can be even livable and a lackluster location.
Fannie let that price tumble.
You’re insane asking $277 a square foot for something in this condition in this area. Absolutely insane. This is maybe worth $200 a square foot.
Not a chance. I’d be surprised to see it go over $200k.
Probably should have either flushed the toilet or put the lid down before taking picture #9… either way, this place needs a serious scrubbing and updating, but is it really worth it? Tiny, narrow, shallow, no yard, hideous… maybe at $240K with a 203k loan?
Aside from this being hideous inside and out, I don’t understand the attraction of the location. Maybe I’m just getting old…
Dan#2 – I know what you mean about the location. Transportation isn’t ideal because it’s a hike to the Blue Line and we all know that buses can be slow. My brother and his partner lived a block away for fifteen years. They knew many of their neighbors; those that just moved in and those that have lived there for a couple of generations.It has changed quite a bit over time but it still has its share of gangbangers, graffitti, but it is a mix of not so well-off, yuppies and some richies too. Chicago Ave has some good restaurants these days and this area is close to downtown and is a quick ride not on CTA to O’Hare or Midway in off-peak hours.
This place though is a total dump. Subsidized housing is built with better exterior brick than this townhouse complex.
Tiny! 3 bedrooms in 1120 square feet? That’s barely enough for a decent 1 BR apartment.
Given the condition and location, they’ll be lucky to get $200/sq ft. = $224,000.
That kitchen is awful.Just foul. I wouldn’t expect to see cabinetry that cheap in anything but a cut-rate rental.