You Can Buy a 2/2 Garden Unit in East Lincoln Park for Under $200K: 2212 N. Sedgwick
This 2-bedroom garden unit at 2212 N. Sedgwick in East Lincoln Park has been on the market since February 2011.
[Sorry for the crappy picture! And you can’t even see the windows for the garden unit either. What was I thinking?]
It has been reduced $115,100 in that time and is now listed for only $199,900.
It is not listed as a short sale or a foreclosure in the public listings, but the public record appears to show that bank took possession in November 2010.
I’m also not sure what it previously sold for as the public record doesn’t list a prior sales price (and Redfin’s 2007 sale price of $425,000 is not correct. That is for Unit #1- NOT the garden unit.)
But all 3 of the other units in the building all sold in the $400,000s.
2212 N. Sedgwick is a 4 unit building that was converted into condos in 2006 along with the sister building next door, 2216 N. Sedgwick.
The unit has all the features you would expect of a 2006 conversion including hardwood floors, central air and washer/dryer in the unit.
The kitchen has cherry cabinets, granite counter tops and stainless steel appliances.
There is no parking but there is a back patio.
Is this a deal for the location?
Catherine Brennan at @Properties has the listing. See the pictures here.
Unit #G: 2 bedrooms, 2 baths, no square footage listed
- I couldn’t find a prior 2006/2007 sales price
- Lis pendens filed in July 2009
- Appears to be bank owned in November 2010
- Originally listed in February 2011 for $315,000
- Reduced numerous times
- Currently listed for $199,900
- Assessments of $234 a month
- Taxes of $4905
- Central Air
- Full sized washer/dryer in the unit
- No parking
- Bedroom #1: 12×15
- Bedroom #2: 10×10
I think we are in serious financial trouble. I would absolutely definitely not be buying anything big (especially real estate) until at least the next election is over (2012) – even then, why waste all that money to buy (and take on all that extra responsibility) while you can rent for cheaper? It only made sense when you could sell for a huge profit – that no longer is the case (and no longer will be the case – ever). This place is going to cost you between 1400-1600/month after putting down 40k. Why not rent something much nicer for 2000/month – in 8 years, your cost will be the same – PLUS, you won’t be responsible for maint./special assm., you will have the freedom to move whenever/wherever you want, AND you won’t be left holding the bag when you DO want to move.
Clio … what spooked you over the weekend?
I see that somebody has found HD’s new schtick simply too attractive to resist.
Shame that these sellers have had their financial life rent assunder (at least for now). But even at the heights of a boom, and even in the most desirable areas, folks really need to think twice about buying below-grade places (and by grade, I mean ground; the finishes look fine for the price range). And this simply is not NYC – people here have cars. There has to be a major discount on a property that has neither parking nor the option of renting (for a reasonable sum) a space at an immediately adjacent property. Otherwise, as the new HD version of Clio would say, just rent the place.
Conversions like this one, and this “garden” unit in particular, were really an example of a buyer being in the wrong place at the wrong time (or for the developer, the right place at the right time). Those 3/2.5 duplexes (with parking) just a few hundred feet away on Grant, for instance, were selling in the 400’s at the peak, and are now in the 300’s. Whether at the peak or today, why would someone pay the same prices for this unit, when some quick research would show that there are better options.
That said, whoever buys this unit (or occupies it after an investor picks it up) will have almost immediate access to some great non-fat fro yo across the street. That has to count for something, right?
clio what do you mean “we”? I am not in the same boat as you.
Clio.. I’m reading a really disturbing article. Playing with some math on it. What percent of girls at Harvard do you think can even qualify as attractive enough to be a successful escort?
“Clio … what spooked you over the weekend?”
I finally realized that you guys were right the whole time. Real estate is a losing battle – I’m tired of fighting….
“What percent of girls at Harvard do you think can even qualify as attractive enough to be a successful escort?”
Believe it or not, but Harvard had some INCREDIBLY attractive people. I think that these were overachievers in every aspect of life. I would say at LEAST 25% were attractive enough to be a successful escort – of course less than 2% were psycho enough to do something that idiotic (given their other opportunities).
“of course less than 2% were psycho enough to do something that idiotic”
Yep.. that’s the sick part. I estimated 18-20% were attractive enough, so we aren’t far apart.
What percent of girls at Harvard do you think had families that had so much money that they would be too afraid of being disowned to be caught doing that?
and well oiled with mommies and daddies credit cards that they had no current need for cash?
