What’s This Property Worth? 5833 N. Sheridan in Edgewater

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This three story townhouse at 5833 N. Sheridan in Edgewater is now bank-owned. It is listed for $201,000 less than the last sale in 2004.

But it’s also listed for less than it sold for in 2000.

What’s this property really worth?

Here’s the listing:

ENJOY LAKE VIEWS FROM AN EXCEPTIONAL 3 LEVEL HOME IN PRIVATE GATED COMMUNITY. RECENT UPDATES INCLUDE; MARBLE GREAT ROOM, CHEF’S KITCHEN WITH GRANITE, STAINLESS & 42′ CABINETS.

HOME FEATURES A 2 STORY ATRIUM, SEPARATE DINING AREA, HARDWOOD FLOORS, GENEROUS CLOSET SPACE, AND FIREPLACE.

THERE IS A THREE CAR ATTACHED GARAGE. BANK OWNED PROPERTY, PRE-APPROVAL REQUIRED, FUNDS MUST BE CERTIFIED. SOLD AS IS CONDITION!

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Roger Thompson III at Prudential Preferred has the listing. 

5833 N. Sheridan: 3 bedrooms, 2 baths, 2 half baths, 3 car garage

  • Sold in December 2000 for $740,000
  • Went into foreclosure
  • Sold at the foreclosure auction in November 2004 for $425,500
  • Re-sold in December 2004 for $900,000
  • Foreclosure in 2006
  • Bank-owned
  • Currently listed for $699,000
  • Assessments of $25
  • Taxes of $13,167

7 Responses to “What’s This Property Worth? 5833 N. Sheridan in Edgewater”

  1. This is your most interesting post ever.

    My memory is a little dim here, but I could SWEAR I saw these places listed in excess of $1,000,000 in the mid-nineties.

    Not that they were ever worth it.

    The sales history here is weird and I don’t know what to make of it. However, the two sales that were in excess of $600K both resulted in foreclosures, and those two sales at $740K and $900K are so out of line with what the place sold for at auction, that I have to suspect that those high prices were fraudulent, straw buyers or something.

    How could it go for $435K at foreclosure auction, then flip for $900K a month later. Now, 2004 was a wild year, but that is just too strange. It smells like fraud.

    Based on that 2004 auction sale of $425K, I’d say that this is the most this place is worth. It is not exactly beautiful, and it’s in Edgewater, a nice area but one with a median income of about $35K. Only 2.4% of the population qualifies to spend more than $500k on a place (income $150K or more), especially with much tighter lending standards.

    The good thing about this place is that it’s roomy, has parking, and is beachfront. It’s a nice location, in a pleasant, attractive area.

    But it’s not worth $700K.

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  2. What’s with the taxes? The bank’s owned it for about 18 months, why wouldn’t they appeal?

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  3. “My memory is a little dim here, but I could SWEAR I saw these places listed in excess of $1,000,000 in the mid-nineties.”

    Sure looks like the finishes are mid-nineties, gross.

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  4. What the hell? It looks like something in Melrose Park.

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  5. Personally, this property backs up to one of my favorite beaches in Chicago (Clean, Quiet, Not Overcrowded). If I was in the market I would give it a hard look… though the Sheridan traffic is horrible and by horrible I mean, “Will cause you to rip your hair out every time you have to run a simple errand”.

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  6. Rumor has it that these are poorly built, and there is infighting on the board.

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  7. I’ve heard they’re poorly built, and they certainly aren’t attractive.

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