Too Good To Be True? 4055 N. Greenview in Lakeview
What do you do when a property has been on the market nearly a year with numerous price reductions?
You reduce it again.
The first floor unit in this 1895 Greystone at 4055 N. Greenview just north of Irving Park Road near Graceland Cemetary has been on the market for 11 months. Here’s the listing:
TOO GOOD TO BE TRUE! SPECTACULAR VINTAGE GREYSTONE IN GRACELAND WEST! OPPORTUNITY FOR APPROX 1800 SQFT! GORGEOUS 3 BDRM/2 BATH UNIT W/GARAGE PARKING! BEAUTIFUL FRONT PORCH, BACK DECK AND YARD!
HIGH CEILINGS, HDWD FLRS, GREAT LIGHT RAW UN-FINISHED BASEMENT SPACE PERFECT FOR DUPLEX DOWN! ASMNTS INCL HEAT. TAXES ARE BEING PROTESTED. NEAR PUBLIC TRANSPORTATION & SOUTHPORT CORRIDOR! BRING AN OFFER!
Is it really “too good to be true”?
Unit #1S: 3 bedrooms, 2 baths, 1800 square feet, garage parking
- Sold in June 1996 for $156,000
- Originally listed for $399,000 in June 2007
- Numerous price reductions
- Recently reduced from $329,000 to $299,999
- Assessments of $568 a month
- Taxes of $7868
- No central air- window units
- Koenig & Strey has the listing
I have been in this unit! The vintage details are great and the hardwood floors are beautiful. The building is across the street from a school with a small park on the grounds.
But the assessment is high (includes heat, water, and parking). The owner has been protesting the taxes for over a year according to the listing agent.
Nothing great about this place.
Beautiful unit..but no central air? Also with those taxes & HOA…good luck.
Taxes explain why this sold for a mere 156k a dozen years ago. Taxes+HOA alone are $1,224/mo. Throw in homeowners insurance and you’re looking at $1,300/mo before even taking into account your mortgage interest.
There is quite a bit of old America charm in this unit, but I don’t think that charm is worth $4k+/month.
Those taxes are rough… unless they successfully protest those into a more plausible range (probably ~$4-5k annually before any exemptions) they’ll get creamed on the market value of the place.
1. The school it is across from is Lakeview High School. I don’t know anyone that WANTS to live across the street from a high school.
2. The listing says an “OPPORTUNITY FOR APPROX 1800 SQFT”. That includes the “RAW UN-FINISHED BASEMENT SPACE”. The current unit is about 1000 sq ft.
3. It looks like the PINs weren’t properly divided (likely at the time the condo association was formed)–the City’s GIS shows the 4055 & 4059 all as one parcel, with one PIN that doesn’t show up as a current PIN in County databases. So that tax bill may be divisible by 3 (or even 6).
yikes, what’s the deal with the taxes? and the assessments? I hate high non-equity operating costs. I like the exterior though, but the interior doesn’t do much for me.
Are non-equity monthly operating expenses, over the long term, likely to be that much less in a sfh or other abode with no assessments? Particularly if the assessment includes many utilities like heat, cable, etc.? Obviously, comparison weakens if a condo gets nailed with a special assmt, but it’s not like owning and operating a home are particularly cheap either.
Good to know anon. 1 and 2 should lower the value (particularly 2), 3 would make more sense if that $8k figure is to be divided by three units. $568 assmt for only 1000sq ft of space in a normal building with otherwise no amenities to maintain does seem steep.
good point, one shouldn’t react to assessments before knowing what’s included.
Close to the cemetery ?!?!?!
Oh my gawd … Who wants to live next to dead people!
This is now under contract.