“What percent of girls at Harvard do you think had families that had so much money that they would be too afraid of being disowned to be caught doing that?”
I don’t think money has anything to do with any girl/guy from Harvard pursuing such endeavors!!! The secondary gain is not money – it is power (at least for the people from Harvard)!!!
“The secondary gain is not money – it is power ”
I don’t understand what you are trying to say. Is it that being an escort would be a sense of empowerment???
regardless of opinion.. what percent of people in Harvard fit the category of both having cash and knowledge of future family money?
“what percent of people in Harvard fit the category of both having cash and knowledge of future family money?”
100% – nobody “poor” or stupid gets to harvard – there are plenty of resources available for money and every student understands that. There is no reason for ANY student to resort to that type of behavior/profession for financial reasons.
Ze, you crack me up. Why are you researching harvard chicks now? Oh, I knew a grad student at stanford who paid for school being an escort. She actually was not that beautiful.
Unit G…ha…if only it was G unit would be worth a load of cash.
I couldn’t get past page 2 of this, but pg 2 paragraph 6 is a freakin jem!
I met you in the middle and made 22.5% eligible, and then 30% just with way to much to lose on a cost benefit analysis (this is Harvard-not dumb people) so removed them.
I come to about 13% that can – and need to, would and DO! Fits perfect with what I overheard my friends mom saying at my friends wedding. “I told her to go to a good school because that’s where she’s going to find a rich guy.” Out of Wharton to Merrill and stopped work, pregnant, about a year later. Now that they don’t teach you in business school.
http://www.huffingtonpost.com/2011/07/29/seeking-arrangement-college-students_n_913373.html?page=2
ROFLMAO… On second thought… HD, that student debt you are always complaining about how to pay off.
Get busy!!!
Even funnier. Yale had only 12 sugar babies, but 1,100 sugar boys. :-
This thread is probably the most disturbing thread to appear on CC.
WTF are you thinking Ze? and clio?
This has got to be *the* dumbest thread, ever, and especially so, given that it’s Monday morning.
Back to the property. The Bank has such great photographs for an REO, how did this happen? I think these are the photographs from the developer because the mortgagor who lost the property to foreclosure was an LLC named after the address of the property.
Regardless, $199,000 to live in ELP is quite a good deal, even if it is a garden apartment. City living in the ultimate urban environment requires some creative and imaginative living and this unit is one of them and isn’t even that bad. I see this selling at $160-$170 in the next few months; and the cribchatter effect will probably help. It may ultimately be a rental property for an investor.
The security of the patio door is probably the biggest concern I would have about this place. I’d probably have considered paying $199k for this once upon a time.
Huh? What do you mean, westie? I am 100% serious – I think real estate is a terrible thing to invest in right now for several reasons:
1. financial uncertainty (personal, government, domestic, international).
2. shadow inventory – which is going to keep increasing as more and more people become fed up with the market/more resigned to their financial situation and just stop paying.
3. The new generation has no intention of being “slaves to their house” – which I totally understand now. Also, the new generation cannot do much of the necessary maint. for houses (because they didn’t grow up learning this stuff and don’t want to deal with it) – this makes home ownership even less desirable for these people (as most of the work has to be farmed out and paid for).
4. Large downpayment – people have much more to lose now. Why risk such a large amount of money on such a risky investment.
I could go on and on… but I think everyone here has a good understanding of the real estate market.
My bad.. Everyone’s always discussing the difficulties student debt causes and what a necessary/wonderful thing it is to send your kids to the Ivy League.
Sick part is, a slight tweak of the numbers, and I can easily get to 30%. Like I said, I couldn’t even read past pg 2.
Now back to the property… (but Groove, if you laughed 😉 )
“Sorry for the crappy picture! And you can’t even see the windows for the garden unit either. What was I thinking?]”
you have a promising career as a realty photographer!
😀
http://www.elliman.com/new-york-city/manhattan/soho/soho-gallery-bldg–420-west-broadway–unit-pht/420-west-broadway/yvcjluy
Since this thread is going in so many different directions, I thought I would drop in this link for all of us uber modern lovers. Check out the gallery on full size pics…pretty amazing.
If a unit like was ever built in Chicago do you think there would be a market for it? I mean, other than the price, which even by NYC standards is astronomical for a 2 bdrm. Just the design is outstanding though…Thoughts?
westloop – I definitely think that there would be a market in Chicago for such a place – but it would be a very small market and would be completely dependent on the price/location. That being said, why IS that place so expensive (ie what makes it so expensive – it seems you could replicate what is their for a lot less money -even considering a huge mark up for location).
