This Southport 2-Bedroom Duplex Short Sale is 35% Off the 2005 Price: 1440 W. Roscoe
This 2-bedroom top floor duplex up in the courtyard building at 1440 W. Roscoe in the Southport neighborhood of Lakeview has been on and off the market since 2007.
The building was converted into condos in 2005.
It has all the finishes of that era including cherry cabinets, granite counter tops and stainless steel appliances in the kitchen.
The bathrooms are marble.
It also has in-unit washer/dryer and central air but there is no parking.
Given that the El runs directly behind the building, the listing points out that the unit is “soundproofed.”
Now listed about 35% under the 2005 purchase price, it is a short sale that has been bank approved.
A buyer “can close quick” – but the listing points out that a buyer will need 20% down – which at the current list price would be $42,000.
With that much money needed upfront, how low will this go?
Vivienne Frow at @Properties has the listing. See the pictures here.
Unit #2: 2 bedrooms, 1.5 baths, no square footage listed, duplex up
- Sold in March 2005 for $327,000
- Listed as a short sale in November 2010 for $257,000
- Lis pendens foreclosure filed in December 2010
- Reduced numerous times
- Currently listed as a “short sale” for $210,000
- 20% down required
- Assessments of $265 a month
- Taxes of $4952
- Central Air
- Washer/Dryer in the unit
- No parking
- Bedroom #1: 12×12 (second floor)
- Bedroom #2: 13×10 (second floor)
and I thought in twenties building were quality and had nice floor plans. Clearly I was wrong. That being said this seems cheap enough for a rent parity, right?
” cheap enough for a rent parity, right?”
Is this a $1700 rental? Without parking?
Also, as to build quality, this is the workers cottage of apartment buildings. It wasnt built to be remotely fancy, just to house factory workers pretty close to the factories.
“Is this a $1700 rental? Without parking?”
I think it is. I wonder how good the soundproofing is as you are right on the brown line.
“Is this a $1700 rental? Without parking?”
Also, with 20% down and 4.5% interest you are all in at $1530/mo plus insurance and I think those taxes could be appealed at over 2% of the new purchase price.
so lets see,
sabrina likes to post at least one property a day that is on a train line
HomeDelete likes to link to one property a day on the expressway or on ramp to expressway
my conclusion they are either twins or have been married for 10 years. maybe bri bri had HD’s love child and thats why he is so crazy now
“I wonder how good the soundproofing is as you are right on the brown line.”
Are you implying that you think ‘soundproofed’ means only from exterior sounds, and not from noise between other interior units?
When I saw the ‘soundproofed 2 bedroom’ in the listing, the first thing I thought of was ‘soundproofed from other units’, to me that’s far more important than soundproofing from the outdoors. (well, since this place is RIGHT on the L, I’d say maybe it’s equally important)
“Are you implying that you think ’soundproofed’ means only from exterior sounds, and not from noise between other interior units?”
I was thinking about the exterior given the proximity to the L but you make another good point.
I’m probably the only person in the world who thinks living next to the El would be cool!
Milkster,
Yes, probably.
At least here you have the advantage of being close to the actual station as well so it is convenient on that front.
When’s SoPoCo going to tell us how “hot” the neighborhood is?
Ordinary rehab in ugly building. I’ve seen so many rehabs all over all the north lake front nabes- Rogers Park, Edgewater, W. Rogers Park, Ravenswood, Lakeview even, where beautiful old courtyard buildings were denuded of their charm and character to create ordinary “tract house” type apartments like this.
At least with this building, it was an improvement. But I can’t see paying this kind of money for a place like this.
“Also, with 20% down and 4.5% interest you are all in at $1530/mo”
The 20% down costs something. Maybe (prolly?) offset by the tax advantage if it’s o/o, at least right now. But then you’re locked in to a 1 br + den (check the RF agent notes), that has to be worth something, too.
Also: What the h.e.l.l. is with the window in the 2d bedroom? Looks like a basement window, but it’s on the top floor? Does that face the el?
“and I thought in twenties building were quality and had nice floor plans.”
Not the original floorplan or finishes at all.
Milkster I used to live directly across the street from an L stop and loved it, like my own personal station almost, now I live next to metra tracks with the station few blocks down street, one time when there was some mishap and the train didn’t run for several hours it was eerie quiet and creepy for me. I used to know somebody that grew up on the ocean shore that when he moved inland had to get used to not having that sound as well, weird huh.
yet another building I have lived in; still waiting for our former condo in lincoln square to show up on CC (now for sale, by the way, for 3K under our 2008 sell price).
I rented here back in my lakeview days…the building was in very bad shape. When it was converted to condos, I wondered who would pay the $$ to live so close to the ei. I did get used to it, but was glad to move out when my lease was up. Great location for a singleton, though, and parking wasn’t too bad at that time. Only annoyance was the occasional loud drunks walking home from Justin’s.
“maybe bri bri had HD’s love child and thats why he is so crazy now”
and I thought HD was stable and sane : )
“Also: What the h.e.l.l. is with the window in the 2d bedroom? Looks like a basement window, but it’s on the top floor? Does that face the el?”
to me, it looks like a mirror reflecting the window on the opposite wall. not sure tho
“to me, it looks like a mirror reflecting the window on the opposite wall. not sure tho”
good call, but the light seems wrong. And where’s all the light coming from in the nook to the rear, if not a window?
I had a realtor friend call about this property out of curiosity. There is no outdoor space. Not a fire-escape, deck, or anything. Seems like a firetrap and would make me feel claustrophobic.
No second exit of any kind? I might rent a property with only one exit but would never buy one, especially on a top floor. I’m surprised this meets code.
“No second exit of any kind? I might rent a property with only one exit but would never buy one, especially on a top floor. I’m surprised this meets code.”
So, you think that 1300 Astor doesn’t meet code? There’s only one door out of the unit, and its on a top floor, not reachable by ladder trucks, unlike this one.
“So, you think that 1300 Astor doesn’t meet code?”
I have no idea what meets or doesn’t meet code. I said I’m surprised that code would allow a unit to have no feasible second means of unassisted egress. If this is allowed, I imagine it has something to do with grandfathering old buildings. But I wouldn’t buy such a unit on Astor St. or anywhere else.
“I said I’m surprised that code would allow a unit to have no feasible second means of unassisted egress.”
So, you’re surprised that residential high rises exist in compliance with code?
In virtually all of them, each unit has a single door to the hallway and no other means out, whether or not they have a balcony. Sure, in those high rises, there are two stairways, but this building likely has two, as well–one to the front door and one to the alley–but I am not sure of that.
I understand you’re saying you wouldn’t live there, but I don’t get how you could be surprised that code allows it.