Yes, There Are Bank Owned 2-Bedroom Townhouses At 18% Off The 2004 Price in Lincoln Park: 1003 W. Dickens
This 2-bedroom townhouse at 1003 W. Dickens in Lincoln Park just came on the market priced about 18% below the 2004 purchase price.
The listing calls it a “rare find” because it is bank owned (and in Lincoln Park).
From the pictures, it appears the kitchen and baths are intact.
The kitchen has white cabinets, black appliances and what looks to be granite counter tops.
The master suite is on the third floor and has valuted ceilings.
The townhouse also has a lower level family room.
For outdoor space, there are 2 balconies and a private patio.
The townhouse has the features buyers look for including central air and 1-car garage parking.
At $20,000 above the 2000 price, is this even much of a deal?
Elizabeth Sidorowicz at Re/Max has the listing. See the pictures here.
1003 W. Dickens: 2 bedrooms, 2 baths, no square footage listed, 1 car parking
- Sold in November 1991 for $222,500
- Sold in August 1996 for $261,500
- Sold in June 2000 for $415,500
- Sold in July 2004 for $530,000
- Lis pendens foreclosure filed in January 2011
- Bank owned in December 2011
- Currently listed for $435,000
- Assessments of $100 a month
- Taxes of $6186
- Central Air
- Bedroom #1: 15×14 (third floor)
- Bedroom #2: 15×10 (second floor)
- Family room: 16×13 (lower level)
Here is the missing link: http://www.redfin.com/IL/Chicago/1003-W-Dickens-Ave-60614/home/13351456
Wonderful pictures, it’s too bad they didn’t get another one of the toilets or the garage doors. That iPhone will pay for itself many times over when these pictures pay off with a quick sale of this property for top dollar.
…seems like a good deal and a nice place.
With the Lis Pedens filed in 1/2011, that means the owners should have made almost 7 years of payments towards this house. Again, if banks made people put 20% down, we wouldn’t be in a situation where so many people are now walking away from their houses.
Seems about right.
I thought I would like this place – definitely nice location.
However, if you look at the aerial map, it looks to be a very short lot coupled with a narrow townhome… Based on room measurements, the footprint is probably around 16×28… Couple that with the fact that the kitchen is on the “lower level” (i.e., basement). Someone should probably tip these things over so that they could live like a normal house. 4 little floors is no fun. Shared garage…
Out of curiosity, what is a non-profit HOA? One that doesn’t steal from its homeowners? Do you get to write off your contributions?
“what is a non-profit HOA?” Most?
p.o.s. – good location
Sabrina,
This isn’t germane to the listing we’re discussing, but I just learned that Michael Jordan is listing his mansion in Highland Park for $29 million (link to listing below). I thought it might make a good posting for us to discuss.
http://www.luxuryportfolio.com/property/highland_park/home_of_basketball_legend_michael_jordan.cfm
“p.o.s. – good location”
Doesn’t seem like a p.o.s. unit to me at all, at least not for the price and the garage space. But while it’s not a bad LP location, I’d call it something short of “good.”
Seems close to the el…am I wrong on that?
“Seems close to the el…am I wrong on that?”
Fairly close, but across Sheffield, so about 200′ away. And the redline is going basically full speed in both directions here, 24/7. Probably not very noticeable inside (with windows closed), but definitely hear it right outside.
“The listing calls it a “rare find” because it is bank owned (and in Lincoln Park).”
Pinchers the Lobster was a rare find once, too. The foreclosure pipeline data indicates that we will be seeing a strong uptick in distressed sales in LP in 2012, following prior year increases of 128% and 134%.
Preliminary Feb sales results for sfh/TH/condo for the City of Chicago look to be about on par with last year, so flat from Jan (which is typical) and ~50% distressed. Where oh where have all those contracts we started hearing about last year possibly gone?
G – have you considered the possibility that regular sales will all but dry up when the foreclosure flood hits the market? Volume may actually stay the same; and prices may not drop much further. I’m by no means bottom calling but YOY inventory is down and prices decline.
I don’t follow you, hd. Prices may not drop further and prices decline?
According to the fed, “consumer deliquencies on all loans is back down to pre crisis levels and consumer deliquencies on credit card debt is lower than at any time since 1991. ”
so now that banks have time to worry about catching up on forclosures, it will probably still be a few more years until the market is “flooded” and that will only happen if from some miracle, prices start to increase (which is not the case, and won’t be the case due to the increased supply hitting the market)
One of the unintended side effects of so many underwater owners is reduced inventory. Supply and demand. Increased foreclosure sales may offset the decrease in regular sales; so sales volume may remain the same.
If I were a bank, I would just wait for the first signs of life and then foreclose on everyone. Then I would print my bank money and buy all available properties on the market and run up prices.
Beautiful sunset this evening…
“Increased foreclosure sales may offset the decrease in regular sales”
That’s been happening for a while now. Non distressed sales volume is currently down 40+% from mid 1990’s levels in Chicago.
“Then I would print my bank money and buy all available properties on the market and run up prices.”
Banks have a proven inability to properly manage and maintain real estate. I fully expect the big boys to attempt something similar through the proposed ‘REO to rentals’ programs, though. They will fail because their assets will depreciate faster than any appreciation they gain through market manipulation. Buying hundreds, or thousands, of crapshacks scattered across the country will not end well.