This Roscoe Village 3/3 Duplex Down Is Listed $10,000 Under The 2003 Price: 3320 N. Damen
This 3-bedroom duplex down at 3320 N. Damen in the Roscoe Village neighborhood of North Center has been on the market since April 2012.
It is a short sale. The listing says “close in 60 to 90 days.”
The unit has all the features of newer construction including central air, garage parking and in-unit washer/dryer.
It has crown molding and 2 fireplaces.
Two of the three bedrooms are on the main floor with the third in the lower level along with a family room.
Originally listed for $424,900, it has been lowered to $389,900.
That is $10,100 under the 2003 purchase price.
Is this a deal for the location which is nearly in the heart of Roscoe Village?
How many units are there like this all over the GreenZone that have to go into short sale before this housing bust is over?
Richard Richker at Exit Strategy has the listing. See the pictures here.
Unit #1: 3 bedrooms, 3 baths, no square footage listed, duplex down, garage parking
- Sold in February 2003 for $400,000
- Sold in February 2006 for $488,000
- Originally listed in April 2012 for $424,900
- Reduced
- Currently listed as a “short sale” at $389,900
- Assessments of $175 a month
- Taxes of $7384
- Central Air
- Bedroom #1: 17×11 (main level)
- Bedroom #2: 12×10 (main level)
- Bedroom #3: 11×10 (lower level)
- Family room: 22×17 (lower level)
Yeah except I bet that split brick isn’t holding up as well as it was in 2003. Split. Brick. McShitBox.
The listing says “close in 60 to 90 days.”
What is the average closing time these days? What is the fastest? It took me a month to close from offer to closing in 2003 and i’m wondering how different things are today.
“What is the average closing time these days?”
This is a short sale, so I’m not sure “average” is an appropriate comparison. Putting in “close in 60 to 90 days” is common approach, but rarely true. Sounds like the short sale isn’t even approved yet, so it could easily be 6 months instead of 60 to 90 days. For a bank owned, or a traditional sale, you can still close in 30 days.
built before neighborhoods realized that some building height restrictions might be a good idea to include in zoning regs. That below grade “patio” is just depressing as hell.
I’m involved in a short sale buy and it’s 5.5 months strong. We hope to get it closed by the end of this month. I would expect that kind of time to close, if not longer, on a short sale. Unless it’s been approved for the sale price and the buyer puts in an offer for that price, it will not close in 30-60 days. BofA didn’t even look at our file for 5 months.
Should also say that we’re dealing with 2 lenders. If this has one lender, then maybe 90 days would get it closed.
Such an ugly building and nothing spectacular inside either. I agree that the patio is utterly depressing as well. I’m not surprised this is below $400k.
This is only the beginning of the collapse in prices for the green zone. It’s been a long time coming too.
“This is only the beginning of the collapse in prices for the green zone. It’s been a long time coming too.”
There are several other newer construction condos for sale on this very block of Damen right now. And then multiply that by nearly every street all over the GreenZone. And they’re nearly ALL underwater.
This is why I believe it’s going to be many, many years before there is a “recovery” in prices in the GZ (especially in condos.)
“Unless it’s been approved for the sale price and the buyer puts in an offer for that price, it will not close in 30-60 days. BofA didn’t even look at our file for 5 months.”
Thanks for the info lizla. That’s why I put that 60-90 days in the post (which is from the listing) because I’m hearing stories of MUCH longer waiting periods.
“What is the average closing time these days? What is the fastest?”
I recently saw one all-cash deal close within a week.
A below-grade patio on Damen? Count me in!
The photos don’t help, either. Every room looks crowded, like they can barely fit everything in. Especially the exercise bike.
Regular purchase transactions usually take about 45 days from contract to close, although 30 days is doable if everyone has their stuff together. Short sales are rarely less than five months in my experience. Even the supposedly already approved short sales seem to take 90-120 days to close.
Wow. This is jaw droppingly hideous. Even the building next door is far nicer. The outdoor space looks very creepy too.
