This 3-Bedroom Greystone Condo Is 70% Off The 2007 Price: 3967 S. Drexel in Oakland
This top floor 3-bedroom at 3967 S. Drexel in the Oakland neighborhood (which is just north of Kenwood) recently came on the market.
It is bank owned.
The building was converted into condos in 2007.
It has hardwood floors but that’s about all we know because there are no pictures of the kitchen or baths.
Parking is available on an unpaved lot.
It has central air but the listing doesn’t mention a washer/dryer (or hook-ups.)
There is no FHA approval.
The unit is listed 70% under the 2007 purchase price.
Is this a steal?
Rosario Terracciano at Resurrecting Real Estate has the listing. See the pictures here.
Unit #4: 3 bedrooms, 2 baths, 2272 square feet, 1 car parking on unpaved lot
- Sold in March 2007 for $423,000
- Lis pendens foreclosure filed in March 2011
- Bank owned in May 2012
- Currently listed at $124,900
- Assessments of $175 a month
- Taxes of $1662
- Central Air
- Washer/Dryer???
- Bedroom #1: 16×13
- Bedroom #2: 13×10
- Bedroom #3: 13×9
Ah, the 2007 hubris that this area was soon going to become either South Bronzeville or North Hyde Park….
I wouldn’t call this South Bronzeville at all but pretty solidly Bronzeville.
My guess from most foreclosures in the area with few pictures is that this unit will need a fair amount of work. Either way, it is units like this that are killing the value of my place a few blocks away. We have an extra bath and paved parking but no elevator as the old listing suggests this place has so it may be about a wash.
If we wanted to sell though, how could we compete with a foreclosure this cheap a few blocks away? I know if we sold we’d have to bring money to the table, but this is listed even well more than 50% off what we paid. It makes life very difficult.
“I wouldn’t call this South Bronzeville at all but pretty solidly Bronzeville.”
Apologies — you’re correct. And sorry for what this apparently indicates about Bronzeville valuations in general.
“And sorry for what this apparently indicates about Bronzeville valuations in general.”
Yeah….it sucks!
Although it really depends on how much needs to be put into this place. If it is move-in ready (which I highly doubt) my valuation is REALLY shot. If you have to put in $50k, which isn’t that hard to add up to if the kitchen is missing or something, then it isn’t AS bad a situation.
Yeah, really hard to evaluate from the photos, especially with none of the kitchen or baths. Moreover, the fact that the realtor only put up 8 pictures and that 5 of those 8 are of the outside do not give me warm fuzzy feelings about the interior. I’d assume the inside needs some significant work until shown otherwise.
Looking at the sold comps nearby, they vary quite a bit from over $200k to below $100k, but the high end is new units with high-end finishes. This unit likely is toward the lower end, and so not a steal in my opinion.
Finally, I’ll admit I was one of those people who back in 2005 thought this area would be fully gentrified by 2015. Obviously, the recession shattered that time line, but I’m stil confident that this area will look like the South Loop, or even LP/LV, within … well, sometime within our lifetimes (if you’re under 45).
Nobody I know ever thought it would be North Hyde Park. It was always N. Kenwood/Oakland and it was well on its way to gentrification and is now much more diverse that it was in 2005. It’s still one of the best plays in Chicago. 15 Mins to downtown. 1 min to the Lake, relatively low crime, between Hyde Park and Loop. And now we have the 31st street Harbor and Whole Foods coming. Plus, I’m about to rent a 2/2 for $1600/mo. Now what would the mortgage payment on $120K be?
Whole foods coming near here? Are you talking Hyde Park? That is just as far as the South Loop one I already go to.
More pertinent to this unit will be the new Walmart at 47th/Cottage Grove along with other stores, the rehab of Lake Meadows mall (if it ever happens) and the proposed supermarket/shopping at Pershing/State (if that ever happens too…)
@ benjamon9 — Yes, there’s a Whole Foods coming into the old (rodent-infested) Village Foods space in HP. Maybe next year? I haven’t tracked the timeline that closely. I still miss Calypso Cafe, though…
Yeah, I know that…but I don’t think of HP any closer than the SL.
The Hyde Park Whole Foods would certainly be more convenient when you take into account traffic.
Just pop onto LSD via Oakwood and navigate through near zero traffic to the 51st. St. exit and you are there. Roosevelt can get pretty backed up and also LSD near Soldier Field.
The pictures are terrible and don’t show the kitchen / bathrooms. Makes you think something is seriously wrong. Though it could just be how lazy some real estate agents seem to be about photos. Maybe more excusable in a low priced listing but it seems pretty prevalent. I don’t know much about this area. It seems pretty isolated from public transport. What’s the crime rate like?
” What’s the crime rate like?”
Moderate crime in immediate area but increasing crime in surrounding areas especially at hangout areas including the 43rd street EL and westward, 43rd at Cottage Grove and beyond in all directions except north. Much worse at night.