You Can Still Buy a Foreclosure: A 3/3 Duplex Up at 1316 W. Fletcher in Lakeview
This 3-bedroom duplex up at 1316 W. Fletcher in Lakeview came on the market in September 2014.
It has a 2 story living room with the three bedrooms on the second floor.
It’s being sold “as-is” and the listing says the buyer is responsible for 6 months past due assessments which are $218 a month.
From the pictures, it appears that the kitchen is intact. It has white cabinets, white appliances and dark stone counter tops.
It has central air and parking is included.
The unit originally came on the market in September at $574,900 and is being reduced $10,000 a month so that it’s now down to $544,900.
Is this a deal?
Jason Shapiro at Rising Realty has the listing. See the pictures here.
Unit #3E: 3 bedrooms, 3 baths, 2000 square feet
- Sold in September 2003 for $685,000
- Lis pendens foreclosure filed in October 2009
- Bank owned in June 2014
- Originally listed in September 2014 for $574,900
- Reduced $10,000 every month
- Currently listed at $544,900 (includes parking)
- Assessments of $218 a month (includes snow removal)
- Taxes of $7018
- Central Air
- Washer/Dryer hook-ups
- Bedroom #1: 14×13 (second floor)
- Bedroom #2: 13×11 (second floor)
- Bedroom #3: 16×14 (second floor)
Get the Heitman calculator out, this should become a rental unit owned by an investor.
Man those are some FUGLY design choices.
Definite rental, although it still looks to need some work so my guess is it will sell around 500k even
“Definite rental”
You know folks who would pay $3200+ to live there? That’s about a 5 cap, ignoring any deferred maintenance costs.
It is not pretty, but a tasteful rehab could make it much nicer.
Some positives are: It is on the top floor so no noise, it is not a bad size and seem to have windows in all the bedrooms.
I think it would make a nice place for a small family after the rehab.
Not everyone is wealthy and trendy and lives in a beautiful place.
“You know folks who would pay $3200+ to live there? That’s about a 5 cap, ignoring any deferred maintenance costs.”
I dunno, maybe? a 2 bedroom 1300 sqft place in the area is what probably 2 grand? Maye not with dumpy finishes like this but refinished? I know very little about rentals in the area other than I rented a 2/1 garden unit around there for $1400 a month a very long time ago
The web has some interesting stuff on the two dudes responsible for this building, one of whom owned this “penthouse” now for sale. You know the story without having to read it: During the Great Leveraging Up, Charles Mudd & Steven Goloban borrowed lots of money to profit on the truism that ‘real estate never goes down.’ They built lots of eye-sores (like this one), angered many of their renters, contributed regularly to Citizens for Shiller, and then, after the love was gone, sued each other.
http://www.chicagobusiness.com/realestate/20110504/CRED03/110509953/north-side-developer-investor-feud-amid-foreclosures
are people still buying condos made with split face cinder block? seems like a horrible idea.
How’s the school district there? Maybe a family with kids would take it?
People still don’t want to buy this bank owned property.
It just reduced again by 2.75% to $529,900.
It’s entirely possible that people are starting to avoid the crapbox cinder block construction when they look at condos, especially when they’re priced at over half a mil.
“It’s entirely possible that people are starting to avoid the crapbox cinder block construction when they look at condos, especially when they’re priced at over half a mil.”
This hasn’t happened for over 10 years now but anything is possible.
This is still on the market and has just reduced again.
It’s now listed at $514,900.
Why isn’t this selling?