If I am not mistaken, I don’t think developers can build below grade patios in the front anymore.
I feel (kind of) sorry for this family. They paid nearly $500,000 for this dump back at the peak of the market, which was a huge mistake, and now they’ve had at least one kid, and the place is far too small. They need to find a home in the burbs (probably), but will be losing their shirts when they sell, so scrounging up anything for a downpayment could be a challenge unless they have another source of money. Probably a lot of sad stories like this right now.
“If I am not mistaken, I don’t think developers can build below grade patios in the front anymore.”
Interesting if true. I would be curious to know where you heard this.
“and now they’ve had at least one kid, and the place is far too small”
this place is NOT too small for a one kid family. or even a two kid family. i swear sometimes people expectations are so out of whack that it makes me sad for the future of mankind.
“so scrounging up anything for a downpayment could be a challenge unless they have another source of money. Probably a lot of sad stories like this right now.”
have a two separate friends who couldnt get out of their current place, got approved for a second place, only with a renter in place for the 1 place. then after about 6 months stopped paying and will let the first place go into foreclosure. now i dont know what the current law is or if banks will try to go after the second house or how it works. Bot of their thought process was to make the second home be the last/final home as they knew the foreclosure would tank the credit. both moved to the exburbs to get the biggest house they could.
“There are several other newer construction condos for sale on this very block of Damen right now. And then multiply that by nearly every street all over the GreenZone. And they’re nearly ALL underwater.”
Damen from Diversey to Grace might be the worst, tho. It was mostly frame cottages 15 years ago (mainly not as nice as the “noisy white trash” house), which made for relatively cheap tear downs.
Completely agree. It’s all ugly three-flat condos now, depressing as hell. I lived in NC from 2000 to 2007 and even at the height of the market it was obvious buying one of these was a truly terrible idea. 30 years from now that stretch of the street is going to look like a slum.
“Damen from Diversey to Grace might be the worst, tho. It was mostly frame cottages 15 years ago (mainly not as nice as the “noisy white trash” house), which made for relatively cheap tear downs.”
What is the “green zone” ? What are the boundary lines for this “zone”?
To add at least one positive aspect in here: The realtor’s name “Exit Strategy” gives him some cred in that he knows how to handle a short sale.
Chibuilder, an agent or developer had mentioned it to me once. I can’t vouch for the accuracy, but I have noticed that you don’t see them anymore except on the older buildings now.
OK – point taken. Maybe it’s not too small in reality, but the family feels like it’s too small because they’re planning to have another kid, perhaps. Or because it’s a dark place, which makes it feel smaller. Or because some of the rooms are rather tight.
“this place is NOT too small for a one kid family. or even a two kid family. i swear sometimes people expectations are so out of whack that it makes me sad for the future of mankind.”
I agree with Groove in theory, though I know in practice having a backyard that the kids can run off energy in is very desirable. Many of my condo neighbors are on their second kid and some have boy-girl combinations which will eventually make sharing a bedroom problematic, though that shouldn’t be a issue as long as #Bedrooms > (#Children)/2 + Parents
Below grade patios make excellent impromptu urinals for drunken Cubs fans after night games.
Groove77, your friends are why you have to qualify to carry both mortgages now if the original property isn’t sold. You can’t count rental leases as income unless you are putting down at least 30% on the new place and can show the old place has at least 30% equity. Buy and bail fraud. Although I don’t know how much of it actually gets prosecuted. More focus is on preventing it.
“. then after about 6 months stopped paying and will let the first place go into foreclosure. ”
Groove, your friends are jerks and they should go to prison for fraud.
“They paid nearly $500,000 for this dump back at the peak of the market, which was a huge mistake, and now they’ve had at least one kid, and the place is far too small. They need to find a home in the burbs (probably), but will be losing their shirts when they sell, so scrounging up anything for a downpayment could be a challenge unless they have another source of money. Probably a lot of sad stories like this right now.”