“Huh? What do you mean, westie? I am 100% serious – I think real estate is a terrible thing to invest in right now for several reasons.”
I too am puzzled by the biggest cheerleader of RE investing. You were THE #1 poster boy of the ‘BUY NOW BEFORE YOU ARE PRICED OUT FOREVER’ mindset. Now you are taking the opposite approach? Your places not selling clio?
I have to disagree with you on all points. Sure Chicago and a few other cities’ RE market is in the toilet, but it doesn’t mean the rest of the country is.
Many ppl are taking advantage of other’s bad choices and bankruptcies and ARE buying for personal long term shelter. Investment wise there is a huge risk. I don’t think the market will be a good investment for years to come. Buying property with the idea of a big profit just for flipping, I hope, will never return. But rehabbing a neglected unit that you picked up a low price, for long term personal use…do it now.
While that portion of my company did slow down drsatically for two years, my places are now selling at a level close to what it was before all of this (unneccessary and preventable) mess started. I have even had a few offers on places we rehabbed in Chicago that I decided not to put on the rental market. Does this mean long term stabilization? Of course not, but there is some growth, albeit small growth.
Garden units suck. During the last heavy rains, 8 of the 13 gardens in a complex near me flooded.
awesome!!!!!!
clio just bought a calculator over the weekend and just figured out he is losing money and if he sells all assets he will end up with a 20% loss overall.
asshat with a calculator and an asshat without a calculator. its win win all around
westloop – the problem with buying long term is that no job is that secure anymore. People are more mobile (thanks to technology) and companies change their landscape with each season!!! The bottom line is that the more flexible you can live your life, the more stable your life may be!!! Renting=flexibility, owning=ball-and-chain. This is a whole new way of thinking by the new generation – they don’t want the lake forest/winnetka mansion – they would rather travel and live comfortably. This completely changes my outlook on real estate.
groove, it is unkind to post such derogatory comments. I hope I haven’t done anything to offend you – if I have, I’m sorry. If not, then maybe you can find it in your heart to be a little kinder in your posts. Thanks
“…why IS that place so expensive (ie what makes it so expensive – it seems you could replicate what is their for a lot less money…”
1. That location is HOT HOT HOT now.
2. The untouchably high quality materials employed.
3. The ‘names’ involved.
4. NYC did have a mild slow down in high end properties but it did not last long. Unique one of a kind places are still commanding (and getting) high prices.
Personally, I would not attempt to replicate something like this (nor do I advise others to either) with lower priced/lower quality materials. Using high end materials are all a part of why units like this do sell for what they ask.
“Garden units suck. During the last heavy rains, 8 of the 13 gardens in a complex near me flooded.”
oh man i really wanted to get to driving around lakeview and LP to see how those duplex downs did in this storm.
PEOPLE ARE NOT SUPPOSED TO LIVE IN BASEMENTS!!! no matter if you call it garden apt or duplex down its still a damn basement
Garden apartments make me feel depressed. As someone mentioned up thread, this should have been part of a duplex down.
I miss the real Clio by the way….
“(but Groove, if you laughed 😉 )”
oh i enjoyed it! looks like its going to be a fun day
I think your posts reflect what you are feeling/realizing personally and not indicative of what is happening in society. Why should one feel insecure about purchasing a home due to their job? While I agree technology is changing how ppl work, not all fields are feeling these changes.
Sure there are risks in buying….there always have been. But why live with that dark cloud hanging over your head?
“Using high end materials are all a part of why units like this do sell for what they ask.”
I always wondered – what makes something “high end”? – I have also done a lot of rehabbing and quality doesn’t always have to cost that much (also things that cost a lot aren’t necessarily high quality). I think many things are incorrectly labeled “high end” when, in fact, they aren’t.
“groove, it is unkind to post such derogatory comments. I hope I haven’t done anything to offend you – if I have, I’m sorry. If not, then maybe you can find it in your heart to be a little kinder in your posts”
i can if your sincere, but it seems like i only ever read on sincere sentence from you as real clio and new clio. keep it real and you can always be my pal.
“Sure there are risks in buying….there always have been. But why live with that dark cloud hanging over your head?”
because the consequences of “being stuck” can be devastating!!
Well lately folks I found a short sale I’m looking at. MLS 07854955. Do you think I could get it for ask? What about 10%off ask?
http://www.redfin.com/IL/Chicago/2315-N-Commonwealth-Ave-60614/unit-3N/home/13348835
The unit above on Commonwealth, which we discussed recently, is priced lower and isn’t in a basement. If you need a 2 BR in this area at under $200K, seems like this is the better choice.
