Where’s the Money in Real Estate? Reselling Foreclosures: 5235 N. Ravenswood in Andersonville
This 1-bedroom loft in the Map Factory Lofts at 5235 N. Ravenswood in Andersonville came on the market in August 2013.
It’s a duplex down with timber ceilings and exposed brick.
The living and dining room are on the main floor with a spiral staircase connecting to the bedroom and a 13×10 den, along with the bathroom, on the lower level.
The kitchen has white cabinets and white appliances.
It has central air and an outdoor parking space but there’s no in-unit laundry.
A lis pendens foreclosure was filed on this unit in 2010 and then it sold for $82,500 in a judicial sale in July 2013.
It came back on the market almost immediately, in August, for nearly triple the purchase price, at $219,888.
How much money will this investor make on this loft?
Ngocmai Huynh at VNT Realty has the listing. See the pictures here.
Unit #5: 1 bedroom, 1 bath, duplex down, no square footage listed
[unordered_list style=”bullet”]
- Sold in May 1995 for $100,000
- Sold in May 1997 for $119,000
- Sold in September 1998 for $140,000
- Sold in June 2004 for $241,500
- Lis pendens foreclosure filed in May 2010
- Judicial sale in July 2013 for $82,500
- Originally listed in August 2013 for $219,888
- Still listed at $219,888
- Assessments of $243 a month
- Taxes of $3528
- Central Air
- No washer/dryer in the unit
- 1 parking space included
- Bedroom #1: 15×16 (lower level)
- Den: 13×10 (lower leve)
[/unordered_list]
This unit is already contingent.
I like the location but I don’t like duplex-downs.
Although it was a deal at 82.5K, it’s not a place I’d see myself living for a long time.
The parking space is a huge plus.
The taxes and assessments alone work out to $537/month which is meh.
wow. not sure they did anything to the unit except maybe re-finish the floors. everything else needs updating.
you couldn’t pay me to live in this place.
“you couldn’t pay me to live in this place”
Really? Why? The ‘lower’ level is still 100% above grade. It’s kinda ugly, and the rooms are too chopped up, but were I solo, I’d totally live here for free, and *definitely* if someone paid me to live here.
I would’ve thought that it would need an in-unit laundry and/or half-bath upstairs before commanding that kind of price.