If they had put 20% down to begin with, they wouldn’t be doing a short sale now. I don’t feel sorry for greedy people who are too lazy to save up money and think they deserve all the finest things in life without working for it. A 3/3 is big enough for kids and unless a job loss/death was involved, they should stay put or suck it up and take the loss without expecting the bank to let them out of the difference between whatever they sell for and what they owe.
I used to live on this stretch of Damen during law school. Woke up one morning and the neighbor told me that frame cottages on either side of me were being sold (and subsequently torn down) for split faced three flats. I said wow – It’s time to get the heck out of dodge! That block is awful. I see it all turning into low income tenement housing sometime during the middle of the next decade.
I manage a portfolio of distressed (residential and commercial) loans for a smaller (relative to BOA, etc) bank. When all goes well, and if there isn’t a 2nd lien holder, I don’t need more than 30-45 days on our end for a short sale (offer to closing). Of course, sometimes things drag on and on, but the key to a quick short sale is make sure you (or your attorney or even realtor) has the attention of someone at the bank. Be persistent, without pissing off the banker, and you can really manage the process efficiently.
How many places did you live at during your law school years?
“I used to live on this stretch of Damen during law school.”
Why is this place any more awful than other “newer” construction units that have been featured here? I mean, I hate it; but I hate most of the ugly, overpriced, red-brick-front, split-faced-cement-block-back-and-sides, kitchen-in-the-middle-of-the-combo-living-dining-room monstrosities that have been posted in the past.
Reactions to this one have been uniformly negative, though (and not just because of the location). I don’t get it.
Re: below grade patios – new zoning standards in 2004 outlawed them: http://articles.chicagotribune.com/2002-06-04/news/0206040161_1_zoning-code-buildings-neighborhoods
“Groove77, your friends are why you have to qualify to carry both mortgages now if the original property isn’t sold. You can’t count rental leases as income unless you are putting down at least 30% on the new place and can show the old place has at least 30% equity. Buy and bail fraud. Although I don’t know how much of it actually gets prosecuted. More focus is on preventing it.”
yeah i dont know how it works, it seems harder to do it now than when the other two friends did it
another friend who is cant sell his current place cuz they are scary underwater, they had to jump through hoops for the second approval. needed to have a lease signed for the agreed renter and a nice chunk down. he has to come out of pocket $200 a month for the rental but NEED’S to get out of his place as four kids in a 2 bedroom is cramping his style.
guy makes good money and can carry both mortgages, he is not planning to “give back the keys” but thinking of carrying the place till kids go to college and give it to them.
he just got caught in a real bad situation, bought at the height of the bubble, got bad financial advice, was not smart enough to go against bad financial advice, did I/O for three (or four) years, two sets of twins within 1 year of each other.
one of my kids play date friend parents bought a second home about 7 months ago, their process didnt even seem as crazy as this one. Russ is this a new tightening of the belt for banker to protect themselves?
“Groove, your friends are jerks and they should go to prison for fraud.”
yes send my friends to prison, and we pick up the tab for that. and lets let financial institution continue to run free and we will pick up the tab for that too. also let our elected officials continue to make laws that let the financial institutions run free, and we will pick up the tab for the elected official passing the burden on to us too.
not saying what they are doing isnt wrong, just saying apply the same for everyone and harsher for the top of the pyramid.
“If they had put 20% down to begin with, they wouldn’t be doing a short sale now. ”
Too lazy to look up the CCRD info. However, it looks to me like the April 2012 price was meant to cover transaction costs and the current short sale price reflects 80% of the 2006 purchase price. In other words, over six years they’ve managed to pay down their mortgage 20% (including whatever DP they did provide).
Assume they had put 20% down, how much more would they be paid down six years later? Remember Jenny, in the early part of your mortgage payments, the majority goes toward interest and very little toward principal.
In all likelihood they would still end up short selling or bringing money to the table, just by a slightly smaller amount.
