This West Town Church Has Now Been Reduced $270K: 2558 W. Cortez
We’ve chattered about this 4000 square foot church now being used as a single family home at 2558 W. Cortez in West Town several times.
See our August 2010 chatter here.
It is still available and has been reduced again.
It is now listed for $270,100 under the original June 2009 listing price.
It has 39 foot ceilings and majestic windows.
The church has pine floors and the original oak staircases.
Who doesn’t want their own bi-level bell tower?
Built on a 25×155 lot, the listing indicates there is room for expansion and parking.
Last time we chattered about it, after its prior reduction, many of you thought it would only sell if it was much, much lower.
What will it take to sell this unique property?
Thyra Decicco at @Properties still has the listing. See the pictures here.
2558 W. Cortez: 2 bedrooms, 1 bath, 4000 square feet
- Sold in January 1994 for $172,500
- Originally listed in June 2009 for $970,000
- Reduced
- Was listed in October 2009 at $890,000
- Reduced
- Was listed in August 2010 for $749,900
- Reduced
- Currently listed for $699,900
- Taxes of $3359
- No central air
- 2 car parking onsite
- Bedroom #1: 14×12
- Bedroom #2: 12×12
- Bedroom #3: 10×10
- Living room: 65×47
- Kitchen: 10×24
“Built on a 25×155 lot,”
55 x 125.
Not too many listings out there with this!
Living Room
* Size: 65X47
I could start my own cult and claim the clergy tax exemptions. Sweet!
This place may be big but it’s ridiculous. $120 a sq ft is my guess = $480,000.
But I’m sure that this person doesn’t ‘need’ to sell; and given the small mortgage balance and the low cost basis, they can hold out for a while until they get the price they want.
Accordingly, this property will be chasing the market down for years.
“This place may be big but it’s ridiculous. $120 a sq ft is my guess = $480,000.”
It’s an okay 3/1 + a huge living room + a gigantic maintenance risk. Double lot is probably worth $200k; I don’t see the structure being worth $280k (~$70 psf) as a SF residence, but could be worth (somewhat) more than that to someone with a conversion plan.
“What will it take to sell this unique property?”
Divine intervention.
That’s the funniest thing I’ve read all day.
“#b on December 22nd, 2010 at 12:43 pm
“What will it take to sell this unique property?”
Divine intervention.”
This might be the first I’m anon(tfo) has ever priced a property lower than I have. Keep up the good work.
side question…i read this on a property listing ” See mls dowmnloads for violations” how do I find these downloads?
I love this place. If I were an architect or had extra money to throw on one, I would have loved to work with this. I have no idea bout the neighborhood though, but just wow.
“This might be the first I’m anon(tfo) has ever priced a property lower than I have.”
Like I said, maybe its worth more to someone with a plan to parcel it out. As-is, as a SFH, $480k is optimistic–given the location (which I would not categorize as bad). The only thing to sell over $500k in the past year b/t Chicago/Division, Western/Sacto is this one:
http://www.redfin.com/IL/Chicago/2635-W-Iowa-St-60622/home/18953900
for $504, as is, but a 5/3.5 new construction.
And condos in the hood pretty much max in the mid-300s, and this place (based on 7000 sf expansion) would be maybe 5 condos, so $1.75mm (max–prob under $1.5mm)) total sale, after at least $700k in build out, and a bunch of carry costs. Don’t see how it makes sense.
anyone see the correlation?
our population as grown, albeit lowest this time since the decade of the 40’s, but has grown and yet the all these churches for sale. and now the down fall of the worlds economy.
hmmm just saying
What part of bank owned do y’all not seem to be understanding?
Yeah, the jumbo market is dead, especially in this type of neighborhood, although the buyer of the iowa property manged to get one with only 10% down. But this place is a bit too close to the park for me.
For $200k less, you can go six blocks North and purchase a church in need of rehab.
http://www.redfin.com/IL/Chicago/1657-N-Rockwell-St-60647/home/28926601
The challenge in purchasing either of these properties will be financing, as there are literally no comps for an appraiser to use. I have been told it would probably take a commercial loan from a community bank.
No comparing Division to North around the park, though, as long as you can deal with Clemente.
1657 n rockwell
I like the church, it would make a nice home. I don’t like the west of western, I don’t like being that close to the park. too fringe. i’m done with fringe areas. Been there, done that. This place is going to be fringe for a while and has a better change of sliding back from whatever gentrifactoin it had
“The challenge in purchasing either of these properties will be financing, as there are literally no comps for an appraiser to use.”
Yeah, and complicated b/c the first sale (from a church to a private person/llc) is exempt from transfer tax, and the deeds won’t show the real sales price.
“Greg Whelan on December 22nd, 2010 at 1:14 pm
The challenge in purchasing either of these properties will be financing, as there are literally no comps for an appraiser to use. I have been told it would probably take a commercial loan from a community bank.”
I’m a commercial lender at a community bank (50 locations).
The only way I’d consider it would be as a favor to an excellent existing customer, with plans/specs in hand for an as-complete appraisal as a owner-occ SFR.
I can think of only one of my customers who I’d approve a development loan for on this property…if it was teleported to Lincoln Park. There’s practically no money for spec development right now, and certainly not for such a “unique” property in that lcoation.
Bradford: thanks for the post.
west of western… good luck, as nobody wants to live there!
(yeah yeah in before the “you’re racist” remarks)
“west of western… good luck, as nobody wants to live there!
(yeah yeah in before the “you’re racist” remarks)”
Correct it with “no one wants to buy a $1mm+ SFH there”, and it’s just stone cold fact–not about what you or the neighbors look like, just that you don’t want to have the most expensive house for 1/4 mile in any direction.
that’s interesting Bradford.
if/when possible, please post more about bank lending criteria, the market-value & dispersion of Chicago’s shadow inventory, and the processes & time required to move a delinquent homeowner from default to foreclosure.
Yet another very unique property we toured and even drew up dream house floorplans for.
SO much potential for the right creative person with deep pockets.
The one thing about places this unique and different is the amount of regular maintenance expense you will have once you spend $$$ and time to get it to where you want it.
That said, I would LOVE to have the time and motivation to do all the over the top things I want to do with it. Reminds me of an old schoolhouse I did early on in my career. TONS of work…much of it not visible during the initial purchase and it cost a boatload every month but it ended up being one spectacular place once completed. The person who did buy it from me still lives in it.
I expect the same for this place.
Don’t forget the heating/cooling bills!
Isn’t there something a little weird/creepy about this? I mean I personally wouldn’t feel comfortable either having sex or masturbating in this place, and I’m not really religious.