You Can Buy It, But You Can’t Tour It: 3550 N. Lake Shore Drive in Lakeview
This 1-bedroom unit just came on the market at 3550 N. Lake Shore Drive in Lakeview, a complex that was built in 1962.
The listing says the unit cannot be shown because of “extensive mold issues.”
The listing also says it’s being sold “as-is” by the office of the Public Guardian.
You need to sign a special rider.
There are no appliances listed on the public listing (the non-MLS listing).
Oh, and the sale is “cash only.” The unit is currently the cheapest 1-bedroom unit for sale in the building.
Diane Diedrich at Coldwell Banker has the listing. See the listing here (no interior pictures, obviously.)
Unit #1607: 1 bedroom, 1 bath, no square footage listed
- Sold in December 1985 for $44,500 (according to Redfin. The CCRD only lists the sale but no amount).
- Currently listed for $110,000 (listing says it’s “below market value.”)
- Assessments of $452 a month
- Taxes of $934
- Parking is available for lease for $110 a month
- Bedroom: 16×12
- Living room: 20×14
- Dining room: 11×8
- Kitchen: 11×8
AAAAAHAHAHAH!! Can’t tour? Mold? I’ll pay “treeee fitty”.
I’ll pay $free.99
so who exactly is the ‘Public Guardian’? How does this work, how did they end up involved? Is this like probate … or an estate sale?
The public guardian protects the elderly and other citizens physically and/or mentally unable to protect themselves and their assets. They usually step in to protect the assets of the ward’s estate from dissipation or neglect, and use the assets to pay for the care of the ward. Cases are handled through probate court. The guardian’s office has its own quarterly auction in order to minimize the expenses to the estate (i.e. they won’t pay realtor commissions or closings costs).
I still don’t see why it can’t be shown. Because it would be a risk to the health of those who enter? But I’m sure the listing agent can explain that. Obviously, to sell something sight unseen would require a huge discount.
I bet it’s haunted too.
HD-
so this probably a case of a senior who is in a nursing home and physically/mentally unable to care for themself or make finaincial decision??
Does the HOA know about the ‘extensive mold issues’; how about the owners next door, above & below???
This is a crappy situation for all.
I agree – if the mold has gotten into the walls, what’s to stop it from getting into the neighboring unit? and then who will be responsible for cleaning the neighboring unit? a mess all around.
This liability is a steal at $110,000. Oh wait, they’re not paying YOU to take on the remediation?
I’d bet it was a hoarding situation, and when they cleared out the stacks of newspapers and boxes piled up to the ceiling, they found mold… or maybe it’s just a s**tload of moldy dishes in the sink?
If there are no appliances, that’s probably another indication the place had probably descended into squalor. Sad.
DO NOT WANT!
I wouldn’t pick this place up if they gave me 100k, mold is never worth the trouble, especially if its “extensive” enough that you can’t even walk in the frickin place!
How much are other 1 bedrooms listed for in the building?
Let me think about this…. Moldy 1 bedroom shithole or brand new s550 mercedes with 4matic package?
What would it cost to remedy such a mold issue? Isn’t that price about half of market price for a 1BR in that building?
“Let me think about this…. Moldy 1 bedroom shithole or brand new s550 mercedes with 4matic package?”
Good question, since both are bound to depreciate
One unintentional thing on this listing amused me:
“See restaurants, parks and shops near this home”
When more appropriate might be:
“See hardware stores, all-night Chinese take out and hazmat supply centers near this mold-infested money pit.”
“I bet it’s haunted too.”
That made me chuckle a little (or a lot).
Beyond the mold, there have to be more issues. Not being able to see the place? No way. I’d never roll the dice.
Check out the flipper on unit 2106 gunning for an over 100% gain in three weeks.
Sold for 100k on 3/18/2011 (was MLS# 07725658).
Relisted for sale three weeks later for 210k on 4/8/2011 (MLS 07776113).
Will this flipper be successful?
Bump to get this back on the radar and above the plebs HD, miumiu and Anonemoose with their incessant and irrelevant banter about the house on western.
This is a disaster. How much would it take to get rid of all the mold? $100k?
Interesting Bob. I cannot see the before photos. It looks ok for the price (I think, not really sure about this part of town), but it is a snug 2BR.
I posted here to help get the attention to your post, so stop complaining : )