At least four during three years of law school. Those 7 years of undergrad and 3 of years of law school we pretty transient. 😉
“Icarus (June 13, 2012, 10:24 am)
How many places did you live at during your law school years?
“I used to live on this stretch of Damen during law school.””
I found a new anecdote for the GZ so we don’t have to bicker over boundaries: basically any hood that hosts a streetfest in the summer. And not those tiny church ones that are in a parking lot.
“I found a new anecdote for the GZ so we don’t have to bicker over boundaries: basically any hood that hosts a streetfest in the summer. And not those tiny church ones that are in a parking lot.”
Great. That means Jefferson Park and Portage Park are now part of the GZ since they have Jeff Fest and Six Corners BBQ fests.
I think this Mary Schmich Column touches on it
http://www.chicagotribune.com/news/columnists/ct-met-schmich-0613-20120613,0,5913067.column
Assuming 20% down and mortgage payments over 6 years at 5% interest, the remaining amount on the mortgage should be $343,337. Would transactional costs at sale really be over $40k?
“Too lazy to look up the CCRD info. ”
Everyone will love this: 100% at closing, as an 80/20, refi’d in Jan-07 for ~$517k as a single loan.
That stretch of Damen’s future is really up in the air. No one has mentioned the Lathrop Homes which touch it at the intersection of Damen/Diversey. It’s currently slated for a full redevelopment with mixed income and mixed use.
Not saying that’s what will happen or that it’s even what should happen. But that will definitely have an impact on Damen in the coming decade.
Erect a 700 foot high wall along Western Ave.
“Icarus (June 13, 2012, 11:10 am)
I think this Mary Schmich Column touches on it
http://www.chicagotribune.com/news/columnists/ct-met-schmich-0613-20120613,0,5913067.column“
Ted Matlak’s handiwork. I remember calling his office to complain about the height code violations, and the staffer told me Buildings Dept “didn’t have time to check” – I mean WTF, how long does that take? 5 minutes? It’s basic physics!
I lived in a coach house behind Damen and watched many of these awful buildings go up. Yeah, the existing places were dumpy – but you put 10 twnety-somethings in a 125 x 25 lot, they all have cars, and it’s just a mess. Not to mention these buildings didn’t even have room for their garbage cans, so they stuck out in the alley & would routinely be smacked around by traffic.
I loved the lady who owned the “noisy white trash” house. You’d understand her frustration if you realized the condo-building jerk next to her sloped his paved-over back “yard” towards her lot. Stay classy.
I’m telling youse people, Logan Squasre just totally pwned you all on the GZ concept.
Look, the map shows an actual green zone!
http://logansquareh2o.org/?page_id=152
“Re: below grade patios – new zoning standards in 2004 outlawed them: …articles.chicagotribune.com/2002-06-04/news/0206040161_1_zoning-code-buildings-neighborhoods”
Thanks for the info… I think. That article is from 2002 and only says the change was under recommendation.
This 32nd ward doc from 2007 outlines recommendations and what is encouraged/discouraged including this nice little snippet everyone here will like:
“Split-face block, cinder block and Dryvit on exterior surfaces, and patio pits, are specifically discouraged.”
http://www.cityofchicago.org/dam/city/about/wards/32/ZoningandDevelopmentGuidelines_1.pdf
“I think this Mary Schmich Column touches on it.”
Muggings in the green zone get more coverage than homicides in the red zone.
People from the red zone cause the crimes in the green zone. Maybe it’s sad, but I care much more about a guy who got mugged a block from my office than a gang member killed in a neighborhood I will never visit or want to visit.
it is sad
I agree that pit patios are a bad idea and that new ones shouldn’t be created, but existing ones, like ours, help a lot with letting light into the lower level and, for us, provides a nice space for our extensive herb and vegetable garden, in planters, and art and vines on the wall. So I wouldn’t rule out a property just because it has one.
“People from the red zone cause the crimes in the green zone. Maybe it’s sad, but I care much more about a guy who got mugged a block from my office than a gang member killed in a neighborhood I will never visit or want to visit.”
would like to disagree with you but honestly i have no basis too. you are mostly correct. sadly.
