This “Fantastic Buy” Will Bring You “Joy And Happiness”: 1350 W. Fullerton in Lincoln Park
This 2-bedroom in the Altgeld Club at 1350 W. Fullerton in Lincoln Park came on the market in November 2012.
It is bank owned.
The listing says:
“This is a fantastic buy that will bring you joy and happiness. This delightful 2br-2bth 12′ ceilings will allow you to host the best parties.”
The building also apparently has a “working HOA.”
From the pictures, it appears the kitchen is intact (except that the refrigerator is missing) and that at least one of the bathrooms is intact.
It is a Fannie Mae Homepath property so you can buy it with just 3% down.
The unit has central air and garage parking. It doesn’t say anything about a washer/dryer in the unit but this building does have hook-ups in the units.
It has been reduced $24,500 since November and is now listed at the 2002 purchase price.
Is this a deal for a little bit of joy and happiness?
Nicholas Hansen at REO Plus LLC has the listing. See the pictures here.
Unit #403: 2 bedrooms, 2 baths, no square footage listed
- Sold in June 1998 for $241,000
- Sold in February 2002 for $344,000
- Lis pendens foreclosure filed in November 2009
- Bank owned in April 2012
- Originally listed in November 2012 for $369,900
- Reduced
- Currently listed at $344,500 (parking included)
- Assessments of $385 a month
- Taxes of $4915
- Central Air
- Washer/Dryer hook-ups in the unit
- Bedroom #1: 14×14
- Bedroom #2: 10×9
From the looks of it, this place has already had a few too many parties…
Has anyone had experience using the Homepath financing that this and a number of other properties qualify for?
It’s a total piece of crap.
This one might be decent as a rental property. I’d plan to do $20k for repairs and rehab and start with an offer around $260k and work up from there. Not terrible condition but close to it. Comps suggest maybe above $300k is doable but properties like this are not that unique and this one is not that nice and clearly needs some updating. Might also be attractive to a bargain shopper without much money. Location and building look goodish but not great.
I wish I was the 1998 seller.
I would love to see the mortgage history on this unit. How such long terms owners ended up in foreclosure is likely another testament to the broken mortgage system.
Man, the clean plate club is more exclusive than the Altgeld Club judging from this listing!
Characterizing a HOA as “working,” esp when there’s financial distress in a building, doesn’t give me a warm and fuzzy feeling. As the saying goes, buyer beware (assuming there’s a buyer out there).
I know this building – and having seen a lot of real estate in this city I’m going to say it’s the most underappreciated building in Lincoln Park. Nice 10ft ceilings, wide parking spaces in the heated garage, great location. On a per foot basis I challenge anyone to show me a better value in LP.
Footage of this unit is roughly 1300 I believe.
I think this sells for $325,000.
Any prospective buyer should check the heat pump in the unit – if it’s the original one I think it may be getting near the end of its life-cycle and that would be approx $10,000 to replace I think.
Building does have a small special assessment that was just implemented – 2nd special in 3 or 4 years. I think roughly $1700 to a unit this size.
and I’m not sure where someone got the impression that there’s ‘financial distress’ in the building. Out of 60 units I’m pretty sure this is the only one ever to be foreclosed on.