The Quick Flip (of the lot?) in North Center: 2014 W. Addison
Thanks to anon(tfo) who pointed out that the 2-flat at 2014 W. Addison in North Center that we last chattered about in September 2010 when it was a short sale, finally sold and has come back on the market as a flip.
See our 2010 chatter here.
The listing now says it’s “not a short sale or a foreclosure” although it’s being sold “as-is.”
The listing says the property needs a major rehab. It also did for the prior sale.
It says the zoning is RT-3.5 and that it’s in a hot, hot location.
The 2-flat has the following units:
- Unit #1: 2 bedrooms, 1 bath
- Unit #2: 3 bedrooms, 1 bath
No renters are on the property as it was in distress for several years previously.
It’s on a standard 25×125 lot.
Originally listed for $431,000 on June 17, it quickly was reduced to $399,999.
Will this flipper be successful?
Jennifer Sahinoglu at Falcon Living LLC has the listing. See the listing here.
2014 W. Addison: 5 bedrooms, 2 baths, 2 car garage, 2-flat
- Sold in August 1990 for $143,000
- Sold in September 2005 for $485,000
- Originally listed in June 2010 for $399,000
- Lis pendens filed in July 2010
- Numerous reductions
- Was listed in September 2010 as a “short sale” for $279,999
- Finally sold in April 2012 for $200,000 (according to Redfin)
- Originally listed in June 2012 for $431,000
- Reduced
- Currently listed for $399,999
- Taxes now $8062 (were $6861 in 2010)
- No central air
- Zoning RT-3.5
No. The sellers are disillusioned if they think they can sell it for a profit.
If it was re-habbed, probably.
And, it is on Addison, which is a negative.
Cue Jenny saying no one should ever make money in real estate so the price needs to be cut in half…
Ridiculous! I personally don’t have anything against flippers who at least do work on a property then resell for a modest profit(I wish I had the $ to do that), but this is obscene!
Um, the price does need to be cut in half, as the previous transation price suggests. I remember peeking into the window on this about 2 years ago. I was a vacant mess with a horrific floorplan. 100% tear down, no questions. It’s on Addison and not in Bell district, as I recall. $400k. LOL.
Everyone deserves to make a decent buck on a quick flip.
what’s the lot worth and can someone tear it down and put some huge honkin triple mccondo up in the space? seems to make no sense as a rehab, not on Addison…
If the bank couldn’t sell it at $279k, who the hell would suddenly pay $400k? This is the type of flipper I hate…no work put in and just expects to make a profit? I would also hate to live directly on Addison. There must have been a reason the bank couldn’t get more than $200k.
Although not on a busy street this is probably the closest comp, indicating the list should be around $350k-$375k.
http://www.redfin.com/IL/Chicago/3733-N-Hermitage-Ave-60613/home/13388416
You never know what an investor has into a property simply based on previous closing. There are a million ways fees, taxes, leins, carrying costs can add to what look like a steal.
No way the hermitage property is a comp. Living on Addison is not desirable. It should be cheaper. Traffic is backed up all hours of the day and night during the summer months and it’s just awful when it rains or snows. It can sometimes take 15 minutes to traverse addison from Damen to Western. I used to live around the corner from this house; the area is a congestion nightmare.
This looks small even for a single family. From the outside, I’d never believe it’s a two-flat.
The 2005 buyers (there were 2 loanowners) got 100% financing (80/20) for the $458,000 purchase, then refied in 2/07 for $541,000.
It seems odd that the April REO buyer also appears to have bought another REO in February with one of the foreclosed former loanowers of this property.
If anyone is interested, Redfin has the wrong PIN listed for this property. It is 14-19-131-040.
That should say “for the $485,000 purchase”
This looks like the kind of home that’s now available in all sorts of small Midwestern towns for under $50,000.
I know – location, location. But this location sucks. I’d rather be in Danville where I could get the same house for 10% of the price.
Well – maybe not Danville.
“No way the hermitage property is a comp”
Show me something closer… please.
“It should be cheaper”
Of course it should, that is why I say the Addison property should be listed at or below what the Hermitage property closed at.
“Show me something closer… please.”
This:
http://www.redfin.com/IL/Chicago/3824-N-Damen-Ave-60618/home/13389347
Sold for $383k. Also frame, also in really bad shape, also on a “main” street.
Has an extra legal unit, is in Bell, each of which should add to price.
If you were looking at the two as your only comparison, and could buy the Damen one for the $383 price, how do you justify this one over $300?
no way chibuilder, no way no way!
Looks like I could put you into a 3-BR home in Danville for $11,500. Probably a quieter street than Addison, too.
http://www.realtor.com/realestateandhomes-detail/1313-Parkview-Dr_Danville_IL_61832_M82150-90727
Not sure why my last one ran twice. Sorry.
Dan#2 = Danville
Now that is money. Dan, would you tell people that the town was named for you or that you were named after the town?
This place can sell north of $300. Can’t you people read? It says that the market is HOT HOT. It also allows a building that can be up to 35 feet high at the peak of the roof. With a flat roof that means easily 3 floors. It sure would be out of place for this location when looking at the street photo.
“It sure would be out of place for this location when looking at the street photo.”
Might be the tallest building on that side of the street, but would be no taller than 5 of the 9 buildings (and def shorter than 4 of those 5) on the south side of Addison b/t Damen and Seeley.
“Not sure why my last one ran twice. Sorry.”
at least we can watch to see which wins the thumbs down race. i choose the second
would not have guessed your apology takes the early lead.
You’re funny, CH. Keep giving me thumbs down. I can take it!
The town was named after me, by the way.
just to be clear, I am not thumbing you down. just commenting that anything that might be construed as positive regarding property outside city limits generally attracts the boo birds.
“Looks like I could put you into a 3-BR home in Danville for $11,500. Probably a quieter street than Addison, too.”
Why would you put me in that dump when this is available for under $200/mo:
http://www.realtor.com/realestateandhomes-detail/1204-N-Franklin-St_Danville_IL_61832_M75498-39054
Very tempting, anon. I love the bathtub. And the modern kitchen.
“Very tempting, anon.”
Don’t think the Danville schools are up to your standards, Dan.
Probably not. Then again, it would be a great cultural experience for my kids to learn how to speak with that downstate drawl and hang out outside the A&P on Friday nights.
here is another quick flip around the corner from this place, already under contract:
http://www.redfin.com/IL/Chicago/3632-N-Hamilton-Ave-60618/home/13388890
Appears they will make at least $100K or so for holding the property for a year…..The market is hot in that area but being on Addison is a tough sell especially for folks looking to do a single family.
Nope, neighborhood is on the downswing along with the Cubs. Fans won’t be interested in paying bigbux for this locationlocationlocation until Theo and company bring in a winner.
“Nope, neighborhood is on the downswing along with the Cubs. Fans won’t be interested in paying bigbux for this locationlocationlocation until Theo and company bring in a winner.”
But won’t it appeal to someone who wants to send their kids to Lane Tech? [/sarcasm]
“It seems odd that the April REO buyer also appears to have bought another REO in February with one of the foreclosed former loanowers of this property.”
G: Thanks for trying to figure out the public record on this one. I couldn’t decipher it myself.
I’ve been all over this great state of Illinois, but Danville is like someplace out of the Twilight Zone.
I’ve never had the pleasure of visiting Danville. What makes it so Twighlight Zone compared to other loser burgs like Galesburg, Decatur, Peoria, Carbondale, Kankakee, etc.?