“Damen from Diversey to Grace might be the worst, tho. It was mostly frame cottages 15 years ago (mainly not as nice as the “noisy white trash” house), which made for relatively cheap tear downs.”
Remember that lady in the house just south across from Hamlin Park who put up all the anti-yuppie signs? They were hilarious.
Damen is a commercial street, so it had a r-4 zoning at the time, whereas many of the Roscoe Village aread side streets were R-3. R-4 allowed this FAR and height as-of-right.
wow, I found this: http://www.roscoeviewjournal.com/5-questions/5-questions-the-damen-avenue-noisy-white-trash-sign-ladies
That’s her! She actually once came out to tell my mom what a good job she had done raising me compared to the yahoos in the condos, ah, what I’d give to have somehow had that framed.
Luckily you don’t have to worry about crime, flying bullets and red zones when you have a sweet underground, concrete-reinforced bunker of a below-grade party patio.
“That stretch of Damen’s future is really up in the air. No one has mentioned the Lathrop Homes which touch it at the intersection of Damen/Diversey. It’s currently slated for a full redevelopment with mixed income and mixed use.”
This property is north of Belmont. Any redevelopment of the Lathrop Homes isn’t going to impact it.
“Assuming 20% down”
And you messed up straight out the gate. These SWPLs never had 80k to put down on these horrible purchases. Maybe 10% with the other 10 being a second mortgage.
These people were raised their entire life to think they could do anything and the world was their oyster.
Well there’s some truth in that: they could certainly enter into a dumb financial transaction with significant leverage. And dunno if you’ve ever smelled left out day old oysters but they’re a great odor to induce vomiting if you need to purge.
“Sold in February 2006 for $488,000”
This dumb fvck buying this split faced block condo never had 98k to put down, Jenny. Sorry to break it to you.
When this was bought all stops relating to due diligence were being removed to keep the ponzi scheme/asset bubble of RE appreciation going for a little longer yet. I’d be surprised if it was any more than 10%. And of that 10% I’d be surprised if it came from their W2 wages. I’d be willing to bet Buffy and Chad got help from the Bank of Ma & Pa.
“Everyone will love this: 100% at closing, as an 80/20, refi’d in Jan-07 for ~$517k as a single loan.”
So basically this developer destroyed an older neighborhood to sell to yahoo yuppie jackoffs who wanted to be scenesters in their 20s with no skin in the game?
My neighbors will pay tonight for you revealing the truth in the form of the noise of crushed Hamm’s cans hitting concrete.
Hamm’s is back? As a “yuppie” beer? No more ironic PBR chic?
Wow – a really on-the-money discussion with hardly any irrelevant sidetracking. Very enlightening and sadly true. The protesters had it right!
“Hamm’s is back? As a “yuppie” beer?”
It’s the non-PBR brand of sub-premium beers in places that have more than just PBR. And it tastes a helluva lot better than PBR.
When I think of Hamm’s I think of the cartoon commercials featuring the Bear, while dear ol’ dad quaffed a few while watching TV on Sunday afternoon. Not hipsters checking out the chicks in sidestreet bars in Roscoe Village or music clubs in Wicker Park.
BTW this is in a good school district, right?
I rarely disagree with you Sabrina, but I think you’re wrong on this due to the river access potential. If Lathrop becomes known as a safe and fun place to get to the river, that will be a ridonkulous boost to the whole area – there is a massive amount of top notch landscaped area all along the riverbank. It’s a big part of the reason the development got landmark status.
When they finally start treating the river with UV it will be a gamechanger for a lot of sleepy areas. That changes the river from a kayaking hard core asset to a water asset even kids can enjoy.
“This property is north of Belmont. Any redevelopment of the Lathrop Homes isn’t going to impact it.”
skwptic theres still going to be combined sewer overflows for awhile until TARP is completed come 2029. Maybe even after that. But longer term the prognosis for the river is good indeed.