Bob:
With MLS# 07673031 as the sold comp, they shouldn’t laugh at you at 10% off, and at ask would be a reasonably strong offer.
I would want to check out who is living in the other two units, as there is significant neighbor variability.
Also, keep in mind that Target will be *directly* across the street in about 18 months.
Anon unit B below is also a short sale at 150k ask. No idea about A. I consider the Targét a perk.
Bob – you should consider buying both units and renting one out. This could be beneficial as you would hold controlling interest in the building and also could offset your costs.
Clio’s plan is solid, Bob. Especially if the third comes available ever. But it *may* be a CHA unit.
Not sure owning both would give me controlling interest in the building. Depends on HOA. Not sure I want to be a landlord either. As an investment play the numbers do work. Let me dwell on it.
Bob,
You would have a tough time financing if you bought both units, because then you would own 66% of the building.
Bob,
I think your right…I don’t think you would have a controlling interest. All the townhouses follow the HOA so when one says paint..they all do, etc… The neighborhood seems to be improving. Once target moves in there will likely be more everyday restuarants (as opposed to Japonais just down the street). I would check on the neighbors though b/c its not a large building with concrete walls/ceilings and sound barriers you get in large buildings.
Bob – curious – why would you want to buy something? Things are very uncertain out there – don’t put yourself in a bad situation.
dahlia:
sssshhh! I’m trying to get Bob re-directed from anyplace too close to me!
what uncertainty? Prices have more or less bottomed out, the only thing that sucks is the inventory which is extraordinarily low right now (raw #’s not #’s of months inventory) so there is slim pickings of good properties. There’s a lot of competition and a TON of people staking out the market. Even that open house I went to a few weeks ago had dozens of people in the first hour for a random two hour open house in the villa! The lurkers are every where and for every poster we have on her following the MLS there are probably hundreds of people, including young couples with kids, investors, move-up buyers, staking out the market looking for anything resembling a ‘deal’, and BYE BYE it goes under contract. The overpriced sellers are too damn stubborn to lower their prices to reasonable level (or unable to do so) so it sits.
“Bob – you should consider buying both units and renting one out. This could be beneficial as you would hold controlling interest in the building and also could offset your costs.”
the new clio dropping some knowledge!
Bob, really think about what clio said, it seems like a plan.
“clio on August 1st, 2011 at 8:53 am
Bob – curious – why would you want to buy something? Things are very uncertain out there”
“homedelete on August 1st, 2011 at 8:58 am
what uncertainty? Prices have more or less bottomed out, the only thing that sucks is the inventory which is extraordinarily low right now”
Ugh, I think my head is going to explode.
how the hell did this piece of crap unit ever sell for 425k!
INSANITY!
Dan #2, that one on Commonwealth while awesome looking also needs a lot of work.
I think this one is going to sell for close to ask even though the second bedroom is a closet. I think they’ll live to regret it because its a basement unit.
As for the real estate market, I doubt we are going back all the way to 20% downpayments on property, but if we do that is going to freeze up the low end housing market even more than it is.
http://www.thestreet.com/story/11202618/1/return-of-20-home-down-payments-looms.html
The low end is NOT Frozen, hence the median home price that collapsed. The middle-high end is frozen, depending on the neighborhood, and the properties that require jumbo mortgages are moving only in the toniest of neighborhoods. The FHA goes all the way up to $410,000 with 5% down and believe me when I tell you plenty of buyers borrow the maximum amount possible.
“Oh, I knew a grad student at stanford who paid for school being an escort.”
Miumiu, you knew her? I had friends in the bay area who went to school with her. (we won’t mention her nickname here.) She used to drive a mercedes and didn’t care much about her studies, according to my friends. But she was smart- so it was surprising. I heard she went on to marry one of the tech millionaire guys (and no longer is in the biz.)
“The low end is NOT Frozen, hence the median home price that collapsed. The middle-high end is frozen, depending on the neighborhood, and the properties that require jumbo mortgages are moving only in the toniest of neighborhoods.”
I agree with HD on this. It’s the middle of the market where you now need $200k saved to buy the $800k property. Even two DINKS with six figure salaries will have a hard time coming up with that kind of savings (unless they save for several years.)
Would be a great investment property for renting. Quick access to both LP bars, the beach, and Old Town.
Building looks nice, and bathroom looks re-done.
And no windows, perfect for those who are up mostly at night.